goldstocks
The price of gold soared to record highs during the second quarter of 2024, reaching US$2,450.05 on May 19. The historic gains were due to several factors including waning inflationary figures and speculation an improving economic outlook would cause the US Federal Reserve to begin cutting rates. Gold prices also saw continued momentum from central bank buying in April and slower outflows to Western ETFs. However, the gold price saw its biggest drop in two years at the beginning of June as a strong jobs report cut the likelihood of a September rate cut and the People’s Bank of China reported i...
Investing News Network
Gold has set records in nearly every currency this past year, and it smashed through Australian records on April 22 when it reached AU$3,638.01. The price has seen a pullback since that time but continues to trend near historical highs. As for gold's US dollar price, it hit an all-time high of US$2,450.05 on May 20. The meteoric gains of 2024 come on the back of several factors including continued purchases by Central Banks in Asia, an improving economic situation in the United States and continued geopolitical instability including the potential for regional escalation of tensions between Isr...
Investing News Network
Victoria Gold (TSXV:VGCX,OTC Pink:VITFF) is facing scrutiny after the collapse of its Eagle mine's heap leach pad. The failure, which occurred on Monday (June 24), has led to the indefinite suspension of operations at the gold-producing asset, which is located in Canada's Yukon and employs up to 500 workers during peak production periods. Victoria Gold reported that the heap leach pad, which is used to extract gold from ore using a cyanide solution, experienced a failure resulting in infrastructure damage and a material slide beyond containment measures. No injuries were reported among site pe...
Investing News Network
The copper market's current state presents both a challenge and an opportunity for explorers like Prismo Metals (CSE:PRIZ,OTCQB:PMOMF,FWB:7KU), Steve Robertson, the company’s new president, told the Investing News Network. A forecast supply deficit looms on the horizon and is expected to take full effect by 2025, prompting a sense of urgency among copper producers and explorers alike. "For quite some time now ... there's been a deficit, this forecast for 2025," Robertson said, pointing to a critical market juncture. This imbalance is being influenced by the complex nature of copper mining, whi...
Investing News Network
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
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 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
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
Eskay Mining (TSXV:ESK,OTCQX:ESKYF) announced plans to combine with P2 Gold (TSXV:PGLD,OTCQB:PGLDF) on Tuesday (June 4) in a move it says will create a new entity focused on gold and copper exploration. The non-binding letter of intent entered by the two companies outlines a deal through which Eskay will acquire all outstanding P2 Gold shares at an exchange ratio of 0.2778 Eskay shares for each P2 share. Eskay shareholders will hold 80 percent of the merged company, while P2 shareholders will own 20 percent. Once the transaction is complete, the company will have assets in BC's Golden Triangle...
Investing News Network
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