News / Business
Prom Resources Riding the Gold Elevator
Gold prices like to move in the opposite direction of the ecomony, which is not what most people would think as gold is the standard backing the monetary system. Durning the recent housing and credit market crunch, the economy has been on a rollercoaster ride while we have watched the markets move up and down in a generally positive position, but the economic numbers have forced the Federal Reserve to cut interest rates. Analysts have proposed that the value of gold could reach over $800 dollars in the near future.
This prediction by analysts has caused Prom Resources Inc. (Pink Sheets: PRMO.PK) to resume shipments of gold bearing ore at the rate of 50 kilos per week. Although the normal prices are based on a Troy ounce, one Kilo is worth approximately 32.15 troy ounces. By resuming the shipment of gold, Prom Resources has a distinct advantage to capitalize on the projected uptrend in the value of gold. The shipment would result in greater revenues and an increase in the bottom line, which would have intrinsic value on the stock price. If the price of gold continues its rise to $800, look for the price of Prom Resources to follow suit.
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