Azure Minerals Ltd., an Australian company developing two precious metal projects in Mexico, has caught the attention of a pair of analysts and the Mining Journal. Ngaire McDiarmid started his July 1 Mining Journal article on the company by writing: "As if opening a jewellery box, virtually everywhere Azure Minerals looks, it discovers silver, gold and base metals at its flagship Alacrán project in Mexico."
Gold futures saw a massive $1.5 billion liquidation in one minute yesterday that had all the hallmarks of a “non profit” liquidation – a large seller trying to manipulate gold futures lower rather than maximise profits.
There are quite a few bearish indications that suggest lower precious metals prices are just around the corner. First of all, the USD Index broke above the triangle consolidation pattern and the breakout is almost confirmed (or confirmed, depending on the approach – some suggest waiting for 2 closes above a certain level and some prefer 3 closes; in the case of the precious metals market we found the 3-day rule to be more useful, but it’s not as clear in the case of currency markets).