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Gold bullion news is not just made twice daily at the London Gold Fixing or the minute by minute COMEX spot price. Gold bullion news has to do with gold mining operations, national economies, the FOREX markets, politics, and war, just for starters. Gold is the traditional refuge in times of trouble and there is plenty of that to go around these days.
News from the European Union indicates that Portugal, Italy, Greece, and Spain are all having financial difficulties threatening to drive the value of the Euro down and gold up, as denominated in Euros.
Gold dropped today and then recovered on the COMEX. First it dropped a couple of dollars on US economic news. The traders bid bullion up based upon technical factors and a longer view of economic realities.
Gold has corrected on its upward climb and some Western buyers, new to the gold markets, are wondering what is next. Older cultures in Asia have relied on gold to store and grow wealth for thousands of years. Across Asia, investors are jumping in with both feet and buying on gold’s correction.
News from West Africa is that the Canadian mining company, Avion, is making progress moving toward a production rate of 200,000 ounces a year from its Mali, West Africa operations. Mining companies expand when the price of gold is going up and they shut down when the price of gold is going down. A substantial expansion fits with the belief that the price of gold bullion is going up.
The wise gold investor will watch the broader range of factors that affect politics, economics, and currency when looking for gold bullion and news about when to buy it. Right now the news would seem to point to more reasons to buy.
