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Why Did Gold & Silver Break Down Just as Fed Hike Bets Faded
Macro Snapshot: The rate backdrop eased during the week ending 23 October, which makes the metals’ slide harder to explain. CME FedWatch odds of a hike at the 27 to 28 October FOMC meeting had settled near one in three on 14 October, after the 3.7% September CPI print, and stood at 9.4% by 23 October. December hike odds slipped from about 90% to close to 80%. The 10-year Treasury yield closed at 5.00% against 5.09% a week earlier, and
Why Did Gold & Silver Break Down Just as Fed Hike Bets Faded
Macro Snapshot: The rate backdrop eased during the week ending 23 October, which makes the metals’ slide harder to explain. CME FedWatch odds of a hike at the 27 to 28 October FOMC meeting had settled near one in three on 14 October, after the 3.7% September CPI print, and stood at 9.4% by 23 October. December hike odds slipped from about 90% to close to 80%. The 10-year Treasury yield closed at 5.00% against 5.09% a week earlier, and
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Indias Silver Jewellery Exports Double
Mumbai: A shortage of gold as a raw material and the consequent decline in gold jewellery exports appears to have opened up new avenues of growth for silver jewellery in India, reports Mineweb. Indias silver jewellery exports rose 45.33% to $84.1 million in February 2014, and jumped 89% in the 11-month period to $1.35 billion, according to data from the Gem
AGL Celebrates Five Years under New Management
New York, 15th April: American Gemological Laboratories (AGL), a provider of high-quality gemstone analysis and reporting is celebrating its five-year anniversary under the stewardship of Christopher P. Smith. “Five years ago, AGL was re-privatized during one of the most difficult periods the US and world financial markets have experienced in recent decades. AGL, however, had a good reputation and we did
Gold Smuggling Arrests Jump 750% YoY in India
Mumbai, 14th April: While cases of gold smuggling in India have jumped 265% from 40 in 2012-13 to 146 in 2013-14, the number of people arrested has shot up by 750%, from 30 in 2012-13 to 255 in 2013-14, data from the Directorate of Revenue Intelligence shows, according to a report published in Mineweb. “Gold imports through the legal channel have
Heavy Demand for India’s Sovereign Gold Bonds
New Delhi: Heavy demand for Sovereign Gold Bonds (SGB), an instrument to wean away people from physical gold, has forced the government to postpone its issue date to September 30 from the earlier September 23. “The Government of India in consultation with the Reserve Bank of India (RBI), had notified the issuance of SGB, 2016-17 Series II. The tranche was
Dominion Sells 186-Ct Diamond for $2.8 Million
Toronto: Dominion Diamond Corporation reports the restart of the Ekati process plant and the sale of an exceptional diamond recovered at the Ekati diamond mine earlier this year. The Ekati process plant resumed operations at full capacity on September 21. Plant operations had been suspended since a fire that occurred at the Ekati process plant on June 23. During this
India to Shut Down Hindustan Diamond Co.
New Delhi: An official release from the government of India circulated on 21st Sept. 2016 says that the Cabinet Committee on Economic Affairs has approved shutting down of Hindustan Diamond Company Pvt Ltd (HDCPL), a joint venture between the Indian Government and De Beers Centenary Mauritius Ltd (DBCML), which supplies rough diamonds to Indian diamond industry. The release notes that
India’s Current Account Deficit Narrows
Mumbai: India’s Current Account Deficit (CAD) narrowed in the first quarter of the financial year to $300 million as compared with $6.1 billion in the year-earlier period. The deficit sharank to 0.1 per cent of GDP in the period, as compared with 1.2 per cent. “The contraction in the CAD was primarily on account of a lower trade deficit ($23.8
