A weekly gold survey by Bloomberg revealed that traders have turned the most positive on the yellow metal in three months. The latest results showed that 88% of respondents expect the price of gold to rise next week – the highest level since mid-July.
The positive sentiment was attributed to ongoing concerns over “Europe’s debt crisis, slowing growth and a bear market in equities,” according to Bloomberg.
While the data is encouraging on the surface, it could also be viewed as a bearish indicator from a contrarian perspective.
COMEX gold futures, per the December 2011 contract, pared their gains as morning trading progressed on Friday. The yellow metal hit an intra-day high of $1,685.50 earlier, but was up just $3.00 at $1,671.50 per ounce as of 10:55am ET.
Colossus Minerals Raises C$75M for Serra Pelada Project
Colossus intends to use the net proceeds of the offering to fund advancement of its flagship Serra Pelada Gold-Platinum-Palladium Project in Brazil, as well as for general corporate purposes including working capital. Full Colossus Minerals News Release.
- The Notes will mature on December 31, 2016 and will bear interest, accruing and calculated and payable semi-annually in arrears on June 30 and December 31 of each year, at a rate of between 6% and 13%, dependent on the simple average of the London PM Gold Fixing Price.
- The Notes will yield 9.0% based on the current London PM Gold Fixing Price.
- Each Warrant will entitle the holder to acquire one common share of CSI.TSX at a price of C$8.50 for a period of five years following the closing date of the financing.
