Newmont sells Éléonore mine in Quebec for $795m
The miner said the deal and other 2024 sales will raise $3.6 billion.
The vast ranges and the volatility are becoming an every day occurrence in the Gold market as investors are using daily economic data to day trade these lofty levels.
There is no doubt the Gold market has been technically overbought for months however, the global economic climate has savvier investors choosing Gold as their currency of choice.
The overall physical demand has continued to be the underlying support fundamental that has prevented the market from severe corrections. Once again it will be interesting to see if this $16.00 price dip will produce heavy buying interest from the Asian sector primarily the jewelers of India. The demand should remain very brisk through the “DIWALI FESTIVAL” held on November 5th this year…
Today’s sell-off can be directly attributed to the much better than expected sales of new homes in the United States. Data reported that sales rose 6.6 % in September from the previous month. We are experiencing record foreclosures and high unemployment and yet this economic data started the avalanche sell-off… I believe that investors react to any U.S. dollar friendly data as an excuse to sell Gold at these levels. And once again I believe the sell-off based off this data may have been over-done!
According to Meng Qingfa, a researcher with the China Chamber of International Commerce was quoted by the International Business Daily as saying that China should eventually boost its Gold reserves from 1.054 mt. tons to 8,000 plus to equal that held by the United States… I also reported last week of South Korea’s Central Bank is contemplating increasing their Gold reserves as well……(KEEP AN EYE ON THIS)….
REPORTS : 10/28
EXPORT SALES……………………7:30 AM (CST)
INITIAL JOBLESS CLAIMS………7:30 AM (CST)
MY SWING NUMBERS 10/28
RESISTANCE # 2………………$1353.00
RESISTANCE # 1………………$1337.00
PIVOT…………………………….$1328.00
SUPPORT # 1…………………..$1312.00
SUPPORT # 2…………………..$1303.00
Mike Daly / Gold Specialist
PFG BEST
877-294-4669
312-563-8029
