Prices for oil and gold fell on world markets Wednesday, as some worried investors shunned euros and bought U.S. dollars. Concerns about the European debt crisis were a factor in pushing the value of the euro below $1.30. That brought the dollar to its highest level in 11 months. The stronger dollar means the greenback […]
Venezuela Receives First Repatriated Gold Shipment
Posted November 25th, 2011 at 9:20 pm (UTC-5)
The government of Venezuelan President Hugo Chavez has begun repatriating gold reserves that had been held in European banks. The gold bars were unloaded at Venezuela’s Maiquetia airport Friday and later transferred to armored vehicles for shipping to the Central Bank in Caracas. Officials did not say how much gold was brought back in the […]
China Installs First Gold Vending Machine
Posted September 25th, 2011 at 10:45 pm (UTC-5)
China has installed the country’s first gold vending machine, giving ordinary consumers the opportunity to conveniently safeguard their cash amid rising prices and global financial insecurity. The official People’s Daily newspaper reported Sunday that shoppers in Beijing’s Wangfujing Street shopping district can withdraw gold bars or coins of various values based on market prices. Each […]
Gold Prices Plunge
Posted August 24th, 2011 at 3:00 pm (UTC-5)
The price of gold plunged more than $100 an ounce Wednesday, just one day after the price of the precious metal hit record highs above $1,900. The price of gold for future delivery fell more than 5 percent to hit $1,761.50 an ounce in New York’s afternoon trading. Gold is a traditional safe haven for […]
Venezuelan Gold Reserves to be Repatriated
Posted August 24th, 2011 at 8:25 am (UTC-5)
Venezuelan President Hugo Chavez has officially nationalized Venezuela’s gold mining industry. The decree signed Tuesday places the gold mining industry under complete government control. The law gives the state the exclusive right to explore and mine gold within the country. It does allow for joint ventures in which private companies hold a minority stake. In […]
Venezuelan Gold Reserves to be Repatriated
Posted August 24th, 2011 at 1:45 am (UTC-5)
Venezuelan President Hugo Chavez has official nationalized Venezuela’s gold mining industry. The decree signed Tuesday places the gold mining industry under complete government control. The law gives the state the exclusive right to explore and mine gold within the country. It does allow for joint ventures in which private companies hold a minority stake. In […]
Price of Gold Hits New Record, Edging Toward $1,900
Posted August 22nd, 2011 at 1:30 pm (UTC-5)
The price of gold has hit a new record as its edged toward $1,900 an ounce. The cost of the precious metal reached nearly $1,898.60 in New York trading Monday before retreating a bit. The price of gold has jumped 15 percent in the first three weeks of August as investors view its purchase as […]
Chavez: Venezuela to Nationalize Gold Mining Industry
Posted August 17th, 2011 at 4:40 pm (UTC-5)
Venezuelan President Hugo Chavez says he plans to give the government exclusive control over the nation’s gold mining industry to boost the country’s international reserves. Speaking on state television Wednesday, President Chavez said he will issue a decree in the coming days to nationalize operations currently under the control of private and foreign companies. Gold […]
Gold Prices Go Above $1,800 an Ounce
Posted August 10th, 2011 at 1:45 pm (UTC-5)
The price of gold roared to a new record-high in Wednesday’s trading, going as high as $1,801 per ounce in New York trading. Prices gained more than $50 as stock market prices plunged in Europe and the United States. Prices eased downward in later trading. Gold is a traditional place for investors to put their […]
Gold Price Rises Above $1,700
Posted August 8th, 2011 at 12:00 pm (UTC-5)
The price of gold soared to a record high above $1,700 Monday, as investors worried about the recent rating downgrade for U.S. debt, Europe’s debt crisis, and slowing global growth. The precious metal is a traditional investment in times of economic trouble. Concerned investors bid up the price as high as $1,718.20 at one point. […]
