The spot price of gold closed in Sydney at USD$655.60 a fine ounce yesterday, up USD$8 from Friday. The gold miners all finished higher, with Newcrest (ASX: NCM) up 56c to AUD$22.50, Newmont (ASX: NEM) 5c to AUD$5.50, and Lihir Gold (ASX: LHG) 8c to AUD$3.17.
A group of burglars has stolen a block of gold worth over USD $2 million from a Japanese museum in a heist that police said could have been prevented if curators hadn’t left the showcases open, ABC News International reports. The Ohashi Collection Kan museum in Takayama, central Japan, kept the 220-pound gold bullion unguarded by sensors or a case because it wanted visitors to be able to touch it, local police officer Shinji Kurake said Monday. On Sunday, three masked men made off with the gold block in broad daylight, Kurake said.
The Times of India reports that India’s first gold ETF, the Gold Benchmark Exchange Traded Scheme, listed on Monday at Rs 1,000 per unit on the National Stock Exchange. The gold benchmark ETF (Gold BeES) touched an intra-day high of Rs 1,105 and a low of Rs 940, while 30.484 units have changed hands on the National Stock Exchange.
Newcrest Mining is unlikely to commit to any more hedging for its global gold and gold-copper mining operations, according to reports from Mineweb. Newcrest’s Chief Executive, Ian Smith, while on a roadshow in North America, noted hedging is a “constraining” factor.
Mr Smith said that in the next 12 months, Newcrest’s targets include improving all aspects of the mining value chain and delivering against a new five year plan that would take in cost discipline and building underground mining skills.
CBC reports that Timmins Gold (TSXv: TMM) has struck a deal to acquire the past producing San Francisco gold mine in Sonora, Mexico, an open pit gold mine which was closed in 2001 because of low gold prices. The total cost of the deal, in which the company will also acquire a plant, equipment and infrastructure is USD$8.5 million and 10 million common shares of Timmins Gold.
Citigold Corporation (ASX: CTO), which owns Australia’s richest goldfield, has become the first company from the East Asia/Pacific region to list on the Dubai International Financial Exchange (DIFX), AME info reports. John Foley, Chairman of Citigold said “As the region’s international exchange, the DIFX is the ideal gateway for Citigold to connect with regional investors.”
The Daily Reckoning Australia