Tensions between Russia and Ukraine prompted increased demand for storage havens on Tuesday as gold futures rose in value and barreled toward the threshold price of $1,400 per troy ounce, according to Bloomberg.
Metal Futures
Poland to mint gold, silver coins to honor Pope John Paul II
Poland, the native land of Pope John Paul II, announced on Wednesday it will strike collector coins to memorialize its native son ahead of when he is blessed, the Associated Press reports. The European nation will mint 500 gold coins that are worth 1,000 zlotys apiece, or the equivalent of $350. Lesser-valued gold coins also… Read more.
Iron ore, copper help Rio Tinto as profits surge
Rio Tinto, the world’s biggest producer of iron ore after Brazil’s Vale SA, saw its earnings increase 125 percent to $5.77 billion in the first half of 2010. The company earned just $2.56 billion during the same period in 2009. The British-Australian mining company was aided by rising iron ore prices, which provided 70 percent… Read more.