Gold soared to yet another new record high Friday morning as fears of recessions in the U.S. and Europe continued to weigh on financial markets.
COMEX gold futures, per the December contract, reached a new all-time high of $1,881.40 per ounce at approximately 6:45am ET, but have since pared their gains. As of 8:30am ET, gold futures were higher by $26.90 at $1,848.90.
Silver futures surged higher alongside gold, by $1.15 to $41.84 per ounce.
While precious metals have detached themselves considerably from their traditional correlations with currencies, this morning gold and silver rallied alongside the euro – which climbed 0.5% to 1.4397 against the dollar.
Equity markets across Asia and Europe suffered steep losses, while U.S. markets were set to open substantially lower once again. S&P 500 futures dropped 15.00 points to 1,128.50 this morning.
West Kirkland-Newmont JV Yields Positive Results
The TUG property is contiguous with 900 square kilometers (220,000 acres) of mineral rights in the Long Canyon Trend that the Company has optioned through a recent transaction with Rubicon Minerals (RBY). The combined Newmont and Rubicon option agreements give West Kirkland a dominant land position within the Long Canyon Trend and will be the focus of the Company's exploration efforts in Nevada. Full West Kirkland Mining Press Release.
*It confirms that the hinge of the gentle fold in the known gold-silver mineralization is prospective for high grades and good thickness near surface.
*WT11-002 is located at the northern end of the TUG deposit, approximately 75m, beyond any historic drilling and approximately 735m to the northwest of the Company's previously announced hole WT11-001 which cut 15.48m of 3.08 g/t gold and 94.75 g/t silver.