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Tag Archive for ‘Gold’

Starlake Township Project A Shining Star In Hanoi

Despite the sluggish property market, the Korean-backed Tay Ho Tay Township project is planning to kick-off construction in Hanoi this week. On this occasion, the developer T.H.T Development Company will also announce the new brand name for the project – Starlake. According to the developer, with the agreement from the Hanoi People’s Committee, the project […]

Gold May Be On Track To Test $1800 Again: Saxo Bank

Having reached not breached important support levels below US $1670, traders have begun to rebuild speculative longs which has been reduced by one-quarter during the previous weeks. Gold prices have got boost after the US election results and having found good support, stabilizing above $1700 levels, the yellow metal may climb to importance resistance level of $1800 again, according to Ole S Hansen, Head, Strategy at Saxo Bank. Having reached not breached important support levels below US $1670, traders have begun to rebuild speculative longs which has been reduced by one-quarter during the previous weeks. “It is worth…

Gold Industry Facing Mine Discovery Challenge, Barrick CEO Says

Gold discovery rates are decreasing even as exploration spending in the industry reached a record $8 billion last year, according to Jamie Sokalsky, chief executive officer of Barrick Gold Corp., the world’s largest producer. There were three discoveries last year, compared with 11 in 1991, and none of those can be described as “supergiant,” or holding more than 20 million ounces, Sokalsky said at a conference in Hong Kong. Breakeven costs were rising, he said today, predicting gold’s bull market shows no signs of ending. Gold is poised for a 12th annual gain, driven by increased investor and central-bank purchases as…

HCM City Banks’ Profits Drop 71.5% On-year in Jan- Oct: Official

Commercial banks in Ho Chi Minh City, Vietnam’s biggest economic hub, saw their profits in the first ten months of this year plummet 71.5% from the same period last year, said deputy director of the central bank’s HCM City branch. Losses in gold trading, rising provisions for credit losses, and slow credit expansion were the main causes to the poor performance of lenders in the city, the Dau Tu Chung Khoan newspaper cited the official as saying. By the end of October, the bad debt ratio at the city’s commercial banks stood at 6.2%, compared to the figure of 8.6%…

Vietnam gold prices below VND47 mln/tael

Domestic gold dropped to VND46.97 million/tael on November 13. In Hanoi at 9.40am, SJC gold was transacted at VND46.75-46.97 million/tael, down by VND50,000/tael compared to the previous day, but it hovered around VND46.75-46.97 million/tael in Techcombank, Sacombank and Eximbank. In Ho Chi Minh City, SJC gold was listed at VND46.75-46.95 million/tael. In the meantime, Bao […]

Vietnam Central Bank Seals Gold-Casting Moulds of 5 Gold Brands

Five gold brands have already handed over their gold-casting moulds for the municipal central bank in Ho Chi Minh City to seal and manage, said Deputy Director Nguyen Hoang Minh, the local newswire Tuoi Tre (“Youth”) reported. These firms were previously licensed to produce bullion, including ACB, Southern Bank, Sacombank SBJ, Agribank AJC, PNJ. The gold-casting mould handover was initiated by gold companies, who thought it would enhance the transparency in bullion production as they were no longer allowed to produce bullion. The police have set up a specialized department to investigate fake SJC-branded gold with focuses…

Sacombank Refuses to Buy SJC Bullion with Old Packages

Saigon Thuong Tin Commercial Joint Stock Bank (STB) has recently refused to buy SJC-branded bullion with old packages, the local newswire Infonet.vn reported. One customer could not sell a tael of SJC gold to a transaction office of Sacombank on Tran Thai Tong Street due to the above reason although he presented invoice indicating that he previously bought the gold from the bank. Other customers were also told that the lender would no longer trade SJC with the earlier packages. The Saigon Jewelry Company Limited (SJC) late last month announced that SJC bullion of a half, one, two…

Illegal gold miners threaten riverside crops in Lao Cai

HA NOI (VNS)– Illegal gold prospecting and dredging has led to loss of crops along parts of the Red River in the northern province of Lao Cai. Local farmers have raised concerns about frequent dredging of the river bed for gold, a widespread activity during the past two years that has led to soil erosion. […]

Vietnam Business Briefs November 12, 2012

* Hoa Binh Rubber Company (HRC) has announced November 20 as the ex-dividend date to advance 2012 first round dividend in cash for share-holders at 15 percent. * Asia Commercial Bank has issued gold mobilization certificates with terms of four, five and six months and interest rates from 0.8 percent to 1.8 percent per annum. * Ba Ria-Vung Tau House Development Company (HDC) has launched the sale of 20 villas of Doi Ngoc Tuoc II project. * Petroleum Technical Services Corporation (PVS) obtained VND883 billion in after- tax profit as of the end of September, a 26 percent year-on-year increase. * Vietnam…

Gold molds of non-SJC producers sealed up

The State Bank of Vietnam has received gold bullion molds from five institutions that have been licensed to produce gold bars in order to seal and supervise, its Ho Chi Minh City branch has announced. The five licensed gold bullion producers include the Asia Commercial Bank, Southern Bank, Sacombank SBJ, Agribank Gold Joint Stock Corporation, and the Phu Nhuan Jewelry Co (PNJ). “The said companies have transferred their gold molds to the central bank,” said Nguyen Hoang Minh, deputy director of the SBV HCMC branch. The move was made following the…