Gold futures, per the COMEX August contract, climbed $12.30, or 0.8%, to a new record closing high of $1,602.40 per ounce on Monday.
The yellow metal reached a fresh intra-day all-time high of $1,607.90 per ounce near 10:15am ET, and held onto the majority of its gains as the day progressed.
In doing so, gold futures extended their winning streak to ten consecutive trading days. The last time the price of gold advanced ten straight days was in 1980, when it set an inflation-adjusted all-time high of $873 per ounce.
Other precious metals advanced alongside gold, with COMEX silver futures for September delivery surging $1.27, or 3.3%, to $40.34 per ounce.
Platinum rose $19.90, or 1.1%, to $1,775.40 per ounce, while palladium jumped $13.95, or 1.8%, to $794.60 per ounce.
The gains in precious metals came despite strength in the U.S. Dollar Index, which climbed to 75.497 in afternoon trading.
Aurizon Mines Appoints George Paspalas as CEO
AURIZON MINES (ARZ.TSX, AMEX: AZK) announced that George N. Paspalas has agreed to join the Company as President and CEO and as a member of the Company’s Board of Directors, effective August 15, 2011. David Hall will continue as President and CEO until August 15, 2011 and, following Mr. Paspalas’s appointment, will continue to serve the Company as Chairman of the Board. Full Aurizon Mines Press Release.
- Mr. Paspalas has spent 14 years in senior management positions, most recently as the COO of Silver Standard Resources (SSRI).
- He previously held senior management positions with Placer Dome Inc., including Executive Vice-President and Senior Vice President Projects – Technical Development and as President and CEO of Placer Dome Africa.
- During his career, Mr. Paspalas has been responsible for constructing and operating complex open pit and underground mines in South Africa, Tanzania, Australia, South America and Canada.
