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 produced mammoth ranges coupled with very choppy and volatile swings. Traders and investors used European Union uncertainty and poor U.S economic data to fuel this week’s rally. This week’s poor jobs data kept the U.S Dollar under siege and chasing investors to seek “safer havens’ to protect their wealth.
Earlier in the week traders appeared very apprehensive to buy and hold positions as they feared another interest rate hike from the Peoples Bank of China…Many experts still predict that a rate hike from China is coming however, that threat did not stop the “BULLS” from buying both Gold and Silver today….
I believe there is a strong physical bullion demand globally as investors are looking to tangible assets that have a history of retaining value better than most commodities during times of economic crisis primarily Gold and Silver.
GOLD covered a $55.00 range this week….
HIGH – $1409.90….(FRIDAY 12/03)
LOW – $1354.50….(MONDAY 11/29)
WEEKLY SETTLEMENT…$1406.20
SILVER covered a $2.84.5 range this week…
HIGH – $29.37…….(FRIDAY 12/03)
LOW – $26.52.5…..(MONDAY 11/29)
WEEKLY SETTLEMENT…$29.27.1
This Week’s Noteworthy News:
The November Unemployment data released by the Department of labor was much worse than projected. The jobless rate climbed two tenths to 9.8%.
We learned that the European finance ministers approved an 85 billion Euro loan package to help Ireland with its debt crisis. Gold traded a $15.50 range and overcame early loses (off the concerns from the Euro region) as traders and investors supported the yellow metal around the $1355.00 level. it is my opinion that savvier investors from the Euro region are using the weaker Euro to purchase gold futures as well as physical bullion to protect their wealth. In other words a flight to “safer havens” and tangible assets.
The Department of Labor reported Initial Jobless Claims rose 26,000 to 436,000 from the week before. The prior week’s data was revised to 410,000.
European Central Bank President Jean-Claude Trichet addressed many issues this week. (below are some highlites)….
Trichet approved of the Irish bailout agreement and stated “the Irish plan has the necessary elements for stabilization”…
He confirmed his approval for maintaining benchmark interest rates… statting “rates are appropriate”….and added “the European Central Bank expects price stability to be maintained and inflation expectation are firmly anchored”……
He also defended the Euro’s credibility and insisted the 16- nation Euro region was not at risk….. FYI ********** Fed Chairman Ben Bernanke is scheduled to appear on 60 Minutes Sunday December 5th….to discuss economic issues….
MY SWING NUMBERS 12/6 February Gold
RESISTANCE # 2…………$1425.00
RESISTANCE # 1…………$1415.00
PIVOT……………………….$1400.00
SUPPORT # 1……………..$1391.00
SUPPORT # 2……………..$1375.00
MY SWING NUMBERS 12/6 March Silver
RESISTANCE # 2…………$29.86
RESISTANCE # 1…………$29.57
PIVOT……………………….$29.08
SUPPORT # 1……………..$28.79
SUPPORT # 2……………..$28.30
Mike Daly / Gold Specialist
PFG BEST
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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
