Gold Prices Recover from Selloff

Source: The Street, Alix Steel (11/15/10)

"Gold prices were regaining their footing Monday after losing 3% Friday."

Gold prices were regaining their footing Monday after the precious metal lost 3% in a broad market selloff Friday.

Gold for December delivery was up $7.20 to $1,372.70 an ounce at the Comex division of the New York Mercantile Exchange. The gold price Monday has traded as high as $1,375.50 and as low as $1,356.50.

The U.S. dollar index was rallying 0.47% to $78.45 on the back of a weaker euro, which was falling to $1.36 vs. the dollar. The spot gold price Monday was up $4.60, according to Kitco's gold index.

Gold investors were trying to recover after Friday's deep selloff which pushed prices through multiple support areas to settle below $1,370 an ounce. Better-than-expected October retail sales as well as a slew of merger news Monday were initially keeping gold prices down as investors opted for stocks, but weaker-than-expected New York manufacturing data and bargain hunters helped gold prices inch higher.

In the medium term, global uncertainty, currency instability, debate over quantitative easing round II, a possible Ireland default and eurozone contagion all promise to leave the gold market vulnerable.

"Volatility looks set to remain a feature in the coming sessions," says James Moore, analyst at thebulliondesk.com.

The dollar has been curbing its expected decline from the Federal Reserve's loose monetary policy due to a falling euro. The euro has been hit over the past week on some of the EU members' inability to raise money. Investors had been dumping bonds from Ireland, Portugal and Spain on worries that they would be on the hook if the country needed bailout money or defaulted.

Announcing Streetwise Live! Events
Source: Streetwise Reports (07/13/2020)

Streetwise Reports is offering 100 investors—at no charge—the opportunity to meet via Zoom with executives of precious metals companies as they discuss recent developments at their companies and upcoming catalysts.

"China's export quota could be opportunity for Canadian miners"

Latin America: Six Gold Juniors Amass 100M+ Ounces
Source: Marc Davis, BNW News (05/25/2010)

Latin America, the world's last great mineral frontier for prolific gold discoveries, is proving a godsend for some lucky investors.

Mexico: Gold's Next Powerhouse Player
Source: Marc Davis, BNW News (11/03/2009)

As the world's key gold producing nations struggle mostly in vain to replenish dwindling below-ground supplies, Mexico is bucking the trend in a big way.

Where Have All the Gold Mines Gone?
Source: Brent Cook, Exploration Insights (04/14/2009)

Given the declining global gold production, mining companies’ demand for reserve replacement and the acute dearth of new gold discoveries, there is no doubt that real economic discoveries will be exceptionally valuable. . .the opportunity for stellar profits is the best it has probably ever been. Identifying the few successes, however, will require vigilant and constant technical assessment of geology and drill results, always with an eye to mine economics.

Congo Completes Mining Review, Says Majors Quit Talks
Source: Reuters (12/20/2008)

"Review process is extended an additional 45 days to allow six companies to return to the negotiating table for direct talks with government ministers."

I haven’t spoken to my old mining stock friend, noted and universally respected gold stock guru, Bob Bishop, about Rare Element in a year, but I hear he is still a supporter and very large shareholder. I don’t believe he will hold it against me to remind you that this was one of his favorite holdings when he left the newsletter writing business. . .

It's Only the Beginning for Uranium
Source: www.financialinsights.com (06/03/2005)

Dr. Richard S. Appel, author of Financial Insights, first became bullish on uranium in mid-2003, when it appeared obvious that its supply versus demand equation was fated to seriously drive higher its price. Since then, a series of events in the uranium industry has led Appel to believe that uranium prices will reach never before seen levels.

(00/00/0000)