Wednesday, April 05, 2006
Oil, Gold Firm On Iran Rumours
A look at the trading numbers. "Gold rebounded on Wednesday to come closer to a recent 25-year high, helped by a weak dollar, firm oil and a rally in base metals, and analysts said prices could soon hit $600 as investors remain positive. 'A sudden increase in geopolitical tensions or a fresh bout of speculative/investor buying still has the potential to force a test of $600,' said analyst James Moore."
"Gold rose as high as $589.40 an ounce before ending New York trading at $587.40/588.30. That compared with $585.90/6.80 in the U.S. market late on Tuesday. Silver fell to $11.60 an ounce and was later quoted at $11.70/11.73 in New York. Tuesday, it ended near $11.66/11.69. Last Friday, prices climbed to a 22-year high of $11.91."
Platinum edged down to $1,068.50/1,071 an ounce, versus $1,078/1,082 previously, while palladium fell to $338/342 an ounce from $339/343."
"Worries such as Iran's nuclear programme have driven investors to seek gold, a traditional safe-haven investment. Some reports said Iran had moved a significant amount of its gold from Europe, and the last move was from Credit Suisse. 'We can not comment on those rumours. We never do that,' said a spokesman at Credit Suisse in Switzerland."
"The Toronto Stock Exchange's main index soared 125 points on Wednesday to end at another record close as firming metals prices boosted mining shares while the energy sector rallied as oil moved above $67 a barrel. The resource-driven index, which has been pushing its record close higher several times in the past two weeks, has gained 9.1 percent so far this year."
Some mining news. "Yamana Gold Inc. today announced the completion of Yamana's previously announced acquisition of Desert Sun. Pursuant to the acquisition of Desert Sun, shareholders of Desert Sun will receive 0.6 of a Yamana common share for each Desert Sun common share upon submission of their Desert Sun shares together the requisite letter of transmittal. Yamana will issue approximately 63.9 million common shares in connection with the acquisition."
"Yamana is a Canadian gold producer with significant gold production, gold and copper-gold development stage properties, exploration properties, and land positions in all major mineral areas in Brazil. With the acquisition of Desert Sun, Yamana also owns the Jacobina Mine. Yamana expects to produce gold at intermediate company production levels in 2006 in addition to significant copper production by 2007."
"Cassidy Gold Corp is pleased to announce results from ongoing aircore drilling on its 100%-owned Kouroussa Project, located in Guinea, West Africa. Aircore drilling consisted of 3 fences of between 10 and 15 holes each, oriented to the east-northeast across a prominent north-trending ridge along the east side of the Manie geochemical anomaly. The two fences to the north are 120 metres apart and intersected significant widths of gold mineralization."
"Gold rose as high as $589.40 an ounce before ending New York trading at $587.40/588.30. That compared with $585.90/6.80 in the U.S. market late on Tuesday. Silver fell to $11.60 an ounce and was later quoted at $11.70/11.73 in New York. Tuesday, it ended near $11.66/11.69. Last Friday, prices climbed to a 22-year high of $11.91."
Platinum edged down to $1,068.50/1,071 an ounce, versus $1,078/1,082 previously, while palladium fell to $338/342 an ounce from $339/343."
"Worries such as Iran's nuclear programme have driven investors to seek gold, a traditional safe-haven investment. Some reports said Iran had moved a significant amount of its gold from Europe, and the last move was from Credit Suisse. 'We can not comment on those rumours. We never do that,' said a spokesman at Credit Suisse in Switzerland."
"The Toronto Stock Exchange's main index soared 125 points on Wednesday to end at another record close as firming metals prices boosted mining shares while the energy sector rallied as oil moved above $67 a barrel. The resource-driven index, which has been pushing its record close higher several times in the past two weeks, has gained 9.1 percent so far this year."
Some mining news. "Yamana Gold Inc. today announced the completion of Yamana's previously announced acquisition of Desert Sun. Pursuant to the acquisition of Desert Sun, shareholders of Desert Sun will receive 0.6 of a Yamana common share for each Desert Sun common share upon submission of their Desert Sun shares together the requisite letter of transmittal. Yamana will issue approximately 63.9 million common shares in connection with the acquisition."
"Yamana is a Canadian gold producer with significant gold production, gold and copper-gold development stage properties, exploration properties, and land positions in all major mineral areas in Brazil. With the acquisition of Desert Sun, Yamana also owns the Jacobina Mine. Yamana expects to produce gold at intermediate company production levels in 2006 in addition to significant copper production by 2007."
"Cassidy Gold Corp is pleased to announce results from ongoing aircore drilling on its 100%-owned Kouroussa Project, located in Guinea, West Africa. Aircore drilling consisted of 3 fences of between 10 and 15 holes each, oriented to the east-northeast across a prominent north-trending ridge along the east side of the Manie geochemical anomaly. The two fences to the north are 120 metres apart and intersected significant widths of gold mineralization."
# posted by Ben Jones @ 4:19 PM 
