Vedanta to invest $2 billion in Saudi copper projects
Investment agreement is one of nine metals and mining deals, totalling over $9 billion, signed by Saudi Arabia with global mining companies.
Gold is up sharply on Monday and trading at US$1,334.48 per ounce as of 1:30 EST.
Silver is up also trading at $20.65 per ounce.
The vaulting gold price may be physical demand finally catching up to the market price.
Kitco’s Jim Wyckoff attributes gold’s gains to “. . . heavy short covering and new technical buying as buy stops were hit that pushed prices well above what was stiff chart resistance at the $1,300.00 level.”
The Federal Reserve has also helped by affirming that monetary policy in the US will remain accommodative.
It’s a better day for gold miners, too.
Over the last five days Barrick Gold (NYSE:ABX) is up 18% to $17.72 and Goldcorp has gained 12% to $29.01.
Less than two weeks ago gold was as low as $1,211 per ounce and silver was at $18.65 per ounce.
Creative Commons image from SDASM Archives
