The Gold Report
The gold price has given investors and speculators an interesting ride over the past week, moving down on any indication of dollar strength and back up on dollar weakness.
At the beginning of the week, the yellow metal moved down sharply on a small boost in dollar value and by Thursday had fallen below what many had considered to be a key resistance level of $725 or $726. Some were thus expecting a further decline down to the low $700s, but gold invariably confounds in the short term - even though long term expectations have been fairly well met in recent months since the $608 low at the beginning of the year. So on Thursday, after hitting a 2 week low, it bounced back $18 on signs of renewed dollar weakness. On Friday it consolidated back up to the low $740s, after a shortlived blip back below $730, and stayed above the $740 level until the markets closed. It will be watched with interest next week.
Notable Quotes
"ROG's Burkina Faso deposit will be easy to mine, inexpensive to build and very profitable." (5/20/13) Roxgold Inc. - The Gold Report Interview with Brent Cook More >
"AMM is the kind of company an investor wants to be involved with." (5/20/13) Almaden Minerals Ltd. - The Gold Report Interview with Brent Cook More >
"ATY had some very good drill results and its VMS project is certainly economic." (5/20/13) Atico Mining Corp. - The Gold Report Interview with Brent Cook More >
"I like LYD because of its simple, low-capex project." (5/20/13) Lydian International Ltd. - The Gold Report Interview with Brent Cook More >
"TMM released record production of 28.3 Koz Au for the quarter." (5/8/13) Timmins Gold Corp. - Joseph Fazzini, Dundee Capital Markets More >
Volatile Gold Up and Down With the Dollar
Source: Mineweb.com (10/6/07)
...after hitting a 2-week low, it bounced back $18 on signs of renewed dollar weakness. On Friday it consolidated back up to the low $740s, after a shortlived blip back below $730, and stayed above the $740 level until the markets closed.
More Experts
"Drill results from BAR's Martinière indicate a growing, fertile gold system." (5/13/13) Balmoral Resources Ltd. - Eric Lemieux, Laurentian Bank Securities More >
"SAS had a strong cash position of $32.1M at the end of Q1/13." (5/13/13) St Andrew Goldfields Ltd. - Eric Winmill, Casimir Capital More >
"GRG has an exciting high-grade silver discovery and just released an NI-43-101-compliant resource estimate with 105 Moz Ag eq." (5/17/13) Golden Arrow Resources Corp. - The Gold Report Interview with Thibaut Lepouttre More >
"THO's Escobal remains on budget and on schedule; its progress is encouraging." (5/10/13) Tahoe Resources Inc. - Chris Thompson, Raymond James More >
"We reiterate our Outperform rating on P and it remains one of our top picks." (5/10/13) Primero Mining Corp. - Shawn Campbell, Macquarie Capital Markets More >