Gold futures reclaimed the $1,700 level on Tuesday following yesterday’s large-selloff.
COMEX gold for December 2011 delivery – the most actively-traded contract – settled higher by $23.80, or 1.4%, at $1,702.40 per ounce. The yellow metal rose steadily in early morning trading and modestly extended its gains after the worse than expected revision to third quarter U.S. GDP. At 2.0%, the GDP figure came in below the 2.5% consensus estimate among economists.
Silver futures surged in concert with gold, as the COMEX December 2011 contract finished with a gain of $1.56, or 5.0%, at $32.68 per ounce.
The rally in precious metals came despite stability in the U.S. dollar, which held near unchanged against a basket of foreign currencies this afternoon.
Crocodile Gold Achieves “Excellent” Recovery Rates at Union Reefs
Crocodile Gold also noted that it produced record quarterly tonnage and achieved “excellent” gold recovery rates at its Union Reefs production facility in the Northern Territory of Australia. The Company reported that on the exploration front, drilling results have confirmed the short to mid-term potential of Union Reefs to bring high quality ounces to its production profile. Full Crocodile Gold News Release.
- Milled a record total of 559,447 tonnes of ore at an average grade of 1.09 grams per tonne (g/t) and a recovery rate of 92.8% to produce 18,186 ounces of gold
- Maintained net working capital of $50.9 million, including cash and cash equivalents of $49.2 million or $0.16 per share
- Completed 589 meters (m) of development at the Cosmo underground mine, in addition to the 543m in the previous six months, with a third mining level now accessed