Gold was on track to post its biggest weekly advance in four weeks, Friday, over speculation that central banks may boost their purchases of gold.
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Gold futures rallied Monday, tracking the global equity markets, as record Black Friday sales and evidence that European leaders would come up with a plan to curb the Eurozone’s debt crisis boosted investor sentiment.
CFTC data suggests that hedge funds are holding their biggest bet on higher prices since mid-September. Money managers raised their combined net-long position in US futures and options by 6.8 percent to 148,279 contracts in the week ended Nov. 1.
Gold followed the equities lower on Friday, as discord among the G20 leaders on boosting the IMF’s firepower to fight the Eurozone debt crisis led to investor apprehension.
Following the massive sell-off of gold in September, the price of the yellow metal has stabilized is headed for recovery after dropping from the record high of $1923.70 on September 6.
Operating the mine is a very exciting phase in the life cycle of a gold mine. Finally, after years of hard work and millions of dollars invested, a miner can start to see some returns.
Gold has consistently set price records this year, as investors flocked to gold as a shelter from the increasingly unstable global economic picture; however, this week gold performed differently from what we have come to expect. Instead of rallying, the safe haven investment plunged in unison with equities.
Whether or not gold prices will continue their upward trajectory is the “million dollar question” being assessed by the investment community.
Regardless of how valuable of a resource an exploration company discovers, the resource will never be brought to market unless the company can properly assess, and present, the total environmental and socio-economic impacts of going from buried resource- to mine, to reclaimed land.
The first step in developing a gold mine is selecting an area for prospecting. While this may seem boring and irrelevant to an investor looking into gold miners, this preliminary phase is the very foundation of a successful mining venture.