LBMA: Ounces Of Gold Transferred Declines In September But Silver Activity Higher

(Kitco News) – The amount of gold transferred between accounts of London Bullion Market Association members fell in September, but the amount of silver exchanging hands increased, the organization said Wednesday.

Wednesday’s Forex Analytical Charts

Wednesday’s Analytical Charts for Gold, Silver and Platinum and Palladium

Gold Slightly Lower Ahead of FOMC Statement

(Kitco News) – Gold prices are slightly lower in subdued early U.S. trading Wednesday.

Space Mining Company Loses Test Vehicle In NASA Rocket Explosion

(Kitco News) – Planetary Resources, a company developing technology that they hope will one day mine asteroids, lost a test vehicle after an unmanned NASA-contracted rocket exploded shortly after takeoff Tuesday evening.

Bid To Win A Coffee With Your Favorite Mining Mentor

Hoping to get firsthand knowledge from a Mining CEO on the ins-and-outs of the industry? A social network for women in mining is making the likes of Pierre Lassonde and Rob McEwen more accessible during an evening auction.

SocGen: Yes Vote In Switzerland Would ‘Significantly’ Increase Central-Bank Purchases

If a Swiss referendum passes, net central-bank gold purchases likely would increase substantially from recent years, says Societe Generale. Switzerland will vote on a referendum on Nov. 30 that would do several things, including a requirement that the central bank hold 20% of its official reserves in gold. The central bank has held 1,040 metric tons since 2008, SocGen says. “At the end of 2013, gold made up 7.4% of the Swiss National Bank’s official reserves, which was the lowest level of gold’s share of official reserves since the IMF (International Monetary Fund) began collecting data in 1948,” SocGen notes. Should the referendum pass, the price will determine how much gold the SNB has to buy. At $1,000 an ounce, and assuming other official reserves remained flat from end-of-2013 levels, the central bank would buy a little more than 2,800 metric tons. At $1,500 gold, the central bank would buy just over 1,500 tons, SocGen continues. Sales would likely occur over a multi-year period. Since 2010, global central banks have been net buyers of between 77 and 500 tons annually. “If the SNB were to begin a multi-year gold-buying program, net purchases could increase significantly from levels seen in the past few years,” SocGen says. “To provide some context, if the SNB were to buy 500 metric tons of gold per annum for three years, this would amount to 12% of total supply and 10% of total physical demand in 2013.”

Gold Ends Steady-Firm; Focus On FOMC Statement Wed. P.M.

Gold prices ended the U.S. day session steady to modestly higher Tuesday. Some technical selling pressure hit the futures market as the session progressed. However, the cash (spot) market remained firm as a weakening U.S. dollar index on this day work…

BMO: PGMs Price Decline Is ‘Overdone,’ But Further Losses Possible

Platinum group metals fell sharply in the third quarter, pressured in part by the weakness, in gold, and BMO Capital Markets said Tuesday the decline was “overdone.”

Five Firms Offer Proposals For New LBMA Gold Fix

Five firms presented proposals to run the London Bullion Market Association’s London daily gold price mechanism, known as the gold fix, the LBMA said late Monday.