Gold’s five session win streak of new all-time highs ended with a bang on Tuesday.
COMEX gold futures – per the December contract – surged to a fresh high of $1,917.90 in overnight trading, but subsequently tumbled amid broad-based liquidation in precious metals.
Gold futures settled lower by $30.60, or 1.6%, at $1,861.30 per ounce on the COMEX, but extended their losses in electronic trading later this afternoon. The December contract reached an intra-day low of $1,831.70 as of 3:11pm ET.
The yellow metal showed little if any reaction to reports of a 5.9 magnitude earthquake on the east coast of the U.S. that hit at approximately 1:51pm ET and lasted 45 seconds. Fortunately no injuries were reported from the earthquake.
Silver dropped alongside gold, with the COMEX September contract falling $1.60, or 3.7%, to $41.73 per ounce.
Platinum declined as well, by $32.70, or 1.7%, to $1,873.00 per ounce.
In contrast to precious metals, cyclical commodities such as copper and oil rallied 1.4% to $4.01 per pound and 1.7% to $85.88 per barrel.
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.