KMG Gold Blog

KMG Gold Recycling Wins Second BBB Torch Award

Mon, 13 Feb 2012 09:32:34 AM

Winnipeg MB February 13 2012 History was made at the Winnipeg Convention Centre, October 2011, when KMG Gold Recycling was awarded its second BBB Torch Award for Marketplace Excellence. KMG Gold Recycling, the only gold buyer in North America to win a Better Business Bureau Torch Award has won its second award in as many years. Better Business Bureau Torch Awards recognize businesses that build trust, advertise honestly, tell the truth, remain transparent in their business dealings, honour their promises and display integrity in all of their marketplace activities. KMG Gold Recycling buys, recycles, and refines all precious metals including gold, silver, platinum and palladium. KMG started as an internet gold buyer in 2007 on www.kmggold.com, and opened their retail location in Winnipeg in 2010. Since 2007, KMG has served thousands of customers from all across North America and has paid out millions of dollars for gold. Michael Gupton, President of KMG Environmental Inc. which operates as KMG Gold Recycling said these were the same principles that he used to develop his successful business model, long before he had ever heard of the Torch Awards. "This is a great honour to win a BBB award in the very predatory gold buyer market. KMG is the very best." Gupton says. BBB Torch award winners are nominated by their customers and selected as winners from a panel of distinguished judges at the Better Business Bureau. "KMG Gold customers nominated us for this award; our commitment to trust and ethics and our dedication to our customers make us winners." Gupton says. Gupton went on to say that there is one other very important component to his business model and that is education. "We make every effort to educate our clients and the public at large about our industry, so they can make informed decisions. We believe the best way for the public to protect themselves is to be knowledgeable. Our website www.kmggold.com has become a trusted source of industry information, not only for the general public, but also for other industry participants." "The public is beginning to realize that the process of recycling precious metals is not that complicated and that there are simple steps to take to guarantee that you receive top dollar for your precious metals. The simple fact is that to be recycled, all precious metal must end up at a refinery. The more people, or middlemen, that touch your precious metal on its way to the refinery, the less money you will receive. The obvious solution to get top dollar for your precious metal is to cut out the middlemen and deal directly with a refinery like KMG GOLD. Co-founded in 2007 by Gupton, a graduate Civil Engineer and registered prospector, KMG Gold is recognized as Canada's leading authority on recycling gold and silver jewellery and other precious metals. As a functioning refinery and not a middleman, KMG Gold is able to pay more to consumers and businesses wanting to recycle their unwanted precious metals. This has been confirmed by numerous independent third party surveys including CBC News. KMG has been recognized for advocating on behalf of the consumer and pushing for more transparency in the marketplace through public education. The KMG Gold website has become a valuable resource for those wanting to learn more about the industry. KMG works closely with the Canadian Cancer Society and Canadian Goodwill Industries, helping in raising funds for research and creating jobs. For more information on KMG Gold, please visit www.kmggold.com, or call us at 204-452-4653, or toll free at 1-877-468-2220. Media Contact: Michael Gupton, BSc Eng (Civil) CTE AScT, President, KMG Environmental Inc. (204) 452-4653

PRESS RELEASE – KMG GOLD TO ATTEND REGINA SHOW

Mon, 13 Feb 2012 09:28:50 AM

Regina, SK February 13 2012 KMG Gold, multiple BBB Torch Award winner for Ethics, Integrity and Marketplace Excellence, announces their participation in Regina Coin and Stamp Show. Michael Gupton, President of KMG Environmental Inc., the parent company of KMG Gold, is pleased to announce that they will be participating in the 2012 Regina Coin and Stamp Show on Saturday February 18th and Sunday February 19th. The show is sponsored by the Regina Philatelic Club and is being held in the auditorium at the Regina Senior Citizens Centre. KMG Gold is a multiple BBB Torch Award winner. BBB Torch Awards recognize businesses that build trust, advertise honestly, tell the truth, remain transparent in their business dealings, honour their promises and display integrity in all of their marketplace activities. Coincidentally, Gupton says these were the same principles that he used to develop his successful business model, long before he ever heard of the Torch Awards. For many years, KMG Gold has also been recognized as having the highest payouts in Canada for recycled gold, silver and other precious metals. This has been confirmed by numerous independent third party surveys. In addition to attending the show, Gupton will also be attempting to make contact and establish business relationships with companies interested in becoming a KMG Gold "Trusted Gold Buyer". Qualifying companies would represent the KMG Gold Refinery in the purchase and recycling of unwanted gold and silver jewellery and other precious metals. The Trusted Gold Buyer designation recognizes companies that have made a commitment to the same high standards of ethics and integrity in their business dealings, as those demonstrated by KMG Gold. KMG Gold established the Trusted Gold Buyer Program to help educate the public about precious metal recycling and to provide them with a means of recognizing businesses that will treat them ethically and where they can receive the highest payouts for their precious metals. For more information on KMG Gold, please visit www.kmggold.com, or call us at 204-452-4653, or toll free at 1-877-468-2220. Media Contact: Michael Gupton, BSc Eng (Civil) CTE AScT, President, KMG Environmental Inc., 204-452-4653 KMG Gold, Canada's gold buyer since 2007, and the only Better Business Bureau Torch Award Winner for Ethics, Integrity, Honesty and Marketplace Excellence, will be at the 2012 Regina Stamp Sale and Show at the Regina Senior Citizens Centre. KMG Gold will be at the Stamp Sale buying gold, silver, and platinum, silver and gold coins on Saturday February 18th and Sunday February 19th. The 2012 Stamp Sale and Show is sponsored by the Regina Philatelic Club and is being held in the auditorium at the Regina Senior Citizens Centre, 2134 Winnipeg Street, Regina. KMG Gold Recycling buys, recycles, and refines all precious metals including gold, silver, platinum and palladium. KMG started as an internet gold buyer in 2007, and opened their retail location in Winnipeg in 2010. Since 2007, KMG has served thousands of customers from all across North America and has paid out millions of dollars for gold. KMG Gold Recycling is the only gold buyer in North America to win a BBB Torch Award, and they've won it two years in a row! "This is a great opportunity for anyone in Regina wanting to sell gold, silver, platinum and coins and get the most money in Canada for it." Says Michael Gupton, president of KMG Environmental Inc. which operates as KMG Gold Recycling. KMG will also have their coin and militaria expert at the show. KMG has been recognized as paying out the most money in Canada for gold, silver, platinum, and coins. This has been confirmed by numerous independent third party surveys including CBC News. Unlike other travelling roadshow gold buyers that pay out little for gold and use marketing gimmicks to lure people in, KMG Gold pays up to five times more for gold, silver and coins than roadshows and travelling gold buyers. KMG posts all of their buy prices for gold, silver, platinum and coins on their website www.kmggold.com. KMG works closely with the Canadian Cancer Society and Canadian Goodwill Industries, helping in raising funds for research and creating jobs. On top of matching every donation made during the show's time in Regina, KMG Gold will also donate a percentage of all purchases made at the Stamp Sale. Gupton will also be in Regina Thursday and Friday February 16th-17th talking to local businesses interested in becoming a KMG Gold "Trusted Gold Buyer". Qualifying retailers would represent the KMG Gold Refinery in the purchase and recycling of unwanted gold and silver jewellery and other precious metals. The Trusted Gold Buyer designation recognizes businesses that have made a commitment to the same high standards of ethics, honesty, and integrity in their business dealings, as those demonstrated by KMG Gold. KMG Gold established the Trusted Gold Buyer Program to help educate the public about precious metal recycling and to provide them with a means of recognizing businesses that will treat them ethically and where they can receive the highest payouts for their precious metals. For more information on KMG Gold, please visit www.kmggold.com, or call us at 204-452-4653, or toll free at 1-877-468-2220. Media Contact: Michael Gupton, BSc Eng (Civil) CTE AScT, President, KMG Environmental Inc., 204-452-4653

Silver: Epic Reversal

Tue, 31 Jan 2012 01:05:17 PM

Source: KMG Gold (1/30/12) "If silver blasts through $40/oz, it's probably on its way to the all-time high. In that case, the next big move would be to the upside, with potential for $70/oz targets and triple-digit silver prices." On Jan. 11, we expected the U.S. dollar to top as sentiment was uber-bullish, which would lead to a nice rally for gold, silver and (mining) stocks. That day, the USD index closed at 81.35, silver at $29.89, and gold at $1,641. Today, the U.S. dollar stands at 78.90, silver at $33.89 and gold at $1,733.50, so we got what we expected. On Jan. 9, we posted the following chart, which compares the current silver "bubble" to the Nasdaq Bubble a decade ago: Now let's see where we are today. Just like the Nasdaq, silver has set a lower/equal low, accompanied by a higher low of the MACD index, and has now rallied quite sharply: Compare this to the Nasdaq: An overlay of both charts shows us where we are today: If we zoom in a bit: If the pattern holds, we should be about halfway the "Bull trap," as many will view this as the Return to "normal." If the pattern doesn't hold, and silver blasts through $40/oz, it's probably on it's way to the all-time high. In that case, the next big move would be to the upside, with potential targets of $70/oz and potentially triple digit silver prices. As long as the pattern holds, I would be careful if silver hits $38/oz. KMG Gold Recycling

Gold Up Up 10% YTD - Speculators Yet To Join the Party

Tue, 31 Jan 2012 11:15:33 AM

KMG Gold.com One of the hallmarks of the decline in gold prices from an all time high of $1920 in Sept 2011 (as the market collapsed by 26%) was the significant long liquidation of speculative positions by gold futures traders on the CME in New York. Since then gold has steadily rallied - firstly breaching the important 200 day moving average which was then at $1644 and subsequently technical and psychological resistance around the $1700 level. And it has done this without any significant re-building of net long positions of the CME futures traders (see Reuters chart below). By last Friday the Commitments of Traders reports suggests that futures traders are now at a net long of 126,937 contracts (a little under 400 tonnes). That is a gain of nearly 9% on the previous weeks position but still less than half the levels seen mid last year. With the US Federal Reserve committing to keep interest rates at low levels at least until "late 2014" this would suggest the gold market still has legs to run and it is surely only a question of time before the floor traders join the party and rebuild their long positions in earnest. With gold starting 2012 at a cracking pace, gaining 10% in the first month (equaling the gains of the whole of 2011) - gold may be poised to set fresh highs this year - but much earlier than many - ourselves included - would have expected. KMG Gold.com

Is a new GOLD STANDARD a realistic option ?

Fri, 20 Jan 2012 08:43:09 AM

KMG Gold: There was a time when politicians kissed babies to show they had the common touch and a real connection with ordinary folk. With the outcome of the US elections finely poised, gold and a return to a gold standard is seen as a potential vote-winner - today they are embracing gold, not babies. In South Carolina 33% of voters are gold standard supporters, with 18% warm to the idea while only 11% are against and 6% cool on the proposal. Gold is a clear 3-1 vote winner. To be fair, Republican presidential candidates Newt Gingrich and Ron Paul have both consistently been strong supporters of 'hard money' but their advocating a "gold commission" to consider a return to a gold standard is interesting at two levels - firstly in what tells us about the mood in the USA - and secondly by its potential impact on the gold market itself. President Nixon moved the US out of the gold standard in 1971 and brought to an end the Bretton Woods system of monetary management introduced in 1946 where currencies were pegged to each other and the dollar was pegged to gold at a price of $35/ounce. The proposal is to back US dollars with gold (and possibly silver). The main benefit of the gold standard was that, by linking a countries currency to a fixed asset like gold. it prevented policy makers from over-expanding the economy - it was a forced discipline or straight-jacket which effectively has a self-regulating and stabilizing effect on the economy. As such, the government can only print money depending upon the levels of gold reserves it has. This discourages inflation, budget deficits and debt. Furthermore, the more productive nations benefit - as they should - because the more they export, the more gold they can purchase and therefore money they can print to grow their economy further. In the current political climate there is a strong desire to achieve economic stability through fiscal discipline, a balancing of the budget and by reducing government interference in the economy. Many would be prepared to forgo potential economic growth that a fixed money supply would engender and even tightness in credit markets that would stifle company growth through lack of funding. Such is the anger of the mis-management of the economy and the short-comings of the fractional reserve banking system. But can gold fulfill its extended role ? Certainly gold prices have behaved in an exemplary manner during the crisis as a wealth preserver and its role in maintaining purchasing power parity in the long run has been well proven. Prescient gold investors have been well rewarded with over 20% compound growth year-on-year - for over a decade. But with a large and highly globalised economy, can gold sensibly underpin the world's senior reserve currency in a complex financial world ? Representing as it does less than 1% of global financial assets, gold is very clearly limited without a massive upward revision in its price from $1650/ounce to about $45,000/ounce. There are also fundamental problems in fixing exchange rates between currencies that we had under Bretton Woods - it is not unlike the artificial and flawed arrangement that underpins the Eurozone. The short answer as to whether or not gold can fulfill this role is in the detail and what sort of system you want. Economists broadly do not favour a return to a gold standard. The University of Chicago conducted a poll of 40 leading economists none of whom supported the move. But it is also clear that something needs to change. So long as policy makers make over-extended promises on the one hand (to ensure re-election) and the printing presses in the other then we will continue to see inflation and currency declines as those shown below. Since 1971 the US dollar has lost over 85% of its value by official (CPI) measures. Truly the thief in the night and that's just not right. To use the words of President Hoover in 1933 - "We have gold because we cannot trust governments". KMG Gold

THE BETTER BUSINESS BUREAU. MEDIA RELEASE: BBB Names Top Ten Scams of 2011

Fri, 06 Jan 2012 10:31:18 AM

Winnipeg, Manitoba– January 4, 2012. - Better Business Bureau investigates thousands of scams every year, from the latest gimmicks to schemes as old as the hills. Our new Scam Source (www.bbb.org/scam) is a comprehensive resource on scam investigations from BBBs around the country, with tips from BBB, law enforcement and others. You can sign up to receive our Scam Alerts by email, and you can also be a scam detective yourself by reporting scams you've discovered. We've divided scams up into nine major categories and picked the top scam in each, plus our Scam of the Year. Top Job Scam BBB sees lots of secret shopper schemes, work-from-home scams, and other phony job offers, but the worst job-related scam can dash your hopes and steal your identity. Emails, websites and online applications all look very professional, and the candidate is even interviewed for the job (usually over the phone) and then receives an offer. In order to start the job, however, the candidate has to fill out a "credit report" or provide bank information for direct deposit of their "paychecks." The online forms are nothing more than a way to capture sensitive personal data – Social Insurance number, bank accounts, etc. – that can easily be used for identity theft. And, of course, there is no job, either. Top Sweepstakes and Lottery Scam Sweepstakes and lottery scams come in all shapes and sizes, but the bottom line is almost always this: You've won a whole lot of money, and in order to claim it you have to send us a smaller amount of money. Oh, and keep this confidential until we're ready to announce your big winnings. This year's top sweepstakes scam was undoubtedly the email claiming to be from Facebook founder Mark Zuckerberg announcing that the recipient was the winner of $1 million from the popular social networking site. These kinds of scams often use celebrities or other famous names to make their offer seem more genuine. If you aren't sure, don't click on the link but instead go directly to the homepage of the company mentioned. If they are really giving away $1 million, there will be some kind of announcement on their website. But don't waste too much time looking. Top Social Media/Online Dating Scam On the Internet, it's easy to pretend to be someone you are not. Are you really friends with all of your "Friends" on Facebook? Do you have a lot of personal information on a dating site? With so much information about us online, a scammer can sound like they know you. There are tons of ways to use social media for scams, but one this year really stands out because it appeals to our natural curiosity...and it sounds like it's coming from a friend. Viral videos claiming to show everything from grisly footage of Osama bin Laden's death to the latest celebrity hi-jinks have shown up on social media sites, often looking as if they have been shared by a friend. When you click on the link, you are prompted to "upgrade your Flash player," but the file you end up downloading contains a worm that logs into your social media account, sends similar messages to your friends, and searches for your personal data. The next time you see a sensational headline for the latest viral video, resist the urge to peek. Top Home Improvement Scam Always near the top of BBB complaint data are home improvement contractors who often leave your home worse than they found it. They usually knock on your door with a story or a deal – the roofer who can spot some missing shingles on your roof, the paver with some leftover asphalt who can give you a great deal on driveway resealing. Itinerant contractors move around, keeping a step ahead of the law...and angry consumers. The worst are those who move in after a natural disaster, taking advantage of desperate homeowners who need immediate help and may not be as suspicious as they would be under normal circumstances. A large percentage of BBB's Accredited Businesses are home contractors who want to make sure you know they are legitimate, trustworthy and dependable. Find one at www.manitoba.bbb.org. Top Check Cashing Scam Two legitimate companies – Craig's List and Western Union – are used for an inordinate amount of scamming these days, and especially check cashing scams. Here's how it works: Someone contacts you via a Craig's List posting, maybe for a legitimate reason like buying your old couch or perhaps through a scam like hiring you as a secret shopper. Either way, they send you a check for more than the amount they owe you, and they ask you to deposit it into your bank account and then send them the difference via Western Union. A deposited check takes a couple of days to clear, whereas wired money is gone instantly. When the original check bounces, you are out whatever money you wired...and you're still stuck with the old couch. Top Phishing Scam "Phishing" is when you receive a suspicious phone call asking for personal information or an email that puts a virus on your computer to hunt for your data. It's almost impossible to avoid them if you have a telephone or an email account. But the most pernicious phishing scam this year disguised itself as official communication from NACHA – the National Automated Clearing House Association – which facilitates the secure transfer of billions of electronic transactions every year. The email claims one of your transactions did not go through, and it hopes you react quickly and click on the link before thinking it through. It may take you to a fake banking site "verify" you account information, or it may download malware to infiltrate your computer. Top Identity Theft Scam There are a million ways to steal someone's identity. This one has gotten so prevalent that many hotels are posting warnings in their lobby. Here's how it works: You get a call in your hotel room in the middle of the night. It's the front desk clerk, very apologetic, saying their computer has crashed and they need to get your credit card number again, or they must have gotten the number wrong because the transaction won't go through, and could you please read the number back so they can fix the problem? Scammers are counting on you being too sleepy to catch on that the call isn't from the hotel at all, but from someone outside who knows the direct-dial numbers for the guest rooms. By the time morning rolls around and you are clear-headed, your credit card has been on a major shopping spree. Top Financial Scam In challenging economic times, many people are looking for help getting out of debt or hanging on to their home, and almost as many scammers appear to take advantage of desperate situations. Because the federal government announced or expanded several mortgage relief programs this year, all kinds of sound-alike websites have popped up to try to fool consumers into parting with their money. Some sound like a government agency, or even part of BBB or other nonprofit consumer organization. Most ask for an upfront fee to help you deal with your mortgage company or the government (services you could easily do yourself for free), and almost all leave you in more debt than when you started. Top Sales Scam Sales scams are as old as humanity, but the Internet has introduced a whole new way to rip people off. Penny auctions are very popular because it seems like you can get something useful - cameras, computers, etc. – for way below retail. But you pay a small fee for each bid (usually 50 cents to $1.00) and if you aren't the winner, you lose that bid money. Winners often are not even the top bidder, just the last bidder when time runs out. Although not all penny auction sites are scams, some are being investigated as online gambling. BBB recommends you treat them the same way you would legal gambling in a casino – know exactly how the bidding works, set a limit for yourself, and be prepared to walk away before you go over that limit. Scam of the Year Yep, it's us – the BBB phishing scam. Hundreds of thousands, perhaps millions, of people have gotten emails that very much look like an official notice from BBB. The subject line says something like "Complaint Against Your Business," and the instructions tell the recipient to either click on a link or open an attachment to get the details. If the recipient does either, a malicious virus is launched on their computer...a virus that can steal banking information, passwords and other critical pieces of information needed for cyber-theft. BBB is working with security consultants and federal law enforcement to track down the source of these emails, and has already shut down dozens of hijacked websites. Anyone who has opened an attachment or clicked on a link should run a complete system scan using reputable anti-virus software. If your computer is networked with others, all machines on the network should be scanned, as well. For more information on these and other scams, go to BBB Scam Source (www.bbb.org/scam). Sign up for our Scam Alerts and learn about new scams as soon as we do. About The Better Business Bureau The BBB Serving Manitoba & N.W. Ontario, established in June of 1930, is a not-for-profit, public service organization and part of an international organization with 114 local Bureaus across Canada and the U.S. and locally in Manitoba & now N.W. Ontario. BBB rates companies in the marketplace through a rigorous evaluation of businesses against objective standards, unbiased business review reports, impartial dispute resolution services and educational programs for businesses and consumers alike. The Better Business Bureau is unique because of its position of neutrality and its outstanding history of service. Visit the Better Business Bureau at: www.manitoba.bbb.org.

Recycle For Research: Going For The Gold, Or, Tipping The Scales Against Cancer. Sell Your Old Unwanted Gold For A Good Cause.

Sun, 13 Nov 2011 01:05:00 PM

You're invited to the biggest gold party Winnipeg has ever seen, all in support of cancer research and the Canadian Cancer Society. On Friday, November 18th and Saturday, November 19th, KMG Gold Recycling will be hosting the biggest gold party ever held in Winnipeg, to raise funds for the Canadian Cancer Society. This very special fundraising/open house event will be held at KMG Gold's new processing facility at 620 Academy Road. Everyone recycling old, unwanted gold jewellery, gold or silver coins, or other precious metal will have the opportunity to donate all or a portion of the appraised value of their items, to the Canadian Cancer Society. Tax receipts will be issued by the Canadian Cancer Society for donations in excess of $15. Bring in all your unwanted gold, silver, platinum jewellery and KMG will appraise it on the spot for free. If it's not gold or silver we will donate all costume jewellery and other non-precious items to Canadian Goodwill Industries. In addition to supporting Canadian Cancer Society and Canadian Goodwill Industries, everyone will qualify for lots of great prizes contributed by many of Winnipeg's leading companies. Such as atomic hair studio, Acci-care accident recovery experts, Winnipeg gold buyer, and Roger Watson Jewellers. As winner of the prestigious Better Business Bureau Torch Award recognizing integrity, ethics and honesty in the marketplace 2 years in a row, KMG Gold has established themselves as the leading precious metal recycler in the country. Independent third party surveys, including CBC News, confirm that KMG gold pays the highest price for recycled precious metals. If you live outside Winnipeg and cannot make it to the gold party, visit http://www.kmggold.com and order your Secureship™ Envelope with complete instructions on how you can participate in this special event right from your own home. KMG Gold is pleased to host this event and support Canadian Cancer Society and Canadian Goodwill Industries. Don't forget: November 18th and 19th, 9AM-9PM at KMG Gold, 620 Academy Road. We hope to see you there!

Gold Moves Higher on Uncertainty

Thu, 10 Nov 2011 08:48:10 AM

The price of gold edged up this morning but worries about the restructuring in Greece and a deepening debt crisis in Italy weighed on commodities. The dollar extended losses against the euro after better than expected job data from the United States, Supporting gold, the euro briefly extended gains versus the dollar after U.S. data showed new claims for unemployment benefits declined for a second straight week. A weaker U.S. currency makes dollar-priced commodities such as precious metals more affordable for holders of other units. Gains however were capped by worries about the deepening Euro debt crisis, which pushed investors to sell commodities, including precious metals, reducing the bullion safe haven allure. Italy moved closer to a national unity government on Thursday, with outgoing Prime Minister Silvio Berlusconi reversing a call for early elections, as EU policymakers dithered over an accelerating debt crisis. Some fear that a deepening euro zone crisis will continue to weigh on gold. Italy, now firmly at the heart of the euro zone crisis, paid a 6.087 percent yield, the most in 14 years, at a one-year debt auction on Thursday but placed the full planned amount of 5 billion euros. Greek political leaders resumed their search for a deal on a new prime minister after one agreement collapsed. Emphasising worries, the European Commission said the euro zone economic growth will slow sharply next year as weak confidence undermines investment and consumption and tighter fiscal policies reduce domestic demand. Gold fundamentals however, remained supportive. New York's SPDR Gold Trust, the biggest gold-backed ETF, said its holdings rose 0.24 percent on Wednesday from Tuesday, while that of the largest silver-backed ETF, New York's iShares Silver Trust gained 0.26 percent. Silver rose 0.29 percent to $34.14 an ounce while platinum rose 0.25 percent to $1,627 an ounce and palladium rose 0.15 percent to $645.47 per ounce.

Protests Over Controversial Cyanide Process

Tue, 08 Nov 2011 09:13:40 AM

About a dozen people occupied a historic building in the Romanian city of Cluj on Monday to protest a Canadian subsidiary's plan to mine gold using the controversial cyanide process in a nearby heritage area. The company, Rosia Montana Gold Corporation, a subsidiary of Canadian resource company Gabriel Resources, wants to extract 300 tonnes of gold at the site in north-central Romania using the cyanide process, which is banned in several countries. "We call on the Romanian president and prime minister to stop lobbying in favour of this harmful project," protester Raluca Dan told AFP. "We want to draw attention to the lies spread about the project, which is to use large quantities of cyanide and destroy all that represents the value of Rosia Montana village," the protesters said in a statement. President Traian Basescu actively supports the project, criticized by environmental groups and advocates of heritage protection because the site is near Roman galleries dating from the second century, unique in Europe. The project is awaiting a go-ahead from the environment ministry.

Gold Climbs To Six Week High

Mon, 07 Nov 2011 09:13:32 AM

Gold climbed to a six-week high in New York as concerns about Europe's debt crisis spurred demand for the metal as a protection of wealth. Italian Prime Minister Silvio Berlusconi's allies pressured him to step aside after contagion from the region's sovereign debt crisis pushed Italy's borrowing costs to euro-era records. That overshadowed Greek Prime Minister George Papandreou's agreement to step down, sending European equities lower. Gold for December delivery gained as much as $25.20, or 1.4 percent, to $1,781.30 an ounce, the highest price since Sept. 22, and was at $1,777.70 by 8 a.m. on the Comex in New York. Immediate-delivery gold was 1.2 percent higher at $1,776.10 in London. Bullion is in the 11th year of a bull market and futures reached a record $1,923.70 an ounce on Sept. 6 as investors sought to diversify away from equities and some currencies. The metal is up 25 percent this year. Holdings in exchange-traded products backed by gold gained 3.1 metric tons to 2,284.6 tons on Nov. 4, the highest level since Aug. 23, data compiled by Bloomberg. Silver for December delivery gained 1.5 percent to $34.605 an ounce in New York. Palladium for December delivery was 1.1 percent higher at $662.55 an ounce. Platinum for January delivery rose 0.8 percent to $1,642.90 an ounce.

Gold Posts Weekly Gain

Sat, 05 Nov 2011 08:45:35 AM

Gold eased at the end of the week with a surge in the US dollar, but the precious metal still managed to post weekly gains. After Thursday's rally on the announcement of the cancellation of the proposed referendum in Greece, the markets seem to calm. Greek Prime Minister George Papandreou drew criticism during the week after announcing plans to hold a referendum to approve the latest bailout package for the debt-laden country. The announcement pushed the euro lower as traders feared that the bailout would be rejected by Greek voters, forcing a default and potentially triggering a financial meltdown in Europe. Meanwhile, demand for the safe haven US dollar was high, while gold, which is seen as an alternative asset to the American currency, was in decline. The markets breathed a sigh of relief on Thursday when Papandreou agreed to cancel plans to hold a referendum following emergency talks with German Chancellor Angela Merkel and her French counterpart Nicolas Sarkozy. As a result the euro and gold surged, while demand for the US dollar faltered.

Massive Gold Coin Returns To Canada

Fri, 04 Nov 2011 08:28:05 AM

A large gold coin which had displaced an Australian coin as the world's biggest, but recently lost the title, was on display this week in Canada's largest city. The coin, measuring 50 centimeters across, took over two years to make from design to final product. When it was introduced in 2007 by the Royal Canadian Mint, it set a Guinness World Record. But the Perth Mint reclaimed the record for the world's biggest bullion coin last week when it unveiled a 1,000-kilogram coin. It previously held the title with a 10kg coin until 2007, when the Canadian mint launched its 100kg coin. Although it is now only the second biggest gold coin in the world, the Royal Canadian Mint's huge gold coin is still the purest, according to the mint, and it has traveled the world. "It's been to the Middle East, it's been to China, it's been to Europe," said Royal Canadian Mint spokesperson Alex Reeves, noting that the coin has a face value of $1 million and the gold is 99.999% pure. One side of the coin features a maple leaf design, while the head of Queen Elizabeth II is on the other side.

Gold Rises On European Fears

Thu, 03 Nov 2011 08:13:36 AM

The price of gold rose again this morning, helped by a resurgent euro. The turmoil overseas has been hitting the financial markets due to political chaos in Greece as European leaders contemplated the country's exit from the euro zone. Gold has been easing higher in the past week. With the threat of a potentially disastrous Greek financial collapse, gold's safe-haven appeals to those who fear a liquidity crunch in case of a default. Gold's rise off the earlier losses was echoed in other financial markets. Early losses in stocks and the euro turned to gains on hopes that Greece might ditch a plan to hold a referendum which will test its resolve to stay in the currency bloc. France and Germany, angered at Greece's shock move to call for a referendum on its latest bailout plan, have issued statements to Prime Minister George Papandreou that Athens would not receive EU aid until it decides whether it wants to stay in the euro zone. Spot gold was up 0.8 percent at $1,752.29 at 1222 GMT, off an intraday high of $1,758.63, from $1,737.70 on Wednesday. U.S. gold was up 1.3 percent at $1,752.70. The prospect of a hard Greek default and euro exit hung over a meeting of G20 leaders beginning in Cannes on Thursday. Eyes are also on the European Central Bank, which will meet on Thursday and is expected to hold interest rates steady.

New Gold Investment Product From The Mint

Wed, 02 Nov 2011 08:23:30 AM

The Royal Canadian Mint is pleased to announce its initial public offering of Exchange Traded Receipts (ETRs) under the Mint's new Canadian Gold Reserves program. Each ETR provides evidence of ownership in physical gold bullion held in the custody of the Mint at its facilities in Ottawa, Ontario. The Canadian Gold Reserves program marks the expansion of the Mint's successful core bullion and refinery business. "We believe that this new program will build on our reputation and continued success as a world-class custodian of precious metals," said Ian E. Bennett, President and CEO of the Royal Canadian Mint. "With the introduction of the Canadian Gold Reserves ETR program we hope that investors will see this as a convenient, efficient and secure method for investing in and owning physical gold." Unlike other gold investment products, the purchaser of an ETR owns the actual gold rather than a unit or share in an entity that owns the gold. The net proceeds of the offering will be used to purchase gold on behalf of the initial purchasers of ETRs at the London pm fix price on the closing date of the offering (Closing Date). Subject to certain restrictions, ETR holders will be entitled to redeem their ETRs for physical gold products in the form of 99.99 per cent pure gold bars or coins, or for cash based on the future gold price or market price of the ETRs. Subject to market conditions, the initial offering of ETRs is targeting an issue size of approximately CAD$250 million. The issue price per ETR will be CAD$20.00 or the USD equivalent and the Per ETR Entitlement to Gold will be determined on the Closing Date and will be reduced daily by an annual service fee of 0.35 per cent. Subject to the satisfaction of certain conditions, the ETRs will be listed on the Toronto Stock Exchange and commence trading on the Closing Date. ETRs will be listed in both Canadian and U.S. dollars and may be traded in either currency. Through a competitive process, the Mint has selected a syndicate of investment dealers led by TD Securities Inc. and National Bank Financial Inc., and including BMO Nesbitt Burns Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., Canaccord Genuity Corp., Cormark Securities Inc., MGI Securities Inc. and Raymond James Ltd. to distribute the ETRs on a best efforts agency basis. Closing is expected to occur in late November 2011. The offering is being made on a prospectus-exempt basis pursuant to the terms of an order of the Ontario Securities Commission dated August 30, 2011. The ETRs have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States. This media release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any offer, solicitation or sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Bars Over Bling In India

Tue, 01 Nov 2011 08:25:26 AM

The demand for gold fell in India during the peak festival season over the past one month as high inflation and tight household budgets dented consumer spending according to the World Gold Council. The council also said that sales of bars and coins maintained the same volume both in the organized sector--sold through banks and post office outlets--and the unorganized sector, such as jewelers. The shift towards the purchase of more coins and bars, traditionally smaller in quantity than jewelry could be an indication that more consumers wanted to buy at least some of the precious metal as a long term investment. Traditionally, gold sales in the world's largest consuming nation are strongest during this period as it is considered auspicious for purchases. This year, the festival season began in the first week of October and culminated with Diwali, the festival of lights, on Oct. 26. The largest purchases during this period usually happen on Guru Pushya Nakshatra, or the day of auspicious ventures, which fell on Oct. 20, and on Dhanteras, celebrated on Oct. 24. "Overall, the market reported a reduction in demand compared to last year," the World Gold Council said in an issued statement. The council didn't specify gold sales volume for the period, but is likely to give the detailed statistics in late November as well as its outlook for the year ahead. "Large jewelers who we spoke to reported similar or slightly lower levels of sales than the previous year. The overall market though reported a fall in jewelry in volume terms," the council said. The council said that buying sentiment was muted because of tighter household budgets, high inflation as well as expectation that gold prices could fall post the festival season if the Indian rupee strengthens against the U.S. dollar. India imports nearly all its annual gold requirement and, therefore, local prices are heavily influenced by the currency exchange rate. The rupee has depreciated about 11% against the dollar since April and was quoting at 48.87 to the dollar Monday.

Acid Testing For Authenticity

Sun, 30 Oct 2011 11:10:28 PM

Gold is one of the most popularly traded metals on an international basis and now more than ever, eyes are focused on the precious metal. While other investments have incurred losses due to the uncertainty and upheavals in the market, gold has remained fairly stable. Gold has become one of the most reliable investments available today. It has become the top choice of investors because of its ability to make money. People opt to invest in gold when they come to know and understand the unique facts about gold. But there are times when one finds that they have bought a fake metal when it is tested for authenticity. This is a risk associated with gold as an investment and can lead to huge losses. A gold buyer can check gold purity at home without much trouble. The acid test is the most popular of the several methods used for gold testing. A number of acids are used in this test but the most common are nitric acid and hydrochloric acid. When acid methodology is used, the sample will change colour to green if it contains copper and will not react at all if it's pure gold. A local chemical lab or a chemical supplier can be used to procure the ingredients to perform this test. In addition, people can also buy a dropper along with the acids to make their handling easier. The dropper is very useful during the testing because the acids are corrosive and hazardous in nature. For safety reasons, people should utilize protective clothing. In order to perform the test, people need to make a scratch on the gold sample which has to be tested. Ten seconds should be given to allow the sample to react to the acids after they have been applied. The sample should be cleaned properly to remove the chemicals remains of the acids. When people have to do a retest, this should be done immediately. Otherwise, the leftover residue might create confusion and not give discernible results. The sample can be washed with water for proper cleaning. Professionals who offer gold assay services to the public make use of this particular method for gold testing. Both, a gold buyer and refiner can use this acid testing method for checking their gold purchases. When people wish to test authenticity of gold which they are purchasing, it is better to use the services of a well reputed refiner or tester. Premixed acid kits are also available for people who wish to avoid handling acids. These kits are available on the internet and can be used by amateurs. When you apply it on your gold, you will discover how accurate the gold acid test can be.

Gold Stocks Push TSX

Fri, 28 Oct 2011 12:02:11 PM

Gold stocks pushed the Toronto stock market slightly higher Friday while commodity prices stepped back as relief over an agreement to deal with the European debt crisis faded. The S&P/TSX composite index was 25.87 points higher to 12,491.31 while the TSX Venture Exchange was off 2.27 points to 1,612.53. The Canadian dollar was down 0.52 of a cent to 100.36 cents US after closing above parity with the American currency Thursday for the first time since Sept. 20. U.S. markets were also weak as the Dow Jones industrial index stepped back 18.61 points to 12,189.94. The Nasdaq composite index was down 8.8 points to 2,729.83 and the S&P 500 index lost 4.41 points to 1,280.18. Global stock markets racked up solid advances Thursday after eurozone leaders unveiled a plan to cut Greece's debt, increase the firepower of the continent's bailout fund to €1 trillion euros and strengthen the region's banks, partially so they can sustain deeper losses on Greek bonds. The TSX jumped 279 points while the Dow industrials surged 339 points. However, investors stepped back Friday after analysts raised questions about the lack of detail in the plan. Confidence was further undermined after Italy saw its borrowing costs rise in a sale of €7.9 billion in sovereign debt. The interest rate demanded by investors to lend the Italian government 10-year money topped six per cent, surpassing the 5.86 per cent rates paid a month ago. Italy has seen its borrowing costs rise under pressure from Europe's sovereign debt crisis. The European Central bank for weeks has been buying Italian bonds to keep rates at manageable levels. The gold sector was ahead 0.74 per cent while December gold was $5.70 lower to US$1,742 an ounce. Goldcorp Inc. improved by 95 cents to C$48.80 while Barrick Gold Corp. fell 99 cents to $49.60.

BBB Awards 2011 Torch Award To KMG Gold

Wed, 26 Oct 2011 07:43:03 AM

For the second year in a row, KMG Gold Recycling recently won the 2011 BBB Torch Award for marketplace excellence, truth in advertising, honesty and ethics. KMG Gold Recycling - a international buyer and refiner of precious metals based in Winnipeg, Manitoba – credits its focus on transparent pricing and top-notch customer service with cementing its reputation as the industry's most "trusted" gold buyer. KMG Gold purchases gold, silver, platinum and diamonds from consumers throughout Canada and the United States through their website business (www.kmggold.com), KMG has direct to the refinery shipping outlets in Sacramento California, Edmonton Alberta Canada and also at participating The UPS Stores® locations in Vancouver, Burnaby, Surrey, Kamloops, Winnipeg, and Calgary, Canada. Shipping direct to the refinery will always net the customer the most money for their gold, platinum and silver. The gold buying industry, spurred by skyrocketing gold prices, has come under the media microscope. But, by conducting its business with a high level of honesty and integrity, KMG Gold has distinguished itself from the pack. "Our transparent business practices and superior customer service wins us a loyal following," says Michael Gupton, founder of KMG Gold. "We pay more money than all of our competitors and post our prices every day on our website. We lead the industry by providing Canada's only precious metal shipping insurance, a written evaluation and offer to purchase." And, adds Gupton, "Our new website lets consumers browse and see the prices we pay and what we buy. It helps consumers have a better idea of the value of their own items before they send their gold to us." Gupton, a 25+ year gold industry veteran and published author is often tapped by consumers advocacy groups and charitable organizations to speak about gold and gold value. "At KMG Gold, we believe strongly in educating consumers about the value of their gold. The more information the consumer has, the less likely they will be misled by dishonest dealers," says Gupton. "We provide a extensive range of information on our website and have an excellent customer service team to quickly respond to emails and phone calls."

Gold Set For A Nice Ride

Tue, 25 Oct 2011 08:25:19 AM

The growing optimism over the ability of European to step in and address the overseas debt crisis has gold poised for a third consecutive daily rise. European leaders are set to meet on Wednesday with plans in place for Greece's debt to be reduced, bail-out packages for the European banks, and the euro zone's EFSF rescue fund to be increased to provide partial insurance for the sovereign bond markets. Uncertainty about just how close European Union leaders will come to solving the debt crisis kept many markets trading quietly and gold was no exception. Spot gold was last up 0.4 percent on the day at $1,658.40 an ounce, having risen by 2.5 percent over the last three trading days, its best three-day performance in a month, although this month, it has underperformed most major markets. Silver rose by 0.3 percent to $31.75 an ounce, on course for its third straight daily rise. Options on U.S. silver futures expire on COMEX on Wednesday. Most open interest centers on put options -- which give the holder the right, but not the obligation to sell metal at a pre-determined price by that date -- at $32.00 an ounce and on call options -- which give the holder the right but not the obligation to buy metal -- at $31.00. Platinum was up by 0.8 percent at $1,550.49 an ounce, also having risen for three days in a row, marking its largest three-day gain since mid-August. Platinum has fallen by more than 12 percent this year, as concern has grown about the impact to car demand, particularly in Europe, from the euro zone debt crisis. Europe is home to the world's largest market for diesel-fueled vehicles, which require a higher loading of platinum in their catalytic converters.

Gold Is Still The Bright Spot

Mon, 24 Oct 2011 07:31:53 AM

Gold rose for a second day on concerns about the European debt crisis and monetary policy in the U.S. has increased the demand for the metal as a protection of wealth and safe haven investment. European leaders have ruled out tapping the European Central Bank's balance sheet to boost the region's rescue fund and outlined plans to aid banks. Federal Reserve Vice Chairman Janet Yellen said on Oct. 21 that a third round of large-scale securities purchases may become warranted to boost the U.S. economy. Gold for December delivery gained $21.60, or 1.3 percent, to $1,657.70 an ounce by 8 a.m. on the Comex in New York. Prices slipped 2.8 percent last week. Immediate-delivery gold was 0.9 percent higher at $1,657.13 in London. Bullion is in the 11th year of a bull market and futures reached a record $1,923.70 an ounce on Sept. 6 as investors sought to diversify away from equities and some currencies. The metal is up 17 percent this year. Crisis Summit Europe's 13th crisis-management summit in 21 months also explored how to strengthen the International Monetary Fund's role. The leaders excluded a forced restructuring of Greek debt, sticking with the tactic of enticing bondholders to accept losses to help restore the country's finances. Another summit will be held in two days. Gold imports by India, the world's largest bullion consumer, may decline by as much as 30 percent this month as higher prices weaken demand, Prithviraj Kothari, president of the Bombay Bullion Association, said in a recent interview from Mumbai. Imports may be 70 metric tons to 80 tons in October, compared with 100 tons a year earlier, he said. Silver for December delivery rose 1.2 percent to $31.555 an ounce. Palladium for December delivery was up 1.9 percent at $629.95 an ounce. Platinum for January delivery gained 1.9 percent to $1,538.60 an ounce.