Reuters reported that Turkey's central bank has raised its gold reserve coefficients, a move that is expected to boost its gold reserves. “The bank raised its reserve option coefficients for gold by 0.1 points, meaning that banks holding a portion of their lira reserves in gold will now have to provide proportionally more of the precious metal in order to do so,” the article states.
China passing Germany as number-two gold holder
King World News reported acclaimed money manager Stephen Leeb stating that China may have moved past Germany to become the second-largest holder of gold reserves. Leeb said that China, which is notoriously secretive about disclosing its bullion holdings, could even compete with the United States for the number one spot.
“I'm focused on precious metals and this fascinating battle between the East and the West, Eric, especially China and the United States. There is an economic 'Battle Royale' going on right now, and I think the Chinese definitely have the upper hand,” he told King World News.Colombia arrests three for kidnapping prospectors Three members of guerilla group FLN were arrested for kidnapping five gold prospectors in Colombia last week. The prospectors, one Canadian, two Peruvians and two Colombians, remain in rebel hands, according to Colombia Reports. The group was working for Toronto-based Braeval Mining (TSX:BVL), which is developing a gold and silver project in Colombia's Bolivar province. Company news Newmont Mining (TSX: AUQ, NYSE: AUQ), the world's second-biggest gold producer, released a preliminary 2012 production report this week, along with an outlook for 2013. During 2012, Newmont estimates that it produced 5.0 million ounces of gold and 143 million pounds of copper, down 4 percent and 31 percent, respectively, from 2011. For 2013, Newmont expects to produce between 4.8 million and 5.1 million ounces of gold and 150 to 170 million pounds of copper. The company also plans to spend $2.1 billion to $2.3 billion on capital expenditures this year. Forty percent of that will go toward developing new mines and expanding its existing projects.