Thursday, April 22, 2010

Mogi's April 21, 2010 Morning News

Gold Recovers as Markets Mull Recent Events

April 20 (Seeking Alpha) Gold went up to $1,137/oz before dipping slightly in New York yesterday, but it then recovered, ending with a loss of 0.06%. It has risen from $1,135/oz to $1,142/oz in Asian and early European trading this morning. Gold is currently trading at $1,142/oz and, in euro and GBP terms, is trading at €847/oz and £742/oz, respectively.

Chinese Gold Consumption Is Catching Up

April 20 (Seeking Alpha) When it comes to the shape of gold demand, China is key, says Eily Ong, author of the World Gold Council's recent study, Gold in the Year of the Tiger. A growing Chinese middle class with disposable income and a penchant for saving, says Ong, could drive gold consumption in the country to double over the next decade—which should help boost prices.

Inflation Scorecard: Gold Still Making Records

April 20 (Seeking Alpha) ...

Junior gold stocks, mirrored by the Market Vectors Junior Gold Miners ETF (NYSE Arca: GDXJ), inched up 0.7 percent while the majors tracked by the Market Vectors Gold Miners ETF (NYSE Arca: GDX) fell 1.3 percent; the S&P 500 Composite jumped 2.1 percent; the blue-chip benchmark's correlation to GDX to now stands at 40 percent; its correlation to bullion tightened to 32 percent.

Inner Mongolia's GDP up 16% in Q1

Apr. 19, 2010 (China Knowledge) - Inner Mongolia Autonomous Region saw its gross domestic product surge 16% year on year to RMB 196.2 billion in the first three months of this year, sources reported.
Central Bank May Declare Bankrupt of Anod Bank

April 20 (UB Post) ...

Bank of Mongolia (central bank) may formally declare bankrupt of Anod Bank on April 22, media reported.

US$50 Million Investment Needed for Zamin-Uud

April 9 (UB Post) The development of the Zamin-Uud Free Economic Zone can enjoy rapid progress if further investment is decided.

Such a conclusion was made by the working group headed by O.Chuluunbat, member of the parliament’s Standing Committee on Budget. The working group made a trip to the Zamin-Uud Free Economic Zone to get familiarized with current situation and define what needs to be done further. It was decided that the investment of US$50 million is needed to develop the infrastructure of the zone.

The working group in charge of free zone development has also decided that free trade zones can be established in other regions such as Choir, Tsagaannuur and Altanbulag.

BHP uncovers possible violations of anti-graft laws

April 20 (Reuters) - Global miner BHP Billiton (
BHP.AX) (BLT.L) revealed on Wednesday possible violations of anti- raft laws inside the company, in another blow to the mining industry's tarnished image.

Erdene Provides Update on Development of the Donkin Coking Coal Project

HALIFAX, NOVA SCOTIA, Apr 20, 2010 (MARKETWIRE via COMTEX) -- Erdene Resource Development Corp. ("Erdene") (CA:ERD 0.55, 0.00, 0.00%) , is pleased to provide an update on the development plans for the Donkin Coal Project and announce that initial site construction work has commenced.

Mongolian NGO Forum Submits Report to UN Human Rights Council

A forum of Mongolian NGOs submits a report to the UN Human Rights Council on April 19, 2010 regarding human rights situation in Mongolia.

April 20 (UB Post) The UN Human Rights Council will undergo a Universal Periodic Review (UPR) of Mongolia regarding the human rights situation on November 23, 2010 at the 9th session of the UPR working group in Geneva.

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