The best performing precious metal for the week was platinum, up 0.15%. India’s trade deficit expanded to a record high in November, as the nation’s import bill ballooned, particularly due to a rise in gold shipments. The gap between exports and imports stood at $37.8 billion in November, trade ministry data showed, much higher than the $23 billion deficit forecast by economists in a Bloomberg survey. The trade deficit in October stood at $27.1 billion.
Barrick reports a substantial deterioration of its operating conditions in Mali, following its ongoing dispute related to government requests for an increased share of mine economics. This includes blocked gold shipments and prior-reported employee arrests in the media. Barrick notes that it may be required to suspend operations if gold shipments remain blocked, according to RBC.
Gold is likely to set a record high of $2,900 an ounce next year on strong investments into bullion, robust physical buying, and higher purchases by central banks, according to ANZ Banking Group. That would be about 9% higher than current levels.Several news outlets reported this week on a proposed mining tax in Bulgaria targeting “underground resources.” The latest proposals suggest this tax could be implemented as a one-time payment next year.
is CEO and chief investment officer of U.S. Global Investors, Inc., a boutique investment advisory firm based in San Antonio that manages domestic and offshore funds specializing in the natural resources and emerging markets sectors. The company’s no-load mutual funds include the Global Resources Fund , the World Precious Minerals Fund and the Gold Shares Fund .