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 [email protected] 877-294-4669 312-563-8029B 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.
