S&P &GSCI reduced 1.2%
The Standard & Poor’s GSCI Index of 24 raw materials declined 1.2 percent after China had disclosed the biggest trade deficit for the last two decades. The weak factory production gain and retail sales figures in the first two months of the year underlaid below the median economist estimate.
Gold Price 5% Plunge
US Fed Chairmen Ben Bernanke had reject QE3 on Wednesday's Congressional testimony. Dollar raised. During New York market, gold had been plummeted by $40 in five minutes. Day traded in 5% downward and reached the ground at about $1,695 a troy ounce.
Ministry of Land and Resources will Promote Online Trading of Mining Rights
Ministry of Land and Resources will launch a pilot program of online trading of provincial mining rights this year. This pilot program is concentrated on the design of trading functions that the connecting link between provinces and to explore the organic link among online trading of mining rights, the supervision platform and the detection system, and the range of application so as to formulate national trading rules on online trading of mining rights.
Zhongjin Gold Plans to Spend 100 Million on Purchasing a Gold Mine in Xinjiang
Zhongjin Gold Co. Ltd announce that the company will spend 108 million and 500 thousand on purchasing 51% shares of Jinfu Gold Mining Co. Ltd which is hold by a natural person Liu Xinmin.
Venezuela will cooperate with CITIC in Developing Gold Mining
Reuters in Caracas reported on Feb 24 that the president of Venezuela announced on last Friday that the country would cooperate with China Citic Group the huge gold mine Las Cristinas.
Southeast States Begin to Explore Gold Mines
On 18 and 19 February, Land and Resources Bureau of southeast Guizhou and Wawa Mining Industries of Tianzhu County hold a seminar on exploring gold mine in Jianhe County. This seminar focused the gold resource on the three counties of Tianzhu, Jinping ad Liping. They expect that 100 to 300 tons of gold resource will be found in two years since the start of the gold resource exploration.
4 Gold Mine is Found in Zhuxi in Which 154 kg Gold Metal is Contained.
China Daily Wuhan reported on 21 February that transmitted a good news from Land and Resources Bureau. The report of Jiangjiayan gold mine in Hubei Province is approved by experts of fund management centre. It's estimated that there will be 154.97 kg of gold metal in the mine which is mining of high value.