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.
The rally in the Gold continued today as investors continue to support fundamentally by purchasing physical Gold. The surge has continued as European investors are using their Euro’s to purchase bullion as a flight to “safer havens”.
The Europeans are not alone in purchasing bullion as investors globally are seeking the precious metals as an alternative to fiat currencies as the uncertainty in the Euro region and the continued Geo-political climates are making Gold more appealing.
There is certainly no perfect hedge however, gold does have a tendency to hold its value better than most other commodities in times of crisis and warring environments. This latest rally has been very impressive as today we made another all-time HIGH as we traded as high as $1254.50 on the Globex (electronic market)….
Once again we are in unchartered territory and we’ll have to wait and see if this current wave of buying physical bullion will continue. Investors seem to be looking to buy gold as a long term investment as most feel the economic climate will worsen before getting better….
The buying demand from India is way down due to Higher prices however, they almost single handedly kept prices around the $1100.00 level just 3 ½ months ago. The jewelers of INDIA were huge buyers and bought nearly every price dip to re-stock. Their demand remains high almost insatiable and will probably be seeking a price pull back to replenish their stock…..
REPRTS 6/9….
WHOLESALE TRADE……..7:30 AM (CST)
MY SWING NUMBERS 6/9 …AUGUST GOLD
RESISTANCE # 2………………$1262.00
RESISTANCE # 1………………$1254.00
PIVOT……………………………..$1246.00
SUPPORT # 1…………………. $1240.00
SUPPORT # 2…………………. $1230.00
Mike Daly / Gold Specialist
PFG BEST
877-294-4669
312-563-8029
312-775-3014
*THERE IS EXTREME RISK TRADING FUTURES,OPTIONS, and FOREX*
