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Weakness in Gold “Being Caused by Futures Market”, “Mounting Risk” Britain Will Lose Triple-A Rating | The Daily Gold

From thedailygold.com - December 5, 2012 3:49 PM

The Daily Gold writes:

 

"... A day earlier, gold fell through $1700 an ounce on Tuesday for the first time in nearly a month.

 

“Because physical demand appears relatively robust at present, the fall in the price of gold was no doubt triggered mainly by the futures market,” says today’s commodities note from Commerzbank.

 

"Open interest in gold futures trading on the New York Comex fell for the seventh session running Tuesday, down around 10% from the start of last week, according to data from Comex operator CME Group – although that period does cover last Wednesday’s sudden price drop.

 

"The volume of gold held by world’s largest gold ETF SPDR Gold Shares (GLD) meantime rose to a fresh all-time high yesterday at 1351.2 tonnes. ..."

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International watchdog exposes use of forced labour in Canadian-Eritrean gold project | MINING.com

International watchdog exposes use of forced labour in Canadian-Eritrean gold project | MINING.com | Gold and What Moves it. | Scoop.it
From www.mining.com - January 16, 2:07 PM
The group claims the Eritrean government has been using forced labour to construct a gold mine, in a joint venture with Canadian Nevsun Resources Ltd.

 

International group Human Rights Watch said Tuesdaythe Eritrean government has been using forced labour to construct a gold mine, in a joint venture with Canadian Nevsun Resources Ltd. (TSX: NSU).

 

According to the report, the Vancouver-based miner failed to ensure that forced labour was not used in the construction of its African Bisha gold project.

 

The 29-page document, Hear No Evil: Forced Labour and Corporate Responsibility in Eritrea’s Mining Sector, describes how mining companies working in Eritrea risk involvement with the government’s widespread exploitation of forced labour. It also documents how Nevsun – the first company to develop an operational mine in Eritrea – initially failed to take those risks seriously, and then struggled to address allegations of abuse connected to its operations. ...

Hal's insight:

I'm not surprised by this, Eritrea does not have a great track record.

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