Weak employment data spur the expectation on the FED initiating QE3 rather soon, which in turn prevented the stock market from collapsing on the bad news. The S&P ultimately closes with a 0.4% gain.
The expectation of further liquidity injection really kick-started precious metals. Gold had eased to below $1700 but leaped over 2% within minutes. By 4:45 pm gold is up 2.06% to $1736.3. A similar story for silver quoting at $33.67 up nearly 3%. PGM's lag, with Pt adding 0.5% and Pd up 1.25%.
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Precious metal miners enjoy the ride. We have gains outnumbering losses 4:1 on our GMP list. The list based gold miners index is up 2.82%, the silver miners index adds 2.62% and the equal weight index gains 2.32%. With the HUI adding 2.76%, HUI/Gold gains little to 0.278.
Seven double digit gains today. The lucky picks (penny stocks all of them) are:
- Soho Resources Corp.
- Cream Minerals Ltd.
- TVI Pacific Inc.
- San Gold Corporation
- Aura Minerals Inc.
- Temex Resources Corp.
- Harte Gold Corp.
Pretivm Resources sold off, despite decent drilling results (-5.6% at the close, the loss mitigated after plunging double digits shortly after opening). I failed to add to my position, as the price moved away from my limit. Yet, I've been lucky buying a first position in Aurico @ $5.45 earlier this week... you can't win them all.
The usual updates: gold-miner-pulse page and the miners spreadsheet are on the way.
Have a fine weekend
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