COMEX gold futures closed higher by $9.70 at $1,542.40 an ounce, rising after the weak U.S. jobs report sparked fears of a double-dip recession. July silver futures fell $0.01 to finish the week at $36.19 per ounce.
Gold was hovered near its all-time high of $1,578 per ounce as confidence in paper currencies continues to wane. As economic data has disappointed in recent weeks, investors have begin to question what else is left in the arsenal of central bankers and politicians. One thing is for sure – most of the so-called “solutions” to the nation’s ills involve more debt and larger deficits. Printing money cannot solve the structural issues, but it will continue to lead to a weaker currency, which in the end leads to higher inflation.
Scotia Mocatta noted this morning that “one thing is for sure, even if gold gets caught up in commodity / equity sell offs, dips are there to be bought as gold is increasingly recognized as a currency in its own right!”
West kirkland makes key hire, launches nevada drilling
West Kirkland Mining (WKM.TSXV) announced the appointment of Kent Samuelson to its technical team as Manager, Nevada & Utah. Mr. Samuelson is a Professional Geologist with more than 25 years of exploration and development experience throughout the western United States. The company also announced the start of drilling on the KB Property in Nevada. Major Drilling America, Inc. has mobilized a reverse circulation rig to the property and is drilling targets generated by soil and rock sampling. Full West Kirkland Mining Press Release.
