News Headlines

  • The relatively small size of the gold sector could lead to out-sized investor gains, said Vrify CEO Steve de Jong. De Jong sat down for a podcast on Friday with mining reporters Neils Christensen, Michael McCrae and Paul Harris. Before founding Vrify, which produces virtual mine tours, de Jong had a huge success in the mining space at another firm. He headed Integra Gold, which was acquired by Eldorado Gold in 2017 for $590 million. De Jong advanced the Lamaque project towards production. Gold a

  • After a brief dip below $1,800 an ounce Thursday, the gold market has once again bounced back and is now looking to end the week near its recent nine-year highs. In a report Friday, commodity analysts at Commerzbank said that they don’t expect to see any major correction in gold in the near-term. “We regard the decline in gold and silver prices to be a healthy correction following their previous steep rise,” they said. “We do not expect any prolonged correction, as the general situation is clear

  •   Gold is rallying for the fifth week in a row and the bullish trend is targeting the 2011 record-highs in USD-terms, according to analysts. At the time of writing, gold was holding on above $1,800 an ounce with August Comex gold futures trading at $1,808.30, up 0.25% on the day. Investors seem to be torn between hopes of an economic recovery and the worrying number of rising coronavirus cases in the U.S., which could slow everything down again. The U.S. reported 60,000 new cases on Thursda

  • Despite COVID-19 disruption in Q2 at many mines worldwide, Eldorado Gold (TSE:ELD) reported production gains this week during the quarter. Preliminary production was 137,782 ounces of gold, a 50% increase over Q2 2019. Gold output even beat the last quarter, which hit 115,950 ounces. Gold production at Kisladag increased by 130% over Q2 2019, and 19% over Q1 2020. Increased production in Q2 2020 was due to higher grade and tonnes of stacked ore and increased solution grades due to drier weather

  • Silver demand by investors was up 10 percent, said the Silver Institute yesterday. The institute said there was “…remarkably strong growth in silver-backed exchange-traded products (ETPs), which have posted successive all-time highs this year, together with solid silver coin and bar investment.” The price for the metal has gotten better. The institute noted that the silver price averaged US$16.65 through to the end of June. “Having fallen sharply in mid-March, the silver

  •   Gold is rallying for the fifth week in a row and the bullish trend is targeting the 2011 record-highs in USD-terms, according to analysts. At the time of writing, gold was holding on above $1,800 an ounce with August Comex gold futures trading at $1,808.30, up 0.25% on the day. Investors seem to be torn between hopes of an economic recovery and the worrying number of rising coronavirus cases in the U.S., which could slow everything down again. The U.S. reported 60,000 new cases on Thursda

  • Precious metals had a big week with gold prices holding critical support above $1,800 an ounce. But let’s not forget about silver, gold‘s baby brother pushing above $19 an ounce and seeing its highest weekly close in four years. But even after these big moves, nearly all analysts across the board see the potential for both metals to move higher. In a world awash in economic uncertainty due to the unchecked spread of the COVID-19 pandemic, investors are looking for safe-haven assets a

  • The gold market is preparing to end its fifth straight week of gains with prices holding over $1,800 an ounce, near their highest level since 2011 and both Wall Street analysts and Main Street investors don ’t expect the trend to end anytime soon. The latest results of the Kitco News Weekly Gold survey showed unprecedented bullish sentiment in the marketplace with Wall Street sentiment at its highest level in the survey ’s history. Most analyst note that gold ’s break above $1,800 an ounce has c

  • Gold prices are moderately higher in early U.S. trading Friday, as risk aversion is keener heading into the weekend. Gold and silver markets remain strongly bullish from a technical perspective, suggesting more upside for both. August gold futures were last up $8.00 an ounce at $1,811.80. September Comex silver prices were last up $0.128 at $19.09 an ounce. Global stock markets were mostly lower in overnight trading, including in China, where an eight-session winning streak in the Shanghai compo

  • After a brief dip below $1,800 an ounce Thursday, the gold market has once again bounced back and is now looking to end the week near its recent nine-year highs. In a report Friday, commodity analysts at Commerzbank said that they don’t expect to see any major correction in gold in the near-term. “We regard the decline in gold and silver prices to be a healthy correction following their previous steep rise,” they said. “We do not expect any prolonged correction, as the general situation is clear

  • Gold prices are at daily highs as the U.S. Producer Price Index (PPI) falls short of expectations in June, declining 0.2%. Market’s consensus was expecting to see a rise of at least 0.4% on a monthly basis. The annual PPI also disappointed market forecasts, falling 0.8% vs the expected 0.2% drop in June, the U.S. Labor Department said on Friday. Core inflation, which strips out volatile food and energy prices was down 0.3% in June amid lackluster demand due to the COVID-19 pandemic. Annual core

  •   – A global economic-shattering pandemic couldn’t stop merger and acquisition activity in the first half of the year and it is only going to get busier in the second half, according to mining analysts at Bank of America. In a report released Thursday, the analysts described the mining sector as a “buyers market,” with a total of 12 deals made in the second quarter — a pace that is well above average. This quarter is the most active since the fourth quarter of 2012, the bank sai

  •   Silver prices exploded this week, trading above $19 an ounce level after jumping more than $1 in just five days. Analysts are now targeting $20 an ounce silver, but how soon? The precious metal is being driven by similar things as gold — its safe-haven appeal — as well as increasing industrial demand outlook, according to analysts. “Silver had a spectacular Q2-2020, helped by optimism that the faster-than-expected economic recovery will continue to drive real rates lower and lift in

  • Gold and silver prices are lower in midday U.S. trading Thursday, on some normal profit taking from the shorter-term futures traders after gold prices scored a nine-year high of $1,829.80 on Wednesday and silver futures hit a 10-month high of $19.445 overnight. Both metals remain strongly bullish from a technical perspective, to suggest more gains coming. August gold futures were last down $16.90 an ounce at $1,803.60. September Comex silver prices were last down $0.206 at $18.96 an ounce. Today

  •     – The gold market is still at risk of a short-term correction due to shifting investor sentiment, but the move past $1,800 creates a bright future for the precious metal, according to one Dutch Bank. In a report Thursday, Georgette Boele, precious metal strategist at ABN AMRO, said that the stars continue to align for the gold market as prices have cleared an important psychological hurdle through $1,800 an ounce. While reaffirming her outlook for gold prices to end the year

  •   -Despite disruptions due to the COVID-19 pandemic, Osisko Gold Royalties (NYSE: OR, TSX: OR) reported record cash margins from royalties and streams in the second quarter. In a press release Thursday, the company said that it received approximately 12,300 attributable gold equivalent ounces in the second quarter. As a result, the company reported a cash operating margin of approximately $27.8 million in Canadian dollars. “Excluding offtakes, Osisko’s cash operating margin on royalties and

  • Real rates will ultimately drive gold prices higher, says TD Securities. “The yellow metal is torn between its safe-haven bona fides, which are prompting money managers to sell on risk-on behavior in markets, and its inflation-hedge characteristics, which are driving a swarm of capital to seek refuge in the yellow metal. Ultimately we anticipate that real rates will continue to drive gold prices higher as normalizing inflation expectations and suppressed rates vol provide fuel for the trade,” TD

  • Volatility and the price trend in the precious metals space is signaling a move to $1,850 an ounce gold and $20 an ounce silver, according to RBC Wealth Management managing director George Gero. “Volatility and later higher prices seem to indicate $1,850 gold, $20.00 silver,” writes Gero. “Pandemic, protests, political and economic headlines, North Korea, China, tariffs, stock volatility, upcoming elections all added to reasons investors piled in.” New buyers are now joining in the rally, Gero a

  •   (Kitco News) A businessman from India requested a special kind of face mask to help him fight the spread of the coronavirus — one worth $4,000 and made out of gold. According to a report by the AFP, the bespoke gold face mask weighs 60g and took eight days to make. Businessman Shankar Kurhade from the western city of Pune is the owner. “I am not sure if it will be effective to protect me from a coronavirus infection, but I am taking other precautions,” Kurhade said. “It is a thin mask and

  • Gold prices are up in midday U.S. trading Wednesday and have scored another nine-year high of $1,829.80 in September futures. Meantime, silver prices notched a 10-month high as the precious metals bulls are pressing the accelerator hard. Both markets remain strongly bullish from a charts perspective, suggesting still more upside in the near term. August gold futures were last up $13.00 an ounce at $1,822.80. September Comex silver prices were last up $0.466 at $19.17 an ounce. Safe-haven demand

  •   Gold has been on a sprint since last year, breaking all kinds of residence levels, including $1,300, $1,400, $1,500, $1,600, $1,700 and now $1,800 an ounce. And for those wondering whether it is too late to get in, Wells Fargo has a reassuring answer: “We still like gold at these levels.” Gold is currently trading at fresh nine-year highs at above $1,820 an ounce. August Comex gold was last seen at $1,827.40, up 0.97% on the day. “In May 2019, gold finally and definitive

  •   – First Quantum Minerals (TSX:FM) said yesterday that Cobre Panama can resume full production. The Panamanian government gave the company permission to start up after the copper mine suspended operation due to COVID-19 health restrictions. The mine has 800 workers. Full ramp-up is expected by mid-August. The company said no cases of COVID-19 have been detected on the Cobre Panama site since April 30, 2020. “The lifting of the suspension order is testament to the hard work from

  •   – A loading arm has failed on one of the barges that ships zinc concentrate from Teck’s Red Dog operations in Alaska. The diversified miner said repairs will take about four weeks. A second barge will continue to operate. Teck anticipates shipping more concentrate later in the season to make up for lost time. “Barring unforeseen severe weather conditions, Red Dog expects to ship all of its production during the shipping season, despite the mechanical incident,” wro

  •   – ScoZinc Mining (TSX-V:SZM) said yesterday that its pre-feasibility study shows pre-tax net present value of C$156 million and an internal rate of return of 52% for its Scotia Mine, 62 kilometers of Halifax, Nova Scotia. With a plan in hand, the company said the resumption of operations at the historic mine should result in better returns. “Through detailed planning and analyses, we believe the technical team have resolved many of the mine’s historical bottlenecks and p

  • Kirkland Lake Gold (NYSE:KL) said today that consolidated Q2 2020 production was 329,770 ounces, a 54% increase from 214,593 ounces produced in Q2 2019. Kirkland seemed to escape any major falls in output due to the pandemic, which suspended operations in Q1 and Q2 at several miners. Kirkland said its production results were largely unchanged from 330,864 ounces produced in Q1. Detour Lake Mine produced 131,992 ounces despite facing disruptions, said the company. Production at Fosterville was 15

  • – Gold prices are solidly up in midday U.S. trading Tuesday and notched a nearly nine-year high of $1,810.80 as of this writing. Tuesday’s early, routine downside correction following recent gains was once again seen as a value-buying opportunity in the yellow metal, on strong notions more price appreciation lies ahead. Gold and silver markets remain firmly bullish from a charts perspective, which continues to invite technically oriented buyers. August gold futures were last up $14.80 an o

  •   – Consumers around the world threw away $57 billion last year, according to a report from the United Nations’ Global E-waste Monitor 2020. According to the latest report published Monday, e-waste, anything with a plug or battery, hit a record 53.6 million tons in 2019, increasing 21% from the previous year. Out of all the electronic items thrown away, only 17.4% valued at $10 billion were recycled last year, the report said. “This means that gold, silver, copper, platinum and other

  •   Gold is heading to $1,900 an ounce, and little can stop the precious metal from reaching its all-time high in U.S. dollars, according to the latest Bloomberg Intelligence’s commodity outlook. “It’s logical to expect gold to outperform most assets in an environment of unparalleled central-bank easing, and we foresee the precious metal maintaining the upper hand in most scenarios. There’s little to stop the gold-up, copper-down trajectories, in place well before the coronavirus

  •   – The data keeps providing more evidence of the unprecedented investment demand for gold-backed exchange traded funds (ETFs), according to the latest data from the World Gold Council (WGC). In a report published Tuesday, the WGC said that gold ETFs saw their seventh straight month of inflows in June with gold holdings rising by 104 tons last month. The inflows have driven gold holdings to new all-time highs of 3,621 tons. The WCG added that assets under management have also rose to

  •    – NOVAGOLD said Tuesday that it served J Capital Research with a civil action lawsuit for defamation in the United States District Court for the Eastern District of New York. NOVAGOLD alleges the report contained false and misleading statements as part of what the company believes to be a “short and distort” attack. J Capital Research issued a report in late May stating that the mine had too many technical hurdles to be built. Donlin Gold is considered one of the larges

  •   Artemis Gold (TSXV:ARTG) announced it closed a bought-deal private placement and raised C$105.3 million. The deal was co-led by Canaccord Genuity Corp. and BMO Capital Markets. Proceeds will fund the initial payment of C$140 million required for the company’s acquisition of the Blackwater gold project in British Columbia from New Gold. Artemis said it will undertake a fresh study of Blackwater aiming to improve economics from a 2014 study. The 2014 report projected life-of-mine gold

  •    – Skeena Resources (TSX.V:SKE) said Tuesday that it is acquiring 100% of Eskay Creek from Barrick Gold in a deal that included shares and royalties. Barrick is expected to own 12.4% of Skeena after the transaction closes. “Skeena is honoured to have Barrick as a significant shareholder as we endeavor to revitalize Eskay Creek, the former highest-grade, past-producing gold mine in the world,” said Skeena’s CEO, Walter Coles Jr. “The recent improvements to infrastructure

  •   – Gold prices have popped back above $1,800 an ounce, and according to some analysts the market appears to have some staying power. Last week after pushing to its highest level since 2011, the gold market was met with some expected technical selling pressure and profit taking; however, one key theme analysts have been highlighting is that in a world awash with economic uncertainty, investors have been aggressively buying dips in precious metals markets. August gold futures last trad

  •   (Kitco News) Gold is likely to have another solid quarter after it wrapped up Q2, up more than 14% since the start of the year, according to TD Securities. After some turbulent trading near the $1,800 an ounce level, gold is back in a tight trading range right below that resistance level. At the time of writing, August Comex gold futures were trading at $1,795.2, up 0.29% on the day. “The yellow metal has now rebounded back to over $1,770/oz and will likely perform well into Q3,” TS Secur

  • Gold and silver prices are modestly higher in midday U.S. trading Monday. That’s still impressive given the solid gaines in world stock markets to start the trading week. August gold futures were last up $2.90 an ounce at $1,792.50. September Comex silver prices were last up $0.223 at $18.545 an ounce. Rising global stock markets Monday were led by sharp gains in Chinese shares. The U.S. stock indexes are solidly higher at midday, with the Nasdaq index hitting another record high. Once again, th

  •    – Gold prices have room to push above $1,800 an ounce in the near-term but investors should use some cautious when investing at these levels, according to one international bank. In a report published last week, Joni Teves, precious metals strategist at UBS, said that the pullback in gold after pushing to its highest level since 2011 was a natural function of the market as investor sentiment has improved with better-than-expected economic data. However, Teves added that economists

  •   Editor’s Note: The article was updated to reflect changes in prices. Gold remained resilient but took a step back from the $1,800 an ounce level after momentum in the U.S. service sector accelerated more than expected in June, according to the latest data from the Institute of Supply Management (ISM). The Non-Manufacturing Purchasing Managers Index rose to a reading of 57.1% in June, up from May’s 45.4%. The 11.7 percentage-point increase surprised the markets, with consensus expect

  • – A weaker U.S. dollar Monday is helping to provide some momentum to gold prices, which are back to within striking distance of $1,800; however, one firm is warning gold investors to pay more attention to bond yields than the U.S. dollar. In a recent note to clients, commodity analysts at HSBC said that they expect bond yields to have a bigger impact on gold prices than U.S. dollar fluctuations. They noted that recently gold and the U.S. dollar have been positively correlated. “Normally, g

  • Improving investor sentiment that is pushing equity markets higher Monday is not enough to stop the momentum in the gold market, according to analysts at Commerzbank. The analysts reiterated their stance that it’s only a matter of time before gold prices see sustainable push above $1,800 an ounce. They noted that investment demand continues to dominate the marketplace. The German bank said  that gold-backed exchanged traded products have seen inflows of 19 tons since the start of the month. “It

  • Despite the World Health Organization (WHO) reporting a new one-day record in global coronavirus infections, the risk-on sentiment is soaring, says FXTM. According to the WHO, its member nations are reporting more than 212,000 new COVID-19 cases from Saturday, marking the highest one-day increase since the start of the outbreak. “Investors trying to find a negative correlation between stock market performance and Covid-19 infections are having a difficult time. There doesn’t seem to be one at th

  •   Mining companies are adjusting to a new normal with one of the largest copper producers in the world expecting to see better-than-expected production in the second quarter. In a press release Monday, Freeport-McMoRan Inc. (NYSE: FCX) announced revised operation plans as the world continues to struggle with the ongoing COVID-19 pandemic. The new operations come as the company says that it expects to see higher copper and gold production in the second quarter. “FCX ’s 2020 revised operating

  •    – Expectations that the Federal Reserve will introduce yield curve control measure in September will continue to support prices through the first half of 2021. Still, gold’s gains will be limited as inflation pressures remain muted, according to one international bank. In a report published Wednesday, Bernard Dahdah, head of precious metals research at Natixis, increased his price forecast for gold, saying that the yellow metal could hit $1,950 an ounce by the second quarter

  • Due to the difficulty getting out in the field during COVID-19, geologists are sitting with their data, analyzing it and coming up with new models, said Great Bear Resources’ CEO Chris Taylor. Taylor joined Kitco Podcast on Friday with Neils Christensen, Paul Harris and Michael McCrae. Taylor said health protocols in the field make it more cumbersome to carry out field work. Instead, juniors are spending more time with the data sets they already have on hand. “You know, one of the th

  •    – First Majestic Silver (NYSE: AG, TSX: FR)appears to be capitalizing on rising silver prices as it complete the acquisition of a Silver Stream agreement with First Mining Gold (TSX: FF), the company announced Thursday. According to the finalized agreement, First Majestic will pay First Mining total consideration of $22.5 million in cash and shares, over three payments, for the silver stream, which covers the life of the Project. First Mining said that the money raised from the agr

  •   Kitco MEDIA · The Metals, Money, and Markets Weekly by Mickey Fulp – July 03, 2020 Join The Mercenary Geologist Mickey Fulp and Trevor Hall of Mining Stock Daily every Friday afternoon for a recap of metals, money, and markets. Each episode provides commentary on performances and a look ahead to next week’s markets. You can listen to the weekly wrap exclusively at Kitco.com. We trust you will find our podcast of value and hope it becomes a part of your weekly due diligence and

  • It may not be business as usual, but a new normal is creeping back into the mining sector as Mines and Money wrapped up its Online Connect virtual mining conference. For the past two weeks, the conference highlighted important influences in the mining sector from around the world. According to conference organizers, more than 1,400 people from 69 countries tuned in online for the North American installment this past week. The conference showed growing evidence of optimism and interest increasing

  • Gold prices are trading moderately up in midday U.S. trading Thursday, and have gotten back early declines that came following an upbeat U.S. employment report for June that showed more jobs growth than expected and a lower unemployment rate. The gold market bulls continue to show resilience, knowing the yellow metal’s technical posture is fully bullish—suggesting more upside in the near term. August gold futures were last up $8.80 an ounce at $1,788.70. September Comex silver prices were last u

  •   – African miner Endeavour said Thursday Benoit Desormeaux will be the group’s president. Endeavour Mining (TSX: EDV) said Thursday it has completed its acquisition of SEMAFO. Announced in March the friendly takeover is valued at C$1 billion. Officials said the combined company would have more than 1 million ounces of gold output in 2020, based on current guidance, making it one of the top 15 producers in the world. The gold producer would be the largest in West Africa with six

  •   – Barrick Gold said the first 12 months of joint operations in Nevada with Newmont was a success due to better co-operation between the two senior gold miners. Barrick operates NGM, the world’s largest gold mining complex. Barrick owns 61.5% of the business with Newmont Corporation holding the rest. “In its first year of combined operation, NGM not only met the production and cost targets set out at the start of the joint venture, but did so despite the past few months of stre

  •   – Researchers believe they can improve on a diamond’s structure making an even harder material that could be useful for drilling and other tasks. Dubbed the “pentadiamond” by its inventors, scientists at the University of Tsukuba came up with the diamond using computer calculations to devise the material. The hardness comes from finding an ideal mix of chemical bonds. “Diamonds, which are made entirely of carbon atoms arranged in a dense lattice, are famous for their unmatched

  • The gold market is under pressure, falling below critical initial support levels following stronger than expected labor market data for June. Gold prices are hovering around $1,780 an ounce, Thursday, after the Bureau of Labor Statistics said 4.8 million jobs were created in June. The data significantly beat expectations; according to consensus forecasts, economists were expecting to see job gains of around 3 million. August gold futures last traded at $1,773 an ounce, down 0.39% on the day, in

  •   The gold market is moving fast this year and unless investors pay attention to the price action, especially in the gold equities space, they might end up missing out, said Lion Selection Group executive director Hedley Widdup. Gold prices are up more than 16% since the start of the year, seeing massive gains on the back of the COVID-19 fears as well as extensive monetary policy stimuli across the globe, Widdup told Kitco News on Tuesday. “What we’ve seen recently due to the COVID-19 was c

  • – Gold prices are sharply lower at midday after overnight hitting another 8.5-year high. So far, just some more normal profit taking by the shorter-term futures traders is featured Wednesday. Don’t be surprised to see bulls on Friday once again step in to buy the dip in a technically still very strong market. August gold futures were last down $24.00 an ounce at $1,776.60. September Comex silver prices were last down $0.427 at $18.21 an ounce. Global stock markets were mixed to mostly up i

  • Getting deals done has been slowed by COVID-19, said Daniel Rickleman, VP at Zhaojin International Mining. Rickleman spoke to Kitco last week. He was a speaker at Mines and Money APAC conference in June. Zhaojin Mining is one of China’s largest gold miners. The company has a 9.9% stake in Sabina Gold and Silver. Last year Zhaojin told Reuters it was looking to double output from its current 650,000 ounces output by mid-2020 through overseas acquisitions. But the pandemic has made due dilig

  • Eurasia Mining said today it is putting itself up for sale. The company produces palladium, platinum, rhodium, iridium and gold from its West Kytlim Mine in the Urals. Included is Monchetundra, a fully permitted 2 million ounce palladium driven PGM project being developed towards production. A financial advisor is helping the company assess offers. “The board remains focused on maximising shareholder value, and, after receiving approaches from multiple parties interested in acquiring compa

  • Sales of platinum bullion products – retail bars and coins – surged to record highs in the first three months of 2020, with purchases made in the period totalling 312 koz, said the World Platinum Investment Council in a news release published today. The annualised rate is five-times higher than that experienced in any other year in the last forty years, said the council. Platinum prices are still lagging when compared to gold, which may explain the surge in orders. This week gold hit an 8.5-year

  •   The gold price continues to hold near its highest level in more than eight years but according to one market analyst the precious metal is walking a precarious tightrope in the near-term as prices continue to test critical resistance around $1,800 an ounce. In an interview with Kitco News on the sidelines of the Mines and Money online connect virtual mining conference, Lachlan Shaw, head of commodity research at the National Australian Bank, said that a sustainable move above $1,800 is go

  • SolGold (TSX:CGP) is trying again to acquire all the common shares of Cornerstone Capital Resources. SolGold’s Alpala project is currently wholly owned by Exploraciones Novomining S.A., an Ecuadorean company co-owned by SolGold and Cornerstone with legal and beneficial ownership interests of 85% and 15% respectively. SolGold said the all-stock transaction of 11 ordinary shares of SolGold for each Cornerstone represents a premium of approximately 22% over Cornerstone’s closing price o

  • Gold is trading around the $1,770-80 level on Tuesday and the fact that it is showing resistance at this level is a sign of “relative strength,” says Commerzbank analyst Carsten Fritsch. The yellow metal is looking to gain more than 12% in Q2, marking one of the biggest quarterly price increase in four years, Fritsch notes. “[Gold is] set to see its most pronounced quarterly increase since the first quarter of 2016. That said, its rise by a good 16% four years ago came on the heels of a losing s

  •    – Gold futures are trading solidly up and at daily highs in late-morning action Tuesday, hitting an 8.5-year high just above $1,800.00 as traders stepped in to buy the early dip in prices, in a market that is technically very bullish and just got more so. Now, the powerful yellow metal bulls are setting their sights on the all-time high of $1,920.70 in Comex futures, set in September of 2011. August gold was last up $15.70 at $1,797.00.F

  • The gold market hovering around $1,800 an ounce is seeing little reaction to the latest comments from Federal Reserve Chair Jerome Powell. He highlights the central bank’s response to the devastating COVID-19 pandemic in testimony before the House Financial Services Committee. Powell provided little new information on monetary policy as he recapped the Federal Reserve’s measures taken to protect the economy. “The crisis was met by swift and forceful policy action across the gov

  •   The gold and silver bull market is in its early stages, and it is already looking to be one of the most volatile bull runs, according to Chancery Asset Management founder Thomas Puppendahl. The COVID-19 outbreak was just “one snowflake that let the avalanche come down,” Puppendahl told Kitco News on the sidelines of the Mines and Money Online Connect virtual conference on Thursday. The ingredients are all there for both gold and silver to begin an epic rise, and Puppendahl is not ruling o

  •   Gold prices have seen a positive correlation to the expansion of the Federal Reserve’s assets, and as the Fed embarks on the largest stimulus program in its history, the yellow metal is set rally in the same fashion as in the aftermath of the last recession, said Frank Holmes, CEO of U.S. Global Investors. “In the next three years, if we look back, if [history] repeats itself, from 2008, 2009 to 2011, that three year run saw gold go from a $750 – $800 range up to $1,900. If we forec

  •   – Hope that the global economy, devastated by the COVID-19 pandemic, will see a sharp recovery is driving broad commodity prices higher; however, one international bank is not convinced the current optimism will last. In its third-quarter market outlook, United Overseas Bank Group said that gold is the only key commodity with a positive outlook for the rest of the year. “The question for gold is not one of whether the recent strength is sustainable? This more pertinent question for

  •   – After a steady three-month decline, the latest trade data from the Commodity Futures Trading Commission (CFTC) shows that hedge funds are starting to jump back into gold as the market takes a run at long-term resistance at $1,800 an ounce, according to some analysts. The CFTC’s disaggregated Commitments of Traders report for the week ending June 23 showed money managers increasing their speculative gross long positions in Comex gold futures by 25,648 contracts to 161,593. At

  • Gold prices are trading near unchanged in midday U.S. trading Monday. There is still some safe-haven demand underpinning the yellow metal amid heightened concerns about the Covid-19 pandemic and a second wave hitting global economies. There is also some profit taking seen by the shorter-term futures traders to start the trading week. August gold futures were last up $0.50 an ounce at $1,780.80. September Comex silver prices were last down $0.113 at $18.055 an ounce. Global stock markets were mix

  •   – IAMGOLD (TSX:IMG) said Monday it received approval for its application under Section 36 of the Fisheries Act (Canada) for the Côté Gold project, a key milestone in attaining permits relating to impacts on fish habitats and tailings management. IAMGOLD said a formal decision on the construction of the Côté Gold Project will be made in conjunction with IAMGOLD’s partner, Sumitomo Metal Mining. Sumitomo has 30% of the project. IAMGOLD has 70%. The company is anticipating a form

  •   – A tax dispute with the Canada Revenue Agency and Cameco (NYSE:CCJ) was won by the uranium miner. The Federal Court of Appeal upheld a September 2018 decision by the Tax Court of Canada. The 2018 decision, which had been appealed by Canada Revenue Agency (CRA), was decided in Cameco’s favor over a reassessment issued by CRA for the 2003, 2005 and 2006 taxes. The dispute related to transfer pricing methodology used for certain intercompany uranium sales and purchasing agreements. “W

  •   Gold is looking at another volatile week with an attempt at breaching the $1,800 an ounce level, according to analysts. The yellow metal is wrapping up a very exciting trading week after seeing prices hit 7.5-year highs and climbing to $1,796.10 on Wednesday. After some consolidation, prices are back above $1,770 with August Comex futures last trading at $1,780.10, up 0.54% on the day. The risk-off sentiment in the market has been helping gold maintain its bullish momentum, but higher U.S

  •   Gold is looking at another volatile week with an attempt at breaching the $1,800 an ounce level, according to analysts. The yellow metal is wrapping up a very exciting trading week after seeing prices hit 7.5-year highs and climbing to $1,796.10 on Wednesday. After some consolidation, prices are back above $1,770 with August Comex futures last trading at $1,780.10, up 0.54% on the day. The risk-off sentiment in the market has been helping gold maintain its bullish momentum, but higher U.S

  • Gold prices should maintain maintain their recent upward momentum as the COVID-19 pandemic keeps spreading and prompting worries about the economy, according to respondents in the weekly Kitco News gold survey. “Rising uncertainty about the virus will cement easy-money policies,” said Adam Button, managing director of ForexLive. “The Fed minutes in the week ahead will emphasize that central banks are going to take further action, and a U.S. stimulus package may start to come into view. Most impo

  • – Gold prices are near steady in early U.S. trading Friday, on a pause and some chart consolidation after pushing to a 7.5-year high of $1,796.10 Wednesday. Still, risk appetite among traders and investors has pulled back late this week and that’s bullish for the safe-haven metals. August gold futures were last down $0.70 an ounce at $1,770.00. July Comex silver prices were last up $0.03 at $17.925 an ounce. The important U.S. economic data release of the day Friday is personal income and

  • Gold prices are struggling to hold on to small gains Friday after U.S. inflation pressures rose higher-than-expected as the nation continues to struggle with the economic impact of the COVID-19 pandemic. In its latest report, the Department of Commerce said that the core Personal Consumption Expenditures Index rose 0.1% in May, up from the 0.4% decline reported in April. The data was stronger-than-expected as economics were forecasting an unchanged reading. For the year, core PCE was unchanged,

  • Rising COVID-19 worries have interrupted, but not canceled, gold’s break higher this week, said TD Securities. The metal hit a seven-year high around middle of the week before giving up some of its recent strength. Comex August gold peaked at $1,796.10 an ounce on Wednesday but was at $1,769.20 as of 8:49 a.m. EDT Friday. Spot metal peaked just shy of $1,778.30 on Wednesday but was at $1,760.10 Friday. “Indeed, the yellow metal’s third attempt to break out into the $1,800s was interrupted

  •   Caesar Bryan – Equities of gold-mining companies still appear undervalued based on a historical comparison of where they were trading relative to the price of gold during the last bull-market cycle, said Caesar Bryan, portfolio manager of the Gabelli Gold Fund (symbol GOLDX for AAA shares and GLDIX for institutional class of shares). Meanwhile, gold itself is likely to hit fresh record highs in the aftermath of massive monetary accommodation and fiscal stimulus in response to the CO

  • Gold prices are modestly lower in midday U.S. trading Thursday, on a routine corrective pullback after pushing to a 7.5-year high of $1,796.10 Wednesday. Risk appetite is on the wane late this week and that’s still bullish for the safe-haven metals. August gold futures were last down $2.10 an ounce at $1,772.90. July Comex silver prices were last up $0.215 at $17.885 an ounce. Global stock markets were mixed to lower in overnight trading. U.S. stock indexes are mixed at midday and well off their

  • I don’t like to beat around the bush and I’ll bet you don’t either. So, let’s make this quick. Nearby Comex gold futures hit a 7.5-year high of $1,783.10 Wednesday. The August futures contract hit a high of $1,796.10. The all-time high in nearby gold futures was $1,920.70, hit in September of 2011. Take a gander at the weekly continuation chart for nearby Comex gold futures. Prices are in an accelerating uptrend as seen by the three trend lines that get progressively stee

  •   With the Federal Reserve’s response to the COVID-19 crisis, gold prices are likely to near $1,900 with the potential to go up as high as $3,000 an ounce, according to Edison’s latest gold report. This outlook is based on the projections that the coronavirus crisis is a protracted one and the Federal Reserve’s balance sheet either stabilizes or continues to increase, Edison’s Investment Research director Charles Gibson said. “With the total U.S. monetary base now at US$5.1tn (a

  • Alexco Resource (TSX: AXU) said Wednesday it received its water use license for its Keno Hill Silver District from the Yukon Water Board. The company anticipates production within this year.   “With the draft terms and conditions of the water license now issued and established, the Company is moving forward with final development of its mines at Keno Hill, anticipating initial concentrate production and silver sales in Q4 2020,” writes Alexco Resources.   The company also a

  • The social license for battery material producers is challenged by water depletion, toxic dust and worker exploitation, according to a report released Wednesday by the United Nations Conference on Trade and Development.   Miners in the Democractic Republic of Congo face challenges operating in a country with few worker protections.   “[About] 20% of cobalt supplied from the DRC comes from artisanal mines where child labour and human rights abuses have been reported. Up to 40,000

  • Nicaraguan miner Calibre Mining (TSX:CXB) said Wednesday that it expects 2020 gold production of between 110,000 and 125,000 ounces at an all-in sustaining costs of between $1,070 and $1,100 an ounce.   CEO Russell Ball said that the 10-week COVID-19 suspension added just 4% to costs.   “The phased restart of operations continues as planned with enhanced safety and health protocols in place and we anticipate reaching steady-state production levels in July. With operations suspended for

  • Gold prices are moderately lower in midday U.S. trading Wednesday after pushing to a 7.5-year high of $1,796.10 overnight, basis August futures, before backing off. Safe-haven demand has been featured in the yellow metal this week amid a troubling rise in Covid-19 infections around the globe. Importantly, the technical charts for gold and silver are still fully bullish (especially in gold), suggesting more upside price potential for both metals in the near term. August gold futures were last dow

  •   The gold market appears to be on the cusp of breaking a major resistance point and is price action is in line with Bank of America’s call for the precious metal to hit all-time highs by the third quarter of 2020, the bank said in a research note. While gold’s eight-week trading range has been frustrating for some investors, analysts at Bank of America said that the recent sideways pattern has played an important role for the market as prices reach their highest level in nearly eight years

  •   Prior to the coronavirus paralyzing the world, Russia was ramping up its gold production, according to the Union of Gold Producers of Russia. Russia’s total gold output reached more than 64 metric tons in Q1, which is up 5.11% from the same period last year, the union said. “The coronavirus pandemic did not impact Russian gold mining companies’ production performance during the first three months of 2020. On the contrary, the results of the first quarter (Q1) maintained the trend of 2019,

  •   When considering investment choices for the rest of 2020, look at commodities and not real estate, stated Wells Fargo’s 2020 Midyear Outlook Spotlight report. The coronavirus crisis has turned the investment world upside down. And as economies begin to recover, Wells Fargo is making significant changes to its investment outlook — saying “yes” to commodities and “no” to real estate. “As 2020 has unfolded, much has changed, and many investment strategies had to be retooled. In the real asse

  • Kalamazoo Resources said Tuesday that it acquired the 217 square kilometer Ashburton Gold Project, located on the southern edge of the Pilbara Craton, Western Australia, from Northern Star Resources. Northern Star has its hands full. Last year it acquired Kalgoorlie Consolidated Gold Mines for about $1.6 billion in total in separate transactions from Newmont and Barrick. The Ashburton Gold Project has produced 350,000 ounces of gold and currently contains a mineral resource estimate of 20.8 mill

  • Diversified miner Hudbay (TSE:HBM) said Monday it launched its appeal with the U.S. Court of Appeals for the Ninth Circuit to revive its rejected Rosemont mine in Arizona. The $1.9 billion open-pit copper mine was stopped last year after a judge sided with environmental and First Nation groups. In July 2019, the U.S. District Court for the District of Arizona’s revoked the U.S. Forest Service’s issuance of the Final Record of Decision for the Rosemont project in Arizona. At issue was tailings di

  •   Thomas Winmill William Winmill – With share prices of gold producers having already rallied sharply in the last three months, the Midas Fund (MIDSX) is increasingly looking toward smaller producers in its efforts to find companies with the most upside potential, the fund’s managers said. They also described themselves as upbeat on gold’s prospects in general, particularly due to the potential for inflation as the economy recovers after massive fiscal stimulus and monetary accommodat

  • – Gold prices are solidly up and hit a five-week high in midday U.S. trading Tuesday. Bulls are flexing their muscles early this week, amid safe-haven demand that is featured amid a troubling increase in Covid-19 infections around the globe. The technical charts for gold and silver are also fully bullish. August gold futures were last up $15.70 an ounce at $1,782.20. July Comex silver prices were last up $0.128 at $18.03 an ounce. It could also be that the precious metals market bulls are

  •   – Unprecedented economic conditions caused by the COVID-19 pandemic will continue to support gold and silver prices at least through the first half of 2021, according to the latest research from Swiss refiner MKS PAMP Group. In its latest forecast the analysts at the precious metals firm said that since their initial price forecast at the start of the year, the world has seen massive central bank action to support the global economy devastated by the coronavirus. They note that sinc

  • White House trade adviser Peter Navarro said on Monday the trade deal with China is “over,” and he linked the breakdown in part to Washington’s anger over Beijing’s not sounding the alarm earlier about the coronavirus outbreak. “It’s over,” Navarro told Fox News in an interview when asked about the trade agreement. He said the “turning point” came when the United States learned about the spreading coronavirus only after a Chinese delegation had left Washington following the signing of the Phase

  • An anonymous prospector going by the name Bill M posted on Facebook last week that he found a 50 gram nugget. Date of the find was not mentioned. The nugget was located in Australia’s Golden Triangle, in the western part of Victoria State. While the exact location wasn’t named, the nugget was found in the Ballarat area on private property. The gold was buried about 2 feet underground. Current prices would put the find at about $2,257. The area is home to the largest solid gold nugget

  •   Venezuela’s central bank is suing the Bank of England (BoE) to get access to its London-stored gold that is worth more than $1 billion. The legal proceedings began Monday with the lawyer representing the Venezuelan President Nicolas Maduro calling on the London court to distinguish between the law and politics. “One must be careful to disentangle the law from the politics,” Bloomberg News reported lawyer Nick Vineall as saying at a hearing on Monday. “It’s vital to remember that rec

  • South American development company Gold X Mining (TSX:GLDX) said Monday that industry legend Robert Friedland will become its non-executive chair. Current chair, Paul Matysek, will resign to make space for Friedland. Gold X is developing its Toroparu gold project in Guyana, South America. Gold X said it has spent more than US$150 million classifying 7.35 million ounces of measured and indicated and 3.15 M-oz of inferred gold resources, developing engineering studies for use in a feasibility stud

  • Gold prices are sharply higher in midday U.S. trading Monday as prices today scored a five-week high. Safe-haven demand is featured to start the trading week amid a worrisome rise in Covid-19 infections around the globe. The gold and silver bulls are showing impressive strength despite world stock markets that are in solid rebounds from their springtime lows. August gold futures were last up $17.50 an ounce at $1,770.40. July Comex silver prices were last up $0.108 at $17.955 an ounce. Stock mar

  •   Gold prices saw more gains and traded near five-week highs after U.S. existing homes sales missed expectations in May. Existing home sales tumbled 9.7% last month to a seasonally adjusted and annualized rate of 3.91 million units, compared to April’s annualized rate of 4.33 million homes, the National Association of Realtors (NAR) said on Monday. The drop comes following a plunge of 17.8% in April. Economists were expecting to see a decline of 3% to 4.12 million units in May. Gold prices