The spot price of gold in Sydney closed USD$5.70 lower ysterday, finishing at USD$684.75 a fine ounce, the Herald Sun reports. Gold miners dropped as well, with Newcrest (ASX:NCM) down 28c to AUD$22.80, and Newmont (ASX:NEM) giving back 11c to AUD$5.28.
Five new Exchange Traded Commodities will be added to the commodities market segment of the London Stock Exchange next Tuesday, including Gold, Silver, Platinum and Palladium trackers as well as a basket of the four metals, Mondo Visione reports.
“We’re delighted to welcome these new ETCs to our market. Since its launch in September last year, we have seen nearly £2 billion worth of trading on our commodities segment, which demonstrates that investors welcome the opportunity to use commodities for portfolio diversification without the need to access the futures market,” said Martin Graham, Director of Markets at the Exchange.
Alexis Minerals Corporation (TSXv:AMC) has completed a Scoping Study on the Lac Pelletier gold deposit located 4 kilometers southwest of Rouyn-Noranda, Quebec. The report confirms that the Lac Pelletier Deposit is potentially economic at current gold prices, and could produce in excess of 40,000 ounces per year at a cost of USD$423 per ounce and could be in production within one year.
The World Gold Council reports that Gold Resource Corporation, a gold and silver mining company, is continuing to discover high-grade rock chip surface sampling at its Las Margaritas project in the Oaxaca region of Mexico. Up to 40.7 ounces of gold per tonne have already been found in the region.
William Reid, the president of Gold Resource Corporation said: “With the continued exploration at our Las Margaritas property, including the highest grade surface sample taken by us to date, we are gaining a better understanding of the geology and are generating drill targets.”
Archaeology students from Millsaps College in Jackson, Mississippi have discovered a rare gold coin during a dig at the nearby Manship House Museum, WBLT reports. Two freshman students were excavating an area to the size the house when one found an 1854 Liberty Head Gold dollar, which is about half the size of a paperclip. The 12 student class had uncovered lots of coal and pieces of brick, pottery and glass before coming across the 153 year old coin.
CBS (NYSE:CBS) is launching a new reality TV program called Pirate Master, which will see 16 modern contestants dress in period costume and search for buried treasure of real gold coins. Sailing around the Caribbean Island of Dominica in a 179-foot ‘pirate ship’, one contestant will eventually discover USD$500,000 to win the show and become the ultimate pirate master.
The Daily Reckoning Australia