Gold touched a new all-time high, touching $1,672.80 per ounce early this morning before backing off to trade back near unchanged. The yellow metal turned down from its new record high following better than expected jobs data in the month of July from ADP Employer Services.
The Global Precious Metals Team at TD Securities highlighted the recent surge in gold in not only U.S. dollars, but also in terms of most of the world’s leading currencies:
“Gold has become un-correlated from equities and other risk assets, with another downturn becoming increasingly likely, so does a policy response from the Fed. This drove gold to fresh all time highs overnight rallying over $20 to a DEC futures high of $1675.90 – we see short-term resistance at $1677. Gold also printed new all time highs against all the other major reserve currencies, bar the safe-haven Swiss Franc.”
Claude Strikes at Seabee
In 2011, Claude Resources will drill approximately 86,500 meters at the Seabee Gold Operation. Exploration targets include the Seabee Gold Mine, the Santoy 8 Gold Mine, Santoy Gap, L62 and Neptune. Full Claude Resources Press Release.
