India’s Bullion Buying Festival Expected to Surge Gold Demand
- Mumbai-India (May 6) Gold jewelers in India, the world’s second-largest consumer, are expecting a surge in demand at the country’s bullion buying festival this week. The anticipation for the Akshaya Tritiya festival, which is considered by the nation’s more than 900 million Hindus as an auspicious day to buy precious metals, has driven jewelers to buy gold from importing banks at premiums as high as $110 per ounce over the London fix price.
- Global demand for silver jewelry exports from India soared 59 percent over the past year as industry officials expect further growth in exports this year. Trade organization officials expect exports to rise in the 2014-15 season as jewelers try to meet rapidly rising demand from China, Russia, and the U.S. The CPM group, a commodities consultant, has reported silver demand for jewelry rose to 266.5 million ounces in 2013, the highest level in at least 10 years, increasing its share of the declining global supply of silver, which only reached 971 million ounces in 2013.
- Klondex Mines announced the results of the PEA on its Fire Creek project. Despite the very conservative assumptions underlying the report, the PEA shows an initial mine plan with immediate positive cash flows. The company noted the IRR could not be calculated because the cash flow is positive in the first year and every succeeding year after that. In a similar note, NGEx Resources reported results from drill holes which confirm the continuity of the high-grade copper and silver mineralization at its Filo del Sol project in Argentina. The drill holes reported grades as high as 7.59 percent copper, and 314.5 grams per tonne silver over 12 meters.Mumbai-India