Oxiana and Kalimantan Commence Drilling, 24-Carat iPod On Sale

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Spot gold closed at USD$690.85 per ounce yesterday, up USD$5.50 on Friday’s closing price. The Herald Sun reports mixed results for gold miners, with Lihir (ASX:LHG) down 3.5c to AUD$3.06 after the completion of its capital raising, and Newcrest (ASX:NCM) gaining 78c to AUD$23.80.

Kalimantan Gold (CVE:KLG) and partner Oxiana (ASX:OXR) have commenced drilling operations at the Beruang Kanan copper gold project in Indonesia, Hemscott reports. The drilling program follows what Oxiana reported as ‘very positive results’ from its detailed analysis of existing drill and other data which was completed at the end-March.

The drilling program at Beruang Kanan may be extended if results from the area are positive. Kalimantan and Oxiana also plan to drill two other targets, Mansur and Baroi, in the project area.

A jeweller accused of forging stamps on gold bars and coins has insisted on his innocence, the Gulf Times reports. Police had arrested three people working in a gold ingot workshop for using fraudulent 21 or 22 carat stamps on the gold, but the jeweller states they were only used to ensure the inscription could be read by those unfamiliar with Arabic.

“We ensure that they are of the standard quality and the municipality puts its stamp on these coins. We have a licence from Qatar government authorities to run our manufacturing unit. We have our own mechanism to ensure quality,” the jeweller said in a statement to Gulf Times.

India’s Gem and Jewellery Export Promotion Council (GJEPC) and Union Commerce Ministry are providing training programs for gold artisans, in the hope of boosting exports, Fibre2fashion.com reports. In the first of these programs, GJEPC recently organised for 15 traditional jewellery makers in Karaikudi to receive training on manufacturing of close and open setting jewellery, which enjoys strong demand in local and international markets.

Demand for gold bullion imports in the Middle East could rise as much as 15% in the first half of 2007, an expert at the Dubai gold conference has said.

“I would say it is a rise of about 10 to 15%, and I would not be surprised if this happens. People believe that prices of about USD$650 an ounce is a good buying proposition and they are happy to take the metal on that basis,” Paul Walker, chief executive UK-based research firm GFMS, told the Gulf Times.

Amousu has created a new line of 24 carat gold iPods. While the electronics inside and the front of the music player remain unchanged in the new model, the reverse side has been plated with 99.999% pure gold, Mobile magazine reports. The golden variants of the 30GB and 80GB iPod sell for USD$600 and USD$800, respectively, and nano versions of the gold iPod are expected soon.

The Daily Reckoning Australia

The Daily Reckoning
The Daily Reckoning offers an independent and critical perspective on the Australian and global investment markets. Slightly offbeat and far from institutional, The Daily Reckoning delivers you straight-forward, humorous, and useful investment insights from a world wide network of analysts, contrarians, and successful investors. Founded in 1999, The Daily Reckoning is published in 7 countries with a worldwide readership of almost 1 million people.
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