Great infographic about gold mining.

Thanks for sharing the website

what happen? suddenly the price spike like...

No wonder spike so crazy, but looking at the chart, already drop a bit (but the price still way higher)

according news report, it's heading south

Gold rises above $1,300/oz as dollar drops after debt deal

Gold prices surged on Thursday, moving swiftly into positive territory to their highest in a week as the dollar lost traction after US lawmakers agreed a last-minute deal to dodge a potentially catastrophic debt default. Spot gold stood at USD 1,309 per ounce by 0807 GMT, up 2.14 percent and having hit a high of USD 1,318.40.

Now USD 1306/oz, MYR 133/g

Gold gets boost from U.S. debt deal

Gold futures moved sharply higher on Thursday after U.S. lawmakers averted a potential technical default by agreeing on a last-minute deal to increase the debt ceiling and put the U.S. government back to work after 16 days of shutdown.

The gains came after U.S. senators reached a deal to end the impasse and raise the nation’s debt limit. Congress late Wednesday approved the Senate deal to reopen federal operations and finance the government until Jan. 15, as well as increase the borrowing limit until Feb. 7.

“About the only source of support for gold could from the Federal Reserve meeting slated for next week; the central bank will likely stand pat again this month and thus offer prices a modicum of support in what otherwise is a very unfriendly background,” he wrote.

Gold jumps 3 pct; US budget deal seen delaying stimulus cut

Gold prices surged more than 3 percent on Thursday as the dollar stumbled, with bullion boosted by belief that a temporary deal to avoid a historic U.S. debt default might prompt the Federal Reserve to delay reducing its additional monetary stimulus.

"The U.S. debt deal is seen (as) positive for gold by market participants, for good reason, since the whole mess is just being postponed by 3-4 months, which makes a reduction of Fed asset purchases rather unlikely for the time being," Commerzbank analyst Carsten Fritsch said.

"We worked on the basis that gold price action was bearish, and that if we didn't have a debt default, gold would fall," Societe Generale analyst Robin Bhar said.

"There were probably lots of shorts in the market, hence the probe of the lows in the last week or so, and all of those guys have been wrongfooted, and have had to cover."

While the immediate impact of the deal for gold prices was positive, most believed gold would remain very much in bear territory overall, with an improving global economic picture contributing to investors exiting the market.

Now USD 1318, MYR 134/g

Gold Swings as It Heads for Best Week Since August on Stimulus

Gold swung between gains and losses as it headed for its best weekly advance in two months in London amid speculation the Federal Reserve will delay tapering stimulus. Platinum reached a four-week high.

“What’s happening with the debt deal is postponing all the pain that we’re going to see down the road, and it might hamper the growth momentum,” Dominic Schnider, head of commodities research at UBS AG’s wealth-management unit, said on Bloomberg Television’s “On the Move.” “With the prolonging of the problems in the U.S., tapering’s going to be postponed. Gold is supported but let’s be cautious about calling for a much higher price.”

“With the shutdown and the accompanying uncertainty surrounding it taking a chunk out of gross domestic product, bulls are thinking that Fed tapering will be put off for a bit longer than previously anticipated,” Jim Pogoda, a trading consultant at Gold Bullion International in New York, wrote in an e-mail yesterday.

Now USD 1316/oz, MYR 134/g

What you trying to say?

I gave wrong information from wrong source?

Now USD 1313/oz, MYR 134/g

what is that? Full name?

oic, it's non-farm payroll. I tot what you you mean



This post has been edited by davinz18: Oct 22 2013, 11:06 PM

same here, that's why I ask full name

Now USD 1333/oz, MYR 135/g

Goldman Sachs expects gold price to decline in 2014

Goldman Sachs said it expects gold prices to fall in 2014 driven by improving US economic data, rising real rates and the commencement of tapering of monetary stimulus by the US Federal Reserve.

"Gold will likely remain volatile in a $1,250-$1,350/oz range until clarity on tapering," Goldman Sachs said in a note to clients dated October 23.

The bank lowered its gold price estimate for the fourth quarter of this year to $1,320 per ounce from its previous forecast of $1,375.

USD 1341/oz, MYR 136

Gold retreats from 5-week high on stronger dollar

Gold edged lower on Tuesday as the dollar recovered, retreating from a five-week high as investors started to factor in expectations the U.S. Federal Reserve will maintain monetary stimulus well into early 2014.

A lack of fresh, bullish fundamental news is keeping buyers scarce,” Jim Wyckoff, a senior analyst at Kitco Inc., a research company in Montreal, said in a report. “The key ‘outside markets’ are also in a bearish daily posture for the precious metals -- a firmer U.S. Dollar Index and weaker crude-oil prices.”

Though a prolonged period of easy money could support gold, physical demand could take a hit because of the higher prices. Demand in Asia has been subdued for a while.

"We continue to view gold as precariously placed, while physical demand for the metal remains soft," ANZ analysts said in a note.

"We viewed the metal as overbought above $1,340 on the back of weak demand from China and continued ETF selling."