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Gold price on course to double says top manager

Posted by patriot on May 20th, 2008

Got gold?

The top US equity manager François Mouté, believes the gold price should be 16 times the price of a barrel of oil and on a par with the price of platinum.

Speaking at Citywire’s European Fund Selectors Forum in Zurich, Mouté (pictured above) emphasised the prospects for his holdings in gold mining companies by pointing to recent research into the historical price of gold.

‘We have seen research which suggests gold should be 16 times the price of a barrel of oil,’ the AAA-rated fund manager said.

IMF plans to sell off gold

Posted by patriot on April 8th, 2008

Get ready for volatility:

The International Monetary Fund (IMF) has proposed selling some of its gold holdings as part of radical plans to shore up its troubled finances.

It hopes to raise at least $6bn (£3bn) from the sale of 12.97 million ounces of gold, about 12% of the total held.

As the IMF’s role as a lender to troubled economies shrinks, so it needs to find other ways to access funds.

Gold has surged recently as traders looked for havens to protect their cash from troubled financial markets.

The gold sale is dependent on approval by US Congress.

It also relies on approval from many of the 185 countries that are members of the Washington-based institution.

Here come the 49ers

Posted by patriot on March 28th, 2008

Gold’s skyrocketing price (in dollars) has driven people to pick up the pan and fish for gold:

It has been almost 160 years since the first California gold rush but, with prices hitting record highs, prospectors are once again flocking to the state’s rivers and deserts in search of the precious metal.

Gold’s ascent – prices crossed the $1,000 an ounce barrier this month and remain well above $900 – has sent sales of mining equipment soaring.

“There’s been a dramatic change . . . our sales have risen four-fold in the last three months,” said Harrigan McGregor, owner of GoldFeverProspecting.com, an equipment retailer in northern California.

“This is the second big California gold rush. We’ve had a lot of phone calls from people who are quitting their jobs and prospecting full-time.”

The growth of prospecting by individuals has been accompanied by a sharp increase in commercial mining activity. Commercial claims, most of which involve gold mining, rocketed to 2,274 in the first quarter of this year, up from 132 in the same period of 2005, the Bureau of Land Management says.

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