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CommunityGold futures rose to a two-week high amid signs of increasing demand for bars and coins. Platinum climbed to the highest since November. – Bloomberg Fruitnotes Blogs | The premium to take immediate delivery of gold in China, the world’s biggest consumer, was $20 an ounce today, compared with last month’s average of $15.35. Istanbul Gold Exchange data yesterday showed Turkey’s imports increased 64 percent in December. On Dec. 31, futures in New York touched $1,181.40, the lowest since June. *“A lot of people are seeing the drop as an opportunity to accumulate gold,” *Miguel Perez-Santalla, a vice president at New York-based BullionVault, an online service for buying physical metal, said in a telephone interview. “We are seeing some traders also increase positions.” Gold futures for February delivery climbed 1.1 percent to settle at $1,238.60 at 1:45 p.m. on the Comex in New York. Earlier, the price reached $1,239.60, the highest for a most-active contract since Dec. 18. This week, the metal rose 2 percent, the most since Oct. 25. *Fact: Gold slumped 28 percent in 2013 as money-printing by central banks failed to spur inflation, damping demand for a protection of wealth. Forest Officials’ negligence led to mining scam * In 2013, gold tumbled 28 percent, the most since 1981 and the first drop since 2000. Some investors lost faith in the metal as an alternative investment amid a U.S. equity rally to a record and muted inflation. China’s consumption of jewelry, bars and...
Posted January 09, 2014 in Black Hawk Mines Bulletin
Community, Communication Design
CoalGuru - Times of India reported that India’s Central Bureau of Investigation on Monday conducted raids on office, factory and residences of promoters of Rungta Group of companies in alleged coal linkage scam at different places in the state. The places include three sponge iron factories, office and residence in Ranchi and Ramgarh in Jharkhand. Other than Jharkhand, the raids were also conducted at Varanasi, Kolkata, and Delhi. The raids started simultaneously around 8am. The two plants where raids were conducted include Maa Chhinnamastika Sponge Iron in Barkakana, Jharkhand Ispat at Hesla and Alok Steel. The sleuths conducted raids as the industries got coal from CIL subsidiary companies like the Central Coalfields Limited at lower cost and mass level irregularities were detected in usage of coal linkage.
CBI sources said Jharkhand Ispat Private Limited, a company of Rungta, was allotted North Dhadu coal block on January 13, 2006 for its sponge iron plant.
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Posted March 12, 2013 in Black Hawk Mines Bulletin