News Headlines

  • Australia-based lithium producer Galaxy Resources (ASX:GXY) is slashing output at its Mt Cattlin operation to conserve mineral resources until market conditions improve, said the miner in a news release today. The company said it is responding to market conditions. “The strategic drivers are to prioritise value over volume, generate positive free cash-flow, preserve resource life and to maintain balance sheet capacity,” said the company in a news release. “The expected outcome

  • Hudbay Minerals (NYSE:HBM) said today that it is appointing Peter Kukielski as president and CEO of the company. Kukielski had been interim leader since July 2019. Hudbay said Kukielski has more than 30 years of extensive global experience within the base metals, precious metals and bulk materials sectors. Most recently, he was president and CEO of Nevsun Resources Ltd. until its acquisition in December 2018. He also held positions at Anemka Resources, ArcelorMittal and Teck. Hudbay is an integr

  • Alacer Gold (TSX:ASR) announced today that it produced 391,213 ounces of gold in 2019 with an all-in-sustaining cost of $710. The Turkish gold miner plans to up production in 2020. “With our foundation as an intermediate producer firmly set in 2019, we expect our Çöpler Mine will again provide another strong year of free cash flow, with 2020 consolidated production guidance of 310,000 to 360,000 ounces at consolidated all-in sustaining costs of $735 to $785 an ounce,” said Rod Antal,

  • Gold prices are on track for another rally into the $1,700 an ounce price range on the back of frothy equity markets, this according to Patrick Ceresa, founder and chief market derivatvies strategist at Big Picture Trading. “I feel that generally, the bull trend for gold is intact as long as gold can hold above $1,500 during this consolidation that we’re in. If that’s the case, then this is actually a compelling buy on dip on gold for a move towards $1,700,” Ceresna told

  •    Gold is gaining momentum and the outlook for 2020 remains very favorable for the yellow metal, according to VanEck. The investment management firm headquartered in NYC noticed a structural shift in gold positioning into the new year as more investors started to feel “comfortable” holding long gold positions. “The gold market was impressive in December for what didn’t happen over the holidays … Gold didn’t sell down [during thin holiday trading], it actually trended higher into year-end.

  • (Kitco News) – Gold will continue to be a popular investment asset as the world’s economic elite highlight shifting global trends at the World Economic Forum (WEF), according to one market strategist. Mike McGlone, senior commodity strategist at Bloomberg Intelligence, said in a report Wednesday that he sees more potential for the precious metal and technology metals, compared to oil as he listens to some of the themes being discussed at this year’s international conference in Davos Switze

  • Gold prices are near steady and silver prices are slightly up in midday U.S. futures trading Wednesday. The safe-haven metals continue to be hamstrung by mostly upbeat trader and investor attitudes at mid-week, as evidenced by U.S. stock indexes hitting more record highs today. Still, it can be argued the gold and silver bulls are not getting beat up too badly amid the better risk appetite in the marketplace at present. February gold futures were last up $0.10 an ounce at 1,558.00. March Comex s

  • (Kitco News) – Billionaire investors continue to tout the benefits of gold, with David Einhorn, the founder of Greenlight Capital, highlighting the yellow metal as one of his firm’s top ten positions for 2020. “We begin 2020 with a portfolio that continues to be concentrated in our best ideas. We currently have 96% of capital in our top 10 longs and 47% of capital in our top 10 shorts,” Einhorn said in an extensive recap to his investors published Tuesday. Looking at gold, Einhorn said tha

  • – For the second time in as many weeks, the world’s largest hedge fund is once again talking up gold as an important diversifier for investors. Speaking to CNBC’s Squawk Box on the sideline of the World Economic Forum in Davos, Switzerland, Ray Dalio, founder of Bridgewater Associates, said that in the current environment, investors should hold a global diversified portfolio that includes some gold. “Cash is trash,” he declared in the interview. He warned that investors should get out of c

  • “Easy come, easy go,” Euro Pacific Capital CEO Peter Schiff joked when talking about losing all the cryptocurrency that was gifted to him after his bitcoin wallet got corrupted. Schiff told on the sidelines of the Vancouver Resource Investment Conference (VRIC) that “crypto was my worst investment because I lost 100%.” “#Crypto was my worst #investment because I lost 100%,” Euro Pacific Capital CEO @PeterSchiff tells @KitcoNewsNOW | @DanielaCambone #VRIC2020 #kitconews #finance #preciousmetals #

  • Gold prices are just modestly down and well up from their daily lows in midday U.S. futures trading Tuesday. Silver prices are solidly lower and hit a four-week low today. The gold market bulls are taking a breather amid some normal consolidation and backing and filling on the charts. February gold futures were last down $2.70 an ounce at 1,557.50. March Comex silver prices were last down $0.243 at $17.83 an ounce and did hit a four-week low today. There is keener risk aversion in the marketplac

  •   Gold is a key part of a portfolio in an environment where the stock bull market will come to an end, according to David Rosenberg, chief economist and strategist at Rosenberg Research and Associates. “Gold is a place you want to be. I think that it’s partly because its inversely correlated with interest rates. But it’s also an insurance policy when things go wrong,” Rosenberg told Bloomberg this week. “There’s no such thing as a no-brainer, but this is close.” Gold began the year on a str

  • A traveler from China has been diagnosed in Seattle with the Wuhan coronavirus, a spokesman from the U.S. Centers for Disease Control and Prevention (CDC) said on Tuesday. The news was first reported by CNN. More details will be released later on Tuesday in a news conference, CDC spokesman Benjamin Haynes told Reuters. The newly identified coronarvirus originated in the central Chinese city of Wuhan, and has spread to Beijing and Shanghai. More than 300 people have been infected so far and six h

  • Palladium is sharply lower, but it’s too soon to declare the recent sharp rally has ended, says Daniel Briesemann, analyst with Commerzbank. Shortly after 9 a.m. EST, spot metal was down $86 to $2,328 an ounce. This comes after a record high Monday that one price vendor put at $2,556.95 an ounce. “We believe it is still too early to declare an end to the price rally, as this would require several days of declining prices,” Briesemann says. “The current development of the palladium price is remin

  • First Majestic Silver Corp. (TSX: FR.TO) anticipates less silver-equivalent production in 2020 as the company halts output at the Del Toro mine and focuses on its three most profitable ones, officials announced Tuesday. The company said it projects 2020 production of between 21.5 million and 24 million silver-equivalent ounces, when including gold by-products. Silver production is expected to be 11.8 million to 13.2 million ounces. This comes after officials last week announced 2019 production c

  • (Kitco News) – Gold has room to move higher in the near-term but it could be close to a top, according to analysts at a Germany precious metals company. In a report published Monday, analysts at Heraeus said that some market data shows that speculative interest in gold appears to be overextended. “The last time gold futures open interest and the speculative net long position reached record highs the gold price fell 18% over the next five months,” the analysts said. “Trends can persist for

  •   What can take the gold market from $1,550 to $1,600 and higher? Goldex CEO and founder Sylvia Carrasco told Kitco News that she is not ruling out the $1,900 an ounce level this year if geopolitical and trade tensions escalate in the current economic climate. There are a number of strong drivers supporting gold prices this year, including geopolitical and trade tensions, global debt, dovish central banks, weakening U.S. dollar as well as the political situation in the U.S., Carrasco said o

  • – The merger and acquisition activity that swept through the mining sector in 2019 is only going to pick up momentum this year as mine developers and junior explorers are next on the auction block, according to one financing company. In a recent webinar, Derek Macpherson, vice president of research at Red Cloud, said that with gold in the early inning of a new bull market, he expects to see more M&A activity in the mining sector. However, he added that sentiment is a little different t

  • More than half of chief executives in an annual survey by PwC expect a slowdown in global economic growth this year, in marked contrast to the confidence that has lifted stock markets. The survey, published on Monday ahead of the World Economic Forum annual meeting in Davos, found 53% of CEOs around the world forecast the rate of global growth will fall, compared with 29% the year before, the highest level of pessimism since the accounting firm began asking the question in 2012. Meanwhile shares

  • The market is keeping a close eye on palladium as the metal continues its parabolic rise, writes TD Securities. “In the midst of MLK day trading, the market will be keeping a close eye on the palladium market, whose parabolic rise continues to see prices print new all-time highs,” strategists at TD Securities says. “While PGM prices have been rising in tandem, with palladium trading parabolically and platinum printing highs not seen since 2017, their positioning dynamics are diverging.” Palladiu

  • Image courtesy of the World Economic Forum / Ciaran McCrickard  – Sputtering momentum in the global economy could see a turn in fortunes if nations adopt policies that promote social mobility, according to a new study from the World Economic Forum. A report published Monday said that ahead of the WEF ’s international conference in Davos Switzerland, promoting social mobility could reduce the widening gap in income inequality and boost economic growth by 5% over the next 10 years. The repor

  •   Can gold prices see more gains next week? Analysts are optimistic about gold, which is looking strong despite the rallying stock market. At the time of writing, February Comex gold futures were trading at $1,556.80, down 0.21% on the week, while the U.S. stock market continued to hit new highs, with S&P 500, the Dow, and the Nasdaq all rallying. “It is very curious to me that gold is rocking and rolling despite the fact that we have a massive risk-on move for the last few days,&

  •   The Vancouver Resource Investment Conference (VRIC), one of the largest of its kind, will be celebrating its 25th anniversary in 2020. This milestone year for VRIC will see the event host over 60 keynote speakers, 350 exhibiting companies, and 9,000 investors, bringing together a host of experts from the mineral exploration, metals, oil and gas, and renewable energy sectors. An exclusive event for any and all stakeholders in the metals industry, VRIC has delivered vital insights into the

  • Gold and silver prices are modestly down in midday U.S. futures trading Thursday. Keener risk appetite that sees the U.S. stock indexes at or near record highs and a world scene that is presently void of major trouble spots are negative for the safe-haven metals. February gold futures were last down $2.40 an ounce at 1,551.60. March Comex silver prices were last down $0.028 at $17.96 an ounce. The key U.S. data point of the day Thursday was the retail sales report for December, as traders and in

  •   Platinum had the best day in nearly two years as prices surged past the $1,000 an ounce mark on Wednesday. All precious metals were having a good day as investors were digesting the signing of the U.S.-China ‘Phase One’ trade deal. Platinum was the best performer, rising 3.7% on the day, followed by palladium, which was up 2% on the day, and then by silver and gold, up 1.5% and 0.8% on the day, respectively. Analysts were puzzled as to why the metal rose so much in one day wit

  • (Kitco News) – The World’s biggest hedge sees the potential for a new all-time high in gold as central banks give up the fight against inflation and uncertainty dominates investor sentiment. In an interview with the Financial Times, Greg Jensen, co-chief investment officer at Bridgewater Associates, which manages $160 billion, said that investors should consider gold as a cornerstone asset in their portfolios as he sees prices pushing above $2,000 an ounce. The comments come as gold

  • President Donald Trump’s signing of an initial trade deal with China is a step in the right direction, said Kevin O’Leary, chairman of O’Shares ETFs. “I think it’s a good first step and nothing else will happen until after the election, but at least it’s a step in the right direction and basically one of the largest purchase orders in U.S. history,” O’Leary told Kitco News. O’Leary’s comments come as the agreement was signed on Wednesday, in which China has promised to buy an additional $12.5 bi

  • The Perth Mint in Australia saw a surge in gold coin sales at the end of 2019, and it turns out Germany was behind most of those purchases, which hit the highest levels in more than three years in December. Gold coin and minted gold bar sales from December showed a 45% uptick compared to the previous month. There was a total of 78,912 ounces of gold coins and minted bars sold in December, marking the highest monthly increase since October 2016, The Perth Mint said last week. The year-over-year c

  • article: Gold and silver prices are higher and near their daily highs in midday U.S. futures trading Wednesday. The metals are seeing good rebounds following recent selling pressure. A lower U.S. dollar index today did work in favor of the precious metals market bulls. February gold futures were last up $9.90 an ounce at 1,554.50. March Comex silver prices were last up $0.258 at $18.00 an ounce. The marketplace at mid-week was focused on the U.S.-China partial trade agreement that was just signe

  •   – McEwen Mining (NYSE:MUX) reported Wednesday production of 134,316 gold ounces and 3,365,846 silver ounces for the full year in 2019. The company also said it produced 174,420 gold equivalent ounces, which was within the company’s revised 2019 guidance range of 169,000 to 176,000 GEOs. McEwen Mining started the year expecting to produce 210,000 GEOs. Rob McEwen, chairman and chief owner, said it was a tough 2019. In a year when gold hit record highs and precious metal compani

  • Moving to Canada would be a big mistake for Prince Harry and Meghan Markle, the Duke and Duchess of Sussex, said Kevin O’Leary, chairman of O’Shares ETFs and star of Shark Tank. From a business standpoint, if the couple were to become financially independent of public funds, moving to a larger city in the U.S. would make more sense, he said. “If they want to get into business they should be moving to Los Angeles where the market is ten times larger for celebrity goods and services,” O’Leary told

  •    One bearish outlook on gold this year comes from Capital Economics, which is projecting gold prices to end the year at $1,400 an ounce — more than $200 lower than last week’s seven year-high. “Gold will probably receive some support from central bank purchases, many of whom wish to diversify their reserves away from U.S. dollar assets, but, in our view, this won’t stop gold from falling to US$1,400 per ounce by end-2020. This compares with a consensus forecast of $1,512

  • Zijin Mining Group will spend $800 million on its sprawling Balkan operations, according to a report from the Serbian Monitor. In November Zijin bought Freeport McMoran Inc’s copper-gold assets in Serbia for around $390 million. The Chinese mining giant also out-bid Lundin Mining for Nevsun Resources in 2018. The $1.41 billion gave Zijin Nevsun’s high-grade copper-gold Timok project. Serbian Monitor said Zijin wants to open Timok-copper-gold project’s upper Cukaru Peki mine. Zijin will als

  • Eldorado Gold said today its preliminary production of 395,331 ounces met its consolidated production guidance. Preliminary production for the fourth quarter 2019 was 118,955 ounces of gold. “Gold recovery at Kisladag met the Company’s expectations in 2019. However, production at Kisladag was slightly less than guidance as crushing and stacking were slower to ramp up and solution flows through the leach pad took longer than expected. Solution flows picked up significantly in the month of D

  • Save-haven gold and silver prices are lower again in midday U.S. futures trading Tuesday. Upbeat trader and investor attitudes, as evidenced by rallying global stock markets, including the U.S. stock indexes hitting record highs overnight, continue to work against the competing asset class of precious metals markets. February gold futures were last down $7.60 an ounce at 1,543.00. March Comex silver prices hit a three-week low today and were last down $0.251 at $17.75 an ounce. As long as the gl

  • (Kitco News) – While geopolitical uncertainty will add volatility to the gold market, investors should be paying attention to a much bigger factor: growing global debt, according to one fund manager. In a telephone interview with Kitco News last month, Ronald-Peter Stoeferle, fund manager at Incrementum AG and author of the annual In Gold We Trust report, said that gold prices have much further to go in 2020 as central banks and governments around the world continue to pump liquidity into

  •   Alex Balogh – Last week the Canadian Mining Hall of Fame welcomed four individuals who made incredible and lasting contributions to Canada’s mining industry: P. Jerry Asp, Alex G. Balogh, Hans T.F. Lundberg and Eberhard (Ebe) Scherkus. For the past 32 years, the CMHF has recognized 186 exemplary men and women who have demonstrated outstanding achievement, leadership and inspired future generations in mining. Canadian mining leaders set the standard for the global industry and these

  •   – Gold futures could slide some more as traders continue to liquidate bullish positions taken out during recent U.S.-Iran tensions, but once this ends, look for buyers to step back into the market as the focus returns to macroeconomic issues, traders and analysts say. “Longer term, dips in gold and silver will be bought,” said Sean Lusk, co-director of commercial hedging with Walsh Trading. “But for right now, the longs [bullish traders] are under duress a little bit.” Gold raced to

  •   The amount of gold buying happening in the new year points to the rising fear factor in the marketplace, says CNBC’s Jim Cramer, adding that gold might be heading towards $1,800 an ounce. “When I see this endless buying for gold it makes me think for the first time people are just saying, ‘I’m really fearful,’” Cramer told CNBC last week. When asked what caught his attention, Cramer replied: “Gold, gold, gold,” highlighting Agnico Eagle Mines as one of the few gold companies investors sho

  •  – The gold market is struggling to find momentum at the start of the week and some analysts see the prospect for lower prices in the near term. David Song, currency strategist at DailyFX.com, said in a report Monday that as geopolitical tensions ease, the gold market could be ripe for technical profit-taking as short-term momentum begins to shift. “[The Relative Strength Index] may flash a textbook sell signal over the coming days as the oscillator struggles to hold in overbought territor

  •    Gold is not likely to fall sharply below the $1,550 an ounce level even though the U.S.-Iran tensions are easing and investors are embracing risk-on sentiment, according to TD Securities. “While we see gold as a somewhat crowded trade, with spec long exposure still near extreme levels, it is unlikely that the yellow metal will fall sharply. Indeed, we expect firm support in a relatively narrow range between $1,515-1,550/ oz owing to the fact that there is depth of recent exposure at thes

  •   “I have become the [right-wing media’s] ‘foil’ as the evil, mysterious Canadian mining mogul that the Clintons used to enrich themselves…it’s a convenient label,” says Giustra. In photo, Giustra speaking with Kitco News Editor-in-Chief, Daniela Cambone during a September interview. – Canadian mining mogul and philanthropist Frank Giustra refuses to remain silent and is fighting back at right-wing media which reported he is providing a luxe hideout for P

  • Gold futures continue to trade under pressure. Today the most active February contract is currently down $10.80 and fixed at $1549.30, which is a net decline of 0.69%. Although on Friday gold prices managed to gain approximately $10 on the day, today gold opened above Friday’s closing price, and then closed well below Friday’s open. This creates a simple candlestick pattern called a bearish engulfing. The first criteria to correctly identifying this pattern is that it occurs after a defined uptr

  • (Kitco News) – The ongoing decline in gold reserves will continue to fuel merger and acquisition (M&A) activity in the gold mining sector in 2020, adding to the substantial trend that started in 2019, according to analysts at Bank of America Securities. In a report published last week, the bank said that they see gold production from senior global producers falling by about 5% in the next four years. The declining production is also coupled with lower ore grades and shorter mine life.

  • Save-haven gold and silver prices are weaker in midday U.S. futures trading Monday. Upbeat trader and investor attitudes are working against the precious metals markets to start the trading week. U.S. stock indexes are at or near record highs today, amid low risk aversion in the world marketplace at present. February gold futures were last down $9.70 an ounce at 1,550.40. March Comex silver prices were last down $0.10 at $18.01 an ounce. Asian and European stock markets were mixed to firmer over

  • * Asian stock markets : * Asia shares ex-Japan all but flat with Tokyo on holiday * U.S. and China due to sign trade deal on Wednesday * Sentiment cautious after wild swings last week By Wayne Cole SYDNEY, Jan 13 (Reuters) – Asian shares paused near 19-month peaks on Monday ahead of the expected signing on a Sino-U.S. trade deal, though talks on a phase two package are likely to drag on for months. MSCI’s broadest index of Asia-Pacific shares outside Japan barely budged, having hit t

  •   Next week’s docket is full of key events to keep an eye on, including key macro data releases, possible U.S.-China Phase One trade deal signing, and more of the U.S.-Iran tensions. The overall picture remains supportive for gold with analysts not ruling out seeing $1,600 again soon. Gold is ending the week on a bullish note following the announcement that the U.S. is imposing more sanctions on Iran in response to Iran’s attack on the U.S. forces in Iraq. New sanctions will target Iran’s m

  • Junior miners barely beat 2015 numbers in total dollars raised, said Kai Hoffmann, CEO of Oreninc, explaining just how bad financings have been when you can compare the past year to a time when gold was slumping around the $1,100 to $1,200 range. Hoffmann spoke to Kitco today. Oreninc tracks financings of companies in the resource sector that are listed on the TSX. Hoffmann partly blamed the awful 2019 on a slow start and a general dis-interest in junior mining space. It wasn’t until later

  •   Next week’s docket is full of key events to keep an eye on, including key macro data releases, possible U.S.-China Phase One trade deal signing, and more of the U.S.-Iran tensions. The overall picture remains supportive for gold with analysts not ruling out seeing $1,600 again soon. Gold is ending the week on a bullish note following the announcement that the U.S. is imposing more sanctions on Iran in response to Iran’s attack on the U.S. forces in Iraq. New sanctions will target Iran’s m

  • Here was to hoping that 2020 would start on a peaceful and calm note. But thus far, the new year and the new decade have been anything but. In a matter of days, threats of an “imminent attack and active plotting,” led President Trump to order an American strike in Baghdad, killing Iran’s top military leader, Qasem Soleimani. Iran fired a barrage of missiles at Iraqi bases housing U.S. targets and brought down a flight headed to Ukraine. And now the latest, Secretary of State Mike Pompeo and Trea

  • After a roller-coaster week in which gold futures scaled a cliff only to fall off, the Friday high and low so far are both within Thursday’s trading range. This is referred to an “inside day” on the daily charts and a sign of market indecision about the next short-term move. Wall Street participants in the weekly Kitco News gold survey are in fact conflicted on where the metal will head next week. The largest camp – by a small margin – said lower, but garnered less than 50% of the vote. In the M

  • (Kitco News) – The U.S. has officially closed the book on a momentous decade as the S&P continues its longest bull run in history; the market has rallied consistently for the last 10 years. The Index is up 184% since 2010. The gold market is also attracting new attention on the cusp of the new epoch. Although prices are still down from its record highs hit eight years ago, the precious metal ended the decade with a gain of 34%. The questions investors are now asking is: what is in stor

  • Improving investor optimism as tensions ease between the U.S. and Iran is weighing on gold prices just a day after it hit a multi-year high. However, one market strategist said that investors should look past the short-term volatility in the precious metals market and focus on the big picture. In a telephone interview with Kitco News, Jasper Lawler, head of research at London Capital Group, said that while gold’s run in the new year has so far been impressive, investors should not be buying gold

  • Gold and silver prices are lower in midday U.S. futures trading Thursday, as risk appetite has returned to the global marketplace on ideas the U.S. and Iran have stepped back from the brink of an escalating military conflict. February gold futures were last down $6.30 an ounce at 1,553.90. March Comex silver prices were last down $0.187 at $17.98 an ounce. The precious metals showed no initial reactions to reports that U.S. intelligence has evidence that Iran shot down the Boeing airliner over I

  • (Kitco News) – As busy as the mining sector was dealing with mergers and acquisitions in 2019, that was only the start as one mining financing CEO sees a lot more activity in the new year. In a recent telephone interview with Kitco News, Peter Grosskopf, CEO of Sprott Inc., said that with gold prices expected to continue to rise through 2020, he sees a lot more consolidation in the mining space. He added that Sprott is making a big push to invest in down-cap mining companies. “One-by-one w

  • Two different mints on the opposite sides of the globe are reporting very contrasting coin sales results from 2019. The Perth Mint in Australia saw a surge in gold coin sales towards the end of 2019, while the U.S. Mint reported dwindling sales throughout the year. The December data from the Perth Mint revealed that it saw a 45% uptick in gold product sales in comparison to the previous month. There was a total of 78,912 ounces of gold coins and minted bars sold in December, marking the highest

  • Once again geopolitical uncertainty has had a short-lived impact on the gold market but that doesn ’t mean investors should give up on the precious metal, according to one market analyst. Ole Hansen, head of commodity strategy at Saxo Bank In a telephone interview with Kitco News, Ole Hansen, head of commodity strategy at Saxo Bank, said that he could see gold prices falling to $1,500 and entering a new consolidation phase as prices have fallen sharply from Wednesday ’s multi-year high above $1,

  • Rhodium prices have skyrocketed, which analysts and traders are attributing to strong industrial demand – particularly from the Chinese car market – at a time when supplies are unable to keep pace. Further, rhodium is one of the smallest metals markets, meaning huge spreads right now between “bid” and “ask” prices in limited trading conditions. Rhodium has already risen by around one-third in the first five trading days of the new year, with prices last trading around $7,300 an ounce. Some commo

  • Don’t let your chance to have your say slip by! Friday, January 10 is the last day to vote for your mining chief executive officer of 2019.  The winner will be announced during the upcoming Vancouver Resource Investor Conference on-air on Kitco News. This year we did things a little differently and narrowed down the field – our editorial team looked at numerous factors including CEOs  who successfully led a merger and acquisition, mine start-ups and of course profitability and bringing positive

  •    Gold’s strong start to the year has put prices well above the precious metal’s previous hard floor of $1,450 an ounce, said Scotiabank. “$1450 was the new hard floor but gold is now firmly in a spot where the risk/reward in being directionally short is not favorable — $1500 is increasingly looking like the new 2020 floor…,” wrote Scotiabank commodity strategist Nicky Shiels last week. Overnight gold prices neared seven-year highs as February Comex gold futures hit $1,61

  • Gold prices have dropped to session lows as the U.S government tries to deescalate tensions in the Middle East. Economists note that investors’ sentiment has improved after U.S. President Donald Trump did not say that it would take further military action against Iran.  The comments come after Iran launched a missile strike against a two U.S. bases in Iraq In his national address Trump noted that nobody was killed in the missile attack and little damage was done to the bases.  Trump added that i

  • Ormonde Mining (LON:ORM) said Wednesday that it is selling its 30% interest in Barruecopardo Joint Venture Barruecopardo Tungsten Mine in Salamanca, Spain. Oaktree Capital Management is buying the asset from Ormonde for a total net cash consideration of €6 million (US$6.67 million). Ormonde cited low initial grades and high costs for the disposal. “Low initial ore grades and delays to accessing the main orebody, reported by the Mine’s management team and disclosed by Ormonde in recen

  • Streaming and royalty company Sandstorm Gold (NYSE:SAND) said Wednesday it sold approximately 63,800 attributable gold equivalent ounces and realized preliminary revenue of $89.4 million for 2019. The company said the numbers were records for the company and the results were also in line with its October forecast.. During the last quarter of the year, the company sold approximately 16,100 attributable gold equivalent ounces and realized preliminary revenue of $24.0 million. Audited financial sta

  • U.S. bases and other locations in Iraq have come under attack early Wednesday. Spot gold is trading $1,606 as of 7:43 p.m. ET, jumping nearly $30 since late this afternoon. The last time gold traded this high was in 2012. Oil is also spiking. WTI crude is up 4% to 65.32 a barrel. Tensions in the region have been high following the assassination of the head of Iran’s elite Quds Force, Major-General Qassem Soleimani. He was killed after a U.S. air strike on his convoy, which was leaving the

  • Gold prices surged more than 2% on Wednesday, crossing the key $1,600 mark, as investors sought cover in the safe-haven metal after Iran fired rockets at Iraqi airbase which hosts U.S. forces. FUNDAMENTALS * Spot gold climbed 1.9% to $1,603.21 per ounce by 0056 GMT. Prices hit their highest since March 2013 at $1,610.90 earlier in the session. U.S. gold futures rose 2% to $1,605.80.   * The jump in the price of what’s viewed by investors as a safer asset in times of political and econ

  • Gold prices are starting a new bull run, according to Bloomberg Intelligence, which is eyeing $1,400 an ounce as initial support and $1,700 as initial resistance. “Gold is embarking on a new bull market,” wrote Bloomberg Intelligence senior commodity strategist Mike McGlone in his January commodify outlook. “The dollar-denominated precious metal is ending 2019 at the best level in six years and has made new highs in other currencies, notably the euro.” It will be just “a matter of time” before g

  • Oil rose sharply, with U.S. crude rising nearly $3, on Wednesday after the U.S. said its forces in Iraq were attacked by Iranian ballistic missiles, raising the prospect of a regional conflagration that could cut oil supplies. West Texas Intermediate crude futures rose nearly $3, or almost 5%, to $65.50 a barrel at around 0029 GMT. Brent crude was yet to trade after dropping nearly 1% on Tuesday. Iran has launched an attack on U.S.-led forces in Iraq, the U.S. military said on Tuesday, adding Te