Wednesday, May 22, 2013

South Africa to refine $1.1 billion worth Gold for US

http://www.bullionstreet.com/news/south-africa-to-refine-11-billion-worth-gold-for-us/4804


The gold is most probably just passing through and bound for markets such as China or India. While there are refineries in North America, gold can be sent to different refineries around the world depending on prices or existing relationships.

One reason to refine the gold might be because there is a premium for a smaller bar sold in the retail industry in India and China.

Business news website Quartz said the US Census Bureau's foreign trade division recorded that 20 tonnes of gold, worth $982-million, left John F Kennedy International Airport in New York for South Africa this year.

No comments: