McEwen Mining Inc (MUX)

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$MUX Whew... Gold, silver prices rally.

Gold, silver prices rally as storm clouds on horizon
https://www.kitco.com/news/2019-10-01/Gold-silver-prices-rally-as-storm-clouds-on-horizon.html

(Kitco News) - Gold and silver prices are solidly higher in midday trading Tuesday, with gold turning around modest early losses as trouble is brewing on a few fronts, prompting demand for the safe-haven metals. Earlier today gold prices had hit a seven-week low and silver a six-week bottom. December gold futures were last up $15.50 an ounce at 1,488.20. December Comex silver prices were last up $0.257 at $17.25 an ounce.

A weaker-than-expected U.S. manufacturing report this morning that saw the ISM manufacturing index fall to 47.8 in September from 49.1 in August helped to turn the gold market around. The ISM data falls into the camp of the monetary policy doves who want to see the U.S. Federal Reserve further ease interest rates. The ISM report also dropped the U.S. dollar index down from its new high for the year that was scored earlier today, and also dropped the U.S. stock indexes lower on the day. Both U.S. stock indexes and the USDX are trading nearer their session lows at midday.

Also supporting safe-haven gold and silver is a significant escalation in protesting in Hong Kong, on China's national holiday for the Communist Party. Reports Tuesday said one protester was shot with live ammunition by police, and the demonstrations are becoming more violent. If mainland China steps in to intervene in the matter it would quickly become a front-burner issue for the marketplace, which at present is not being significantly impacted by the situation.