Gold Prices Fall on Jobs Report

"Safe-haven buyers clashed with investors dumping gold for riskier stocks."

Gold prices were volatile Wednesday as safe haven buyers clashed with investors dumping gold for riskier stocks.

Gold for April delivery was down $3.80 to $1,336.50 an ounce at the Comex division of the New York Mercantile Exchange. The gold price today has traded as high as $1,345.60 and as low as $1,331.10. The spot gold price was shedding $6.90, according to Kitco's gold index.

The U.S. dollar index was rising 0.15% to $77.14 while the euro slipped slightly at $1.38 versus the dollar.

Gold's fate seems to be range-bound in the short term as prices are unable to conquer their $1,380 resistance area but also able to hold the $1,308 support level.

Gold was lower in early trading as private sector hiring in January jumped 187,000, according to ADP reports, and investors were drawn into stocks after the S&P broke 1,300 for the first time since June 2008.

Gold prices curbed their selloff, however, as reports circulated that supporters of Egyptian President Mubarak were clashing with protesters in Cairo after Mubarak announced that he wouldn't seek reelection in September. Although the Egypt crisis is far from over, the lack of violence decreased the need for gold as a safe haven asset. The bump up in violence might be enough to boost gold.

"As the stock market continues to move up. . .[gold] will lose momentum," says Randall Warren, chief investment officer at Warren Financial Service, an advisory firm based in Philadelphia. "[There is] no kick to the upside."

Gold Explorer Highlights 2020 Achievements and Outlook
Source: Streetwise Reports (01/29/2021)

Magna Gold Corp.'s CEO Arturo Bonillas issued a letter to shareholders outlining the firm's business and financial accomplishments in 2020 and its strategy and outlook for 2021.

Cabral Gold's channel samples at the JM target provide "further evidence that numerous high-grade veins occur within the Cuiú Cuiú district."

Explorer Completes Phase 2 Metallurgical Work for Palladium-Copper Project
Source: Streetwise Reports (01/28/2021)

Generation Mining intends to wrap up the feasibility study on Marathon this quarter.

Silver Firm Reports Q4/20 Processing, Production Numbers from Mexico Project
Source: Streetwise Reports (01/28/2021)

MAG Silver's joint venture project Juanicipio produced 230,000 ounces of silver during the quarter ended Dec. 31, 2020.

Explorer Reports High-Grade Gold-Silver Intercepts at BC Golden Triangle Property
Source: Streetwise Reports (01/27/2021)

Scottie Resources Corp. advises that the target remains open in most directions.

Golden Arrow Resources Out Exploring Again After COVID-19; Hits High-Grade Gold at Tierra Dorada in Paraguay
Source: The Critical Investor for Streetwise Reports (01/27/2021)

The Critical Investor explains why he believes "investors have an interesting opportunity to invest in a pretty derisked, undervalued and experienced explorer with three chances for success."

Junior Mining Sector 'the Best Value in the Space'
Source: Streetwise Reports (01/27/2021)

The StreetSmart Live! Broadcast on Jan. 26, 2021, focused on metals and why now is a good time for investors to be looking at them and the mining space. John Newell, independent analyst and portfolio manager, and John Feneck, mining sector expert and president of Feneck Consulting, addressed the status of the current metals market. CEOs of the three metals-focused companies comprising the Metallic Group of Companies—Group Ten Metals, Metallic Minerals and Granite Creek Copper—discussed their projects.

Shenanigans Abound: Gold, Silver and Cryptocurrency
Source: Michael Ballanger for Streetwise Reports (01/26/2021)

Sector expert Michael Ballanger explores the generational trends currently shaping investment markets, including the precious metals.

MMT Survey Helps Explorer Identify New Large Target at Ecuador Property
Source: Streetwise Reports (01/26/2021)

Aurania Resources reported that data from an ongoing Mobile MT Survey identified an extensive target at Tsenken at its Lost Cities - Cutucu Project in southeastern Ecuador.