Precious metals and the junior miners are pulling back in US dollar terms after making a powerful run higher since November. Look for the 200 day moving average to provide support for gold at $1255.
Last week, I highlighted Pershing Gold (PGLC) and believed that a breakout would occur from the downtrend. I believed that late 2014 presented an excellent opportunity near all time lows. Recently, the stock has broken out above the downtrend and 200 day moving average on a major deal with Newmont in which they acquired 1,600 acres of mining claims adjacent to Relief Canyon for $6 million.
This deal could help Pershing expand and update their 43-101 gold resource in Nevada. Pershing Gold (PGLC) is cash rich with 3 open pit mines and a state of the art, fully permitted and constructed heap leach processing facility with a huge capacity right in mining friendly Nevada.
See the latest news release on the Pershing deal with Newmont by clicking on the following link:
See my last interview with Pershing Gold (PGLC) CEO Steve Alfers by clicking on the following link:
Disclosure: Author owns Pershing Gold and the company is a website sponsor.
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