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  • Rajesh Exports Ltd. anticipated jewelry sales rising between 30% and 40% during Dhanteras, and, as noted by several news reports, gold purchases were running 15% to 20% higher on average for Dhanteras

  • Solferino Gold Mine/Colombia Reserva De Oro will be initially mining 150,000 oz of gold, and is earmarking 40,000 oz of it to be sold at $650 an oz. Considering that gold closed yesterday at $1246, the possibility of getting it at $650/oz is unheard of. It is by far the lowest price in the world for gold today.

  • Net speculative longs in gold increase for the first time since August 2014. There is a growing sense that the metal’s price has been beaten up too far. With the marginal cost of production close to US$1100/oz, miners are likely to cut back on production should the price fall any further, helping to constrain supply.

  • The Minerals Agreement details all fiscal, property, import-export procedures, taxation and other related conditions for the development and operation of Karouni.

  • The gold-supportive macro environment has seen gold extend its gains above the $1200/Oz mark as the dollar has weakened, the St. Louis Fed discussed the possibility of further stimulus, and importantly, demand picked up amid the seasonally strong period of consumption.

Gold Chart
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