Gold Hits New Highs as Asian Demand Increases

November 12, 2009

The price of gold reached record (nominal) highs this morning of $1,123 as India reported a 45% increase in gold imports. In Vietnam, the government lifted its ban on unlimited gold imports for the first time in over a year. The move is aimed at limiting high speculation, which recently led gold prices in Vietnam to a high equivalent to $1,280/oz.

Continung demand for gold trading in China will be eased with the Hong Kong Mercantile Exchange's announcement that it would offer gold futures contracts by January 2010.

Junior Miners Index ETF Debuts


Yesterday the Junior Miners Index ETF (GDXJ) began trading on the NYSE. 80% of the fund is invested n 38 select precious metals stocks, of which 2.17% is invested in Rubicon Minerals (RBY). Shares reached a high of $499.99 in the opening minute and closed the day near $25.

Roxmark/Premier (PIRGF/RMKMF) JV Expands Gold Zone at Hardrock

Drilling at the the Hardrock JV project in Northwestern Ontario hit high grade gold of up to 71 g/t. Resource estimates for the property are set to be released by year's end.