Gold closed up $13.25 at $1,661 per ounce in another wild day on Wall Street. Treasury bond yields fell to their lows for the year as investors flocked to safe havens on concerns over the prospect of a double-dip recession in the U.S. A better than expected employment report this morning could not ignite a rally as the S&P 500 finished the day down 0.69 at 1199.38 – after trading in a volatile 50 point range.
ScotiaMocatta Precious Metals Research team commented on today’s action, noting:
“Gold opened higher this morning at 1660/1661. Better than expected jobs data had gold slip lower early morning but with investor confidence in the economy still soft Gold was bid up eventually reaching an intraday high of 1666.50/1667.50 mid session. As equities continued their morning selloff, profit taking in gold took the metal to an intraday low of 1648/1649 mid day. Choppy trading for the remainder of the session took gold to its close at 1649/1650.”
San Gold Posts Record Gold Production
Gold production in the second quarter of 2011 benefited from approximately 80% of the milled tonnage being sourced from the generally lower cost and higher grade Hinge and 007 mines. San Gold noted that the Hinge and 007 mines are expected to continue to be the primary source of ore at the Company's Rice Lake Mill for the foreseeable future. Full San Gold Press Release.
