NGG lifted by its board

SINIVIT gold mine owner New Guinea Gold is in front this week as its directors chip into a private placement with some of their own funds.

NGG directors Ces Iewago, Greg Heaney and Arthur Alexander took their maximum allowable subscriptions which amounted to 25%, or $C125,000 ($US127,000), of the $500,000 placement at 5c a share.

Insider buying can attract investor appetite and the shares have since doubled to 10c.

The key economic event of this week was the US Federal Reserve's decision to extend its long-term bond buying program by allocating another $US45 billion.

Gold was not too impacted by this move for the overall week.

Spot gold was trading around $1696.5 an ounce in the past hour which was down 0.4% since last Friday.

With Christmas looming, Singapore Tapis crude was up 1.5% for this week so far, closing at $112.80 a barrel overnight.

London Metal Exchange cash copper was up just 0.5% for the week to $8052 a tonne last night.

LME spot nickel was up an encouraging 2.7% for the week to $17,636/t overnight.


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