Gold, which has risen for a remarkable ten consecutive trading sessions, moved higher yet again Monday morning. The gold price climbed above $1,600 per ounce, trading to a new record high of $1,602 as worries over the lack of a deal to raise the debt ceiling over the weekend between President Obama and Congressional Republicans bolstered demand for the yellow metal. Sovereign debt concerns, specifically contagion to Italy, also helped drive gold to it longest winning streak since an 11-day stretch in January of 1980.
Investment demand has surged over the past week, helping to power a $102 increase in gold in the month of June alone. The most recent data from the U.S. Commodity Futures Trading Commission showed that net long gold positions in futures and options contracts rose by 44,393 to 222,184. According to Bloomberg, the 25% jump was the largest one week increase since the week ending September 8, 2009.
Stock prices fell across the globe as worries over the fiscal situation in Italy intensified. S&P 500 stock futures fell 10.70 to 1303.80 as the euro sank nearly 1% to 1.402 against the U.S. dollar.
Platinum Group Metals Expands Board of Directors
- Platinum Group Metals is in progress at the WBJV Project 1 with a $ 100 million investment for underground access, as part of a planned $ 443 million, 275,000 ounce per year platinum mine in South Africa.
- Project finance discussions with a large number of banks are advancing and a formal mining right application has been properly filed with the Department of Mineral Resources of South Africa.
- Timothy Marlow is a graduate of the Camborne School of Mines and is registered as a C.Eng, Registered Charter Engineer in the UK.
