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Gold logs fourth loss in five sessions Metals Stocks

Gold logs fourth loss in five sessions Metals Stocks | Blackhawk Mines |
Gold futures log modest loss Monday, giving back part of the more than $20-an-ounce advance seen in the previous session. They’ve now posted declines in four of the last five trading sessions.
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SAN FRANCISCO (MarketWatch) — Gold futures fell on Monday, marking their fourth loss in five trading sessions, as a stronger dollar and continued outflows from exchange-traded funds helped fuel a pullback in the wake of a strong rally late last week.

The market also saw pressure after the South China Morning Post quoted billionaire George Soros as saying that gold disappointed the public as the euro was close to collapsing in the last year and was “destroyed as a safe haven. But Soros also said that he expects central banks to continue to buy the metal.

Gold for June delivery GCM3 -0.06%  fell $3.40, or 0.2%, to settle at $1,572.50 on the Comex division of the New York Mercantile Exchange.

Gold finished Friday’s session up $23.50, or 1.5%, at $1,575.90 an ounce after the U.S. Labor Department said the economy created 88,000 new jobs in March. That result was sharply lower than the 190,000 new jobs economists polled by MarketWatch had expected.


“In the short term, expect a lot of volatility in gold prices as investors try to figure out whether to remain upbeat about the U.S. economy,” said Edmund Moy, chief strategist for gold-backed IRA provider Morgan Gold.

But even if the U.S is doing poorly, investors are comparing it to alternatives like the European Union, said Moy, who is also a former director for the U.S. Mint.

The market also looked at the South China Morning Post’s published the transcript of a recent interview with Soros in Hong Kong, who offered conflicting views on gold.

On Monday, he was quoted as saying that gold went down when the euro was close to collapsing in the past year because people needed to sell something — so they sold gold.

“But central banks will continue to buy them, so I don’t expect gold to go down,” Soros said, according to the transcript.

Gene Arensberg, editor of the Got Gold Report, pointed out that Soros’s quote was in the past tense, regarding the euro crisis. “In a bull market, the headline would have been his comment that central banks will continue to buy it.”


For now, a climb in the dollar DXY -0.26%  against most of its currency rivals weighed on dollar-denominated prices for gold, with strength in the greenback making the metal more expensive to holders of other currencies.

The yen fell against both the dollar and the euro as an ambitious bond-buying program got underway in Japan.

Arensberg said that “Japan is not the last country to devalue their currency. More are almost certainly to follow.” 



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Ashley Smith's comment, April 8, 2013 10:27 PM
Thanks for this informative piece! cheers
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Black Hawk Mining Articles | Queensland Miners Gives their Word for More Local Content

Black Hawk Mining Articles | Queensland Miners Gives their Word for More Local Content | Blackhawk Mines |
Ashley Smith's insight:

The Queensland Resources Council (QRC) on Thursday listed a local content code of practice that would observe the state’s resources industry strengthen its binds with local contractors.


It was in the state and nation’s long-term interest to support flexible and outcomes-based measures to ‘join the dots’ between the resources sector and local suppliers, QRC CEO Michael Roche said.


“The minerals and energy sector is recognised as underpinning the Queensland economy by providing more than 70 000 direct jobs, and through A$28-billion in local purchases, more than 400 000 indirect jobs.


“However, we’re not resting on our laurels. This code is the right vehicle to pursue the twin goals of facilitating a high level of Queensland content in Queensland resource projects, while maintaining and enhancing the sector’s competitiveness in increasingly tough global markets,” Roche said.


The code presented enhanced opportunities for local industry participation in major projects, allowing resource companies to tailor their approach, based on their individual circumstances, he added.


“It replaces and improves upon the ‘tick-a-box’ regulatory approach embraced by both the previous state government and current federal government using a system built on giving local businesses a ‘full, fair and reasonable’ opportunity to be a supplier to resource projects in Queensland.”


Roche further added that the code adopted a strong “shared responsibility” framework, with the QRC, government, minerals and energy producers and local suppliers working together to deliver on the principle of ‘full, fair and reasonable’ opportunity.


Deputy Premier and Minister for State Development, Infrastructure and Planning Jeff Seeney said on Thursday that a new code of practice will see more major resources projects engage local industry suppliers.


He noted that the code would be owned, led and managed by industry and focused on ‘full, fair and reasonable’ access for local industry in all aspects of their projects.


“The benefits to Queensland’s economy of resources and energy investments are potentially huge – the pipeline of projects for environmental approval alone is worth a forecast A$71-billion, plus A$56-billion in liquefied natural gas investment already approved. But the maximum benefit depends on Queensland companies and workforce getting access to major project opportunities.”


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Ashley Smith's comment, April 8, 2013 3:37 AM
Glad to see this information.its very interesting.
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Black Hawk Mining Fraud Watch: Local Mining Contractors Plead Guilty to Fraud

Black Hawk Mining Fraud Watch:  Local Mining Contractors Plead Guilty to Fraud | Blackhawk Mines |
Local mining contractors plead guilty to fraud - Chad Abshire
Staff Writer
CHARLESTON — Several local men pleaded guilty to federal charges of orchestrating a multimillion-dollar fraud against the state’s leading workers’ co...
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