CALVF's Blanket Gold Mines commenced the production ramp-up to the targeted annualized rate of 60,000 ounces of gold by the end of 2011 - Do some DD....please, click on below link -
CALVF Gold trades above $1,600 - Silver Back Above $40
July 18 (USAGOLD) — Gold starts the week with a move above the $1,600 level as the situation in Europe continues to unravel. The yellow metal has established new record highs against the euro and sterling as well, finally breaking £1,000. Yields are blowing out in the eurozone periphery once again and Italian rates are along for the ride as Italy's downward spiral accelerates. Stocks are taking another drubbing as the market seems to be very much in risk aversion mode. Gold is certainly benefiting from safe-haven flows, as is the Swiss franc.
Details from last week's release of The World Gold Council's Q2 2011 Gold Investment Digest show that global central banks bought more of the yellow metal in H1 of this year than they did in all of 2010. That's a pretty stunning acceleration in official gold purchases in light of current events. It would seem that the central banks of the world are going to continue accumulating gold, even though some of the sovereigns that they represent are broke. Let's take Greece for example, which recently embarked on a privatization jag, selling state owned assets as part of their new austerity package. Meanwhile, Greece holds 111.5 metric tonnes of gold in reserve — a whopping 79.5% of total reserves — that seemingly aren't even on the table. If I'm Germany, I want those tonnes pledged as collateral before I offer another euro in bailout money.
By that same token, Italy is the 4th largest holder of gold in the world with 2,451.8 metric tonnes. Yet again, there doesn't seem to be any serious talk about selling any of that gold to mitigate their developing funding squeeze. And why would there be; if you can get the rest of Europe, the Chinese, the IMF and perhaps even the ECB and Fed to finance your deficits with ever-more paper without giving up a real asset like gold?
The WGC also noted that "gold outperformed major bond, equity, and commodity indices in developed and emerging markets alike on a quarterly basis, in US$ terms." On top of that, it seems to me that gold is increasingly precious in the eyes of many sovereigns, even in these incredibly desperate times. That suggests that the yellow metal is probably still quite undervalued. by P. Grant
CALVF's Blanket Gold Mines commenced the production ramp-up to the targeted annualized rate of 60,000 ounces of gold by the end of 2011 - :-)
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