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 [...]
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 [...]
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 [...]
Drilling Starts at Columbus Gold’s Property
Columbus Gold Corporation announced today that drilling has started on the Company’s Summit Project where joint venture partner Agnico-Eagle Mines Limited ([stock AEM]) is earning an initial 51% interest by undertaking staged annual exploration expenditures and making annual cash payments to Columbus Gold. The current program will consist of approximately 4,000 feet (1,220 meters) of [...]