The broader U.S. equity markets tumbled Wednesday morning amid growing concerns over the debt ceiling, while gold held firm near its new record high.
The Dow Jones Industrial Average (DJIA) fell 106.26 points, or 0.9%, to 12,395.04, while the S&P 500 Index dropped 16.26 points, or 1.2%, to 1,315.68.
Gold futures, per the August contract, reached a new all-time high of $1,631.20 earlier today, and held near $1,626 per ounce this morning.
Silver was one of the few other asset classes to remain in positive territory, as the COMEX September futures contract rose $0.50, or 1.2%, to $41.20 per ounce.
Strength in gold and silver came despite a move higher in the U.S. Dollar Index, which climbed 0.5% to 73.95.
Cyclical commodities moved lower, with copper down 0.5% to $4.46 per pound and crude oil declining $1.43, or 1.4%, to $98.16 per barrel.
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.
