Newmont sells Éléonore mine in Quebec for $795m
The miner said the deal and other 2024 sales will raise $3.6 billion.
Today’s (Globex) March contract notched another all-time high trading $1432.50 and covering a very apprehensive and volatile $29.50 range. After a stall in the “bullish ‘ momentum I believe traders began to take profits as the unchartered territory of new all-time high’s created a nervous tension resulting in a race to take profits….as we approach the year end i suspect we will see some more profit taking as many financial funds and portfolio’s will probably look to put profits on their books.
The gold traders are still concerned with the probability of the Peoples Bank of China raising their interest rates once again before this calendar year is over…If the China bank does raise rates it should send both gold and silver tumbling short term…. it will be interesting to see if today’s sell-off brings bargain hunter buying from the Asian sector tonight…There has certainly been a distinct pattern of buying dips from the Asian sector…
Silver covered a $1.17.5 range today and unlike gold managed to close positive (.42 cents higher) settling at $29.77… Silver made another 30 year high trading as high as $30.75…. (March Globex)…
The Fragility in the Euro region is the fuel behind the strong U.S dollar and is also recruiting savvier investors to use their weaker Euro’s to buy both gold and Silver as a flight to “safer havens”……
MY SWING NUMBER February Gold
RESISTANCE # 2…….$1445.00
RESISTANCE # 1…….$1427.00
PIVOT…………………..$1415.00
SUPPORT # 1…………$1397.00
SUPPORT # 2…………$1385.00
MY SWING NUMBERS March Silver
RESISTANCE # 2…….$31.20
RESISTANCE # 1…….$30.49
PIVOT ………………….$30.03
SUPPORT # 1………..$29.31
SUPPORT # 2………..$28.86
Mike Daly / Gold Specialist
PFG BEST
877-294-4669
312-563-8029
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.
