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17.09.26 - 08:06
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Exchange Fund weighs bigger gold holdings to support Hong Kong′s trading hub plan (SCMP)
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Hong Kong's Exchange Fund, the war chest used to defend the local currency, is considering increasing its exposure to gold and other precious metals as part of the government's push to develop the city into a gold trading hub.
Hong Kong Monetary Authority (HKMA) chief executive Eddie Yue Wai-man said on Thursday that the Exchange Fund would continue to invest mainly in US dollar assets to support the Hong Kong dollar's peg with the US currency.
Yue said the Exchange Fund could increase its......
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17.09.26 - 03:12
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Gold rebounds after Fed rate rise as banks back long-term demand outlook (SCMP)
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Gold prices bounced back after the US Federal Reserve's interest rate increase, as analysts and investment banks maintained a positive long-term outlook for the metal, citing structural challenges facing the world's largest economy.
Spot gold traded at US$4,288 an ounce on Thursday morning in Asia, after diving as much as 2.7 per cent to US$4,234 at 3am in Hong Kong on Thursday.
The US central bank announced a widely expected 0.25 percentage-point rate rise early on Thursday, its first in three......
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17.09.26 - 00:21
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Beyond Oil And Gold: Venezuela Readies First US Aluminum Shipment In Years As Resource Race Heats Up (ZeroHedge)
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Beyond Oil And Gold: Venezuela Readies First US Aluminum Shipment In Years As Resource Race Heats Up
Venezuela is emerging as a source of energy and critical materials for the US as the Trump administration expands sourcing channels within the Western Hemisphere. Existing crude trade and a gold supply agreement with Caracas are being paired with efforts to develop broader industrial metal ties, including potential access to nickel and iron ore. That expansion may now include aluminum.
Bloomberg reports 15,000 metric tons of aluminum produced by state-owned Venalum could depart Venezuela by the end of the week under a deal involving Mercuria Energy Group and Heeney.
US officials could announce the deal earlier this week during the G20 energy summit in Houston. Folks familiar with the shipment say it is worth nearly $50 million and would be modest relative to US consumption.
The outlet previously reported that Mercuria and New York-based mining investment firm Heeney are in discussio...
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