Solfernino Mine's irresistible offer: Gold for $650 per ounce
Solferino Gold Mine/Colombia Reserva De Oro will be initially mining 150,000 oz of gold, and is earmarking 40,000 oz of it to be sold at $650 an oz. Considering that gold closed yesterday at $1246, the possibility of getting it at $650/oz is unheard of. It is by far the lowest price in the world for gold today.
Gold gains on volatility, rise in net speculative longs:ETFS
Net speculative longs in gold increase for the first time since August 2014. There is a growing sense that the metalâ€™s price has been beaten up too far. With the marginal cost of production close to US$1100/oz, miners are likely to cut back on production should the price fall any further, helping to constrain supply.
India's Diwali festivities could push Gold higher
The gold-supportive macro environment has seen gold extend its gains above the $1200/Oz mark as the dollar has weakened, the St. Louis Fed discussed the possibility of further stimulus, and importantly, demand picked up amid the seasonally strong period of consumption.