Gold News: How Will London Trade and the Akarca Gold-Silver Project

Gold News

In the latest gold news: As of August 15, 2016 at 7:25AM EST, gold was selling at $1339.74 per ounce slightly up from the $1331.80 per ounce that gold was selling for at this time last week.

The London Metal Exchange, backed by Goldman Sachs, is looking to change the way the bullion is traded in London. They essentially want to create a trading floor for the bullion. Traditionally, the price of gold has been set by a small group of banks and buyer and sellers exchange gold over the phone, a strategy that is supported by JP Morgan and Chinese lender ICBC. In the last year and a half or so, gold has been traded electronically. Additionally, since the Bank of England decided to cut interest rates at the beginning of August, there has been a major gold rush in England making this debate an even hotter topic.

On August 8, Eurasian Minerals Inc. (EMX) announced that they would sell AES Madencilik A.S, an EMX subsidiary. The subsidiary controls the Akarca gold-silver project located in Turkey. Turkish company Çiftay İnşaat Taahhüt ve Ticaret A.Ş. purchased the property for $2 million when the sale was completed among other conditions to be met such as payments of 500 ounces of gold every six months to begin on February 1, 2017, which will cumulatively total 7,000 ounces.

On May 13th, I Know First’s algorithm accurately predicted that gold and silver prices would increase and stocks would have positive returns as seen in “Gold Outlook: Yields up to 15.41%.” I Know First’s average percent change came out to an impressive 8.57%.


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