The best performing precious metal for the week was silver, up 1.36%. The Times of India is reporting that the Reserve Bank of India has increased its gold purchases to enhance the diversity of its foreign exchange reserves amid fluctuations in the U.S. dollar. The surge in the value of outstanding gold reserves accounted for more than 80% of the nearly $3 billion rise in forex reserves.
First Majestic reported preliminary gold production for the first quarter that missed the average analyst estimate. Preliminary gold production was 35,936 ounces, versus the estimate 39,011 according to Bloomberg. Gold is set to reach $3,000 an ounce over the next six to 18 months on increasing investor inflows amid expectations that the Federal Reserve will eventually cut interest rates, Citigroup said, adding to a roll call of Wall Street banks that have raised forecasts. Producers continue to face rising costs despite modest easing in input prices, which have been offset by persistent labor inflation.
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 .
The S&P/TSX Global Gold Index is an international benchmark tracking the world's leading gold companies with the intent to provide an investable representative index of publicly-traded international gold companies. The FTSE Gold Mines Index Series encompasses all gold mining companies that have a sustainable and attributable gold production of at least 300,000 ounces a year, and that derive 75% or more of their revenue from mined gold.
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