Gold Rises to 27-Year High on Record Oil; Silver Advances

Source: Bloomberg (10/16/07)

"The ETFs are actually driving the gold price because there's so much money going into ETFs," said David Hall, an analyst at the brokerage in Johannesburg. "If oil goes up, then you often see the gold price go up."

Gold gained to a 27-year high in London as rising prices for commodities such as crude oil spurred investors to increase their holdings of the metal.

The Reuters-Jeffries/CRB Index of 19 commodities yesterday closed at a 14-month high. Crude oil extended gains today to a record $87.13 a barrel. Investors have bought 2.7 million ounces of gold through exchange traded funds, or ETFs, in the past five weeks, half the increase for all of 2007, according to estimates by South Africa's Macquarie First South.

"The ETFs are actually driving the gold price because there's so much money going into ETFs," said David Hall, an analyst at the brokerage in Johannesburg. "If oil goes up, then you often see the gold price go up."

Gold for immediate delivery rose $4.59, or 0.6 percent, to $764.00 an ounce as of 9:26 a.m. in London after earlier trading at $767.09, the highest since January 1980...Silver advanced 2 cents to $13.84 an ounce.

Announcing Streetwise Live! Events
Source: Streetwise Reports (07/13/2020)

Streetwise Reports is offering 100 investors—at no charge—the opportunity to meet via Zoom with executives of precious metals companies as they discuss recent developments at their companies and upcoming catalysts.

"China's export quota could be opportunity for Canadian miners"

Mexico: Gold's Next Powerhouse Player
Source: Marc Davis, BNW News (11/03/2009)

As the world's key gold producing nations struggle mostly in vain to replenish dwindling below-ground supplies, Mexico is bucking the trend in a big way.

Where Have All the Gold Mines Gone?
Source: Brent Cook, Exploration Insights (04/14/2009)

Given the declining global gold production, mining companies’ demand for reserve replacement and the acute dearth of new gold discoveries, there is no doubt that real economic discoveries will be exceptionally valuable. . .the opportunity for stellar profits is the best it has probably ever been. Identifying the few successes, however, will require vigilant and constant technical assessment of geology and drill results, always with an eye to mine economics.

Congo Completes Mining Review, Says Majors Quit Talks
Source: Reuters (12/20/2008)

"Review process is extended an additional 45 days to allow six companies to return to the negotiating table for direct talks with government ministers."