Gold Plunges to $1,775, Gold Shares Tumble

Gold futures extended their losses Thursday morning amid widespread liquidation in precious metals.  COMEX gold futures, per the December 2011 contract, tumbled by as much as $51.50, or 2.8%, to an intra-day low of $1,775.00 per ounce as of 11:15am ET.
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Silver Stocks (SIL) Fall, Sprott Sees “More Upside” Ahead

Silver stocks fell Thursday as the Global X Silver Miners ETF (SIL) retreated 0.8% to $26.54 per share.  The sell-off in silver stocks and the SIL was fueled by weakness in precious metals – stemming from the European Central Bank’s (ECB) announcement of new dollar liquidity measures.  Silver futures turned lower alongside silver stocks and the SIL on the news, with the COMEX December contract falling $0.37, or 0.9%, to $40.16 per ounce.
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Premier Advances High Grade Gold Deposit in Nevada

Premier Gold Mines (PG.TSX) provided an update of ongoing drilling at the Company’s 100%-owned Saddle Project, located within the Rain sub-district of Nevada’s prolific Carlin Trend.  Drilling has intersected high-grade gold mineralization over substantial core intervals that will be used, in addition to historic drilling, to complete a NI43-101 compliant gold resource estimate following the completion of the program.  Drilling is also scheduled to begin at the “Blue Sage” prospect in the near future. Read More »