China Gold Sector Reforms to Support Gold Prices in Long Run: Analysts
Nov. 29, 2011 10:37AM PST
Precious MetalsPlatts reported that China’s plans to shut down small gold smelters will have a positive long-term impact on gold prices.
Platts reported that China’s plans to shut down small gold smelters will have a positive long-term impact on gold prices.
As quoted in the market news:
MITT said at a national gold industry meeting on Tuesday that it planned to shut down gold producers with ore processing capacities of less than 50 mt/day. The detailed timetable for implementing this was not revealed.
A Galaxy Futures analyst said:
We see little impact from this move in the near term, but in the long run, it will favor a rise in the gold price.