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@MiningBookGuy#India - Could This Snap Decision Cut Global Gold Demand By 10 Million Ounces? http://piercepoints.com/mining-investment-exploration-gold-bullion-india-jewellers-sales-government/#PiercePoints#gold
[The following is a direct quote from India’s Hindustan Times on what a halt to bullion sales could mean for the gold market:
“The move will likely affect almost a quarter of [jewellers’] overall sales, while also reducing gold imports, which had earlier been driven due to a surge in purchases.
More than 250 to 300 tonnes of the total 900 tonnes of gold annually imported by jewellers, is bought into the country in the form of bullion bars of 100 gm each.”
This suggests that the decision from the jewellery federation could cut demand by up to 300 tonnes, or 9.65 million ounces, annually. A figure that would equate to 7.1% of total global demand from 2015.
The effect this could have on the gold price is difficult to overstate. In short, this could be one of the biggest threats the gold market has seen in years. Watch for more announcements on whether India’s jewellers will indeed implement this unprecedented policy.]
@MiningBookGuy@WorldofMining - I posted some stuff recently on #Myanmar (alternatively Burma) in that room. Dave at #Piercepoints seems to be at the forefront of resource developments there (mining & oil/gas). I am sure private explorers have already been moving in, and would be neat if there were some listed juniors in the next few years. Personally, I'm most interested in #Myanmar and #Iran out of anywhere in the world, as "new" frontiers for mining that don't already have listed juniors
Indian government is looking to drop gold import duties to 6%. A significant reduction from the current 10% import tax.
This past Monday, the Singapore Exchange unveiled its first sharia-compliant gold futures contract. Which is designed to meet all requirements for Islamic finance -- allowing buyers in the Muslim world to get into this market.
Malaysia-based HelloGold has launched a sharia-compliant online platform using a mobile app. The firm has partnered with Asian retailer Aeon Credit Service to offer the product to Aeon's 20,000 employees in Malaysia, and plans to extend this to Aeon's 4.5 million customers in the country by February. "We expect to sell about 10,000 ounces of sharia-compliant gold by the end of next year,"
Gold miners also got some more good news this week -- in the emerging exploration destination of Nigeria. Where mines minister Kayode Fayemi said the federal government has secured $150 million from the World Bank to support a national mining investment fund.
Officials at Indonesia's mining ministry confirmed that miners including Freeport-McMoRan have now halted copper concentrate exports. In accordance with rules that mandated a complete stop to concentrate shipments as of January 12.