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 Gold session notched yet another all-time high as it traded as high as $1407.20 during the day session. As of this posting the Gold continued to rally in the over night session trading as high as $1410.40… The Globe day session covered a $20.60 range as traders reacted off economic news to rally the market mid-session to close the market higher for the day.
Reports that World Bank President Robert Zoellick is suggesting the world go back to some type of Gold Standard certainly helped fuel the rally early. This would require central banks to increase their Gold reserves to support their fiat currencies…..
This would mean huge amounts of Bullion would have to be purchased… It is my opinion that this will not work simply because so many nations are printing monies to help their economies spend their way out of economic crisis. However, anytime the tern “Gold standard is mentioned especially from a prominent figure such as Mr. Zoellick the Gold trading community is certainly going to react.
More bad news from the European union as the debt spread in Ireland appears to be widening…Chances are the Irish Banking System may be in worse shape than originally thought….. This is prompting savvier investors from the Euro Region to buy Gold as a “safe haven” investment…..
MY SWING NUMBERS 11/09….DECEMBER GOLD
RESISTANCE # 2……………..$1419.00
RESISTANCE # 1……………..$1412.00
PIVOT……………………………$1399.00
SUPPORT # 1………………….$1391.00
SUPPORT # 2………………….$1379.00
Mike Daly / Gold Specialist
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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.
