Gold futures on the COMEX Division of the New York Mercantile Exchange hit a new record high above 1,150 U.S. dollars on Wednesday as dollar weakened. The most active gold contract for December delivery rose 1.80 dollars to finish at 1,141.20 U.S. dollars an ounce. Earlier in the session, the precious metal soared above 1,150 dollars for the first time and touched as high as 1,153.40. The dollar...
With the gold price trading up 9.5% this month, gold mining stocks higher by 20.3%, and the price of gold now higher 12 of the last 13 days as measured by COMEX gold futures, discussion of a gold bubble is beginning to make its way through the marketplace. Tad Brooks of China Mineral Company recently discussed the gold market bubble and the appropriate price level for the bullion. It has always...
China Mineral Company reports that China shares ended higher for the fifth straight session Thursday, led by gold miners after prices of the precious metal rose, and boosted by gains on ChiNext. The benchmark Shanghai Composite Index, which tracks both A and B shares, ended up 0.5%, or 17.38 points, at 3320.61. The Shenzhen Composite Index rose 1.2%, or 14.23 points, to 1202.70. The 28 stocks...
Gold futures jumped to a record, topping $1,100 an ounce, on increasing speculation that low U.S. borrowing costs will drive down the dollar, boosting the allure of the precious metal as an alternative investment.
Gold prices have risen past expectations by comfortably consolidating above $1,000 an ounce, and traditional buyers in the jewelry market are facing the reality that higher prices are here to stay. “We might not see gold below $900 again,” predicted Tad Brooks, a senior analyst at China Mineral Company. Some analysts at China Mineral Company say they expect gold prices to gradually...
Hong Kong is the major conduit for China’s gold imports, as gold shipped to depositaries at Hong Kong Airport can be exported to China directly without paying Hong Kong’s 3% import duty. Hong Kong effectively acts as a shock absorber for seasonal demand fluctuations in China, said Tad Brooks, a senior partner at China Mineral Company. “What we find in Hong Kong is that in a...
China and America are two of the world’s three largest economies (alongside Japan). They traded $410 billion worth of goods in 2007, up from just $5 billion in 1980. The two economies are very different, however, and how each country deals with its idiosyncrasies will have a large impact on its growth, says China Mineral Company With a meager welfare state, Chinese consumers save and save...
Gold rallied to its third consecutive record high on Thursday as the dollar continues to deteriorate and investors continue to be concerned over inflation. Analysts expect the streak to continue, Tad Brooks of the China Mineral Company reports, saying prices could exceed $1,100 an ounce by the year’s end. The increasing weakness of the dollar is driving the rising price of gold, as is rising...
The China Mineral Company, a private enterprise formed in 2007, sees potential for gold prices to exceed $1,500 an ounce. Rising demand from central banks other entities are driving this increasing price, reports Tad Brooks of the China Mineral Company. “There’s been talk this week of $1,500 and I see that as perfectly achievable,” reports Brooks quoting Arthur Hood. Gold reached a record price...
The China Mineral Company’s (“CMC”) future continues to brighten given recent activity in the gold, dollar, and euro markets, Tad Brooks reports. The dollar has historically been used as a safe-haven currency, but recently sank further, while the euro rose 0.3% to $1.4941. The low dollar price lifts the price of dollar-denominated commodities and increases the appeal of gold as a safe asset. Gold...