gold records longest rally :) great for idc!

Hey IDC Holders

Looks like we are set to see the price of gold break the $1800/oz soon with all this stimulus about to be unleashed!

The gold price just recorded its longest rally in 10 months.

Now that the fear of Greece defaulting on its debt is over, since the Pro EU New Democracy party won the election last night. We can begin to focus again on the economic fundamentals of gold, its importance in the global financial system and how IndoChine Mining will benefit significantly from this. :)

We are now 5 weeks away from a company making milestone event. The completion of the Pre Feasibility Study. Once this is released we will know how for certain how high grade the silver is and if Mr Promnitz is correct in his recent presentation in Geneva that the 20 million ounces (JORC) of silver already found in the previous shallow 350metre drilling is of such high grade, that it will pay for the gold mining and processing at Mt Kare.

Let alone drilling results which are expected to be announced between now and August, and JORC Upgrade once the PFS is completed.

Cheers Nectar

Gold records longest rally in ten months
June 16, 2012

Gold futures rose, capping the longest rally in almost 10 months, on speculation that central banks will take steps to buoy economies.

The Bank of England yesterday unveiled measures to stem the escalation of Europe’s debt crisis as global policy makers prepare for the impact of Greek elections. US Federal Reserve officials may discuss stimulus efforts at a meeting on June 19 after jobless claims unexpectedly rose. The dollar fell against a basket of currencies for the fourth straight day, the longest slump since April

“People are gearing up for next week when they expect some form of easing to be announced,” David Meger, the director of metal trading at Vision Financial Markets in Chicago, said in a telephone interview. “A weaker dollar is also pulling people toward gold.”
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Gold futures for August delivery rose 0.5 per cent to settle at $US1,628.10 an ounce at 1:40 p.m. on the Comex in New York. The price climbed for the sixth straight session, the longest rally since late August.

Central bankers from the U.K. to Japan and Canada stepped up warnings on the threat to world financial markets should Europe fail to contain its debt crisis.

Greeks vote on June 17 in an election that may determine the fate of the euro. The Syriza party has promised to renege on bailout terms proposed by the European Commission, European Central Bank and International Monetary Fund.

“Rather than an actual long play on risk, it’s people curtailing short positions because of uncertainties after the Greek election,” said Nikos Kavalis, an analyst at Royal Bank of Scotland Group Plc in London.

Silver futures for July delivery rose 1.2 per cent to $US28.74 an ounce. The metal climbed 0.9 per cent this week.

On the New York Mercantile Exchange, platinum futures for July delivery fell 40 cents to $US1,487.20 an ounce. This week, the price jumped 4.4 per cent, the most since late February.

Palladium futures for September delivery fell 0.7 per cent to $US630.40 an ounce on the Nymex.

BLOOMBERG

Read more: http://www.theage.com.au/business/markets/gold-records-longest-rally-in-ten-months-20120616-20g6k.html#ixzz1y5uok4Jr


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