Gold spot prices opened with losses on the order of about $10 and near the support level that the $1,650 area is thought to be able to now offer. Silver dropped nearly 50 cents and started the midweek session out under the $30.50 mark per ounce.
This morning, the meltdown continued in gold, but this time, unlike during yesterday’s after-hours electronic trading, silver and the noble metals joined gold and fell hard as well. Once again, the only green color to be seen was the net change in…the greenback.
Spot metals dealings opened higher across the board on Wednesday as the specs extended that which they successfully carried out in January for yet another session’s worth. Gold opened near $1,745 with a roughly $7 gain per ounce.
Precious metals headed lower (all but platinum) as the US dollar picked up a tad of energy and the euro ran into a wall of overhead resistance amid the still (!) on-going crisis. Spot gold opened $10.20 lower at $1,754 per ounce.
Mining companies have shifted exploration efforts to more challenging locations like the Arabian Peninsula, east-central Africa, and the Subarctic because of a lack of discovery of new sulfide deposits in traditional mining camps.
Gold prices turned higher following the jobs report, while silver narrowed its earlier losses to only 44 cents and was quoted at $35.91 per ounce. Platinum and palladium did not show too much movement in the wake of the data.
Commodities staged a modest comeback late on Thursday and into Friday morning as a slightly weaker US dollar drew a few courageous bargain hunters into the ring looking for an opportunity for a short-term buck-making opportunity.
The midweek trading session in New York opened with losses in all metals but gold this morning as the white and noble metals sank and the yellow one attempted to regain some lost footing in the wake of a further easing in the US dollar.
Focusing on exploring the Samapleau nickel-copper project in Ivory Coast, West Africa and the nearby Lola nickel-cobalt project in the Republic of Guinea, a potential 170-kilometer long mining district.