goldinvesting
Major miner Gold Fields (NYSE:GFI) revised its 2024 gold production downward on Thursday (June 13), saying that severe winter weather conditions have affected its Salares Norte asset in Chile. Salares Norte, located in Northern Chile, has encountered challenges due to early and prolonged winter weather. This has led to the freezing of materials in the piping of the process plant, causing temporary shutdowns. The unforeseen weather conditions have disrupted the ramp-up phase, forcing the company to revise its output targets. Gold Fields initially set a goal of 220,000 to 240,000 gold equivalent...
Investing News Network
Speaking to the Investing News Network, Jp Cortez, executive director at Sound Money Defense League, discussed the importance of sound money and his organization's efforts to remonetize gold and silver in the US. 2024 has been the most successful year in Sound Money Defense League's decade-long history, with six states signing bills into law that end sales taxes on gold and silver. Only five states still charge these taxes. In total, Cortez said more than 60 pieces of legislation have been introduced in over 25 states so far this year. With inflation persisting, he believes more and more peopl...
Investing News Network
The US Federal Reserve announced on Wednesday (June 12) that it will hold its benchmark interest rate steady at 5.25 to 5.5 percent following its two day Federal Open Market Committee (FOMC) meeting. This marks the seventh time the central bank has maintained its policy since July 2023, when it last raised the rate. The meeting occurred the same day as the release of May’s consumer price index (CPI) data from the Bureau of Labor Statistics. The data shows a 0 percent change in CPI month-on-month, down from April’s 0.3 percent increase. On a 12 month basis, CPI saw a 3.3 percent increase over l...
Investing News Network
The gold price has pulled back from record-setting levels seen earlier in 2024, but remains historically high. Against that backdrop, explorers are working to bring past-producing assets back into production. Last week, Aguia Resources (ASX:AGR) announced plans to expedite the reopening of its recently acquired Santa Barbara gold mine in Colombia, while West Red Lake Gold Mines (TSXV:WRLG,OTCQB:WRLGF) provided an outline of the steps it is taking to restart its Madsen gold mine, which is located in Ontario, Canada. Here's a look at the work the companies are doing at their respective operation...
Investing News Network
Senior gold miner B2Gold (TSX:BTO,NYSEAMERICAN:BTG) and Sandbox Royalties announced on June 6 that they have entered into a purchase and sale agreement to create Versamet Royalties. As part of the transaction, B2Gold will sell 10 precious and base metals royalties to Sandbox, which will be renamed Versamet Royalties. Versamet will acquire ownership of the royalties by issuing 153.2 million common shares to B2Gold at a price of C$0.80 per share, giving B2Gold a 33 percent equity stake in Versamet. The royalties include 2.7 percent net smelter return (NSR) royalties on West African Resources' (A...
Investing News Network
The gold price made moves in 2023 on the back of strong central bank buying and a tense geopolitical situation. With those factors still in play, the yellow metal has soared to record highs in 2024. Against that backdrop, independent precious metals consultancy Metals Focus forecasts that gold will average US$2,250 per ounce in 2024, up 16 percent from last year and a new record for the precious metal. Its annual Gold Focus report, released on June 6, explains what factors the firm believes are driving gold at the moment and outlines what investors should watch moving into the second half of t...
Investing News Network
Gold and silver prices fell off a cliff on Friday (June 7) after seeing strength earlier in the week. The yellow metal rose as high as US$2,386.62 per ounce on Thursday (June 6), while its sister metal hit US$31.49 per ounce the same day. But strong US jobs data and gold-related news out of China turned those gains around. May data from the US Bureau of Labor Statistics shows that 272,000 nonfarm payroll jobs were added for the month, much higher than the 180,000 anticipated by experts. The unemployment rate came in at 4 percent for the period. The US Federal Reserve is scheduled to meet next ...
Investing News Network
The gold price has pulled back from the record-setting levels seen earlier this year, but Jeff Clark, editor of Paydirt Prospector, believes the yellow metal will continue moving upward in 2024. "The next target or level is US$2,500 (per ounce), and I do think we'll get to that this year because history tells me we will. We've had a 38 percent rise in the gold price in this upcycle ... but the average upcycle is much higher, and if this upcycle were to end now it would be the lowest in history," he told the Investing News Network in an interview. "I'm forced to believe because of history that ...
Investing News Network
Gold has long held the interest of investors looking for portfolio diversification, collectors on the hunt for rare pieces and fashionable people searching for accessories to complement their style. But outside of its financial and retail applications, gold has important uses elsewhere. According to the World Gold Council, of the 4,898.8 metric tons (MT) of gold produced in 2023, 12 percent, which works out to 297.8 MT, was consumed by the technology sector. Of that amount, 241.3 MT went toward electronics, while 47.1 MT was used in other industrial markets and 9.5 MT was allocated to dentistr...
Investing News Network
Rob McEwen of McEwen Mining (TSX:MUX,NYSE:MUX) and Michael Meding of McEwen Copper sat down to speak about the outlook for gold and copper, as well as news from their respective companies. Looking first at gold, McEwen said it has space to move higher in 2024, and pointed to eye-watering predictions from a number of market participants. Citi is calling for US$3,000 per ounce before the end of 2024, while Bloomberg Intelligence expects US$7,000 by 2025. Meanwhile, Pierre Lassonde has given a US$19,000 to US$20,000 target. "The whole sector has been underinvested for quite awhile, and I think it...
Investing News Network
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