Gold prices almost take plank at $1,200 per ounce
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Deutsche Bank predicted that in 2010 gold price will exceed a $1,100 per troy ounce and dollar rate will fall to 1.6 dollar/euro.
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Baku, Fineko/abc.az. World gold prices, after short-term interval, continue stamping world records like Russian athlete Svetlana Isinbayeva today.
On 23 November, in the morning, the gold in forward market, for the first time, exceeded price mark of $1,160 per troy ounce.
In the electronic trade system GLOBEX, gold price fixed new historical maximum, when prices on transactions for its active futures (December) achieved value of $1,166.6 per ounce.
Earlier, analysts of the Deutsche Bank predicted that in 2010 gold price will exceed a $1,100 per troy ounce and dollar rate will fall to 1.6 dollar/euro.
The bank increased actually gold price forecast by more than 30%. The highest gold price of $1,030.8 per ounce was fixed in March 2008.
According to DB’s estimate, central banks that since 1988 have been more selling gold than buying can change this tendency with opposite one. DB also increased forecasts on prices of platinum, palladium and industrial metals.
As a result, Azerbaijan which launched gold export this July can receive surplus profit from gold development.
Earlier R.V. Investment Group’s founder and President Reza Vaziri said that until the end of 2010 the country could export 40,000 ounces of gold and increase export up to 60,000 ounces in 2010.
That will allow recoupment of investments within the PSA contract for gold production for 3 or 4 years and not for 7 or 8 years as it was planned initially.
R.V. Investment Group Services LTD has 51% equity stake in the Gadabay Gold Production Project in Azerbaijan.
Summarizing the results of analyses and surveys, based on samples taken from the wells, it was established that the field contains around 22 tons of gold, 192 tons of silver and 37,000 tons of copper, as per long-fallow reserves – 14 tons of gold, 123 tons of silver and 22,000 tons of copper.
From these deposits it will be possible to produce 70% of resources – 9.8 tons of gold, 50% - 61.5 tons of silver, 35% - 7,700 tons of copper.
Works are fulfilled in accordance with the Production Sharing Agreement (PSA) signed in 1997 between state-run company Azerqizil (whose functions now belong to the Ministry of Ecology & Natural Resources) and R.V. Investment Group Services LTD (USA).
Azerbaijan that controls the Gadabay project has 49% equity stake in the project.
Earlier, the management of producing company estimated field’s reserves at 320,000 ounces.
abc.az
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