Oil-sands mogul Murray Edwards is backing a C$100 million ($92 million) bond sale by Imperial Metals Corp. that will help fund the cleanup of a mine-waste spill, the worst accident of its kind in Canada in 20 years.
The hopes of easing gold import norms lost color as C.Rangarajan, Chairman, Prime Minister’s Economic Advisory Council declared that the existing duties and norms of gold imports into India were quite reasonable.
Wholesale London gold tumbled more than $20 per ounce in quiet trade Thursday morning, falling with world stock markets after the week's "three-day rally [in gold] prompted some profit-taking" according to one dealing desk.
The government may well be working hard to dissuade gold investment but it seems they will have a long losing battle to fight. Over the summer, the country saw an unprecedented increase in the number of undeclared gold being smuggled into the country.
Precious metals started the new week with mixed results this morning as the euro remained steady around $1.235 but remained at risk of sell-offs and as crude oil advanced by less than 1% on supply worries.
This morning’s New York trading action started off on the downside once again for the metals. Gold practically erased yesterday’s gains and dipped to near the $1,640 per ounce while silver also retreated from last night’s closing values and dropped to near $32.20 the ounce.