Gold Futures Hit 6-Week High, Silver Jumps 1.9%

Monday, January 23, 2012, 3:17pm EST Written by GoldAlert Staff.

Gold futures moved higher on Monday amid weakness in the U.S. dollar, with the COMEX February futures contract finishing up by $14.30, or 0.9%, at $1,678.30 per ounce. In doing so, the yellow metal settled at a six-week closing high, last reached on December 9.

Silver futures rallied as well, with the COMEX February 2012 contract advancing $0.60, or 1.9%, to $32.27 per ounce.

Precious metals were boosted in part by the dollar, which fell 0.4% against a basket of foreign currencies. The euro rose 1.1% to 1.3019 against the greenback in afternoon trading.

Gold and silver shares posted gains, with the Philadelphia Gold & Silver Index (XAU) rising 1.2% to 189.21. Among gold producers, Kinross Gold (KGC) and Yamana Gold (AUY) were two of the top performers – by 3.9% and 2.3%, respectively. Silver Standard Resources and Silver Wheaton (SLW), two of the most widely-held silver stocks, jumped 3.5% and 2.3%, respectively.

Alacer Gold Strengthens Strategic Relationship in Turkey

Alacer Gold (ASR.TSX) announced the closing of the sale of an additional 15% of the issued and outstanding shares of Anagold Madencilik Sanayi ve Ticaret A.Ş. (Anagold) pursuant to the exercise by Lidya Madencilik San. ve Tic. A.Ş. (Lidya Mining) of a call right for US$37.8 million. Read the Full Press Release.

ALACER GOLD HIGHLIGHTS:

* Anagold, a subsidiary of the Company, conducts the Company's primary development and extraction activities for the Çöpler gold operations in Turkey

* The purchase of the 15% of the issued and outstanding shares of Anagold has increased Lidya Mining's holdings in Anagold to 20%

* Lidya Mining was granted the call right pursuant to a shareholders' agreement among the Company, Kurudere Madencilik A.Ş., Anagold, Lidya Mining and Çalık Holding A.Ş. – dated August 12, 2009 that can be found on SEDAR at www.sedar.com

EDWARD DOWLING, PRESIDENT AND CEO:

“The take up of the full 20% by Lidya Mining under the shareholders' agreement is not only a vote of confidence in the Çöpler project, but strengthens our strategic relationship with one of the most respected organizations in Turkey. This strategic relationship has and continues to help strengthen the sustainability and the growth of the Company's mining interests in Turkey.”

ALACER GOLD VS. S&P 500, XAU

PAOLO LOSTRITTO, NATIONAL BANK FINANCIAL:

“We reiterate our Outperform rating and C$14.00 price target...Catalysts to look for include: 1) Çöpler resource update Q1 2012, 2) New Higginsville Reserve in Q1 2012, 3) South Kalgoorlie underground resource update and feasibility study in Q2 2012, 4) SKO processing plant expansion decision in Q2 2012, and 5) Çöpler Sulphide expansion full feasibility study, H2 2012.”

GOLD PRODUCTION GROWTH

Fortuna Silver revenue growth year over year

INTERACTIVE ALACER GOLD CHART

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Gold Futures Hit 6-Week High, Silver Jumps 1.9%

Alacer Gold Strengthens Strategic Relationship in Turkey