Video: West Red Lake Gold works to restart Madsen mine
The company is optimistic about the potential of its Red Lake assets in the storied gold district of northern Ontario.
Today’s Gold session covered a $21.30 choppy range as heightened tensions in Libya and the Middle East continue to send investors into the precious metals as a “safe haven” alternative investment. The demonstrators throughout the African and Middle East are threatening the supply of Crude oil and ultimately are causing oil prices to threaten the $100.00 per barrel level. Higher Crude prices are inflationary and would be “bullish” for both Gold and Silver. Gold should continue to be supported by these geo-political tensions. Libya is an OPEC member and produces 1.6 million barrels of oil a day.
Silver is continuing to impress as well as the volume has increased dramatically during this geo-political rally. The cheaper price in comparison to Gold has attracted both the large and small investors who are looking for more “bang for their buck”.
Economic data 2/24
INITIAL JOBLESS CLAIMS……..7:30 AM (CST)
NEW HOME SALES ……………..9:00 AM (CST)
MY SWING NUMBERS 2/24
APRIL GOLD
RESISTANCE # 2……………..$1430.00
RESISTANCE # 1……………..$1422.00
PIVOT……………………………$1409.00
SUPPORT # 1…………………$1401.00
SUPPORT # 2…………………$1388.00
VOLUME………………………..125,000
MARCH SILVER
RESISITANCE # 2……………….$34.33
RESISTANCE # 1………………..$33.82
PIVOT ………………………………$33.25
SUPPORT # 1……………………$32.74
SUPPORT # 2……………………$32.16
Mike Daly / Gold Specialist
PFG BEST
312-563-8029
877-294-4669
There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.
