Precious metals headed to fresh 7-week lows after the Federal Reserve announced no changes in monetary policy at its latest Federal Open Market Committee (FOMC) meeting.
Gold futures, per the February 2012 contract, tumbled $31.00, or 1.9%, to $1,637.20 per ounce this afternoon. Silver futures for February 2012 delivery posted more modest losses than the yellow metal, sliding $0.26, or 0.9%, to $30.74 per ounce.
Gold and silver equities turned sharply lower as well, with the Philadelphia Gold & Silver Index (XAU) falling 2.8% to 188.32. Notable decliners included XAU components Yamana Gold (AUY), Harmony Gold (HMY), and Silver Standard Resources (SSRI) – which retreated 3.6%, 1.9%, and 2.9%, respectively.
Meanwhile, the broader equity markets relinquished their gains this afternoon, as the S&P 500 Index dropped 0.9% to 1,225.20.
Mines Management’s Montanore Project Receives Safety Award
- 7,200 feet of underground rehabilitation and dewatering in the Libby Evaluation Adit has been completed at Montanore, as well as construction of infrastructure and surface facilities at the site
- A Supplemental Draft Environmental Impact Statement (SDEIS) was recently completed by the U.S. Forest Service for the Montanore Project, a significant step forward in the final phase of the permitting process
- Montanore is one of the ten largest undeveloped silver resources in the world. The Project contains in-situ mineralization estimated at more than 230 million silver ounces and nearly 2 billion copper pounds