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.
This week in the precious metals continued their torrid pace to once again post all-time highs. This recent rally has been fueled once again by poor economic data and the growing lack of confidence in financial regulators and fiat currencies in general.
The savvy investor is investing in “safe haven’ tangible alternative assets that historically retain their value better in times of crisis such as Gold, Silver, and Diamonds. The global demand for Gold and Silver suggests that investors are choosing alternative assets to protect their wealth.
The Asian sector has been the underlying support fundamental during this move to set all-time record highs in the Gold and Silver markets. The Jewelers and citizens of India and China have been buying vast amounts of Gold and Silver to satisfy the Wedding and Festival season that are in full swing and will continue through December.
Gold has rallied through the $1300.00 per ounce level and despite these all-time high levels the huge demand remains at a fever pitch. Silver has traded a high of $21.49 per ounce this week continues to be the “blue collar” safe haven investment of choice. It is simply a matter of economics and the appeal of Silvers status as both a “precious metal’ and an “industrial metal”.
Silver has many industrial uses such as making batteries, electronics, solar energy, and water purification just to name a few. Silver has always had the reputation as the little brother that Gold dragged around however, Silver has carved out its own niche’. Both Gold and Silver are considered “safe haven” investments because they will always have value unlike some stocks or fiat currencies which after all are just paper….
This week’s United States economic data left investors uncertain…
The FOMC released some very concerning statements this week: They have once again suggested that more “Quantitative Easing” (PRINTING MORE MONEY) was on the way…
“The pace of recovery in output and employment has slowed in recent months”….
“Measures of underlying inflation are currently at levels somewhat below those the Committee Judges most consistent, over the longer run, with its mandate to promote maximum employment and price stability. With substantial resource slack continuing to restrain cost pressures and longer-term inflation expectations stable, inflation is likely to remain subdued for some time before rising to levels the Committee considers consistent with its mandate”…..
The Department of Labor released Initial Jobless Claims data that was worse than expectations… The data revealed claims for the week ending 9/18 were 465,000 well above the 450,000 projected. Housing sector numbers also proved to be worse than projections as well…..
The continued fragility in the European Union also has caused investors to use their Euro’s to purchase Gold and Silver as a flight to safety. We as Gold continue to trade in unchartered waters…
WEEKLY GOLD (DECEMBER)
HIGH——$1301.60……..(ALL-TIME HIGH)
LOW——$1272.00
MY SWING NUMBERS FOR 9/27….DECEMBER….
RESISTANCE # 2…………..$1307.00
RESISTANCE # 1…………..$1301.00
PIVOT ……………………..$1296.00
SUPPORT # 1……………….$1292.00
SUPPORT # 2……………….$1285.00
LETS TALK GOLD………..
Mike Daly / Gold Specialist
PFG BEST
877-294-4669
312-563-8029
