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Even China now is terrified by risks of paper gold
China Banks, Regulators Move to Cool Gold Rush
By Andrew Galbraith, Winni Zhou, Samuel Shen, and Arpan Varghese
Wednesday, July 29, 2020
SHANGHAI -- Chinese regulators and major banks are rushing to curb precious metal trading by domestic investors to temper speculation that some fear could cause a repeat of this year’s oil trading mishaps.
The scramble to limit risks comes as gold prices hit record highs this week, spurred by investors hunting for safe-haven assets in markets rattled by worries of rising coronavirus cases, lofty equity valuations and a falling U.S. dollar.
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Asante Gold Announces Kubi 3D Model
Extends Gold Mineralizing System
Company Announcement via Globe Newswire
Thursday, July 2, 2020
VANCOUVER, British Columbia, Canada -- Asante Gold Corp. (CSE:ASE / Frankfurt:1A9 / U.S.OTC: ASGOF) has received the results of 3D magnetic modeling completed over its Kubi mining lease in the Ashanti Gold Belt in Ghana.
The results show that the Kubi Main Zone gold resource is intimately associated with and interfingers the western sheared contact of a magnetic high feature that plunges to more than 2 kilometers in depth. Here is the 3D model video:
In Ghana, Africa's largest gold producer, many big mines are located along northeast-trending regional shear systems that exceed 250 kilometers in length. Studies indicate that the hydrothermal gold mineralizing system that generated the Ashanti Gold Belt deposits was "gigantic and extended to at least 10 to 15 kilometers in depth" (Schmidt Mumm et al., 1996). The Ashanti shear zone hosts the largest single gold resource in Ghana, the 66-million-ounce Obuasi mine. This major shear zone cuts Kubi 15 kilometers southwest of Obuasi. ...
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A deepening rift between the United States and China has also become a factor drawing mainland investors to gold.
Industrial and Commercial Bank of China, the country's biggest lender, said today that from Friday it would bar its clients from opening new trading positions for platinum, palladium, and index products linked to precious metal. That directive, according to the lender's customer service department, was in response to "violent price volatility" and "the need to control risks."
Agricultural Bank of China said it had recently suspended new businesses related to gold, while Bank of China said it halted new account openings for platinum and palladium trading.
The Shanghai Gold Exchange said on Tuesday gold and silver holdings were high, and it would take risk-control measures if warranted to protect investors.
The Shanghai Futures Exchange, where gold and silver futures contracts are traded, also urged its members to strengthen risk-management efforts and invest rationally.
"Gold remains a niche investment in China due to limited investment channels," said Frank Hao, an analyst at Hywin Wealth Management in Shanghai. "Investors mainly rely on purchasing paper gold products at commercial banks as a way to counteract risks." ...
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Toast to a free gold market
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