Gold futures, per the COMEX August contract, surged $16.50, or 1.1%, to $1,529.20 per ounce on Wednesday.
Strength in the yellow metal was fueled by Moody’s downgrade of Portugal’s credit rating, which pressured European markets and the euro currency.
COMEX gold futures reached an intra-day high of $1,534.50 per ounce this morning, before dipping back below $1,530 into the close of open-pit trading.
Coupled with yesterday’s $30.10 rally, gold futures are now higher by 3.1% this week and on pace for their best week since a 3.6% climb from April 25-29 of this year.
Silver futures spiked as well, with the COMEX September contract finishing up $0.51, or 1.4%, at $35.92 per ounce.
Other metals closed lower, however, as copper, platinum, and palladium declined 1.1%, 0.5%, and 0.1%, respectively.
Klondex Mines Announces New Board of Directors
Under the terms of the Settlement Agreement, the Company and K2 have agreed on a new Klondex board of directors to be constituted by three representatives of the management nominees. Full Klondex News Release.
* After 30 years of service to the Company, Mr. Solloway will step down as CEO, but remains Chairman of the Board. Mr. Wilson, the current President and COO, will be appointed President and CEO.
* Mr. Kenneth Stowe, the outgoing President and CEO of Northgate Minerals Corporation and a mining industry veteran with over 30 years of accomplishment, is expected to be appointed to the Board immediately after the AGM.
