Gold and silver shares turned lower in late morning trading on Friday as precious metals pared their gains.
The Philadelphia Gold & Silver Index (XAU) initially rose as much as 1.0% to 193.69, but later fell to an intra-day low of 189.07, for a 1.4% loss.
COMEX gold futures, per the December contract, rallied above $1,660 this morning but traded back near $1,650 as of 11:40am ET. Silver futures followed a similar path, as they earlier rose to $32.85 but later traded back near $32.10 per ounce.
Notable decliners in the sector included XAU components AngloGold Ashanti (AU), Kinross Gold (KGC), and Silver Wheaton (SLW) – which dropped 1.7%, 2.7%, and 2.2%, respectively.
The broader U.S. equity markets also surrendered their gains, with the S&P 500 Index dipping 0.2% to 1,163.15 after being higher by as much as 0.6% at 1,171.40.
Platinum Group Metals Purchases Canadian Platinum Project
- The mineralization is in a well-recognized deposit model known as a "Komatiite Hosted" setting.
- The discovery, made during exploration for diamonds, is notable as it is a first for this part of the Northwest Territories.
- The platinum group metals grades are at the top end of the global ranges for the copper nickel mineralization style.
- Platinum Group Metals will utilize the winter season to review and model all of the extensive project data and establish supplies at the exploration camp for a drilling campaign in the spring and summer 2012.
