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Banks divert gold supply from India to China and Turkey

Section: Daily Dispatches

By Rajendra Jadhav
Tuesday, October 4, 2022

MUMBAI -- Gold-supplying banks have cut back shipments to India ahead of major festivals in favour of focusing on China, Turkey, and other markets where better premiums are offered, three bank officials and two vault operators told Reuters.

That could create scarcity in the world's second-biggest market for gold, and force Indian buyers to start paying hefty premiums for supplies in the approaching peak-demand season.

... Dispatch continues below ...


Guanajuato Silver Production Up 85% from July to August

Company Announcement
Tuesday, October 4, 2022

VANCOUVER,  British Columbia, Canada – Guanajuato Silver Co. Ltd. (TSXV:GSVR; OTCQX:GSVRF) is pleased to provide an operations update highlighting the impact of additional production from the company's recently acquired Topia and San Ignacio mines:

-- 267,525 ounces of silver equivalent (AgEq) produced in August 2022; up 122,864 AgEq ounces or 85% from July, which only included production from El Cubo.

-- Cash costs per AgEq ounce continue to decline at El Cubo with July costs declining to $12.85; costs also remain in-line with expectations Companywide at $15.09 in August.

-- Silver and gold recoveries for August were 88.9% and 85.6% respectively.

The company anticipates ending the year at a run rate of approximately 3.4M AgEq ounces per annum.

James Anderson, chairman and CEO said: "Within one week of closing our latest Mexican mines acquisition we had initiated mining of silver-rich material from San Ignacio and began transporting this material to El Cubo for processing. This rapid restart again highlights our team's ability to swiftly and successfully restart mines and move them toward full production. In addition, production of silver-lead-zinc concentrates from our Topia mine in the Durango state continued uninterrupted through our integration process. Rrefinements at both the Topia mine and plant have been initiated with planned improvements expected in the months ahead." ...

... For the remainder of the announcement:

Leading gold suppliers to India -- which include ICBC Standard Bank, JPMorgan, and Standard Chartered -- usually import more gold ahead of festivals and store it in vaults.

But vaults now hold less than 10% of the gold they did a year ago, the sources said on Tuesday.

"Ideally a few tonnes of gold should be there in vaults during this time of the year. But now we only have a few kilos," said one Mumbai-based vault official. ...

... For the remainder of the report:

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