Diamond News Archives
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Gold moved moderately higher overnight in a more stable range of $1172 - $1179.80, largely fading movement in the US dollar. Gold dipped to its $1172 low early during Asian time, when the DX ticked up to 96.67.
The yellow metal climbed for the rest of the session and reached $1179.80 as the DX slipped to 96.30. The greenback was pressured by some strength in the yuan (6.89 – 6.865), the yen (111.05 – 110.35, safe haven flows), and the euro ($1.1365 - $1.1395, higher Eurozone inflation).
Global equities were mixed with the NIKKEI +0.35%, the SCI was off 1.34%, European shares were off from 0.2% to 0.4%, and S&P futures were -0.2%. Higher oil prices (WTI from $65.30 – $65.89) were supportive of equities.
US stocks opened weaker (S&P -7 to 2835), hurt by renewed concerns over the emerging market currency crisis with the Turkish lira (5.80 – 6.34), S.African rand (14.65 – 15.02), Mexican Peso (18.95 – 19.15), Russian rouble (66.70 – 67.60) all moving substantially lower.
The US 10-year bond yield slid to 2.846%, and the DX was tugged down under the overnight low to reach 96.21. Gold rose in response, and took out its overnight high to trade $1180.70.
US stocks turned higher by late morning, and reached unchanged by mid-day with the telecom, materials, and consumer staples sectors leading gainers. A continued push higher in oil (WTI to $66.30) was supportive of equities, as was a comment from Mexican Economy Minister Guajardo that a NAFTA agreement would hopefully be done in very few days.
The 10-year yield rose to 2.86%, and the DX stabilized around 96.25, with a modest recovery in emerging market currencies keeping the DX in check. Gold retreated, and slid to $1176.50.
In...
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MUMBAI/BENGALURU, Aug 17 (Reuters) – Physical gold demand in India regained momentum this week as jewellers stocked up after prices dipped to their lowest in over seven months, with lower prices attracting fresh buying and driving premiums higher in other major Asian hubs as well.
Dealers in India, the second biggest gold consumer after China, were charging a premium of up to $1 an ounce, compared with a discount of $1.5 last week, as prices fell to their lowest since Jan. 10, at 29,268 rupees, earlier on Friday.
Jewellery demand was robust during the India International Jewellery Show, said Colin Shah, vice chairman of Gems and Jewellery Export Promotion Council.
The expo took place between Aug. 9 and Aug. 13 in Mumbai.
Jewellers are again becoming active in the market due to the price correction and good sales at the exhibition, said a Mumbai-based dealer with a private bank.
India's gold imports rose for the first time in seven months in July to 75 tonnes, provisional data from metals consultancy GFMS showed.
"In August, imports will rise like July. Prices are very attractive for jewellers to build stocks," the bank dealer in Mumbai said. "Prices are very attractive for jewellers to build stocks."
Meanwhile, global benchmark spot gold prices plunged to as low as $1,159.96 an ounce on Thursday, their lowest since January 2017, and was on track to register its worst week since May 2017.
"It's a good time to buy," said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong."It's a good time to buy."
In China, premiums rose to $3 to $5 an ounce this week from last week's $2-$3, while premiums in Hong-Kong were around 90 cents-$1.50 versus 70 cents...
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Precious gemstones miner Gemfields revealed Friday the Zambia’s Revenue Authority (ZRA) had served the company with two search warrants for its Kagem emerald mine, as part of a probe into alleged tax evasion.
The two search warrants were served during an unannounced visit to Gemfield's Kagem mine.
During an unannounced visit on Thursday, the ZRA seized documents and files including those supposedly used to evade payment of Value Added Tax (VAT), income tax, with-holding tax and other taxes, Gemfields said.
The rubies and emeralds miner did not say whether searches had actually taken place.
“Gemfields will provide further updates as pertinent information becomes available,” it said in the statement.
Gemfields is the operator and 75% owner of the Kagem and Montepuez ruby mine (the later in Mozambique).
It also holds controlling interests in various other gemstone mining and prospecting licences in Zambia, Mozambique, Ethiopia and Madagascar.
The post Zambia tax authority goes after Gemfields appeared first on MINING.com....
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Rolls-Royce[4] says it incorporated visual elements from the original Ghost[5] in the new four-door model. Most obvious is the car's silver paint scheme, with a hand-painted coachline that takes eight hours to apply and contains pure silver particles. There's also a solid silver Sprit of Ecstasy hood ornament (remember those?) with an AX201-stamped hammered-copper hallmark at its base, which harks back to the maiden car's registration plate and the material that featured extensively in the original car's engine bay. The video also shows off the black grille vanes, chrome wheel surrounds engraved with the phrase "Silver Ghost — Since 1907," open-pore tudor oak trim with silver inlays.
The front fascias get a more protruding grille frame with inset grille, plus redesigned wheels. Inside, the cars get Forest Green leather to match the original, with limited edition stamps on the door jambs and dashboard clock, plus improved sound deadening with the addition of special acoustic glass.
There's also lots of running footage of the Silver Ghost navigating a pastoral lane. It's decidedly heady stuff for most of us common folk, indeed....
[1][2][3]References
- ^ Rolls-Royce (www.autoblog.com)
- ^ Silver Ghost Collection (www.autoblog.com)
- ^ Ghost (www.autoblog.com)
- ^ Rolls-Royce (www.autoblog.com)
- ^ Ghost (www.autoblog.com)
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A sign is seen at the head office of the Royal Bank of Scotland (RBS) in 2014.REUTERS/Russell Cheyne[1]
LONDON — Royal Bank of Scotland (RBS) bankers joked about destroying the US housing market and senior staff described the loans they were trading as "total f***** garbage," according to transcripts released by the US Department of Justice.
Email and call transcripts in a DOJ report released on August 10[2] as part of a $4.9 billion settlement with RBS show the bank's chief credit officer in the US said the loans they were selling were "all disguised to, you know, look okay kind of … in a data file."
He went on to say that the products being sold were "total f****** garbage" loans with "fraud [that] was so rampant … [and] all random."
The US Department of Justice criticized the bank for its conduct and trade in residential mortgage-backed securities (RMBS), which played a central role in the crisis.
The DOJ said the bank made "false and misleading representations"[3] to sell more RMBS, adding that senior executives "showed little regard for their misconduct and, internally, made light of it."
When the contagion in the housing market became clear, the head trader at RBS got a call from a friend who said: "[I'm] sure your parents never imagine[d] they'd raise a son who [would] destroy the housing market in the richest nation on the planet."
"I take exception to the word 'destroy.' I am more comfortable with 'severely damage,'" he replied.
The bank disguised the risks to investors...