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, Platinum up
METALS STOCKS
Gold up over 2%; platinum's record run continues
Commodities rally across the board; strong gains in palladium, crude
NEW YORK (MarketWatch) -- Gold futures soared more than 2% in a broad commodities rally Tuesday, as platinum surged 4% after hitting another record high of $2,174 an ounce in electronic trading.
Gold for April delivery rose $20.20 to stand at $926.30 an ounce on the New York Mercantile Exchange. Other metals prices also made big gains.
Gold "was assisted by news of fresh write-downs at Swiss bank Credit Suisse, and by a surge in crude oil on the back of growing discord between Venezuela and Exxon Mobil," said Jon Nadler, senior analyst at Kitco Bullion Dealers, in a research note.
In Nymex energy trading, crude and other energy futures posted steep gains. Crude for March delivery rose to $97.81 a barrel, up $2.31.
Gold also got a boost from weakness in the dollar. The greenback was dogged by worries about the path of the ongoing credit crisis and by ideas that China's central bank might soon raise interest rates to battle surging inflation. See Currencies.
The dollar index, which tracks the performance of the greenback against a basket of other major currencies, dropped 0.5% to 75.910.
Shares of Credit Suisse Group tumbled after the Swiss bank said, only a week after reporting earnings, that it overvalued asset-backed securities by at least $2.85 billion.
Credit Suisse (CS:![]()
CS 50.88, 0.00, 0.0%) said it uncovered "errors" in an internal review in connection with "the operation of ongoing control processes." The review was prompted by a KPMG look at its books as the bank was about to go market with a $2 billion bond. Read more.
credit suisse group sponsored adr
Last: 50.880.000.00%
4:01pm 02/15/2008![]()
Delayed quote data
4:01pm 02/15/2008
Delayed quote data
Sponsored by:
Platinum soars anew
April platinum rallied a further $76.30 an ounce, changing hands at $2,140 after having touched a record $2,174 an ounce earlier in the session.
Platinum prices have embellished recent highs, propelled by concerns about declining output from South Africa, the world's biggest platinum producer.
The metal has rallied sharply since the middle of January, boosted by severe power shortages that have gripped South Africa, forcing many major mining companies to operate below capacity and revise their production forecasts.
But at least one market observer believes the gains are unwarranted.
"Again, the recent surges have pushed the metal deeper into overbought territory, but with no end in sight to the supply woes it seems the only way is up, with any dips being viewed as buying opportunities," said James Moore, an analyst at TheBullionDesk.com, in a note.
Also on Nymex, March palladium rallied $36.30, or 6%, at $488 an ounce.
March copper rose 13.20 cents, or 4%, at $3.6550 a pound and March silver gained 31.20 cents, or 2%, at $17.430 an ounce. ![]()
Polya Lesova is a MarketWatch reporter based in New York.
New Message
Please
login
to post a reply