Gold futures plunged Wednesday amid profit taking and widespread liquidation in precious metals.
COMEX gold futures, per the December contract, settled lower by $104.00, or 5.6%, at $1,757.30 per ounce.
This marked the third largest single-day drop ever for the yellow metal – trailing only declines of 7.3% and 5.8% on June 13, 2006 and March 19, 2008, respectively.
Since reaching a new all-time record high of $1,917.90 early Tuesday morning, gold futures have now plummeted 8.4%.
Silver – which generally exhibits higher volatility than gold – plunged 6.1% this afternoon. COMEX silver for September delivery traded lower by $2.60 at $39.70 per ounce after reaching a multi-month high of $44.275 just yesterday.
Platinum retreated as well, but by considerably less than gold or silver. Platinum futures, per the October contract, sunk $57.40, or 3.1%, to $1,822.70 per ounce.
Spanish Mountain Gold Advances Flagship Project
The acceptance of the Project Description indicates that the Project has now entered the Pre-Application phase of the Environmental Assessment and Permitting process. Spanish Mountain Gold expects that public meetings will be scheduled shortly in connection therewith. The Company has already held initial public meetings in the communities of Likely, Big Lake and Williams Lake and has held several meetings with both the Williams Lake Indian Band and Soda Creek Indian Band. Full Spanish Mountain Gold News Release.
- The Company anticipates that the formal commissioning of a pre-feasibility study (PFS) for the Project to begin in September 2011.
- The PFS will refine the estimates of capital and operating costs that form the basis for the Preliminary Economic Assessment (PEA) completed by the Company in 2010.
- Spanish Mountain Gold currently has ongoing geotechnical, metallurgical and power supply studies underway, the results of which will be incorporated in the PFS.
- The Company expects that the PFS will also examine the optimal mill throughput at the beginning of potential commercial production from the Project.
