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.
Another strong rebound from the precious metals today as traders view the Quantitative easing through June 2011 as sign the U.S Dollar will remain under siege and it is probably also an indication that the benchmark interest rates will remain low.
This does not mean there will not be positive U.S Dollar news in the future it simply means that the news was viewed as bullish precious metals for the short term. There was another mammoth trading range in the Globex December Gold contract covering $38.10 from High – Low.
The volume has also been enormous of late with over 211,000 contracts trading today. The gold market also used the poor economic data today to help fuel today’s incredible rally. Today’s initial Jobless Claims rose 20,000 to 457,000 from last week and the U.S Productivity rose by 1.9% in the third quarter. Both economic numbers were higher than projections.
After yesterday’s huge decline once again there was another bargain hunters buying opportunity for the Asian sector as the retail jewelers of India entered the market to stock up for the upcoming “DIWALI” festival held on November 5th ……
REPORTS: 11/5
UNEMPLOYMENT……..7:30 am (cst)
MY SWING NUMBERS FOR 11/5…..DECEMBER GOLD
RESISTANCE # 2…………….$1407.00
RESISTANCE # 1…………….$1395.00
PIVOT…………………………..$1371.00
SUPPORT # 1…………………$1357.00
SUPPORT # 2…………………$1333.00
Mike Daly / Gold Specialist
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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.
