Gold Futures Post New Record Close

Gold futures rallied to a new all-time high on a closing basis but failed to reach a new intra-day record high for the second straight day on Wednesday.

COMEX gold futures, per the December contract, settled with a gain of $8.80, or 0.5%, at $1,793.80 per ounce, surpassing yesterday’s $1,785 closing level.  However, the yellow metal remains below its $1,817.60 all-time high set last week.

Read More »

Gold, Silver Shares Climb, XAU Adds 1.9%

Gold and silver shares climbed alongside precious metals on Wednesday, as the Philadelphia Gold & Silver Index (XAU) rallied 1.9% to 214.26 in late morning trading.

The gains in precious metals equities came as gold futures inched higher to $1,787 per ounce, while silver rallied $0.44, or 1.1%, to $40.26 per ounce.

Strength in gold and silver was fueled by broad-based gains in commodities and a sell-off in the U.S. dollar against a basket of foreign currencies.  The U.S. Dollar Index (DXY) fell 0.5% to 73.619, largely due to a 0.4% rise in the euro to 1.4459 against the greenback.

Read More »

Claude Resources Reports New Gold Discovery

Claude Resources (CRJ.TSX, AMEX: CGR) announced exploration results from its new hanging wall discovery at the company’s 100% owned and operated Seabee Gold Mine in northeastern Saskatchewan, Canada.  The emerging gold mining company expects to drill approximately 86,500 meters at Seabee in 2011.

Exploration targets include the Seabee Gold Mine, the Santoy 8 Gold Mine, Santoy Gap, L62, and Neptune.  Claude Resources has mobilized two underground drills on the L62 Zone and is looking to add a third drill to explore and define the L62 Zone and other near mine targets.

Read More »