Gold original Markeet

   Mining
 The ancient quest for gold

It is believed by many that gold was the first metal known to mankind By the time of recorded history gold was already considered sacred and a symbol of wealth and social rank Myths about gold may be found in...More
 Modern times

The Science of Gold & Other Precious Metals

There is frequent debate about the valuation of any asset or asset class. Sometimes the debate is fierce, and few investment topics evoke as much passion and controversy as gold — especially among professional investors. Many believe that gold is useless as a commodity and are sceptical of its alleged monetary value. For those that have legitimate doubts about the value of gold, this paper is an attempt to address some of those doubts.

Gold& conflict

Gold and conflict

 Responsible gold miners have been working for some time to ensure that the gold production does not directly or indirect support conflict. Gold should be a source of economic and social development wherever it is found; any possibility for gold to fund conflict needs to be eradicated. The following paragraphs provide an introduction to the subject of ‘conflict-free gold’.

 What is conflict gold?

 The World Gold Council defines conflict gold as "Gold which enables, fuels or maintains conflict through directly or indirectly financing or benefiting armed groups" Production of gold that fuels conflict is sometimes linked to human rights abuses, such as forced labour and extreme violence.

 What is conflict-free gold?

 Conflict-free gold is defined as gold that has been mined and refined in line with standards that mean its production has not helped to enable or sustain armed conflict or fund armed groups.

 What is being done to eliminate gold that fuels conflict?

 In June 2011 the World Gold Council published a draft Standard designed to combat gold that enables, fuels or finances armed conflict. Following further consultation, an ‘Exposure Draft’ of the Standard, reflecting input from stakeholders and learnings from pilot projects, was published in March 2012. The World Gold Council is undertaking another round of consultation on the Exposure Draft, prior to a final version of the Standard, expected to be published later in 2012.   

 The Standard sets out a framework for tracking conflict-free gold from the mine to the end of the refining process and a framework for ensuring that where gold is mined in a conflict or high-risk zone, its production or transportation does not finance or benefit armed groups.

 The current focus of concern about gold as a factor in fuelling armed conflict is on the Democratic Republic of Congo (DRC) and adjoining countries. The World Gold Council’s Standard addresses this situation for large-scale producers. The framework is designed to be applicable to armed conflicts globally and responds to the requirements of section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Act focuses specifically on gold that fuels conflict, which emerges out of the DRC.

 Other initiatives to counter gold that fuels conflict

 The London Bullion Market Association’s (LBMA) initiative, has introduced its Responsible Gold Guidance, which sets out the due diligence steps to be taken by refiners to ensure that they avoid processing gold that is tainted by conflict.

 The Responsible Jewellery Council has also developed Standards, covering a range of topics including environmental, health and safety, labour and social issues as well as conflict.

 Defining 'conflict'

 In 2011, the Organisation for Economic Co-operation and Development (OECD) published its reported Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas. This gives the following definition of conflict-affected and high-risk areas:

 “Conflict-affected and high-risk areas are identified by the presence of armed conflict, widespread violence or other risks of harm to people. Armed conflict may take a variety of forms, such as a conflict of international or non-international character, which may involve two or more states, or may consist of wars of liberation, or insurgencies, civil wars, etc. High-risk areas may include areas of political instability or repression, institutional weakness, insecurity, collapse of civil infrastructure and widespread violence. Such areas are often characterised by widespread human rights abuses and violations of national or international 

 

 

 

law.”

 Through its Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas, the OECD is seeking to establish a global framework to help companies to manage their mineral supply chains. The objective is to enable companies, through due diligence, to put in place risk-based processes that will enable continued sourcing of minerals from so-called “red-flag locations” if the appropriate processes and controls are in place.

 The Heidelberg Institute also provide guidance about which areas should be considered ‘conflict-affected or high risk’ through its Conflict Barometer.

 Where to find out more about conflict-free gold

 Industry

World Gold Council conflict-free standard

London Bullion Market Association

 Government / International Organisations

SEC - Materials on conflict minerals rules

SEC - Submissions on proposed rules

OECD Working Group on a Gold Supplement to the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas

Launch of the Public-Private Alliance for Responsible Minerals Trade

 

 

The International Conference on the Great Lakes Region – Regional Initiative Against the Illegal Exploitation of Natural Resources

 

World big Gold markeet

CHINA IS THE BIGGEST GOLD MARKEET IN THE WORL ANG GOIND TO OVER SEASE INDIA NO   SEE THIS............

China to overtake India as world's biggest gold market

Gold sales rise 20% in China as demand for jewellery increases and rich look for safe investments

China is poised to overtake India to become the world's biggest market for gold this year thanks to soaring investment purchases of bullion and steadily rising jewellery sales, according to the World Gold Council's annual report.

In 2011, gold sales to China shot up 20% on the previous year to 769.8 tonnes, the WGC said in its Gold Demand Trends report. The fastest growth was in sales of gold bars and coins for investment: total investment purchases rose 69% in 2011 to 258.9 tonnes, worth 84.5bn RMB.

The data suggests China's new rich are turning to gold to protect their wealth as the government seeks to tame the country's giddy property prices.

"It is likely that China will emerge as the largest gold market in the world for the first time in 2012," said Marcus Grubb, the WGC's managing director for investment.

China's demand for jewellery increased every quarter of last year until it jumped into first place as the largest single jewellery market worldwide for the second half of 2011, the WGC said.

India remained the world's biggest market for gold last year though demand fell 7% to 933.4 tonnes. Gold jewellery accounted for the lion's share of purchases, at over 500 tonnes. Investment purchases were 366 tonnes in India, or one quarter of worldwide demand for gold bars and coins.

"India and China continue to believe in both the intrinsic and emotional value of gold jewellery," the WGC said.

Worldwide, weak property prices and volatile stock markets have sent investors hurrying to buy gold as a safe haven, pushing gold prices to a record $1,895 an ounce on the London PM fix on 5 September 2011. Global gold sales were 4,067.1 tonnes in 2011, worth an estimated $205.5bn. The WGC said it was the first time global demand had exceeded $200bn, and the highest tonnage level since 1997, according to the report.

Confirmation of China's growing appetite for gold comes as the country's central bank made its latest move in a delicate balancing act between maintaining growth and curbing stubbornly high inflation, by easing controls on bank lending.

The People's Bank of China (PBOC) announced on Saturday it would allow a 0.5% cut in banks' reserve requirement ratios – to 20.5% in most cases – from 24 February. The ratio caps the amount of their deposits that banks can lend. Easing it means more loans can flow into the economy.

The ratio is widely viewed as more an effective form of corporate credit control than interest rates in China, where state firms can readily obtain loans on favourable conditions thanks to local political connections. The PBOC tightened it six times last year. This is the second time it has been eased since November, suggesting the bank is more worried about preserving growth than cooling inflation.

China's economy grew 9.2% in 2011, cooling to 8.9% in the final three months of the year. Meanwhile, inflation has dropped from a peak of 6.5% last summer to 4.1% in December, though an upward blip to 4.5% in January suggests it is not fully under control. For China's wealthy, property has long been a reliable source of investment. However, the government has tightened up on housing loans and second homes to bring down house prices. Gently deflating China's property bubble without crashing the cement, steel and construction and retail sectors remains central to its efforts to produce an economic soft landing and ease middle-class angst. Fan Jianping, director of the State Information Centre's economic forecasting department, told the Financial Times he estimated real estate prices would drop 18% in 2012, after falling 27.9% in 2011.