You are here
Gold market's great migration sends bullion rushing east
By Eddie Spence and Sing Yee Ong
Bloomberg News
Sunday, October 9, 2022
There's a global migration underway in the gold market, as western investors dump bullion while Asian buyers take advantage of a tumbling price to snap up cheap jewelry and bars.
Rising rates that make gold less attractive as an investment mean that large volumes of metal are being drawn out of vaults in financial centers like New York and heading east to meet demand in Shanghai's gold market or Istanbul's Grand Bazaar.
In fact, it can't move fast enough.
... Dispatch continues below ...
... ADVERTISEMENT ...
Guanajuato Silver Production Up 85% from July to August
Company Announcement
Tuesday, October 4, 2022
VANCOUVER, British Columbia, Canada – Guanajuato Silver Co. Ltd. (TSXV:GSVR; OTCQX:GSVRF) is pleased to provide an operations update highlighting the impact of additional production from the company's recently acquired Topia and San Ignacio mines:
-- 267,525 ounces of silver equivalent (AgEq) produced in August 2022; up 122,864 AgEq ounces or 85% from July, which only included production from El Cubo.
-- Cash costs per AgEq ounce continue to decline at El Cubo with July costs declining to $12.85; costs also remain in-line with expectations Companywide at $15.09 in August.
-- Silver and gold recoveries for August were 88.9% and 85.6% respectively.
The company anticipates ending the year at a run rate of approximately 3.4M AgEq ounces per annum.
James Anderson, chairman and CEO said: "Within one week of closing our latest Mexican mines acquisition we had initiated mining of silver-rich material from San Ignacio and began transporting this material to El Cubo for processing. This rapid restart again highlights our team's ability to swiftly and successfully restart mines and move them toward full production. In addition, production of silver-lead-zinc concentrates from our Topia mine in the Durango state continued uninterrupted through our integration process. Rrefinements at both the Topia mine and plant have been initiated with planned improvements expected in the months ahead." ...
... For the remainder of the announcement:
https://www.gsilver.com/news/2022c/821-guanajuato-silver-production-increases-85-from-july-to-august
Logistical issues combined with quirks of the market are making it difficult for traders to get enough bullion where it's wanted. As a result, gold and silver are selling at unusually large premiums over the global benchmark price in some Asian markets.
"The incentive to hold gold is a lot lower. It's going from west to east now," said Joseph Stefans, head of trading at MKS PAMP SA, a gold refining and trading firm. "We are trying to keep up as best we can."
The rotation of metal around the world is part of a gold-market cycle that has repeated for decades: when investors retreat and prices drop, Asian buying picks up and precious metals flow east — helping to put a floor on the gold price during times of weakness. ...
... For the remainder of the report:
* * *
Join GATA here:
New Orleans Investment Conference
Wednesday-Saturday, October 12-15, 2022
Hilton New Orleans Riverside Hotel
New Orleans, Louisiana
https://neworleansconference.com/wp-content/uploads/2022/07/NOIC_2022_powellgata.html
* * *
Toast to a free gold market
with great GATA-label wine
Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.
Here's what the bottles look like:
http://www.gata.org/files/GATA-4-wine-bottles.jpg
Buyers can compose their case by choosing as many as four varietals from the list here:
http://www.gata.org/files/FayJWineryVarietals.jpg
GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?
To order a case of GATA-label wine, please e-mail Fay J Winery at bagman1236@aol.com.
* * *
Support GATA by purchasing
Stuart Englert's "Rigged"
"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --
-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net.
* * *
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
