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.
Gold settled at $1428.60 for the week as African and Middle East tensions continue to support the precious metals. The escalating violence in Libya and reports that demonstrations are spreading throughout the Middle East has traders and investors Alike choosing both Gold and Silver as their alternative “safe haven” alternative investment. The chaos in Libya has shut down that countries ability to supply Crude oil to the world and therefore has fueled the sky rocketing price of Crude oil. April Crude oil traded as high as $104.60 per barrel at the time of this posting. Higher Crude oil prices are very inflationary and are “bullish” for Gold and Silver prices. Historically Gold and silver retain their value better than most commodities during inflationary periods. Yesterday it was reported that the Libyan government had accepted a plan proposed by Venezuelan President Hugo Chavez to help negotiate an end to the conflict in Libya. It appears that the only way for the rebels to agree to a negotiation is for Libya’s leader Muammar Gaddafi to step down or go into exile…..it doesn’t look like that will happen voluntarily.
Also:
The U.S dollar fell to a four month low versus the Euro. The Dollar has struggled under the weight of higher crude oil prices and good jobs data.
In addition Fitch ratings are expected to revise Spain’s bond rating from stable to negative.
THIS WEEK…
The department of labor announced the unemployment rate dropped 1/10 of a percent to 8.9%….better than the projected 9.1%.
Thursday…..
According to the Department of Labor…Initial Jobless Claims fell by 20,000 to 368,000 for the week ending 2/26…. This was far better than the 395,000 that was projected….
There are reports that Iran’s security forces are clashing with government opposition supporters in Tehran causing further investment concerns of tension regarding the flow of oil from Iran
European Central Bank boss Jean-Claude Trichet Indicated that the ECB may raise interest rates in April……
Wednesday’s gold session notched another all-time high as the Globex April contract traded $1441.00 per ounce…..
Friday’s Silver session notched a 31 year high as Globex (May) contract traded $35.40.5 per ounce…..
MY SWING NUMBERS MONDAY 3/7
APRIL GOLD
RESISTANCE # 2…………………..$1444.00
RESISTANCE # 1…………………..$1436.00
PIVOT………………………………….$1425.00
SUPPORT # 1……………………….$1417.00
SUPPORT # 2……………………….$1406.00
Volume………………………………..121,000
MAY SILVER
RESISTANCE # 2……………………$36.15
RESISTANCE # 1……………………$35.74
PIVOT………………………………….$34.97
SUPPORT # 1……………………….$34.56
SUPPORT # 2……………………….$33.79
Mike Daly / Gold Specialist
PFG BEST
312-563-8029
877-294-4669
