GFMS Ltd News
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Growing demand for gold necklaces, watches and other jewelry may bolster the price of the precious metal and the shares of mining companies, according to Brian Yu, a Citigroup Inc. analyst.
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Silver demand climbed 0.9 percent in 2012 as investors bought exchange-traded products backed by the metal, Thomson Reuters GFMS Ltd. said.
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Global gold hedges, or sales of future production, gained the most in more than four years in the second quarter, researcher GFMS Ltd. said.
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Yu Zudong rides an orange truck rattling down Xiaoqinling mountain in central China, past a landscape pockmarked with gold caves and the garbage-strewn tent homes of workers.
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In June, Bill Doddridge flew his single-engine Cessna 400 to Twentynine Palms Airport near California’s Mojave Desert and headed for an abandoned mine, a .45-caliber pistol on his belt. He was looking for gold.
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Silver probably will top $30 an ounce in 2011, a gain of at least 17 percent, on demand by investors seeking a store of value, GFMS Ltd. said.
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Copper rose in London as researcher GFMS Ltd. said the metal will climb to $11,000 a metric ton, implying a 33 percent jump from the current price.
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Gold, which gained to a record today, may extend its advance as investors seek a haven for their wealth, including protection from a possible double-dip recession in the global economy, according to GFMS Ltd .
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Brazil’s gold jewelry demand may rise more than 20 percent this year, London-based research company GFMS Ltd. said in a report.
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Gold will rise as much as 13 percent this year to a record $1,600 an ounce, extending a rally that began in 2001, as investors boost demand for the metal as an inflation hedge, said researcher GFMS Ltd.
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