Massive Silver Haul Found On Shipwreck

A shipwreck laden with 200 tonnes of silver — the largest haul of precious metal ever found at sea — has been discovered in the North Atlantic.

The wreck of the SS Gairsoppa, a British steamship sunk by a German U-Boat during World War II, was found 300 miles off the coast of Ireland by underwater archaeology and salvage experts Odyssey Marine Exploration.

The U.S. company has explored the wreck which lies 4,700 meters down, on the sea bed, using a remotely operated submarine. It now hopes to bring the SS Gairsoppa’s valuable cargo of silver bullion to the surface. [Read more...]

Dollar Rises As Global Stock Markets Plunge

The dollar rose strongly against the euro and other major currencies Thursday as a selling spree in global stock markets increased demand for lower-risk investments.

Asian and European markets plunged Thursday as traders absorbed the Federal Reserve’s bleak assessment of the U.S. economy. The Fed had said that the U.S. economy is vulnerable to major risks, including from unstable financial markets.

Bad economic news from Asia and Europe also pushed people to sell riskier investments that typically gain value during periods of growth. HSBC’s index of Chinese manufacturing showed that factories there have slowed in September. [Read more...]

Gold Rises Above $1,900/oz On Euro Zone Debt Worries

Gold rose on Monday, breaking back above $1,900 an ounce, as speculation grew that the United States may implement a further round of monetary easing after Friday’s weak payrolls data, and concerns over the euro zone debt crisis resurfaced.

Stock markets fell, with European bank shares sliding to a 29-month low, while the euro shed nearly 1 percent versus the dollar and oil prices slipped as investors sold assets seen as higher risk in favour of havens like gold and Bunds.

Spot gold was up 0.9 percent at $1,900.10 an ounce at 1540 GMT, having earlier touched a high of $1,902.70. It is one of this year’s best-performing commodities, up by around a third in 2011 to date. [Read more...]

Australia’s Gold Production Jumps 10% On Record Prices

Australia’s gold production increased 10% year-on-year in the 2011 financial year, as new operations came into production and old mines were reopened on the back of soaring bullion prices, Surbiton Associates director Dr Sandra Close reported.

In its latest quarterly production figures, Surbiton stated that Australian gold production for the three months to June had increased by 5% to 68 t, or 2.1-million ounces, compared with the 65 t produced in the previous quarter.

Gold output for the full year totalled 270 t, an increase of 24 t on the previous financial year. [Read more...]

Gold Mine Worth £9 Billion Discovered In Germany

A massive seam of pure gold worth at least nine billion pounds has been discovered in one of the poorest regions of eastern Germany.

The precious metal was found nearly 4,000ft down in Lausitz region where one-in-five are jobless.

Eight hundred miners have already been called to sign on for jobs and there are estimates that double that number could soon be on the payroll, the Daily Mail reports.

The KSL mining company also struck the intended copper-bearing rock laden with an estimated 2.7 million tons, as well as lesser deposits of silver and platinum. [Read more...]

Titan: High Gold Prices May Hurt Jewelry Demand

Titan Industries Ltd. expects some softness in demand for its jewelry products in the current quarter and the next because of high gold prices, its managing director said.

Bhaskar Bhat said while the company is able to realize higher prices for its products when gold prices rise, sales volume tends to fall.

Gold prices have touched record levels recently as the downgrade of U.S. debt rating by Standard and Poor’s drove up demand for the yellow metal, considered a safe bet at times of economic uncertainty.

Mr. Bhat said in an interview late Tuesday that Titan expects the sales momentum to continue for the company’s watches and eyewear products as it hasn’t experienced any slackness in overall consumer demand despite fears of growth slowing in Asia’s third-largest economy. [Read more...]

Record Gold Prices Attract Investors But Hurt Jewelry Sales

Dental work for some is turning into a gold rush for others, as record prices for the precious metal are sending prospectors on the prowl for gold wristwatches, pens and even teeth.

Gold this week sprinted to a record $1,663.40 an ounce as investors sought protection in so-called safe haven commodities amid fears of a double-dip recession. Gold dealers hoping to ride the price surge are advertising on television, throwing parties in private homes and showing up at health clubs.

“With the price of gold going up and up, it’s popular,” said Dyan Collings Ralph, co-owner of the Curves Silverlake/Los Feliz gym, which hosted a two-day gold selling event last month.

Several hundred people stopped by, and a few sold thousands of dollars’ worth of gold jewelry, said Collings Ralph, who parted with some gold trinkets for about $300. [Read more...]