Proactive investorsLogo Proactive Investors UK Website

Search field
Additional information
Additional Information
Market: .
Sector: Gold Mining
Epic: GOLD
News: Latest news
Web Site: Gold
Other Articles: 09-03-201008-03-201025-02-2010

RSS - Subscribe to the News Today on Proactive UK ▼

Thursday March 11, 11:17Eco Animal Health Group: moves into US and China could be transformational

Aivlosin® now accounts for more than half of global sales for ECO. Sales in China during FY 2009 were more than 60% ahead of the previous year, and expectations for FY 2010 indicate similar progress.

FULL ARTICLE ►

RSS - Subscribe to the News Today on Proactive AU ▼

Friday March 12, 01:39Circadian Technologies to present at Ultimate Healthcare & Biotechnology Event, March 24

Robert Klupacs, CEO of Circadian Technologies, recommended by US Investment Bank Merriman Curhan Ford, as "the Cheapest Little Antibody Company on the Planet" will present in Sydney.

FULL ARTICLE ►

RSS - Subscribe to the News Today on Proactive CN ▼

Tuesday March 09, 10:55Nidec Corporation adds third factory and laboratory in Dalian City, China

Nidec Corporation (NYSE:NJ), the Japan headquartered manufacturer of small-to-mid-size motors, fan motors, and pivot assemblies, is to expand its presence in China through the construction [...]

FULL ARTICLE ►
Gold

Gold

Gold is a chemical element with the symbol Au and the currency code is XAU. It is a highly sought-after precious metal which, for many centuries, has been used as money, a store of value and in jewelry. The metal occurs as nuggets or grains in rocks, underground "veins" and in alluvial deposits. Modern industrial uses include dentistry and electronics, where gold has traditionally found use because of its good resistance to oxidative corrosion.
Friday, October 02, 2009

Gold spikes lower, only to quickly rebound above $1,005

company news image

Gold recovered following a volatile morning, after first slumping on worse-than-expected US employment data, which drove foreign exchange speculators back into the dollar out of the higher yielding Euro and Japanese Yen. As doubts re-emerge over the ongoing stability of the global economy, the recent ‘flight-to-risk’ trade reversed and the US Dollar Index spiked up towards 77.70.


Subsequently the Gold market experienced a period of volatility which saw the December Comex contract in New York fall to an intraday low of $987 before finding support and rebounding almost $20. Gold futures are currently changing hands around the $1,006 level shortly after 10:00am in New York.


Overnight the yellow metal kept its head above the $1,000 level, after coming under pressure from forex markets as traders positioned themselves ahead of a crucial session on Friday. After this week’s mixed economic data, which saw the equally surprising increase in US GDP and a simultaneous fall in the Purchasing Managers Index (PMI).Today’s non-farm payroll report is likely to have the decisive say in terms of the immediate outlook in the American economy.

Perhaps the most telling of US Economic reports, the non-farm payrolls indicate the seasonally adjusted level of unemployment in the American economy. This mornings report from the US Department of Labour exposed the worst US job market since 1983. The unemployment rate in the United States now stands at 9.8% after September non-farm payrolls recorded a larger than expected fall by 263,000 against expectations of an 180,000 decline.


Several economists and commentators including Federal Reserve Chairman Ben Bernanke believe that the US employment situation may not substantially reduce for some time. Reports suggest that unemployment is yet to turn the corner, and ultimately as a result the rate of the US economic recovery may slow.


On Wall Street equity markets look set to finish the week in a volatile session; gold stocks have stabilised from the pre-market volatility and are beginning to show signs of a recovery across the North American market.


The world’s largest gold producer Barrick Gold (NYSE: ABX) actually rose 0.75% in New York.


Randgold Resources (NYSE: GOLD) recovered after falling to an intraday low of $65.25. Meanwhile Canada-based Yamana Gold (NYSE: AUY) gained 1% after starting the session negative.

Other gold miners were generally lower also, with few brighter notes.

Agnico Eagle (NYSE: AEM) were among the rising stocks on the American Stock Exchange advancing over one percent against the general trend in the sector, dual listed Eldorado Gold (TSX: ELD; AMEX:EGO) were also trading in positive territory rising ¼%. International gold producer IAM Gold (NYSE: IAG TSX: IMG) eased just 2c lower and was trading at $12.97,


Multi-listed, Middle East focused Centamin Egypt (AIM: CEY, ASX: CNT, TSX: CEE) were fractionally higher to trade at $1.64 per share. New Gold (AMEX:NGD) and Mexico focused producer Minefinders (AMEX: MFN) were in negative territory again today, losing over 2%.


Junior gold companies also lost traction today.


Hawthorne Gold (TSX: HGC) lost almost 5%, as did Keegan Resources Inc (AMEX: KGN). Similarly Ontario based developer Rubicon (AMEX: RBY) fell 2% while West African developer Nevsun Resources (AMEX: NSU) also slipped in early deals.


Meanwhile South American focused exploration play Exeter Resource Corp (AMEX: XRA) also lost ground, losing 5c per share to trade at $4.15. TSX Venture stocks Victoria Gold Corp (TSX-V: VIT) and Timmins Gold Corp (TSX-V: TMM) were unchanged on the day.


Low-cost emerging gold producer Gold Resource Corp (OTCBB: GORO) slipped just 2 cents per share.

AddThis Feed Button
Register here to be notified of future Gold articles.

Other Gold articles


Other Gold news

More news ►

Investors interested in Gold recently viewed


No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.