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Did India sell US Treasury bills to buy IMF gold? |
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According to the RBI release, total foreign exchange reserves including gold and SDR (special drawing rights —the reserve currency with IMF) dipped by $1.129 billion to $284.4 billion during the week ended October 30. While foreign currency assets dipped by $1.580 billion, the value of SDR dipped $25 million. The value of gold in reserves rose $484 million to $10.8 billion. |
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Commodity Trends:Gold shines so does gold guinea |
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Rise in food inflation to 13.39% causes alarm for policy makers on the back of losses in kharif output while government is pinning hopes on increased rabi output. RBI's gold buying has spread positive sentiments and NMCE has now launched a futures aimed at gold retailers |
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Australia slaps dumping duty on Chinese aluminium |
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The Australian customs authorities launched an investigation into the case in June and are due to report to the minister of home affairs with recommendations on or before April 15, 2010 on whether to publish a dumping duty notice. |
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Chinese steel producers cry foul over US duty |
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he US commerce department on Thursday slapped preliminary anti-dumping duties on Chinese-made steel pipes used in the oil and gas industry. It was the biggest US trade action against China to date. |
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Zimbabwe escapes diamond ban |
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Kimberley Process probe team had recommended that Zimbabwe be suspended, meaning many consumers would have shunned the country’s diamonds. In a communique issued in Namibia, KP said its investigators found evidence of Zimbabwe’s significant noncompliance. Zimbabwe agreed to take steps, including pulling soldiers out and allowing monitors in to become compliant, and the country would be given time to do so under Kimberley Process monitoring. |
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Scrap gold sales zoom in India over IMF gold deal |
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“There is no buying happening at these high gold prices. Customers are coming to jewellery shops to sell old gold, not to buy new gold ornaments and gold coins. Everyone feels that this is a market to sell, but to buy. In fact, this is market for scrap gold, not for new gold to invest in,” says Sanjeev Srivastava, a gold trader in Mumbai’s Zaveri Bazaar. |
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Indian investors dump gold for silver |
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Sales of silver coins and biscuits have gone up this week. Raw silver sales have risen by at least 30 per cent from any normal day. This week pure gold (.999) prices opened to an all-time high of Rs 16,720-16,740 per 10 gm and touched the price of Rs 16,900. |
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Renewable energy: A reliable source for energy |
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We have an abundance of sun, and our ability to harness the sun's energy and create electricity is a pretty remarkable opportunity. The primary demand for power generation or power consumption is during the peak hours of the day; it's called peak power. That's when usage of electricity is the highest and also when the cost of the electricity is the highest. So utility companies are constantly looking for ways to increase that peak supply of power. |
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Demand for gold shares soars |
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Ventana is busy drilling at La Bodega in Colombia, and currently carries an eye-popping market value of $902m. La Bodega appears to be an extension of Greystar’s Angostura project, which for some considerable time has held 15m ounces of gold resources, with expansions likely. Greystar carries a more modest market value of $341m, and is not much in demand at this point in time. |
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Japan’s polished diamond imports fall by 7% |
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According to reports, Japan’s polished diamond imports fell by 6.7 per cent to $55.9 million in September 2009. The country’s polished imports dropped 8.5 per cent to 170,437 carats by volume, as the average price of the stones increased 2 per cent to $328 per carat. |
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Chinese steel exports hit as US slaps dumping duty |
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The duties on $2.6 billion ($2.9 billion) in annual imports of the pipes, used in oil and gas wells, will be 36.5 per cent for the 37 largest exporters, the Commerce Department said in a preliminary decision announced by email. The tariffs will be on top of separate duties announced in September averaging 21 per cent to counter subsidies to Chinese producers. |
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Relevance of Eco Mark for Indian industry |
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Twenty Eco Mark licenses to fifteen companies have been awarded in India under three product categories i.e. paper, wood substitutes and finished leather and sixteen product categories have been notified since 1992 to 2000. |
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Leading economic indicators suggest recovery |
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The Leading Economic Indicators (LEI) doesn’t differentiate between genuine growth and government-stimulus-based growth. And the stock market doesn’t care, either — at least in the short to medium term as the monster rally off of the March lows has shown.
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Has Detroit lost auto leader status to Asia? |
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In the world as a whole, the big auto story has been the continued advance of manufacturers from China and India. In China, the cheap-money policy of the People’s Bank of China has helped fuel a continued boom in automobile purchases |
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India, EU sign nuclear energy project deal |
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India on Friday signed an important pact with EU on an ambitious nuclear energy project. |
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India negotiates with Iran over basmati price issue |
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Even though Iranian authority rejected the allegation of contaminated basmati rice from India on the basis of local news reports, the exports have been sluggish to Iran due to the prices disputes with old contracts. |
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Chinese appetite will help recover global economy |
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China is the only place where companies in a developed industry can double our business each year for five years. Where else can you start out with $5 million in sales and be making $35 million in practically no time |
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'Cost of producing gold and energy to decline' |
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'If we get this pullback in the equity markets, we'll also possibly see a decline in the price of gold in nominal terms. But I think we're going to see a bigger decline in the cost of the inputs of producing gold. Energy can be a very, very big cost factor in certain mining projects. Materials costs went down dramatically last year, as well as energy costs.' |
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South Korea approves free trade deal with India |
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In a significant development on Friday, Asia’s fourth largest economy, South Korea approved a free trade deal with India, Asia’s third largest economy. |
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Oil remains below $80 in Asian trade |
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Global oil prices were marginally up in Asian trade Friday mainly on positive US economic report but stayed below $80 a barrel mark. |
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Gold likely to advance after overnight dip |
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Gold prices eased slightly in early Asian trade Friday but likely to gain later during the day on positive US economic reports. |
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Gold
