IRVINE, Calif., April 30, 2009 (GLOBE NEWSWIRE) -- Gold prices rose sharply last week - above the $900 mark - and continued strong this week on reports that China had nearly doubled its gold holdings over the past few years. China's appetite for gold has been frequently reported and closely tracked for several years now but has rarely been confirmed by the Chinese government.
A report last week from Xinhua News Agency, cited Hu Xiaolian, head of the State Administration of Foreign Exchange as disclosing that China now has a total of 1,054 metric tons, having increased its holdings by 454 metric tons since 2003.
India's gold buying festival kicked off Monday helping to bolster prices. When combined with worldwide queasiness over the health of the U.S. economy in general and its banks in particular, gold indeed makes sense for many as a strategic hedge - as it has historically. Industry pundits seem to believe that gold prices stabilizing in the $900 range could be a catalyst for moving gold futures to new levels.
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This bodes well for companies entering the gold arena - especially low-cost producers. Enter Boxwoods, Inc. (OTCBB:BXWD), which announced last month that it had completed a Share Exchange Agreement that resulted in the Company owning all the outstanding stock of Duke Mining Company, Inc. and now does business under the Duke name.
Duke Mining is evaluating various technologies that will position the Company as a premier low-cost producer and reduce the sensitivity to commodity prices.
View a full report on Boxwoods/Duke Mining at http://www.stockupticks.com/profiles/4-30-09.html
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