Gold demand fell 15 percent last year as sales from bullion-backed funds and less central bank buying outpaced record consumer purchases that saw China overtake India as the largest user, the World Gold Council said.
After Moscow was picked to host the 1980 Summer Olympics, Soviet leader Leonid Brezhnev considered backing out as he fretted over the costs and political risks. Not so Vladimir Putin, who’s dreamed of bringing the games back to Russia for two decades and has staked his legacy on success.
Goldcorp Inc., the world’s second- largest miner of the metal, made an unsolicited offer to buy Osisko Mining Corp. for about C$2.6 billion ($2.38 billion) in a deal that would add 10 million ounces of gold reserves and make it the largest producer in Quebec.
China may have bought 300 metric tons of gold in the first half of this year to diversify its foreign- exchange reserves, the world’s largest, according to Philip Klapwijk of Precious Metals Insights Ltd.