Gold futures settled lower Friday amid broad-based liquidation on Wall Street after reports surfaced that Standard & Poor’s plans to downgrade several European nations’ credit ratings. Risk aversion fueled safe-haven buying in the U.S. dollar, which pressured the yellow metal.
COMEX gold for February delivery – the most actively-traded contract – closed with a loss of $16.90, or 1.0%, at $1,630.80 per ounce. The yellow metal fell to an intra-day low of $1,625.70 this morning, subsequently bounced back above $1,640, but later extended its losses.
Despite Friday’s sell-off, however, gold futures posted a weekly gain of $12.80, or 0.9% – marking its first stretch of back-to-back gains since October 31-November 11, 2011. On a year-to-date basis, the yellow metal is now higher by 4.1%, following a 10.4% slide in December.
Silver futures followed gold lower on Friday, with the February 2012 contract trading down by $0.62, or 2.1%, at $29.50 per ounce this afternoon. For the week, however, silver posted a gain of $0.77, or 2.7% – representing its first consecutively weekly advances since October 3-14 of last year.
West Kirkland Expands Gold Mineralization at TUG Property
The TUG property is part of 1,020 square kilometers (252,000 acres) of mineral rights in the Long Canyon Trend that the Company has optioned through a transaction with Fronteer Gold – prior to its acquisition by Newmont Mining – and with Rubicon Minerals. The combined Newmont and Rubicon option agreements give West Kirkland a dominant land position within the Long Canyon Trend and will be the focus of the Company’s exploration efforts in Nevada. Full West Kirkland Mining Press Release.
* This hole confirms the system is open for further expansion
* Northeast structures parallel to the Long Canyon Trend at the north end of the TUG deposit, beyond hole WT11-007, will be the target of drilling in January 2012