Turmoil on global stock markets overnight has seen investors...

Turmoil on global stock markets overnight has seen investors flee to gold, pushing the yellow metal higher first of all on the Comex in New York, followed by electronic trading.

At 8.30am Sydney, Australia, spot gold is changing hands at US$1134 an ounce.

And with the recent devaluation in the Australian currency to AUD / USD 0.735, this prices gold in the local money in the range of A$1540 an ounce.

Overnight gold for December delivery jumped 1% to settle at US$1,127.90 an ounce on the Comex.


Australia's next gold producer

Pacific Niugini (ASX:PNR) remains on the fast-track to be Australia's next gold producer from the 80% owned Nicolsons Project near Halls Creek in Western Australia.

Commissioning of the Nicolsons CIP plant (nominal capacity of 150,000tpa) is nearing completion.

So far 1,000 tonnes of low-grade ore have been processed and the plant has operated continuously for the past 72 hours.

All in sustaining costs (AISC) for Nicolsons are forecast to be A$900 an ounce, providing significant margins.

These margins will allow Nicolsons to be cash flow positive in Q4, 2015.