Pelangio Exploration Inc PXTSXV PGXPFOTC an

Pelangio Exploration Inc PXTSXV PGXPFOTC an

first_imgPelangio Exploration Inc. (PX:TSX-V; PGXPF:OTC) announced the results of seven diamond drill holes totaling 1,574 metres from its ongoing drilling program at the Pokukrom East zone on the Manfo Property in Ghana.  Highlights of the results included:·        1.19 g/t gold over 113 metres, including 9.05 g/t gold over 7 metres; ·        2.60 g/t gold over 64 metres, including 11.94 g/t gold over 10 metres; and ·        16.72 g/t gold over 4 metres.The results continued to confirm a higher grade, shallow north plunging core of Pokukrom East zone with an open plunge of 600 metres from near surface in previously reported hole SPDD-088 (7.01 g/t gold over 19 metres) to 210 metres depth in the holes reported this week.  Warren Bates, Senior Vice President Exploration, commented: “These are our best holes on the Manfo Property to date. These holes represent the north-plunging core of higher grade mineralization at Pokukrom East, now demonstrating an open plunge length of 600 metres.” Please visit our website to learn more about the project and request additional information. Sponsor Advertisement It will be interesting to see how high this dollar index rally goes…as it is as much oversold as the precious metals are overbought.It was an uneventful day in the gold market on Wednesday.  The price dipped a bit in the early going in Far East trading…and the high of the day [such as it was] came just a few minutes before the London open.From there it got sold back to unchanged by the New York open…and traded sideways into the close from there.Gold closed the day at $1,769.70 spot…down $1.40 from Tuesday.  Volume was an immense 171, 000 contracts…mostly of the high-frequency trading variety one would think.The silver price action followed just about the same price path as gold, but with a bit more ‘volatility’ attached to the price movements.  Silver’s high tick of the day also came shortly before the London open…and the low tick came about ten minutes after the Comex open.Silver finished the Tuesday session at $34.57 spot…down 21 cents on the day.  Volume was quite a bit lighter than Tuesday, but still a very chunky 45,000 contracts.The dollar index closed at 79.11…down about 10 basis points on the day…but not after it rose over 30 basis points between 7:00 a.m. in London and 8:00 a.m. in New York…and then fell 35 basis points between 8:00 a.m. and 12:30 p.m. Eastern time.It’s low at that time was 79.02…before it recovered a hair into the close.After a brief foray into negative territory around the London p.m. gold fix, the gold stocks rose into positive territory…and remained there for the rest of the trading session.  The HUI finished up 0.82%.Here’s the 5-day HUI chart.  The big jump on September 13th corresponded with Bernanke and Co.’s QE3 announcement…and as you can see, it’s been pretty quiet since the gap up last Friday morning at the open.Despite the negative close, the silver stocks turned in another decent performance yesterday as well.  Nick Laird’s Silver Sentiment Index closed up 0.65%.(Click on image to enlarge)The CME’s Daily Delivery Report showed that 13 gold and 3 silver contracts were posted for delivery within the Comex-approved depository system on Friday.  As of this mornings’ preliminary report from the CME, there are still 480 silver contracts open for September…and it will be of interest to see how many stand for delivery between now and the end of trading next Thursday, which is the last delivery day in the September contract.The GLD ETF reported that an authorized participant deposited 67,865 troy ounces of gold yesterday…and there were no reported changes in SLV.There was another smallish sales report from the U.S. Mint.  They sold 6,000 ounces of gold eagles…500 one-ounce 24K gold buffaloes…and 57,000 silver eagles.Over at the Comex-approved depositories on Tuesday, they reported receiving 967,760 troy ounces of silver…and only shipped 75,396 ounces of the stuff out the door.  The link to that action is here.Yesterday’s story about the 10 oz. gold bar filled with tungsten showing up at a Manhattan bullion dealer drew this incredible response from Washington state reader Vincent Youngs that is definitely worth sharing….and here it is.“I’m surprised that the jeweler drilled his bars without first using an ultrasonic thickness guage to test them. People dealing in precious metals should know how to do this. I’m [astonished] that this effective method of detecting counterfeits remains relatively obscure and unknown. Maybe you should pass this information on to your readers. Here’s a web page and a youtube.com video which explains it.  I have one of these gauges…and it works exactly as they describe. These gauges can be bought for a few hundred dollars.”  [The link to purchase the gauge shown in the video is here. – Ed]I thank Vincent on behalf of the entire precious metals industry…so pass it on!I have the usual number of stories again today…and the final edit is up to you.The majority of us favor no change in the present role of gold. Yet, we are not prepared to rule out that an enlarged role for gold may emerge at some future date. If reasonable price stability and confidence in our currency are not restored in the years ahead, we believe those who advocate an immediate return to gold will grow in numbers and political influence. – U.S. Government Gold Commission Report, March 31, 1982Well, it was just another day off the calendar, as nothing much happened from a price point of view.  But it’s obvious from the stories above, especially the new ones out about Japan that mention QE8, that the printing presses won’t be turned off any time soon.Both gold and silver were down a bit in late afternoon trading in Hong Kong on their Thursday.  Looking at the dollar index with the benefit of 20/20 hindsight, I see that the index has been in rally mode since the 12:30 p.m. Eastern time 79.02 low in New York early yesterday afternoon…and that rally accelerated starting around 10:00 a.m. Hong Kong time this morning…but appears to have topped out for the moment beginning at the 8:00 a.m. BST London open.  Both metals are still down a bit, but rallying, as I hit the ‘send’ button at 5:07 a.m. Eastern time.  Volumes are already heavy…and the dollar index is up about 28 basis points…about 15 basis points off its high.It will be interesting to see how high this dollar index rally goes…as it is as much oversold as the precious metals are overbought.  I still haven’t forgotten about JPMorgan et al and their horrendous Comex short positions in all precious metals…but silver in particular…along with their corresponding short position in SLV.  Unless they get over run…they’re going to be looking to cover as many of these short positions as they can.Here’s the 6-month dollar index chart…And the 6-month gold chart(Click on image to enlarge)This is the “in your ear” short-term scenario that I’m concerned about…and JPMorgan et al‘s track record is 100% in this department, with no exceptions.But this is one of those times that all dips should be bought…and I’ll be taking my own advice if or when this scenario finally plays out.Before hitting the ‘send’ button…I’d just like to let you know that the MP3 audio recordings of the recent “Navigating the Politicized Economy Summit” just held in Carlsbad, California are now available for download.The Presenters included: David Walker, former US Comptroller General • Dr. Lacy Hunt, former Senior Economist • Dallas Fed, Executive VP, HIMCO • Don Coxe, Global Strategy Advisor, BMO Financial Group • David Webb, hedge fund phenomenon, Origin Investments, AB • Dr. Thomas M. Barnett, former Senior Advisor, Office of the Secretary of Defense • G. Edward Griffin, author, The Creature from Jekyll Island • Bob Hoye, Chief Financial Strategist, Institutional Advisor • Peter Schweizer, Hoover Institute, author of Throw Them All Out • Doug Casey, contrarian speculator • Eric Sprott, Chairman, Sprott Asset Management … and many others.Attendees of the summit raved about being able to see an all-star cast like this at one investment conference. And you can listen to their advice – including the top stock picks of these resource giants – in the comfort of your own home on your 23-CD set.The CDs…and/or the MP3 files…should keep you off the street for a little while…and if you have any interest whatsoever…you can click here for more details…and it costs nothing to look.I hope your day goes well…and I’ll see you here tomorrow.last_img

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