Precious metals rebounded alongside the broader financial markets on Wednesday as the U.S. dollar remained lower in afternoon trading. The greenback slid by 0.7% against a basket of foreign currencies, while the euro advanced 0.9% to 1.2855 against the dollar.
COMEX gold futures, per the February contract, fell to an intra-day low of $1,641.10 per ounce this morning but later settled higher by $4.30, or 0.3%, at $1,659.90 per ounce. In doing so, the yellow metal reached its best closing level in five weeks, or since December 13. Silver futures followed suit, bouncing back from as low as $29.74 to close with a gain of $0.41, or 1.1%, at $30.54 per ounce.
Among cyclical commodities, copper futures rose 0.6% to $3.75 per pound and crude oil futures pared their losses to settle back above $100.00 per barrel.
Gold and silver equities moved higher as well, with the Philadelphia Gold & Silver Index advancing 0.5% to 190.87 this afternoon. Among gold producers, AngloGold Ashanti (AU) and Randgold Resources (GOLD) added 0.6% and 1.7%, respectively. Coeur d’Alene Mines (CDE) and Silver Standard Resources (SSRI), two of the most widely-held silver stocks, gained 2.9% and 3.1%, respectively.
Premier Gold Expands High-Grade Zones at Trans-Canada Project
- Four zones are currently being drilled including the HGN, F2, North Shear and Key Lake (West Extension)
- The HGN and F2 zones are located proximal to the historic mine workings and remain open both up and down plunge
- The North Shear is a new discovery located between the Hardrock and Little Long Lac Mines and the West Extension target is a high grade target along strike from the Key Lake deposit that was acquired through Premier's acquisition of Goldstone Resources earlier in 2011
- These zones have characteristics similar to the high-grade past producing Little Long Lac (600,000 ounces gold produced at a grade of 11.7 grams per tonne) and Leitch (847,900 ounces produced at a grade of 31.5 grams per tonne) Gold Mines that are located on the Trans-Canada Project
