Gold and silver futures declined Monday as precious metals retreated following reports that French President Nicolas Sarkozy endorsed a plan by French banks to extend the maturity of Greek sovereign bonds.
COMEX gold futures, per the August contract, settled lower by $4.50, or 0.3%, at $1,496.40 per ounce. Silver for July delivery dropped $1.05, or 3.0%, to $33.59 per ounce.
In doing so, gold futures reached their lowest closing level since May 19, while silver futures ended at their lowest level on a closing basis since late February.
The weakness was felt throughout the commodities complex, as copper fell 1.2% to $4.07 per pound and oil lost 0.6% to $90.61 per barrel.
Crocodile Gold Appoints New President and CEO
Crocodile Gold (CRK.TSX) announced the appointment of Chantal Lavoie as President and CEO of the Company, effective June 17, 2011. Mr. Lavoie is a Professional Mining Engineer with substantial experience in mining operations and projects. Mr. Lavoie has spent the previous eight years at De Beers Canada Inc. where he oversaw the Canadian operations of De Beers, including Snap Lake and Victor mines, the Gahcho Kue project and was acting CEO of De Beers. Mr. Lavoie also worked for Barrick Gold Corporation at Goldstrike in Nevada and Aur Resources Inc. at the former Louvicourt mine. Full Crocodile Gold News Release.
