The output of the world’s gold mines fell by 4% last year, according to estimates in a new report from the GFMS, a consultancy. Among the largest drops came from South Africa, previously the world’s largest producer, which fell by 14% as well as Australia whose output fell by 14%. China, Russia, and Peru, each [...]
Continue reading → Gold held by exchange-traded funds reached a record level in 2008, as investors bought the metal as a safe haven against economic troubles, the World Gold Council said Tuesday in a report. At 1,190 tons, ETF gold holdings are now higher than central bank holdings in Switzerland, the fifth last official gold holder in the [...]
Continue reading → According to the China Mining Association, “China’s futures transactions in 2008 hit a record high of 71 trillion yuan, including 1.49 trillion yuan for the newly listed gold futures contracts.” Based on recent exchange rate that’s $217.9 billion U.S. According to the statistics, 2008 saw “1.36 billion lots traded with an accumulated value of 71.9 [...]
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