Alamos records grades up to 56 g/t at Island Gold project in Ontario
Alamos has budgeted $19 million for exploration at Island Gold in 2024.
This week’s Gold market covered an extremely volatile and choppy $52.60 trading range and settled at the $1345.30 level for the week. We traded another all-time high this week as December (Globex) reached $1366.00.
These are very interesting times to be a Gold trader as the climate of global economy changes daily. The underlying support continues to be the overwhelming demand to own physical bullion as investors are convinced that Gold and Silver are a preferred “safe haven” over the fiat currencies.
Tuesday’s announcement from the Bank of Japan to cut their Interest Rates to near zero had investors flocking to gold as Japan’s ruling party is working on an extra fiscal stimulus budget. In other words they will be printing more Yen to help spend their way out of their recession. We also learned that FITCH Ratings has downgraded the Republic of Ireland’s IDRS (ISSUER DEFAULT RATINGS) to A+ from AA -. This is a valid indication that the fragility in the EURO region continues to be very prevalent.
Thursday the Department of Labor announced that the Initial Jobless Claims data was better than expected by 10,000. the Initial dropped to 445,000 as expectations were projected to be 455,000……
The IMF (International Monetary Fund) spokesperson related that UNDERVALUATION of the Chinese Yuan is an increasing source of tension in the global economy……….
The Bank of England announced Thursday that it intends to retain it’s present interest rate at record lows…. the European Central Bank left its main interest rate unchanged at 1%….
Friday the U.S department of Labor announced that non-farm payrolls had fell 95,000………
Technically the Gold market continues to be be in over-bought territory as well as in unchartered territory. The physical demand should remain high in the Asian sector through the November 5th “DIWALI FESTIVAL”…..
The volume for the week continued to climb as we traded over 180,000 contracts during Friday’s session. As I thought the Thursday price dip brought renewed buying interest as speculators and investors alike seen this as a opportunity to re-enter the market.
MY SWING NUMBERS FOR MONDAY 10/11….
RESISTANCE # 2……………….$1365.00
RESISTANCE # 1……………….$1354.00
PIVOT……………………………..$1340.00
SUPPORT # 1……………………$1329.00
SUPPORT # 2……………………$1315.00
Mike Daly / Gold Specialist
PFG BEST
877-294-4669
312-563-8029
