New Fund Set Up To Boost Gold Trade
The World’s largest producer and consumer of gold is setting up a new fund which may boost trade across Asia.
China’s scheme – known as ‘Silk Road’ initiative – is expected to raise $16 billion for investment into activities and business related to the precious metal. The fund will be run by two leading gold producers by the Shaanxi Gold Group and Shandong Gold Group, the parent organisation of Shandong Gold Mining.
Gold Prices Climb
On the Comex division of the New York Mercantile Exchange this week, gold futures for August delivery rose from 0.04% to $1,191.30 a troy ounce.
Gold Smuggling Increases In India
Over 3,500 kilograms of gold (112,527 ounces) was confiscated by Indian’s Customs Agency in 2014, 2015 according to reports. This is the largest amount of the precious metal ever seized in the country. The reports also say that smuggling for gold in just under two years increased by 900%.
Roman gold coins found bought for £100,000
A hoard of Roman coins discovered by a metal detector enthusiast in a Hertfordshire field in October 2012 has been bought for just under £100,000 by a city museum.
It is now believed that the find is one of the largest hoard of gold coins ever discovered in the UK. From mid-September, the 159 coins – dating back to the 4th Century – will be displayed at the Verulamium Museum in St Albans.
Coins were buried at the time for two reasons as a form of secure storage or as a sacrifice to their gods.
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