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 trade produced another new high for 2010 reaching the $1188.40 level. The European debt crisis continues to fuel the global markets as the world watches with a skeptical view. Despite an agreement between the (IMF) International Monetary Fund and the Euro-zone states to extend Greece $147 billion fiscal aid package in return Greece must execute very stringent budget cuts it still is not a done deal…
EU leaders will meet on May 7th to discuss the agreement. May 7th is also the day German Legislators will debate the deal and since they are to provide 28% of the European Union’s contribution they will need to be assured that Greece will comply with their severe budget requests. Let us not forget if Greece gets their request the euro zone still has Portugal, Spain, Italy, and Ireland with debt problems of their own. Gold has become the “safe haven “currency of choice.
China’s Central Bank has reported it will raise interest rate on its reserve ratio .50 basis points beginning May 10.
Ford reported that sales were up 24.7 % in April versus sales a year ago. The March reports of Personal Income…+0.3%…. and Spending rose 0.6%…both matching forecasts….
The jewelers of India have been patiently waiting and hoping for a dip in price as they have remained reluctant to purchase bullion at these levels. However, demand may force them to pay higher prices if the dip they seek doesn’t happen. India is in the middle of their wedding season and about to enter their religious Hindu Holy festival season… India consumes 20% of all global Gold!
MY SWING NUMBERS….5/4…JUNE GOLD
RESISTANCE # 2……………$1194.00
RESISTANCE # 1…………. .$1189.00
PIVOT…………………………..$1183.00
SUPPORT # 1………………..$1178.00
SUPPORT # 2………………..$1172.00
Mike Daly / Gold Specialist
PFGN BEST
877-294-4669 312-775-3014 312-563-8029
*THERE IS EXTREME RISK TRADING FUTURES, OPTIONS, and FOREX*
