Gold shares turned lower Thursday after Fed Chairman Ben Bernanke backed off of his statement yesterday that alluded to the possibility of QE3.
“We’re not prepared at this point to take further action,” Bernanke stated in front of the U.S. Senate this morning in his semiannual testimony – known as Humphrey Hawkins – on the economy and monetary policy.
After opening higher, the AMEX Gold Bugs Index (HUI) dipped 0.5% to 562.28. Notable decliners included Barrick Gold (ABX), Freeport-McMoRan Copper & Gold (FCX), and Gold Fields (GFI). In mid-day trading, ABX, FCX, and GFI dropped 0.5%, 0.6%, and 1.4%, respectively.
Weakness in gold shares came as the yellow metal fell from a new all-time record high of $1,594.90 this morning to near $1,585 per ounce.
Bernanke’s full testimony is available at the Federal Reserve’s website here:
http://www.federalreserve.gov/newsevents/testimony/bernanke20110713a.htm
Colossus Appoints Former Barrick Executive to Board
- In 2009, Mr. Anthony was appointed Chief Operating Officer of African Barrick Gold, which listed on the FTSE in 2010 with a market capitalization of $3.8 billion.
- Mr. Anthony graduated from Queens University in 1979 with a Bachelor of Science in Mining Engineering (Mineral Processing)."
- In order to make room for Mr. Anthony, Dr. Vic Wall agreed to step down as a director of the Company, but will maintain his current Vice President, Exploration title and will continue to guide all exploration efforts at Serra Pelada.
