Press

  • Gold, silver and palladium futures are trading higher on the day, and with the exception of platinum the precious metals have all shown gains. As of 5:18 PM EST gold is fractionally higher, currently fixed at $1481.10, which is a net gain of $0.90 (+0.06%). Palladium is also fractionally higher and fixed at $1846.30, with a net gain of $0.90 (+0.05%). The largest percentage gain in the precious metals today was in silver futures. The most active March 2020 contract is currently back above $17 an

  • The only thing that really matters for uranium prices is supply and demand, this according to Lobo Tiggre, principal analyst and editor of The Independent Speculator. “Ultimately…as much as uranium bugs are waiting to see whether or not President Trump will support uranium producers, at the end of the day, it’s really about supply and demand here,” Tiggre told Kitco News. Tiggre’s comments come as uranium prices rose from November lows, from $23.85 a pound to $25.95 a pound on Thursday. On gold

  •   Slovakia’s former prime minister called on the country’s parliament to repatriate its gold from the U.K., stating that Britain can’t be trusted with the yellow metal. “You can hardly trust even the closest allies after the Munich Agreement,” former Slovak prime minister Robert Fico told reporters last week. “I guarantee that if something happens, we won’t see a single gram of this gold. Let’s do it as quickly as possible.” In his comment, Fico was referring to a 1938 pact reached by Franc

  • Soaring Great Bear (CVE:GBR) announced Thursday that it is undertaking one of Canada’s largest drill programs. The company plans to expand its drill program at its flagship Dixie project in the Red Lake district of Ontario from 90,000 metres to 200,000 metres. Great Bear estimates that its year round drilling costs will be between $175 to $185 per metre. Chris Taylor, President and CEO of Great Bear, said 80% of the company’s property remains to be explored. “We are about to undertak

  • Kinross Gold (TSE:K) said today it is selling its remaining shares of Lundin Gold for C$150 million. Lundin Gold is developing the Fruta del Norte gold project in Ecuador. The mine is expected to produce 310,000 ounces gold per year at a all-in-sustaining cost of $583 per ounce. Kinross sold Fruta del Norte to Lundin Gold in 2014 for US$240 million. The shares Kinross is selling represents approximately 9.2% of the issued. Buyers include Newcrest Mining Limited and the Lundin Family Trust. Kinro

  • The only thing that really matters for uranium prices is supply and demand, this according to Lobo Tiggre, principal analyst and editor of The Independent Speculator. “Ultimately…as much as uranium bugs are waiting to see whether or not President Trump will support uranium producers, at the end of the day, it’s really about supply and demand here,” Tiggre told

  • Gold and silver prices are firmer in midday U.S. trading Thursday, on some buying support from a weaker U.S. dollar index and the U.S. stock market pulling back just a bit. Traders are now awaiting a key U.S. economic report that is due out Friday morning. February gold futures were last up $4.80 an ounce at 1,485.00. March Comex silver prices were last up $0.154 at $17.07 an ounce. Traders are now awaiting the U.S. economic data point of the week, if not the month: Friday’s employment situation

  • A weaker global economy in 2020 is likely to mean stronger gold prices, said Philip Newman, director of the London-based consultancy Metals Focus. Further, he pointed out that there is still a large amount of negative-yielding bonds around the world, which also helps the metal. “We don’t have a [forecast for a] tremendous rally, but we do have it moving gradually higher,” Newman said in an interview with Kitco News. Newman called for gold prices to average just above $1,500 an ounce in 2020 and

  • (Kitco News) –All-times highs in U.S. equity markets and a renewed strength in the U.S. dollar weighed on the gold market, with exchange-traded funds posting broad-based outflows last month, according to the latest data from the World Gold Council (WGC). In its monthly ETF report, the WGC said that the gold market saw $1.3 billion in outflows across all regions. But it’s not all bad news for the precious metal as holdings are up significantly on the year. “Overall, global gold-backed asset

  •   New record high prices are in store for gold in the new year and the new decade, according to Bloomberg Intelligence, which projects gold “…to follow the dollar and equities to new highs.” The U.S. dollar and equities can’t go up forever, and a normal reversal could boost gold to new all-time highs, said Bloomberg Intelligence (BI) senior commodity strategist Mike McGlone. “It’s a new year and decade and gold is poised to follow the dollar and equities to new highs, in our view. Whe

  • A recent incident involving Canada and America’s leaders has lead to some backlash against both sides, and it is clear that the American leadership does not take Canada’s Prime Minister very seriously, said Kevin O’Leary, star of Shark Tank and chairman of O’Shares ETFs. President Donald Trump has called Prime Minister Justin Trudeau “two-faced” following a video that has surfaced of what appears to be the Canadian leader alongside other world leaders mocking the U.S. President at Wednesday’s NA

  • A recent incident involving Canada and America’s leaders has lead to some backlash against both sides, and it is clear that the American leadership does not take Canada’s Prime Minister very seriously, said Kevin O’Leary, star of Shark Tank and chairman of O’Shares ETFs. President Donald Trump has called Prime Minister Justin Trudeau “two-faced” following a video that has surfaced of what appears to be the Canadian leader alongside other world leaders mocking the U.S. President at Wednesday’s NA

  • TORONTO/LONDON, Dec 4 (Reuters) – Gold miners look set to extend a deal spree after notching transactions worth a record $30.5 billion this year, according to data, the biggest M&A binge since bullion prices peaked nearly a decade ago. Led by top producers Newmont Goldcorp Corp and Barrick Gold Corp , miners are bulking up to replace dwindling reserves and win back investors who in recent years shunned the sector because of disappointing returns. This year has seen 348 deals worth more

  • Osisko Gold Royalties (TSX:OR) announced today that Bryan A. Coates will step down as president and will be succeeded by Sandeep Singh. Singh will leave his role as managing partner of Maxit Capital to join Osisko. Prior to Maxit, Singh was with BMO and Dundee. He was an aerospace engineer with Pratt & Whitney at the beginning of his career. Sandeep has a experience within M&A advisory and financing transaction experience in the mining sector. Coates will carry on at the the company in a

  • Major Drilling said today that total revenue for its second quarter was C$121.2 million, up 15% from revenue of C$105.5 million recorded in the same quarter last year. Canada and U.S. drilling was up 16%, and Asian and African operations were up 32%. The company said Indonesia and Southern Africa continued their recent growth trends, which offset the loss of revenue from closing the company’s Burkina Faso operations in the previous year. The African country has been struggling with Islamis

  • Yukon miner Victoria Gold (TSX.V-VIT) said today that its reserves now 3.3 million ounces, up from a precious 2.7 million. The news comes from a new technical report prepared at a feasibility level. Annual production is set to climb to from 200,000 ounces to 220,000 ounces, and all-in-sustaining cost is set at $774 per ounce. The stock market sent Victoria Gold higher, bumping it 10.64% to $7.80. John McConnell, president and CEO, said operations will continue to ramp up. “The results of t

  • Gold and silver prices are down in midday U.S. trading Wednesday, after gold notched a four-week high in the early going. A rally in the U.S. stock market today prompted some selling pressure in the safe-haven metals. The good news for the gold and silver bulls this week is that both markets have seen their near-term price downtrends eliminated, at least temporarily. February gold futures were last down $4.50 an ounce at 1,479.90. March Comex silver prices were last down $0.308 at $16.94 an ounc

  • – A reversal in sentiment regarding trade negotiations is taking its toll on the gold market that has been unable to follow through on Tuesday ’s 1% rally. Not even weak economic data is helping the gold market as prices remain in solid negative territory on the day. February gold futures last traded at $1,479.70 an ounce, down 0.32% on the day. Investors are once again jumping into equity markets because of trade optimism and ignoring a six-month low in private sector employment growth an

  • – Easy monetary policy and low interest rates are here to stay and that will support gold prices in the long term, but investors need to be a little patient, according to one market analyst. In her 2020 outlook forecast published Wednesday, Georgette Boele, senior FX and precious-metals strategist at ABN AMRO, said that she is bullish on the precious metals next year, but the yellow metal could see a modest correction in the first half of the year. “Even though the longer-term outlook look

  • Central bank gold demand officially hit a new multi-decade record and although purchases have slowed recently, one market analysts expects that demand to continue. In a report published Monday, independent commodity analyst Matthew Turner, noted that central bank gold purchases totaled 550 tons as of October, up 17 tons from total purchases in 2018, which saw the biggest gold buying spree in 50 years. Turner noted that the gold market benefited from a frenzy of central bank activity at the start

  • If history were to repeat itself, the recent escalation of the trade wars could result in a recession, this according to Doug Casey, founder of Casey Research. “It was the Smoot–Hawley tariffs that really brought on the last Great Depression, and it could happen again this time. The world is much more involved in trade now than it was in the 1920’s,” Casey told Kitco News. The ramifications of an extended trade war could be disastrous, and President Donald Trump’s lack of economic knowledge is t

  • President Trump speaking at a news conference in London today drew a hardline in the sand as to his position about the current trade negotiations between the United States and China in which he said “A China trade deal is dependent on one thing — do I want to make it.” But it was his remark about a timeline to resolve the trade war that sent U.S. equities plummeting, and moved gold strongly higher. “I have no deadline, no. In some ways, I think it’s better to wait until after the election if you

  • President Donald Trump is incentivized to keep the trade wars looming until the presidential election of 2020 because the Fed will be more likely to keep rates low, thus elevating equity markets, this according to Christopher Vecchio, senior currency strategist of IG Group. “For President Trump, perhaps the worst thing that could happen is if a trade deal does come together in the sense that the Fed would have less of a reason to keep rates low and stocks could struggle heading into 2020,” Vecch

  • If history were to repeat itself, the recent escalation of the trade wars could result in a recession, this according to Doug Casey, founder of Casey Research. “It was the Smoot–Hawley tariffs that really brought on the last Great Depression, and it could happen again this time. The world is much more involved in trade now than it was in the 1920’s,” Casey told

  • With President Donald Trump signaling that he is willing to push any resolution to the trade war negotiations with China to beyond the 2020 presidential elections, the U.S. economy could see a slowdown, particularly in certain sectors, this according to Christopher Vecchio, senior currency strategist of IG Group. “One thing that really sticks out to me right now with this trade war is that farm bankruptcies are up 24% year over year. We’ve spent close to $30 billion bailing out farmers. That’s m

  •  – Global political uncertainty is one of the most significant risks to financial markets, which could drive gold prices modestly higher in 2020, according to one market strategist. Chantelle Schieven, head of research at Murenbeeld & Co In a recent interview with Kitco News, Chantelle Schieven, head of research at Murenbeeld & Co, said that she expects that gold prices could push $100 higher by the end of next year, to around $1,550 an ounce as geopolitical uncertainty creates unn

  • Gold and silver prices are posting solid gains in midday U.S. trading Tuesday, on safe-haven buying amid a U.S. stock market sell-off following downbeat remarks from President Trump regarding the U.S.-China trade negotiations. February gold futures were last up $16.30 an ounce at 1,485.50. March Comex silver prices were last up $0.259 at $17.225 an ounce. Trader and investor risk appetite up-ticked Tuesday following Trump’s comments in London, regarding a partial U.S.-China trade deal. Trump sai

  •   There are many factors that could disappoint next year, which is why “smart money” has continued to favor gold as a hedge, according to the latest Mitsubishi’s precious-metals update. Central banks around the world have continued to buy gold this fall as prices stalled following the summer rally, said Mitsubishi head of business development Jonathan Butler. “Illustrating lingering macroeconomic concerns, the importance of diversification away from dollar assets and tail risk hedging, cent

  • An interesting mix of fundamental news which could be interpreted as bullish for gold and silver, did little to move the precious metals higher today. They did however move both gold and silver off of the intraday lows this morning. As of 4:32 PM EST gold futures basis the February contract is currently trading down $4.10 (- 0.28%) at $1468.60. Silver is also trading lower on the day currently down almost $0.12 and fixed at $16.85 an ounce. These declines come in light of a moderate selloff in U

  • The current bull cycle for gold prices is still in progress, and it’s only a matter of time before price levels for the yellow metal hit $2,000 an ounce, this according to Sean Boyd, CEO of Agnico Eagle. “We’re still in that bull market that started in 2015. This is just the initial phase,” Boyd told Kitco News. “We think in this cycle gold will hit a new high in U.S. dollars. Ultimately, we’ll get to $2,000, may take two or three years.” Boyd noted that current gold prices are really nothing to

  • The current bull cycle for gold prices is still in progress, and it’s only a matter of time before price levels for the yellow metal hit $2,000 an ounce, this according to Sean Boyd, CEO of Agnico Eagle. “We’re still in that bull market that started in 2015. This is just the initial phase,” Boyd told Kitco News. “We think in this cycle gold will hit a new high in U.S. dollars. Ultimately, we’ll get to $2,000, may take two or three years.”

  • Poland repatriated 100 tons of gold from the Bank of England’s storage in London, the National Bank of Poland said earlier this month. G4S’s International Logistics arm was tapped with arranging the transport. The company said the movements of gold were meticulously coordinated. The transport required the cooperation of the police, the Bank of England, the Narodowy Bank Polski and G4Si. The operation took place at night and over the past few months and totalled eight trips. The gold was transpor

  • Record high gold prices against the Australian dollar have been a blessing and a bit of a curse for the nation’s mining sector as production in the third quarter fell to its lowest point in more than a year, according to one research firm. Sunday, Melbourne-based gold mining consultants Surbiton Associates, said Australian miners produced 78 tonnes of gold between July and September, a decline of about 5% percent compared with the previous quarter. September quarter’s production was the lowest q

  •   Making a profit during a gold rally is simple, but how do you make sure those gains are maximized and potentially doubled? Gold has had a spectacular year, hitting six-year highs of $1,557 in September. But while gold was up 21%, one ETF, which tracks gold stocks on the NYSE, was up double that, said China Post Global managing director Danny Dolan in an interview with Kitco News on Tuesday.“We’ve seen a pretty stellar year, but not just because of strong physical gold performance. Our ETF

  •   The total value of London’s gold and silver vault holdings hit record highs in August, according to the latest trade data from London Bullion Market Association. At the end of August the value of London gold vault holdings was at $394.5 billion — the highest level on record, the LBMA said on Monday. “As at the end of August 2019, there were 8,028 metric tons of gold, valued at $394.5 billion which is a record high,” the latest data showed. The record value corresponds to multi-year

  • (Kitco News) – The world’s largest Cryptocurrency miner has discovered that a significant amount of Americas don’t fully understand their country’s monetary policy system or the Federal Reserve. In late September, Genesis Mining conducted a survey among 1,000 Americans to gauge how well the nation understands money. The results were released late October and showed that 29% of those surveyed thought the U.S. dollar was backed by gold. At the same time, only 30% accurately guessed that the

  • Gold and silver prices are modestly down, of up from daily lows, in midday U.S. trading Monday. The safe-haven metals continue to see selling pressure from bull market runs in world equities, including U.S. stock indexes that recent hit record highs. However, some profit taking hit the stock indexes today, and that along with a weaker U.S. dollar today did work to push the metals up from their session lows. February gold futures were last down $3.30 an ounce at 1,469.40. March Comex silver price

  • From a macroeconomic perspective, several of the longer-term problems that would be bullish for gold will likely manifest in 2020, including a recession and an escalation of the trade wars tensions with China, this according to Peter Hug, global trading director of Kitco Metals. “From a physical perspective, if you’re an investor from a medium to longer term perspective, you just stay with this market and if your holdings are under your percentage allocation that you were looking to apply to you

  •    – In a world awash in negative bond, gold will continue to shine as an alternative asset and could attract more attention from major central banks in 2020, according to one market analyst. In a telephone interview with Kitco News, Ole Hansen said that the world’s burgeoning debt is becoming a growing concern among Western central banks, and gold could be the answer to create some stability. “We have seen some pretty bold comments on gold from European central banks, and it might no

  •   Gold prices will remain supported throughout next year because of uncertainty surrounding trade and global growth, said ING in its 2020 Commodities Outlook. The Dutch bank’s price forecast has gold trading well above its new floor of $1,450 an ounce throughout 2020 but does not see it rise much above $1,500 an ounce. “Looking to 2020 … uncertainty around trade talks and global growth are likely to remain key drivers,” ING head of commodities strategy Warren Patterson and senior commoditie

  • With all the recent financings, the start of 2020 is looking for good for the juniors, said Eric Coffin in a interview with Kitco News earlier this month at the Metals Investor Forum. Coffin is a newsletter writer at Hard Rock Advisories. “I think there is enough getting raised that it bodes well for Q1,” said Coffin. Coffin said at the start of the fall companies were finding it incredibly difficult to raise financings. “That seems to be turning again. [There] seems to be pret

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  • Canada’s Yamana Gold is considering a further increase in dividends of between 50% and 100%, its executive chairman told Reuters, after doubling the payout this year. Yamana Gold, which sold its $1 billion copper-gold mine to Lundin Mining this year, doubled its dividend this year to 4 U.S. cents per share in its third quarter. “We are considering another dividend increase and believe that we can support an increase that is at least 50% higher than our current dividend and potentiall

  • (Kitco News) – Next year could prove to be a difficult one for gold prices, according to one French bank, which doesn ’t see much upside for the yellow metal. Bernard Dahdah, precious metals analyst at Natixis, said in a report Friday that he is downgrading his gold outlook for next year. He said that he sees the yellow metal averaging the year around $1,370 an ounce, down from its previous average forecast of $1,420 an ounce. “This reflects a more positive outlook on the U.S. economy and

  • (Kitco News) – Gold prices are at daily highs and holding moderate gains in late-morning action Friday. A dip in the U.S. stock indexes today, on some fresh worries about a U.S.-China trade deal getting signed, are helping to lift the safe-haven metal. Some short covering in the futures market is also helping out the yellow metal today. February gold was last up $5.70 at $1,466.50.

  • Newsletter writer Eric Coffin said August was a good month for junior financings but September went “ice cold.”Eric Coffin, who is with Hard Rock Advisors, spoke to Kitco earlier this month at the Metals Investors Forum held in Vancouver. Coffin said a number of companies have found it extremely difficult to raise money. “That seems to be turning. I have seen several bought-deals announced,” said Coffin. Coffin is hopeful the turnaround lasts and sparks a rally. “Th

  • Great Bear (CVE:GBR) said today it closed an over-subscribed bought-deal private placement with financing set at C$16.7 million (US$12.57 million). Great Bear, which is exploring its Dixie property near Red Lake, Ontario, said both the offering of 1,750,000 shares, and 250,000 additional shares that were available for distribution, were fully subscribed. The company said it issued 2,000,000 common shares that qualify as flow-through shares for the purposes of the income tax act at a price of $8.

  • While the diamond market has had a rocky year, Lucara Diamond (TSE:LUC) will be spending money on capital investments. The company announced yesterday that it approved $53 million for early works at Karowe Diamond Mine’s underground works. “Anticipated cash flow from operations in 2020 should allow us to pursue early works which are critical to the underground development schedule, while at the same time allowing us to leverage our balance sheet to finance the project in a cost-effec

  • High rainfall and pit congestion forced Great Panther Mining (TSX:GPR) to announce Thursday another downward revision in guidance. The company said its annual consolidated guidance is adjusted to 142,000 – 149,000 gold equivalent ounces, an approximate 6% decrease from the midpoint of the prior production guidance range of 150,000 to 160,000 gold equivalent ounces. The company was down 10.77% to 58 cents a share as of 11 a.m. ET. Last month the company revised guidance downward after reporting w

  • A major move up in gold is being blocked by strong stocks and higher U.S. dollar, says RBC Wealth Management managing director George Gero. “Strong stocks, strong dollar are still headwinds for a larger rally for now until we see more economic, political  and surprise headlines going forward,” Gero writes. Gold remains between the $1,450 an ounce and $1,500. “Today’s short trading session on U.S. stocks, today’s prices on monthly statements important for December tax planning in commodities, and

  •   text here The gold market continues to struggle to find momentum as support holds above $1,450 an ounce, but one fund manager said that he doesn’t see any rush into gold in the near-term as the U.S. dollar is on the verge of surging higher.In a recent interview with Kitco News, Keith Dicker, founder and chief investment officer at IceCap Asset Management, said the fundamentals for holding gold have strengthened this past year. Still, he added that the U.S. dollar remains a significant hea

  • While the U.S.-China trade conflict has been driving gold higher, Chen Lin said the riots in Hong Kong could also spur precious metals to new heights.Lin spoke to Kitco at the Metals Investor Forum held earlier this month. Chen Lin is a newsletter writer for CHEN’s Stock Picks.Chen said Mainland China takes advantage of Hong Kong’s free trade status and runs lots of products through its ports. If the U.S. revokes Hong Kong’s status, it could have a big impact on trade.”If

  • The gold market is treading water Thursday as U.S. markets are closed for the Thanksgiving holiday and see a shorted trading day Friday. The spot market, which remains open, shows gold prices holding steady at $1,454.90 an ounce. However, some analysts see the prospect of higher prices when markets get back to normal next week as the trade war between China and the U.S. hit a potential snag. Wednesday, as the U.S. was preparing for the holidays, President Donald Trump signed into law legislation

  • GT Gold (CVE:GTT) announced today a C$8.3 million (US$6.25 million) financing from Newmont Goldcorp Corporation. The financing is a private placement of 6,877,199 common shares priced at $1.20 per share. Upon completion Newmont Goldcorp will own 14.9% of GT Gold, an increase from the 9.9% it already owns. “I am delighted that the world’s leading gold producer, Newmont Goldcorp, has increased its stake in GT Gold through this financing, which further supports the thesis that the Saddle North gold

  • Citing the need to look forward, officials at the City of Asbestos has decided to change its name. Asbestos is located in Quebec and has about 7,000 residents. Officials at the city said the name is too tarnished. “Unfortunately, the word ‘asbestos’ does not have a good connotation, especially in English-speaking environments,” said the city in a Facebook post that went up yesterday. “It is a brake in the city’s will to develop economic relations outside. It i

  •   – Happy almost Thanksgiving! Everything is winding down in New York City as the markets will be closed tomorrow and open half-day Friday. But despite the shorter trading week, it has been an eventful one. On Wednesday, Gold prices remained under pressure falling slightly but still holding critical support above $1,450 an ounce as momentum in the U.S. manufacturing sector and third quarter GDP rose significantly last month. On the US-China relations front, it looks like both countrie

  • Three key elements continue to put pressure on gold. First and foremost is the fact that U.S. equities continue to rally and go to new all-time record highs. Second is an optimistic overtone that a U.S. China trade deal may be forthcoming. Lastly the U.S. dollar continues to gain strength. As of 3:45 PM EST gold futures are priced at $1453.80, after factoring today’s $6.50 decline (-0.45%). Silver futures are down over 8/10 of a percent, and with a decline of $0.14 is at $16.905 per ounce. We ca

  • On getting to a mining industry with better social acceptance, Ross Beaty said problems with tailings are holding the industry back. Ross Beaty, chairman and founder of Equinox Gold, spoke to Kitco News earlier this month at the Metal Investors Forum in Vancouver. “Tailings is the one Achille’s heel of the mining industry, because one tailings spill happens once a year somewhere in the world, and it’s awful because it’s all preventable,” said Beaty.

  • On getting to a mining industry with better social acceptance, Ross Beaty said problems with tailings are holding the industry back. Ross Beaty, chairman and founder of Equinox Gold, spoke to Kitco News earlier this month at the Metal Investors Forum in Vancouver. “Tailings is the one Achille’s heel of the mining industry, because one tailings spill happens once a year somewhere in the world, and it’s awful because it’s all preventable,” said Beaty. “Look at a

  •   Gold remained resilient in the face of risk-on sentiment this week, but a price shakeout towards $1,425 an ounce is still possible with the U.S. employment data due out December 6. The good news, for now, is that the precious metal is managing to hold on to its mid-$1400 support level amid plenty of risk-on sentiment and record-high equities, analysts told Kitco News on Wednesday ahead of the Thanksgiving holiday in the U.S. At the time of writing, February Comex futures were last trading

  • Gold investors should expect to see a grind in the market next week as sentiment is at best mixed in the near-term, according to the latest Kitco News Weekly Gold Survey. The gold market is struggling to find momentum as investors focus on better than expected manufacturing data and revised third quarter gross domestic product numbers. For many analysts, the latest data are helping to further ease fears of a recession. In the shortened trading week, 15 market analyst participated in this week ’s

  • Gold and silver prices are modestly lower in midday U.S. trading Wednesday. The global trader and investor environment at present is one of scant geopolitical concerns amid a booming U.S. stock market. That’s a bearish scenario for the safe-haven metals. However, such cannot continue indefinitely and veteran metals market bulls are biding their time. December gold futures were last down $4.70 an ounce at 1,455.60. December Comex silver prices were last down $0.085 at $16.96 an ounce. A couple of

  • Monetary policies continue to be the dominant driver for gold’s next critical level, this according to Dan Oliver, founder of Myrmikan Capital. “What I look at is the balance sheet of Federal Reserve,” Oliver told Kitco News. “When [government] bonds finally break down, and they will break down someday because congress is insolvent, the only thing else on the Fed’s balance sheet is of course the gold, because they said they have 8,100 tonnes of gold.”

  • Gold prices remain under pressure falling slightly but still holding critical support above $1,450 an ounce as momentum in the U.S. manufacturing sector rose significantly last month. Wednesday, a U.S. Commerce Department report showed U.S. durable-goods orders increased by 0.6% in October, up from September’s revised 1.4% drop. The headline data was better than expected as economists were expecting a drop of 0.5%. Stripping out the volatile transportation sector, core durable goods orders incre

  •   Gold prices fell slightly in reaction to better-than-expected U.S. gross domestic product data reported by the U.S. Commerce Department on Wednesday. The second preliminary estimate of the third-quarter gross domestic product showed that the U.S. economy grew at an annual rate of 2.1% versus the expected 1.9%. Fresh Q3 data even beat Q2 advance of 2.0%. Gold declined slightly after the data was released with February Comex gold futures last trading at $1,461.20, down 0.42% on the day. Pri

  • Gold futures recovered after trading to a low last night of $1449.60. As of 4 PM EST the most active December contract is currently fixed at $1462.10, putting it up $5.20 on the day. Silver is also trading higher on the day, currently up 1.12%, which is a net gain of $0.18, and is currently fixed at $17.07. This all-in light of the fact that U.S. equities continue to trade higher. The Dow Jones industrial average closed at a new all-time record high for the second consecutive day. Yesterday the

  • China’s big move for the 21st century is to pull a “trap door” on the U.S. by launching a gold-backed crypto currency that will devalue the U.S. dollar to “zero,” this according to Max Keiser, host of the Keiser Report. “[China] is rolling out a cryptocurrency, a lot of the details have not been divulged. I can tell you that the cryptocurrency that China’s rolling out will be backed by gold. It’s a two-pronged announcement. Number one, China’s got 20,000 tonnes of gold, number two, we’re rolling

  • Gold and silver prices are modestly higher and near their daily highs in midday U.S. trading Tuesday. Following recent selling pressure the bullish traders decided to do some bargain hunting today and buy the dip in prices. Still, the safe-haven metals are facing stiff headwinds amid scant risk aversion in the global marketplace at present. December gold futures were last up $2.30 an ounce at 1,459.20. December Comex silver prices were last up $0.144 at $17.035 an ounce. Global trader/investor r

  • – While the Federal Reserve seems to hold a neutral view of the economy in the medium-term, prominent investors like Ray Dalio, as well as central banks, are stockpiling safe haven and hedge assets to prepare for what they believe is a coming economic downturn, this according to Phil Streible, senior market strategist of RJO Futures. “One of the guys who I really follow, Ray Dalio and Bridgewater, they came out and bought about a billion dollars worth of put options in the S&P 500, so

  •   One Russian Far East region broke its four-decade record as it extracted more than 40 tons of gold and 560 tons of silver this year alone. Region of Magadan has successfully mined 40.24 tons of gold and 559.30 tons of silver this year. The data is as of November 1. Local authorities are not ruling out that the figure for gold mined by year-end could reach 50 tons. Based on current gold prices, the total of gold extracted this year equates to $2.1 billion. December Comex gold futures were

  • A combination of U.S. equity strength and optimism about the current negotiations between the United States and China have resulted in selling pressure in gold. Gold futures are currently trading at $1455 per ounce, a net decline of $8.60 on the day. Gold traded to a low of $1453.90, and a high of $1462. Volume was lighter than usual as traders get ready for Thanksgiving. The upbeat tone was a net result of the document released on Sunday by the Chinese government which called for more protectio

  • Newmont Goldcorp (NYSE:NEM) unloaded its Red Lake complex to Evolution Mining, an Australian gold producer, for $375 million in cash and contingent payments of up to an additional $100 million tied to new resource discoveries. The sale was announced today. Under terms of the $100 million contingent payment, Newmont said that Evolution will pay $20 million for each one million ounces of new gold resources added to the existing Red Lake resource base over a fifteen-year period. The contingent paym

  • It’s not going to take much for gold to rally again, said Randy Smallwood, CEO of Wheaton Precious Metals. Smallwood spoke to Kitco News earlier this month at the Metal Investor Forum in Vancouver. Despite gold’s recent pullback, Smallwood notes that gold has been well supported by central bank buying. “We haven’t seen a retail push into precious metals yet. We’ve seen a bit, but not a lot. And when that happens, we will see a really big movement in the precious met

  • Smallwood spoke to Kitco News earlier this month at the Metal Investor Forum in Vancouver. Despite gold’s recent pullback, Smallwood notes that gold has been well supported by central bank buying.”We haven’t seen a retail push into precious metals yet. We’ve seen a bit, but not a lot. And when that happens, we will see a really big movement in the precious metals space,” said Smallwood.Gold was trading north of $1,500 for much of August. Spot gold is currently tradi

  • While the Federal Reserve seems to hold a neutral view of the economy in the medium-term, prominent investors like Ray Dalio, as well as central banks, are stockpiling safe haven and hedge assets to prepare for what they believe is a coming economic downturn, this according to Phil Streible, senior market strategist of RJO Futures. “One of the guys who I really follow, Ray Dalio and Bridgewater, they came out and bought about a billion dollars worth of put options in the S&P 500, so that tel

  •    – Goldman Sachs is maintaining its bullish outlook on gold, looking for prices to push to $1,600 an ounce next year, but its big trade for 2020 is oil. In a report published Sunday, the investment bank said that it continues to like the precious metal as investors look for alternative investment assets. “Investment deficit creates excess savings, supporting gold. In theory, savings should equal investment, but due to this decline in capex and a rise in precautionary cash balances,

  •    After boosting its gold reserves for the past two years, Poland is bringing its gold back home. In its latest move, Poland repatriated 100 tons of gold from the Bank of England’s storage in London to show the strength of the country’s economy, said the National Bank of Poland (NBP) on Monday. “The gold symbolizes the strength of the country,” Poland’s central bank Governor Adam Glapinski told reporters. Poland’s precious metals will now be stored in the central bank’s treasury, NBP

  • Gold and silver prices are moderately lower in midday U.S. trading Monday. The safe-haven metals are seeing better selling interest amid an uptick in risk appetite to start the trading week. December gold futures were last down $8.10 an ounce at 1,455.50. December Comex silver prices were last down $0.10 at $16.90 an ounce. Trader and investors have a risk-on attitude Monday on the surprising news that China said it will step up its efforts to protect intellectual property rights. That is a key

  • Ongoing uncertainty over the trade war between China and the U.S. prompted hedge funds to wade back into the gold, according to analysts evaluating the latest trade data from the Commodity Futures Trading Commission (CFTC). The CFTC’s disaggregated Commitments of Traders report for the week ending Nov. 19 showed money managers increased their speculative gross long positions in Comex gold futures by 12,363 contracts to 221,795. At the same time, short bets also fell by 7,395 contracts to 2

  •   Physical demand in Asia is yet to see a rebound after a significant drop during the last few months with October’s gold imports by India and China once again disappointing. “Gold imports by China and India remained at historically low levels in October,” said Capital Economics assistant commodities economist Kieran Clancy. China’s gold imports fell below 50 tonnes in October, according to the data released by the Chinese customs authority on Monday. Major drops were noted in gold imports

  • Resolute Mining said today it is developing a new hybrid modular power station to power its Mali-based Syama Gold Mine. The company expects 40% power savings from the new power plant, which will be built by Aggreko. “The new Syama power solution will combine world-leading solar, battery and thermal generation technologies,” writes the company. “Solar, battery and thermal technologies will be delivered in staged development. Hybrid power plant consisting of thermal, battery stor

  • Headlines surrounding Hong-Kong election and China’s concession on intellectual property rights are boosting risk-on sentiment, according to Bannockburn Global Forex. “The combination of the victory of the pro-democracy movement in Hong Kong and an apparent concession by China on intellectual property rights is helping bolster risk appetites to start the week,” writes Bannockburn Global Forex chief market strategist Marc Chandler. The positive news are keeping the pressure on gold, which could b

  • On September 4TH, 2019 gold hit its highest value for the calendar year. From the beginning of May up until the beginning of September gold gained approximately $295 as it moved from $1270 per ounce to $1565 per ounce. It took only four months for gold to gain 5.3% in value. Following this dynamic price advance market forces resulted in a key reversal, a pivot from bullish market sentiment to bearish market sentiment. What would follow would be a multi-month correction moving the price of gold l

  • 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 research. May all your trades be to the upside.

  • Gold prices are still in a bull market despite sideways price action of late, says Bloomberg Intelligence’s Mike McGlone. “We’re back to more normalization. It’s a bull market, it’s been brewing for years,” McGlone told

  •   This week’s non-action created a new resistance level for gold and it will need to breach it before rallying higher, according to analysts. The yellow metal was unable to sustainably break the $1,475 an ounce this week, signaling a new resistance line before the $1,500 mark. “Gold is not looking great. It’s got every reason to rally in the world and it can’t right now. That’s a problem,” RJO Futures senior market strategist Phillip Streible told Kitco News on Friday. “The Federal Reserve

  • As investors flock to equities, bitcoin has been dethroned as the defacto risk asset of choice, and has instead taken on the role of a more stable asset, almost like “digital gold,” says Mike McGlone, senior commodity strategist at Bloomberg Intelligence. “Bitcoin has matured now. [Bitcoin] futures are getting active, we’re going to have ETFs. The first ten years, we’ve had a run-up, and now it’s in a range that’s going to migrate higher. Volatility is one thing that’s almost going to be certain

  • Endeavour Silver said it is placing El Cubo Mine on short-term care and maintenance stating that the mine is exhausted. Mine employees will be laid off. Long-term plans for the mine, which include final closure, are being considered. “Mining operations will cease on November 30, 2019 and milling operations will continue for approximately one week until the ore stockpile has been processed and the mill cleaned of concentrates,” said the company in a news release. “Suspension cos

  • Rainbow Rare Earths (LSE:RBW) said today it acquired 10 claims in Zimbabwe covering a total of 12.6km². The company said that a 2002 report by the US Geological Survey recorded REE content within the claims described as “probably a metamorphosed carbonatite containing several thousand ppm Cerium and Lanthanum.” Historically the claims were prospected for phosphate potential. “Rainbow will immediately commence with an exploration program including geological mapping, sampling an

  • Equinox Gold announced today that it received approval to graduate from the TSX Venture Exchange to the Toronto Stock Exchange. Equinox Gold, which is led by Ross Beaty, is a Canadian gold producer with plans to produce more than one million ounces of gold annually by the end of 2023 from two mines in California and one in Brazil. Christian Milau, CEO of Equinox Gold, said the move to the TSX will increase his company’s visibility. “Graduating to the Toronto Stock Exchange is another

  • Serbia has just joined the ranks of other European central banks and bought nine tonnes of gold, and this could signal a looming economic crisis that the banks are preparing for, said Rory Hall, publisher of The Daily Coin. “If you look at the central banks and their buying, or their acquiring of all the gold, they’re not acquiring all the gold for souvenirs or trinkets. Gold was moved to a tier one asset last year, so there’s something going on,” Hall told

  •   Gold prices have stabilized and the next step for gold might be a return back to $1,500 an ounce, according to the latest update from Standard Chartered. Despite a slight risk of prices declining to the $1,450 an ounce level first, the overall picture for gold is optimistic as investors look ready to buy more, said Standard Chartered precious metals analyst Suki Cooper. “We continue to believe that dips towards USD 1,450/oz are still likely to be viewed as buying opportunities and expect

  • Confusion and uncertainty dominates the gold market as traders and investors continue to react to shifting trade sentiment between China and the U.S. The latest Kitco News Weekly Gold Survey shows Wall Street analysts nearly caught in a three-way tie, while only a slight majority of retail investors remain bearish on gold. “One day a trade deal with China is on and then the next day it’s off. This uncertainty is supporting gold but it’s not enough to drive gold prices higher,” said Afshin Nabavi

  • (Kitco News) – It seems as though frustrated junior speculators are clicking sell buttons for tax-loss earlier each year. And despite the gold price remaining well above its breakout region of $1375 to $1400, even more so in 2019. A combination of a Fed rate cut pause, tax-loss selling, and expectations of an imminent “Phase One” trade deal between the two largest global economies has dried up speculator interest in most junior resource stocks. Moreover, the retail excitement surrounding g

  • As the rise of digital assets allows swifter movement of capital, investors now have an alternative asset to buying physical gold: digital gold. Using Vaultchain technology, which is a ledger platform based on blockchain, Tradewind Markets is connecting investors with physical gold bullion through electronic records. Unlike with and ETF, Tradewind allows investors to take possession of the gold, said CEO Michael Albanese. “With our platform, the ownership records are transparent, the Canadian mi

  • As the rise of digital assets allows swifter movement of capital, investors now have an alternative asset to buying physical gold: digital gold. Using Vaultchain technology, which is a ledger platform based on blockchain, Tradewind is connecting investors with physical gold bullion through electronic records.

  •   Bitcoin tumbled below $7,500 level on Thursday after low levels triggered a technical selloff amid reports that China stepped up its crackdown on cryptos. The cryptocurrency was last trading at $7,635.60, down 6.04% on the day, according to Kitco’s aggregated charts. “The near-term technical chart posture for Bitcoin has become more bearish recently, amid a strengthening price downtrend in place on the daily chart. That is likely prompting keener selling interest,” Kitco’s senior technica

  • Gold prices are lower in midday U.S. trading Thursday. The safe-haven metals are suffering from a case of no fresh geopolitical flare-ups and a global economy that is seeing no major shocks, either. December gold futures were last down $8.60 an ounce at 1,465.70. December Comex silver prices were last down $0.025 at $17.09 an ounce. Asian and European stock markets were mostly weaker overnight and the U.S. stock indexes are pointed weaker at midday, but no far below this week’s record highs. Low

  •   Photo by By Brian Senic/Shutterstock.com – A strong third-quarter performances within the gold mining sector should help to attract some investment attention, but more work needs to be done, according to one Canadian bank In a report published late Wednesday, analysts at BMO Capital Markets said mining companies need more than just higher precious metals prices to attract investors; companies need to continue to show their commitment to creating value. “We expect Q3 piqued some inte

  • Bitcoin prices are sharply down at midday Thursday. Some traders and crypto currency watchers are scratching their heads at the sharp downturn today. However, the near-term technical chart posture for Bitcoin has become more bearish recently, amid a strengthening price downtrend in place on the daily chart. That is likely prompting keener selling interest. Also, there is talk China could be taking a harder line on crypto currencies. That country has reportedly taken steps to curb crypto trading