I also write articles for the Sharps Pixley website. Additional thoughts on peak gold following a forex prognoz of emails from Jeff Christian of the CPM Group which agree that Ian Telfer’s assertion that all major gold deposits have been found already is, at best, premature.
Two detailed reports on platinum at the start of London Platinum Week come up with differing opinions on some aspects of the market, although have broadly similar conclusions overall. While equity markets and the gold price have remained flat so far this year one area of encouragement for gold investors may be a reportedly high level of gold inflows into gold ETFs in April. Using the latest Shanghai Gold Exchange gold withdrawal figures as a guide to demand, the latter is picking up nicely with April withdrawals well up on those of the past few years. The latest Gold Demand Trends report from the World Gold Council sees Q1 gold demand at its lowest for 10 years due almost entirely to a fall in investment demand in key markets. Other demand sectors are somewhat similar or up on a year ago. As readers of lawrieongold will know, Randgold Resources is a gold mining company I cover more comprehensively than most as its stock is an important constituent of the FTSE 100 index here is London. It has released its Q1 2018 financials and production data today and I will be attending CEO Mark Bristow’s presentation to analysts at the london Stock Exchange later today.
Randgold Resources said today its 2018 production guidance remained intact despite a softer first quarter in which it contended with multiple challenges. In Côte d’Ivoire, Tongon’s production was impacted by a series of work stoppages. With operations now back at full capacity, the mine is committed to clawing back most of the lost production. Randgold’s flagship operation, the Loulo-Gounkoto complex, made a strong start to the year although changes in the mining schedule affected the underground grade, impacting on production.
5 million while the company remains debt-free. Chief executive Mark Bristow said coming off a strong prior quarter and record performance in 2017 the company had anticipated a slower start to this year with a gradual build-up throughout the year. Despite the issues that arose, it was still confident of meeting its annual production guidance of 1. At the same time we also successfully handled the difficult labour situation at Tongon, sorted out the sequencing at Loulo and continued negotiations relating to the new mining code with the DRC government. This demonstrates the depth and competence of our management team, and its ability to deal with complex operational and socio-political issues on multiple fronts. During the quarter, exploration highlighted the potential to add ounces at Kibali, Loulo and Tongon as well as new reserve opportunities at the Massawa project in Senegal.
Bristow said Randgold was also aggressively hunting for its next big project in the African gold belts as well as further afield. By Frank Holmes, CEO and Chief Investment Officer, U. Gold was up half a percent year-to-date through last Friday. P 500 Index was in the red—the first time in nearly a decade that stocks have been negative for the year through the beginning of May. The yellow metal is doing the one thing for which many investors have it in their portfolio—namely, it’s trading inversely to the market. Gold has been under pressure from a strengthening U.
May has historically delivered lower prices. As I’ve pointed out before, this makes it an ideal entry point in anticipation of a late summer rally before Diwali and the Indian wedding season, during which gifts of gold jewelry are considered auspicious. 7 metric tons, compared to 99. 2 tons in the first three months of 2017. However, this followed a monumental fourth quarter 2017, when gold demand in the world’s second-largest consumer was 189. 6 metric tons—an all-time record—so a decline was expected.
This is good news for gold’s Love Trade. A third of India’s gold demand comes from rural farmers, whose crop revenues depend on the rains from a healthy monsoon. When the subcontinent experiences a drought, as it did in 2014 and 2015, gold consumption suffers. Chinese Bullion Demand Off to a Good Start in 2018 In China, the world’s largest importer of gold, jewelry demand rose 7 percent in the first quarter to 187.