Closing rates for silver and gold in Mumbai show significant valuations, with silver priced at Rs 99,641 per kilo, standard gold (99.5 purity) at Rs 90,750, and pure gold (99.9 purity) at Rs 91,115.
Source – Devdiscourse
India’s central bank plans to ask lenders to follow stricter underwriting processes for gold loans and monitor the end-use of funds as it tries to cool growth in the fast-growing segment, seven people, including industry sources and those aware of the regulator’s thinking, said.
“The RBI wants to ensure that the entities are following a standard protocol and any growth in the gold loan sector is not out of bounds,” one of the sources aware of the central bank’s thinking, said.
Source – Reuters
Newmont, the Colorado-based gold miner, was one of the worst-performing stocks in the S&P 500SPX+0.52% Friday as the price of gold slumped from its June record high.
Newmont stock, meanwhile, has risen 59% this year as of Thursday’s close, and competitors like Barrick Mining and Agnico Eagle Mines have also seen their share prices soar.
Source – Barron’s
“Everything else that could function as money has been saddled with taxes and disincentives,” Jp Cortez explained, emphasizing how the current monetary system traps people in the Federal Reserve’s fiat currency.
“Ten years ago, only a handful of states were considering sound money policies. Last year, more than 27 states introduced over 65 bills related to sound money.”
Source – Money Metals
Sound money – refers to a reliable and stable medium of exchange that maintains its value over time.
Many people know gold does well when the economy is turbulent—but gold performed in 2024 for additional “nonfinancial, geopolitical” reasons.
Source – The Jerusalem Post reported/written by Augusta Precious Metals
Pataz has become Peru’s largest gold-producing region, in no small part due to artisan or informal mines, which operate under temporary REINFO permits.
“Gold is a curse for Pataz,” the mayor of Pataz, Aldo Mariño, told Reuters.
He said that despite the area’s great mineral wealth, his community lives in poverty, without basic services and on deteriorating or unpaved roads.
“This has been going on for several years, with the difference that now everything has collapsed. It’s due to the absence of the State,” he said. “People continue to die.”
Poderosa has reported the deaths of 39 workers in recent years in attacks on its facilities or small mines that supply it with gold. And in the last four years, 15 of the company’s high-voltage towers have been destroyed with explosives.
Source – Reuters
Mining in Peru’s northern district of Pataz will be suspended for 30 days, President Dina Boluarte said on Monday, after 13 gold mine workers in the area were kidnapped and killed by illegal miners.
On Sunday, miner Poderosa said the bodies of 13 workers from a local firm, R&R, which held a mining contract with Poderosa, had been recovered by police after they were kidnapped last month.
“The armed forces will take control of the area where Poderosa operates,” Boluarte said, but did not provide details on how the mining pause would work.
Peru is the world’s third-largest copper producer, but the deposits of the red metal are largely in the south. Gold and silver are mined in the north.
Jorge Montoro, said the 30-day pause could be extended.
Source – Reuters
