It measures the amount of gold on deposit at the Fed against the total money supply.

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The wholly owned Tasiast gold deposit, acquired by Kinross from Red Back Mining Inc. in 2010, is considered a world-class deposit that Paul Rollinson, company chief executive officer, is firmly backing despite the hit.

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Sibling rivalry reached a climax of sorts with the fabulous (in both senses) Busang gold deposit in Kalimantan, claimed as among the world's biggest until shown to be a hoax.

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He had NovaGold purchase a stake in the massive but remote Donlin Creek gold deposit in southwest Alaska.

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Instead, the funds will be allowed to deposit some gold with banks who in turn can lend it to jewelers, which in theory should reduce imports for a time.

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The Toronto mining company has already spent nearly that long trying to develop Las Cristinas, a gold deposit in Venezuela, and is convincing big investors that it's on the verge of a breakthrough.

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Initially, banks could meet 10% of this with other currencies such as the dollar or euro, plus another 10% with gold held on deposit at their banks.

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At the time the Toronto mining company had already spent nearly a decade trying to develop Las Cristinas, a very big gold deposit in Venezuela.

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That seems like a good idea since keeping gold in your basement is risky, keeping it in your safe deposit box is impractical, and owning the metal makes it more complicated to sell.

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