Gold Hits Fresh Highs, Gold Stocks Lag

November 19, 2009


This week, precious metals prices continued their bullish trend as gold surpassed a record (nominal) price of $1,150. Silver and platinum prices reached highs unseen in over 15 months, surpassing $18.00 and $1,400 respectively. However, precious metals-related stocks traded well below highs set in recent months.

Russian Central Bank to Acquire 30 Tonnes of Gold

The Russian central bank will buy nearly 30 tonnes of gold directly from the Russian state gold repository this year. The repository will use the funds from the sale to buy diamonds from state mining company Alrosa.

Billionaire Hedge Fund Manager Paulson to Start Gold Fund

John Paulson, head of Paulson & Co., will put up $250 M towards a new hedge fund that invests in gold stocks and derivatives. This move comes after Paulson put 10% of his company's $30 B under management into gold investments earlier this year.

Rubicon (RBY) Launches Phase II Drilling Program at Red Lake

After recently discovering significant extensions to its F2 gold zone, and upon imminent completion of Phase I drilling, Rubicon has outlined a new C$60 M Phase II drilling program for its Phoenix Gold. The new program will include a 12-month stage of 120,000 meters of underground and surface drilling.

US Mint's Silver Eagle Sales Hit 25,000,000

Silver Eagle sales at the US Mint have hit new highs of 25,000,000 for the year. The coin's popularity has picked up in recent weeks as silver prices have surged.