The U.S. dollar moved higher against a basket of foreign currencies on Monday, helping to keep a lid on gold and silver futures. Investors moved into the world’s reserve currency amid further sovereign debt concerns in Greece, as the debt-strapped nation is struggling to secure its next round of financial assistance.
COMEX gold futures, per the April contract, settled lower by $15.40, or 0.9%, at $1,724.90 per ounce. Silver futures tumbled to as low as $32.985 per ounce in overnight trading, but recovered their losses to finish unchanged at $33.75 on the COMEX.
Other precious metals inched lower, with platinum futures dipping 0.1% to $1,629.80 per ounce and palladium falling 0.4% to $705.95 per ounce.
In currencies, the euro slid to an intra-day low of 1.3028 against the dollar this morning, but pared its losses in afternoon trading. The euro came under pressure as discussions over the potential next round of financial aid for Greece were postponed until Tuesday. Greek Prime Minister Lucas Papademos has come under pressure from the country’s citizens to reject various austerity measures, while euro zone officials have alternatively urged his interim government to quickly agree to receive the next tranche of bailout funds.
Mines Management Expands into Peru
La Estrella is in an area of established infrastructure, with roads and electricity, and lies within 30 km of Minera Buenaventura's historic Julcani Silver Mine which began operation in 1955. Estrella Gold has established and maintained constructive community agreements with all stakeholder communities, and the property is already fully permitted for additional drilling. Full Mines Manegement Press Release.
- The terms of the LOI allow Mines Management through its subsidiary, Minera Montanore Peru, SAC, to earn 75% of the La Estrella project by expending $5 million over four years on exploration activities
- The LOI allows MGN to conduct a period of additional exclusive due diligence until March 1, 2012, during which time definitive agreements are expected to be negotiated and executed
- La Estrella is an advanced exploration stage project which contains an epithermal, volcanic-hosted gold-silver system with associated base-metal mineralization extending over a strike length of at least 1,200 meters