Red Rock feeds a hungry gold market

4th Aug 2011 15:38

On Wednesday miner Red Rock Resources said it had significantly increased gold sales from its mines in Columbia.The firm said in the month ending 31st July its preliminary figures showed gold sales of 361 ounces, compared to 273 ounces in the previous month.The news led to a slight recovery in Red Rock's share price, which has fallen over 20% in the last month.On Thursday the shares continued to rise, putting on almost 5%.Gold has repetedly hit record highs recently and rose to $1680 on Thursday afternoon.Some commentators confidently predict gold will reach $2,000 as investors continue to see the precious metal as a haven from the econmic storm raging over Europe and the USA.