Thomson Reuters GFMS Gold Market News:
Date of Release: 5th April 2013
IMPORTANT NOTE: The following is for informational purposes only and was developed by Thomson Reuters GFMS. It does not take into account the investment objectives, financial situation or particular needs of any particular person. Information is from sources believed to be reliable, but is not guaranteed as to its accuracy or completeness. Opinions and estimates are the judgment of Thomson Reuters GFMS and are subject to change without notice. Distribution of this information does not constitute agreement with, or an endorsement of, the views expressed. Obviously, future outcomes are impossible to predict with certainty. Investors should obtain advice based on their own individual circumstances and understand the risks before making any investment decisions.
Newcrest reduced its financial year 2012-2013 gold production guidance from 2.3-2.5 Moz to 2.0-2.15 Moz, due to restricted production capacity at Lihir and continuing problems with poor ground conditions at Gosowong. Meanwhile, the company kept its annual copper production guidance of 75,000-85,000 tonnes unchanged.
Van Eck Global, the US asset manager, filed with the SEC to launch two gold and silver exchange traded funds that will allow investors to redeem their shares for physical precious metals. The two new products will add to Van Eck’s line-up of commodities- focused ETFs, including its Gold miners ETF and the Junior Gold Miners ETF and mutual funds.
Chinese gold miner Zijin Mining Group Co Ltd. announced that it had agreed to set up an offshore investment fund with Canada- listed Sprott Inc. with a target size of $500 million. The fund would invest primarily in equities and debt instruments in relation to gold, copper and other minerals.
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