Newmont sells Éléonore mine in Quebec for $795m
The miner said the deal and other 2024 sales will raise $3.6 billion.
The precious metals continue to be the ‘safe haven” choice of global investors as the Middle-east and African demonstrations continue to threaten the flow of Crude Oil. There is great concern that there will be a disruption in the worlds exports that would drive the price of Crude Oil skyrocketing. Since the revolution in Egypt that has forced former President Hosni Mubarak to step down the political tensions have spread to many more nations both in Africa and the middle-east including Morocco, Algeria, Libya, Bahrain, and Yemen. The demonstrators are all seeking the same result that occurred in Egypt (NEW GOVERNMENT). It is my belief these demonstrations will continue to raise global concern regarding the supply of Crude Oil. Higher Crude is certainly inflationary and inflation is “BULLISH” for Gold and Silver. Today’s Gold market covered a very volatile $21.40 range as news agencies reported clashes between demonstrators and the military of Libya. Libya is a OPEC member and produces 1.6 million barrels of oil a day.
**Libya’s Qaddafi on TV says he will fight to his last drop of blood**
** Reuters reports that Libya declares force majeure on oil products trade. Imports and exports blocked.**
Meanwhile March Silver traded as high as $34.33 ANOTHER 30 year high.
ECONOMIC DATA: 2/23
EXISTING HOMES SALES…….9:00 am (CST)
My Swing Numbers 2/23
APRIL GOLD
RESISTANCE # 2…………………….$1422.00
RESISTANCE # 1…………………….$1412.00
PIVOT …………………………………$1401.00
SUPPORT # 1…………………………$1390.00
SUPPORT # 2…………………………$1380.00
VOLUME ………………………………204,000
MARCH SILVER
RESISTANCE # 2…………………….$35.13
RESISTANCE # 1…………………… $33.99
PIVOT ………………………………….$33.19
SUPPORT # 1…………………………$32.05
SUPPORT # 2…………………………$31.25
Mike Daly / Gold Specialist
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