Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
The Gold market rally continues to be fueled by physical demand both from Asian sector purchasing bullion for their upcoming Wedding and Festival seasons as well as savvier global investors who seek safer haven investments.
The Gold market traded a very hearty $18.30 range with Globex volume well over 90,000 today. Technically the Gold market continues to trade throughkey resistance levels and forcing the execution of “BUY STOP LOSS” orders.
I believe the entire trading community is eyeing Friday’s UNEMPLOYMENT data which is due out at 7:30 am (CST) with true apprehension…..
FOMC minutes from August meeting revealed more of the same……………………(see below)
“The preconditions for a pickup in growth in 2011 appear to remain in place”
“Should further action prove necessary ….policy options are available”
“The FOMC will do all that it can to ensure continuation of the economic recovery”
REPORTS: 9/1
CONSTRUCTION SPENDING………………..9:00 AM (cst)
MANUFACTURING INDEX…………………..9:00 AM (cst)
MY SWING NUMBERS 9/1
RESISTANCE # 2……………………$1263.00
RESISTANCE # 1……………………$1256.00
PIVOT …………………………………$1245.00
SUPPORT # 1……………………….$1238.00
SUPPORT # 2……………………….$1227.00
Mike Daly / Gold Specialist
PFG BEST
[email protected]
877-563-8029
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.
