Commodities » Precious Metals

Gold and silver daily review (September 01, 2010)

Contributed by Nirmal Bang

By Nirmal Bang

MARKET ROUNDUP

U.S. gold futures rallied to a two-month high on Tuesday, as uncertainty about the economic recovery boosted the metal's appeal as an alternative investment.

IN FOCUS

- The world's largest gold-backed exchangetraded fund, SPDR Gold Trust, said its holdings rose to 1,302.508 tonnes by Aug. 31, from 1,298.556 tonnes on Aug. 27. The holdings hit a record at 1,320.436 tonnes on June 29.

- The world's largest silver-backed exchange-traded fund, the iShares Silver Trust, said its holdings stood at 9227.13 tonnes as of August 31, rose by 76.1 from the previous business day.

- Northgate Minerals Corp discovers fault offset of the Magdala and Golden Gift orebodies at its Stawell Gold Mine and says diamond drilling at its Stawell GoldMine has intersected a new zone of goldmineralization 

- Jaguar Mining Inc announces first gold pour at caet. Reiterates its gold production target at new caet? operation will total approximately 20,000 ounces in Q4 2010

FUNDAMENTAL OUTLOOK

Precious metals prices edged lower on COMEX today. Our outlook in gold remains bullish on the back of uncertain economic outlook that is likely to drive the gold prices up. Buying at every dip should be the investor's strategy today.