Gold futures turned higher on Wednesday as traders used the prior two days of selling to accumulate positions on the COMEX. Gold for February 2012 delivery fell to $1,723.60 this morning, but quickly bounced back to settle with a gain of $13.00, or 0.8%, at $1,744.80 per ounce.
Silver futures oscillated between gains and losses for most of the day between finishing lower by $0.12, or 0.4%, at $32.63 per ounce. Platinum inched lower as well, by $2.00, or 0.1%, to $1,522.00 per ounce.
The mixed action in precious metals coincided with a rather quite day in the currency markets. The euro held near unchanged against the U.S. dollar this afternoon at 1.3402 as financial markets stabilized ahead of Friday’s European Union summit.
Gold and silver stocks remained largely in negative territory this afternoon, as the Philadelphia Gold & Silver Index (XAU) dropped 0.4% to 203.88.
Klondex Set to Advance Fire Creek Development
* Fire Creek is strategically located between the past producing Mule Canyon Mine to the north and the world-class Pipeline and Cortez gold deposits to the south.
* The property is readily accessible via Federal and state roads, is close to the electrical power grid, and is within 50 miles driving distance of two large mills.
* Klondex recently announced that its active 2011 surface drilling program continues to find new gold veins and to expand the scope of the resource at its Fire Creek.
