Mississauga, ON -- (SBWIRE) -- 09/09/2016 -- AllPennyStocks.com Media, Inc. (http://www.AllPennyStocks.com/) announces its latest article titled "Copper North Starts Drilling At Thor Property."
Companies mentioned in this article include Copper North Mining Corp. (TSX-Venture:COL).
Gold prices surged last week after the jobs report for the month of August came in below the consensus forecast. A strong report would have raised the possibility of a rate hike from the Federal Reserve at its next meeting in September. A rate hike would be a negative for gold therefore a weak jobs report boosted gold prices last Friday.
Gold prices have been strengthening throughout the week. However, the rally has been interrupted by comments from some of the dovish officials at the Federal Reserve. Boston Fed President Eric Rosengren said that the central bank risks financial instability if it continues with low interest rates. Another dovish Fed official will be speaking at the Chicago Council on Global Affairs on Monday. Market participants will be closely watching the speech to see if the Fed is still considering a rate hike later this month.
If the Fed does hike, we could see a further pullback in gold prices. Having said that, the outlook for gold miners still remains bullish as they have cut down their costs significantly during the downturn in gold prices from 2011 to 2015.
Copper North Mining Corp. (TSX-Venture:COL) is a Canadian mineral exploration and development company. The company's assets include the Carmacks Project located in the Yukon, the Redstone Property located in the Northwest Territories, and the Thor Property in British Columbia.
The full version of this article can be found at:
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