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.
Today’s Globex session traded a very choppy and volatile $26.60 range as traders attempted to decipher all the economic data. Due to tomorrows Banking Holiday (Veterans Day) the United States Department of Labor released better than expected Initial Jobless Claims data showing first time claims to be – 435,000 better than the projected 450,000. Also the U.S Balance of Trade was a deficit of $44 Billion…This was expected to be a deficit of $45 Billion……
The Peoples Bank of China revealed today that as of November 16th it will raise the commercial bank reserve requirement by .50 basis points… This helped fuel the sell-off today as anytime you mention Central Banks raising rates Gold and Silver will usually tumble…However, the Chinese Trade Surplus reading is the second highest ever on a monthly basis….This is an indication that the Peoples Bank of China may be looking to increase their Gold reserves…
The CME Group (The World’s Largest Futures Exchange) sent letters to member firms and others on Tuesday stating they would be raising the margin requirements for trading Silver…..The increase was significant enough to force traders to sell / profit take to meet margin requirements…..
NO REPORTS….Veterans Day…..11/11
MY SWING NUMBERS / THURSDAY 11/11 DECEMBER GOLD
RESISTANCE # 2…………….$1424.00
RESISTANCE # 1…………….$1413.00
PIVOT…………………………..$1398.00
SUPPORT # 1…………………$1385.00
SUPPORT # 2…………………$1374.00
*Happy 235th Birthday U.S.M.C
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.
