Gold and silver futures extended their losses Tuesday afternoon as substantial liquidation resumed in the precious metals space.
COMEX gold futures for December 2011 delivery settled lower by $41.70, or 2.5%, at $1,616.00 per ounce. However, later this afternoon in electronic trading, gold futures fell to an intra-day low of $1,597.60 as of 3:15pm ET.
Silver futures fared even worse, with the COMEX December 2011 contract falling $0.96, or 3.1%, to $29.84 per ounce. Gold’s sister precious metal subsequently tumbled to an intra-day low of $28.665 per ounce in electronic trading.
Weakness in precious metals was not fueled by any meaningful strength in the U.S. dollar on Tuesday, but did coincide with further widespread losses in equities and cyclical commodities. In afternoon trading, crude oil futures dropped 3.0% to $75.30 per barrel, while copper slid 3.5% to $3.04 per pound.
Premier Gold Hits High-Grade at Trans-Canada
The PEA will consider several possible options available to Premier in assessing how best to optimize key assets in the Trans-Canada Project – including the Hardrock, Brookbank, Key Lake and Kailey Deposits. The JDS team of experienced mining professionals will augment Premier's exploration expertise to provide, in 2012, a clear economic framework and vision to advance the project toward development. Full Premier Gold Mines Press Release.
- Initial follow-up drilling returned some of the highest recorded assays, resulting in multiple ounce intercepts in several of the target areas.
- The Trans-Canada Project is host to several past-producing mines which collectively produced more than 4 million ounces of gold from depths within 600 meters of surface between 1938 and 1968.
- The Hardrock Deposit is host to a NI43-101 compliant mineral resource estimate that includes 3.6 million gold resources.
