Gold Takes a Break as Indian Buying Season Ends

October 22, 2009



This week, we saw a slight decline in precious metals prices as festival gold buying during India's Dhanteras and Diwali settled. The price of gold, silver, and platinum showed significant support near $1,045, $17.40, and $1,350 respectively.
New JV Projects
This week, major gold miner, AngloGold Ashanti (AU) and major diamond miner, DeBeers announced a groundbreaking joint venture project to explore and eventually mine minerals in the ocean.
Top Takeover Talk
China's state-owned China Minmetals Corp is looking for potential takeover targets, specifically gold mines in Australia and Canada, according to a top executive. Thus all eyes are on Canadian and Australian juniors with significant gold reserves.
Best Recent High Grade Discovery
Apollo Gold (AGT) recently announced assay results from its Grey Fox property near Timmins, Ontario, at which high-grade gold between 8 and 277 g/t au was intercepted.
Top Coin News
The new 2009 American Buffalo gold coins went on sale last week and have quickly become the US Mint's best-selling coin. Since then, over 71,000 coins have been sold, far more than the American Eagle gold coin's sales for the entire month of October. Given such high demand for the Buffalo, the US Mint raised its price by $100 to $1,118.88 per coin.