: Dig Media recently conducted its Resources Investing News 2010 Survey to gauge the interests of its readers and gain insight into investors’ perception of the markets. Perhaps most telling was that nearly 69 percent of respondents said they believe the price of gold will reach $1500 before the end of 2010.
A late morning $20 bounce put a smile on every gold bug’s face, and by mid-day the precious metal had shot above $1240 an ounce, hitting a high of $1246.20 late in the day. Prices backed off a bit to close at $1241.30 an ounce on the COMEX.
Three news stories moving gold prices this week include the World Gold Council’s recent report, rumors China would sell its euro zone debt holdings, and of all things, the stand-off in the Korean Peninsula.
After hitting record highs of $1249 an ounce last week, gold has lost much of its May luster the past few days, dropping as low as $1174 an ounce in New York Thursday morning. While traditionally one would expect the precious metal to be trading up in such an environment, uncertainty across all markets remains high.
Gold bugs are smiling this week, especially after the price of gold surged ahead to a four-month high breaking past $1,150 an ounce Wednesday despite relative dollar strength and the bearish voices heard throughout the market last week.
Supreme Resources is a diversified gold and base metal exploration company focused on the 100% owned TAS Project located in the Copper Mountain Mining Camp, next-door to the past-producing porphyry copper mines. In addition, Supreme Resources also owns Ample-Goldmax property.
Gold is in a tug of war between the bears and the bulls this week, fighting off forces determined to push it down below the psychological $1100 level while at the same time struggling to break above $1135 an ounce.
By Kishori Krishnan Exclusive To Gold Investing News History does repeat itself. Going by the historic pattern of the gold market in the ‘70s, gold is set to experience an upward resistance for 19 months after its recent peak. Gold’s recent peak was $1,014 in March ’08, roughly 17 months ago. If this bull market [...]
By Kishori Krishnan Exclusive To Gold Investing News Its a revamped third five-year pact to limit sales of European central bank gold, complete with a lowered ceiling for planned disposals, but it is seen boosting the investment case for bullion and extending its multi-year rally. The European Central Bank surprised markets last week with the [...]
By Kishori Krishnan Exclusive To Gold Investing News Its a gold rush the likes of which the country has not seen in a long time. Dozens of mining companies have recently staked thousands of fresh claims in an area that once teemed with old-time panners and prospectors moiling for gold after digging and finding the [...]
Wednesday, June 16, 2010