Workshops and dental offices and even mortuaries and crematoriums are being attacked recently in Europe, a desperate hunt for gold. It is not surprising given the extraordinary price of $ 1,300 that has been achieved in these days the fine ounce (= 31.1 grams) of gold. This amounts to a nominal increase of almost 50% over the $ 880 it cost just two years ago and 30% compared to September last year when it was priced at $ 995. Certainly
that, in real terms, has not yet reached the record de1980 January, when an ounce was U.S. $ 675 I
GRAPHIC: THE PRICE OF GOLD OUNCE, JANUARY 1975 - AUGUST 2010
And those who do not steal, they speculate. What can be observed in panel (II) below, which tells us that in the second quarter of this year, "investors" have bought 530 tonnes of gold, something more than they did the "producers" of the branches themselves electronics, jewelry or dental care. What is a better indicator of the fact that the U.S. crisis and the North will run much more than expected. GRAPHIC
II:
A lack of confidence in the dollar around the world, gold is presented as a relatively safe haven, and alongside the lush growth-greater than gold-silver. The increased demand for gold comes, of course, the massive purchases of China, which has purchased 150 tons of the precious metal in the twelve months ended August 2010. Indeed, the Chinese government is encouraging its citizens to invest in gold and foreign companies will allow them to offer gold coins in the Shanghai bourse. Note, in passing, that China is the world's largest producer of ore with 330 tonnes in 2009, which followed with 220 tons per year, both Australia, and South Africa.
In contrast, major mining corporations are
the leading producers of gold in the world (millions of ounces produced in 2009):
BARRICK GOLD ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... .... ... ... ... ... 7.4
NEWMONT MINING ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 6, 5
ANGLOGOLD ASHANTI……………………………….…………..4,6
GOLD FIELDS……………………………………….…………3,8
NEWCREST MINING………………………………..2,9
KINROSS GOLD……………………………..…..2,5
GOLD CORP……………………………………2,4
HARMONY GOLD MINING ... .... ... .. 1.4
KAZAKH GOLD ... ... ... ... ... ... ... .... ... 1.3
CIA. MINAS BUENAVENTURA ...
1.3
Note, however, that four of the companies, who were in less prominent places, are now in one of ten locations by the accelerating trend of mergers has taken this year, namely: Polyus Gold is made by Kazakh Gold (Volume $ 11,000 billion); Lihir Gold and Newcrest Mining (U.S. $ 8,900 b.) Red Back by Kinross Gold (U.S. $ 7,100 b.) and Andean Resources absorbed Goldcorp (U.S. $ 3.500b.).
Finally, it is noteworthy that, before it was known that prices would rise sharply in recent years, the vaults of the Central Bank of China (BCCH) hosting gold just 1.6% of its huge international reserves (U.S. $ 2,500 billion), unlike the U.S., where it reached 73% and 68% German. Would you expect that another factor that will push up prices in the coming months and years would be just the purchase of gold by the BCCH? Since at this time next year an ounce of gold will be "conservatively speaking, above the $ 1,450, is likely to be a good "investment" in a context where there are even those who exaggerate in saying that an ounce in December 2011 to reach U.S. $ 2,011. Incidentally, the Central Bank of Peru has remained constant the stock of the precious mineral at 1.1 million ounces, which to date represents just over 3% of the value of RIN, which have already reached U.S. $ 42,260 million, equivalent to 30% of GDP.
SOURCES OF DATA AND GRAPHICS: BLOOMBERG, Kitka, MINEWEB, UNICREDITRESEARCH, wiwo, WORLD GOLD COUNCIL.
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