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 the gold ignored the U.S Dollar’s strength as investors appear to be choosing hard assets primarily Gold and Silver as flight to safer havens. The Greece debt negotiations with the European Union and the International Monetary Fund continue to drag on regarding the rate of interest to paid on the bail-out loan. Greece’s ten year bonds rallied to a yield of 8.24% which explains why the Greek’s are having difficulties finding buyers for their debt. This European Union debt situation is a long way from day light. Especially considering there are at least four other Euro states seeking aid including Portugal, Spain, Italy, and Ireland.
The Goldman Sachs Banker Fabrice Tourre Will have the opportunity to defend himself as well as Goldman Sachs from allegations of fraud filed against him by the (SEC) Securities and Exchange Commission. There are reports he will testify before a Senate Hearing next week.
Many investors are looking at Gold and Silver as a possible hedge against pending inflation as gold has a tendency to fare better in times of inflation and crisis than most commodities. The Global economy has forced many treasuries to print more currency as an aid to spend their way out of this global recession.
The Gold bullion buying was sluggish in the Asian sector overnight as higher prices have caused the jewelers of India to stand pat.
Traders also are looking toward tomorrows full slate of economic data for direction….
REPORTS 4/21…..THURSDAY…
EXPORT SALES…………………7:30 AM (CST)
JOBLESS CLAIMS………..…..7:30 AM (CST)
PPI……………………………..…..7:30 AM (CST)
EXISTING HOME SALES…..7:30 AM (CST)
SWING NUMBERS 4/21 JUNE GOLD
RESISTANCE # 2………………$1159.00
RESISTANCE # 1………………$1154.00
PIVOT……………………………..$1146.00
SUPPORT # 1…………………..$1141.00
SUPPORT # 2…………………..$1133.00
Mike Daly / Gold Specialist
PFG BEST
877-294-4669
312-563-8029
312-775-3014
*THERE IS EXTREME RISK TRADING FUTURES, OPTIONS, and FOREX*
