HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"
NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)
Message: Gold and other precious metals decline sharply
METALS STOCKS
Gold and other precious metals decline sharply
NEW YORK (MarketWatch) -- Gold futures accelerated their losses Tuesday, as traders sold the precious metal following its strong gains over the last few days.
Gold for April delivery declined $15, or 1.6%, to $911.70 an ounce on the New York Mercantile Exchange.
Other metals prices were also sharply lower.
"We have a sharp decline in Indian demand, while investment demand has been robust in the wake of the string of bad news from the financial world over the past two months," said Jon Nadler, senior analyst at Kitco Bullion Dealers, in a research note.
"In addition, the market now has to factor in the potential net supply increase from the upcoming IMF sales and weigh it against the decline that will result from mine output losses in South Africa," Nadler said.
The Group of Seven industrial nations approved over the weekend the sale of gold by the International Monetary Fund, according to media reports. The IMF is the third largest holder of gold in reserves after the U.S. Federal Reserve and the German central bank.
Separately, severe power shortages plaguing South Africa recently have forced many major mining companies to lower production, boosting in turn gold and platinum futures. South Africa is the world's second-largest gold producer and the biggest platinum producer.
The dollar slipped against most major counterparts Tuesday but gained on the yen as risk appetite returned, and stocks rose on news of Warren Buffett's proposed buyout of bond insurers' liabilities.
The dollar index, which tracks the performance of the greenback against a basket of six major currencies, was at 76.236, down from 76.453 in late U.S. trading Monday. See Currencies.
Also on Nymex, platinum futures hit another peak overnight before giving up their gains. Platinum for April delivery soared as high as $1,970.90 an ounce Tuesday.
The contract was last down $9.50 at $1,929.90 an ounce.
March silver dropped 18 cents to $17.29 an ounce, while March palladium declined $9.50 to $433.90 an ounce. March copper was flat at $3.56 a pound.
Crude-oil futures fell for the first time in four sessions as estimates that U.S. crude inventories have risen for a fifth week overtook a possible escalation of the conflict between Venezuela and the U.S. See Futures Movers.
Metals stocks decline
Indexes tracking mining and metals shares declined on Tuesday. The Philadelphia Gold and Silver Index (XAU:![]()
XAU 178.56, -3.52, -1.9%) fell 1.7% to 178,99 points and the Amex Gold Bugs Index (HUI:![]()
HUI 434.49, -11.08, -2.5%) dropped 2.4% to 434.78 points.
phlx gold silver index capital-weight
Last: 178.56-3.52-1.93%
1:32pm 02/12/2008![]()
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1:32pm 02/12/2008
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amex gold bugs index equal-$ weight
Last: 434.49-11.08-2.49%
1:52pm 02/12/2008![]()
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1:52pm 02/12/2008
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As for the sector's exchange-traded funds, the StreetTracks Gold Trust ETF (GLD:![]()
GLD 89.62, -1.71, -1.9%) dropped 1.9% to $89.62, the iShares Silver Trust ETF (SLV:![]()
SLV 170.70, -3.30, -1.9%) fell 1.6% to $171.21 and the Market Vectors-Gold Miners ETF (GDX:![]()
GDX 47.34, -1.31, -2.7%) declined 2.4% to $47.47.
Gold warehouse inventories rose by 5,202 troy ounces to stand at 7.6 million troy ounces, as of late Monday, according to Nymex data. Silver stockpiles declined to 133.2 million troy ounces, off 651,008 troy ounces, while copper supplies were unchanged at 13,978 short tons.
streetTRACKS Gold Shares ETF
Last: 89.62-1.71-1.87%
1:32pm 02/12/2008![]()
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1:32pm 02/12/2008
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ishares silver trust ishares
Last: 170.70-3.30-1.90%
1:32pm 02/12/2008![]()
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1:32pm 02/12/2008
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market vectors etf tr gold miner etf
Last: 47.34-1.31-2.69%
1:32pm 02/12/2008![]()
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1:32pm 02/12/2008
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