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Gold Summary for July 22, 2014

2014-07-22 20:41 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold lost $4.70 to $1,307.50 Tuesday, as the U.S. dollar climbed on pleasing manufacturing reports. Tensions over Ukraine and Israel are still high, and the United States Federal Aviation Administration has banned U.S. airlines from flying to or from Israel's Ben Gurian airport for 24 hours after reports of a rocket strike nearby. In Canada, the TSX Venture Exchange rose 4.4 points to 1,010.88, while the TSX Gold Index slipped 2.25 points to 198.34.

Larger Canadian gold miners followed bullion down. Goldcorp Inc. (G) fell 35 cents to $29.48, Agnico Eagle Mines Ltd. (AEM) dropped 51 cents to $44.06, Iamgold Corp. (IMG) dropped five cents to $4.10 and Kinross Gold Corp. (K) lost six cents to $4.42.

Indonesia has lifted its ban on concentrate exports for two local companies, PT Sebuku Iron Lateritic Ores and PT Lumbung Mineral Sentosa, after both companies agreed to a 20-per-cent export tax. The tax climbs to 60 per cent in 2016, which is why Newmont Mining Corp. (NEM: $25.41) and Freeport McMoRan Inc. (FCX: $38.72) are refusing to pay. They both say it contravenes their original export contracts. Freeport reached a preliminary agreement to resume exports last week, while Newmont has taken a different route. It filed for arbitration this month, angering Indonesia, which is now threatening to revoke Newmont's mining licence. The concentrate export ban, passed in January, has completely halted Indonesia's $500-million a month worth of metal exports.

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Indonesia actually warned the world in 2012 that january 1 2014 no more exports of raw materials, since they are islamist and populating the world for a world takeover they need to keep raw materials at home and job generation, iron, coal, copper demand remain the same BUT the supply from Indonesia has been stopped so other sources are needed hence the market activity on each of those commodities

Posted by export ban at 2014-07-23 10:53


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