You can read a free online review copy of the brand new breakthrough financial report from Gold, Silver, and Energy expert Byron King entitled "The Curse of the Incas". It is a very interesting read full of historical information and predictions for gold and silver prices, although it is ultimately an invitation to subscribe to his services.
http://agorafinancial.com/reports/OST/Inca/OST_IncaGold.php?code=EOSTL355&o=81348&s=82914&u=49657430&l=98572&r=Milo
Wednesday, March 24, 2010
Tuesday, March 16, 2010
Gold Prices Soar on EU, US troubles
Gold prices soared today as investors sought out the metal's safe haven. Prices have traded as high as $1,130.20 and closed at $1,126.90 as the U.S. dollar index slipped 0.49%. Gold's spot price rose $18.10 according to Kitco's gold index.
Most investors bought gold as an alternative investment, seeking the safety of a hard asset over a pandemic of struggling currencies. Not only is the US dollar in trouble but the EU's multibillion-euro bailout for Greece is sketchy, and now Spain, US, UK, France and Germany are at risk for losing their triple-A credit rating from Moody's. Many analysts are anticipating further euro weakening and subsequent inflation.
Further currency debasement could help support higher gold prices, but global rate hikes might provide some short-term downside. After China's higher-than-expected inflation reading, analysts are expecting the government to raise interest rates to control economic expansion.
The Fed has pledged to keep interest rates low for an extended period of time despite fledgling economic recovery. But wary investors are ever vigilant, watching for any tell that the Fed will tighten rates sooner than expected. Gold has historically been the go to hedge against inflation bought by investors. Thus, any signs that the government will end the flow of free money will impact gold and other precious metal prices.
Most investors bought gold as an alternative investment, seeking the safety of a hard asset over a pandemic of struggling currencies. Not only is the US dollar in trouble but the EU's multibillion-euro bailout for Greece is sketchy, and now Spain, US, UK, France and Germany are at risk for losing their triple-A credit rating from Moody's. Many analysts are anticipating further euro weakening and subsequent inflation.
Further currency debasement could help support higher gold prices, but global rate hikes might provide some short-term downside. After China's higher-than-expected inflation reading, analysts are expecting the government to raise interest rates to control economic expansion.
The Fed has pledged to keep interest rates low for an extended period of time despite fledgling economic recovery. But wary investors are ever vigilant, watching for any tell that the Fed will tighten rates sooner than expected. Gold has historically been the go to hedge against inflation bought by investors. Thus, any signs that the government will end the flow of free money will impact gold and other precious metal prices.
Gold Mining Report-March 16, 2010
In the last few years, most of the gold mining activities have been located in Southern Hemisphere. Lately, mining activities and consolidations are starting to ramp up in the northern areas of Canada, specifically in the Yukon Territories.
NovaGold Resources was a major player in the gold mining industry, but after the financial crisis and related budget problems, it halted its development activities. However, lately the company has been in the news again due to interest by investors like George Soros and John Paulson, who have increased their positions in NovaGold’s stock.
Kinross Gold announced today that in addition to their press release on March 11, 2010, it has entered into a definitive support agreement with the Canadian Junior mining company, Underworld Resources. Kinross’s friendly take-over bid will acquire 100% of the outstanding common shares of Underworld that they do not already own on the basis of 0.141 of a Kinross common share plus $0.01 in cash per common share. Underworld agreed to support the offer and Underworld's directors and senior have agreed to tender their common shares to the offer. In the deal Kinross will also acquire a development prospect called White Gold, which has already identified an indicated resource of greater than 1 million ounces of gold, and the project's Golden Saddle deposit, ore grades look highly favorable for positive economic feasibility at 3.2 grams per ton.
Yesterday,(yea I now I am slacking) Seabridge Gold announced that an independent review of Seabridge Gold's resource estimates for the KSM project has been completed by a third-party, Behre Dolbear & Company. Behre Dolbear confirms that the KSM resource model is reasonable and appropriate. Furthermore, they confirmed that the resource estimates prepared by Resource Modeling in January were accurate, conformed to industry practices, and complied with industry standards. However, the Seabridge realistically cannot enter production at the KSM project unless one of the major mining groups decides back them financially. Higher gold prices may provide them that incentive.
Back in the U.S., Newmont Mining Corporation stated that the Chinese demand for gold bullion will remain strong this year, despite historically high prices for the metal. Philip Stephenson, Regional Group Executive, Operations, Newmont Asia Pacific is forecasting that they are still going to see strong investment demand from China. Last year, 2009, there was a 20% increase in investment demand from China. Newmont is expecting a similar level of demand in 2010.
Newmont's Boddington gold mine in Western Australia recently opened and expectations are high. They also have several early-stage exploration projects near existing Australian mine sites. However, these are more likely to extend existing mine life, rather than boost production levels.
NovaGold Resources was a major player in the gold mining industry, but after the financial crisis and related budget problems, it halted its development activities. However, lately the company has been in the news again due to interest by investors like George Soros and John Paulson, who have increased their positions in NovaGold’s stock.
Kinross Gold announced today that in addition to their press release on March 11, 2010, it has entered into a definitive support agreement with the Canadian Junior mining company, Underworld Resources. Kinross’s friendly take-over bid will acquire 100% of the outstanding common shares of Underworld that they do not already own on the basis of 0.141 of a Kinross common share plus $0.01 in cash per common share. Underworld agreed to support the offer and Underworld's directors and senior have agreed to tender their common shares to the offer. In the deal Kinross will also acquire a development prospect called White Gold, which has already identified an indicated resource of greater than 1 million ounces of gold, and the project's Golden Saddle deposit, ore grades look highly favorable for positive economic feasibility at 3.2 grams per ton.
Yesterday,(yea I now I am slacking) Seabridge Gold announced that an independent review of Seabridge Gold's resource estimates for the KSM project has been completed by a third-party, Behre Dolbear & Company. Behre Dolbear confirms that the KSM resource model is reasonable and appropriate. Furthermore, they confirmed that the resource estimates prepared by Resource Modeling in January were accurate, conformed to industry practices, and complied with industry standards. However, the Seabridge realistically cannot enter production at the KSM project unless one of the major mining groups decides back them financially. Higher gold prices may provide them that incentive.
Back in the U.S., Newmont Mining Corporation stated that the Chinese demand for gold bullion will remain strong this year, despite historically high prices for the metal. Philip Stephenson, Regional Group Executive, Operations, Newmont Asia Pacific is forecasting that they are still going to see strong investment demand from China. Last year, 2009, there was a 20% increase in investment demand from China. Newmont is expecting a similar level of demand in 2010.
Newmont's Boddington gold mine in Western Australia recently opened and expectations are high. They also have several early-stage exploration projects near existing Australian mine sites. However, these are more likely to extend existing mine life, rather than boost production levels.
Friday, March 12, 2010
This Week in Mining
Rising gold prices this year have been driving a wave of acquisition activities in the sector with at least three major deals being announced this week alone.
Newmont Mining, the world's second largest gold producer, said this week that it may pursue operations in politically risky countries. Last week the company sold its interest in the Amulsar Gold Project in Armenia to its partner Lydian International for around $25M.
Kinross Gold announced the proposed acquisition of Underworld Resources for $139.2 million, or $2.62 per share. Kinross already holds an 8.5% stake in the company and Thursday's offer represents a 36% premium over Underworld's closing price of $1.93 on Wednesday.
Apollo Gold announced Tuesday the acquisition of Linear Gold for C$102M. The combined company will have total reserves of approximately 2.3M ounces of gold in Canada.
On another note:
Barrick Gold, one of the the largest gold producers faced the risk of losing its mining license for the $3B Reko Diq gold-copper project in Pakistan even though the CEO stated that he was confident the company would reach an agreement to develop the project, which it owns jointly with Chilean copper company Antofagasta. Barrick’s North American business produced 600,000 ounces of gold at a cash cost of $523 per ounce. This was driven by the Goldstrike operation, which produced 210,000 ounces at $528 per ounce as higher-grade ore continued to be mined in the open pit and underground and the Cortez mine contributed 170,000 million ounces at $382 per ounce. Barrick is even expecting to increase in gold production from the Cortez property. Assay results predict a higher grade of ore from the Cortez Hills mine when it becomes operational.
There is probably more but thats about all I can digest for one day. Remember buy real money, buy PMs!
Newmont Mining, the world's second largest gold producer, said this week that it may pursue operations in politically risky countries. Last week the company sold its interest in the Amulsar Gold Project in Armenia to its partner Lydian International for around $25M.
Kinross Gold announced the proposed acquisition of Underworld Resources for $139.2 million, or $2.62 per share. Kinross already holds an 8.5% stake in the company and Thursday's offer represents a 36% premium over Underworld's closing price of $1.93 on Wednesday.
Apollo Gold announced Tuesday the acquisition of Linear Gold for C$102M. The combined company will have total reserves of approximately 2.3M ounces of gold in Canada.
On another note:
Barrick Gold, one of the the largest gold producers faced the risk of losing its mining license for the $3B Reko Diq gold-copper project in Pakistan even though the CEO stated that he was confident the company would reach an agreement to develop the project, which it owns jointly with Chilean copper company Antofagasta. Barrick’s North American business produced 600,000 ounces of gold at a cash cost of $523 per ounce. This was driven by the Goldstrike operation, which produced 210,000 ounces at $528 per ounce as higher-grade ore continued to be mined in the open pit and underground and the Cortez mine contributed 170,000 million ounces at $382 per ounce. Barrick is even expecting to increase in gold production from the Cortez property. Assay results predict a higher grade of ore from the Cortez Hills mine when it becomes operational.
There is probably more but thats about all I can digest for one day. Remember buy real money, buy PMs!
Thursday, March 11, 2010
Gold Wars: A Very Knowledgeable PM Business Owner's Blog
I wanted to let my readers know of a blog called Gold Wars. The author is a gold and silver business owner named Kirsty Hogg. Conversely, the blog is not about her business, but instead addresses issues like hyper-inflation, the long term manipulation of gold and silver, current economic events, and other related items. We all know (at least those who read my blog) that the Federal Reserve continues to print money even as the Federal debt is out of control (just check that little ticker on the left side of the page). These are just some of the topics Kirsty discusses. Like me, she is trying to educate folks that paper money is virtually worthless.
Ever since 1971 when President Nixon took the US off the gold standard and replaced our money with fiat currency, the value of he dollar has eroded and many fear the US economy will soon reach a melting point if something is not done about it. She also addresses what you can do to prepare for the worst, if it comes. The number one way to protect your wealth is to buy precious metals such as gold and silver. Kirsty recommends and I agree that it makes sense to store your wealth in something that is inflation proof. As Kirsty put it “I for one will be buying gold and silver in a variety of forms.” So if you want an education in gold, the economics behind it and the value of owning precious metals, I recommend Gold Wars as required reading. Gold Wars link: http://www.goldwars.blogspot.com/.
Ever since 1971 when President Nixon took the US off the gold standard and replaced our money with fiat currency, the value of he dollar has eroded and many fear the US economy will soon reach a melting point if something is not done about it. She also addresses what you can do to prepare for the worst, if it comes. The number one way to protect your wealth is to buy precious metals such as gold and silver. Kirsty recommends and I agree that it makes sense to store your wealth in something that is inflation proof. As Kirsty put it “I for one will be buying gold and silver in a variety of forms.” So if you want an education in gold, the economics behind it and the value of owning precious metals, I recommend Gold Wars as required reading. Gold Wars link: http://www.goldwars.blogspot.com/.
Gold Mining Report-March 11, 2010
Today has been very interesting in the world of gold mining. To wet your whistle, an exploration and aquisition company is now going into the gold production business. Another gold mining company announced that they would acquire 100% of the outstanding common shares of a smaller exploration company without making a hostile take-over bid, and the coup de gras, even though this mining company rose 0.8% to $39.10, the company along with its partner may have some trouble with the locals. The local government threatened to withhold their mining license! Read it on 24K Chuk Kam!
Great Basin Gold Limited usually engages in the acquisition, exploration, and development of precious metal deposits primarily gold and silver deposits. Now it has moved from just an exploration company to a production company. It owns interests in the Hollister gold project and the Esmeralda property in Nevada, and the Burnstone gold project in South Africa. L.A. Little at Real Money is moving into the bullish realm as GBG’s production comes on line. It is well supported in price as a result and any weakness that stems this news needs to be used to accumulate shares.
Kinross Gold . The board of directors of Underworld unanimously recommends the offer to its shareholders. For each Common Share of Underworld, Kinross will offer 0.141 of a Kinross common share, plus $0.01 in cash. The offer represents an implied offer price of ~$2.62 per Common Share. The transaction values the fully-diluted share capital of Underworld at approximately $139.2 M. Underworld's key asset is the White Gold project, in the Tintina gold belt south of Dawson City, Yukon Territory. The project has roughly 1.5 million ounces of resources. Kinross stock is currently trading down 0.8% at $17.90.
Barrick Gold rose 0.8% to $39.10, as the company's CEO Aaron Regent maintains his optimism about Barrick's ability to reach an agreement to develop the huge $3 billion Reko Diq gold-copper project in Pakistan. Barrick and Chilean copper mining company Antofagasta together own the majority of the project, while the local government owns the remaining stake. Many have been worried that the project might be in jeopardy after the local government threatened to withhold a mining license that the companies would need to move the project forward with the project.
Goldcorp reported Q4 (Dec) earnings of $0.25 per share, excluding non-recurring items, in-line with the First Call consensus of $0.25; revenues rose 27.8% year/year to $778.3M vs the $732.4 M consensus. The Company reported gold production of 601,300 ounces at a total cash cost of $289 per ounce for the quarter ended December 31, 2009.
Great Basin Gold Limited usually engages in the acquisition, exploration, and development of precious metal deposits primarily gold and silver deposits. Now it has moved from just an exploration company to a production company. It owns interests in the Hollister gold project and the Esmeralda property in Nevada, and the Burnstone gold project in South Africa. L.A. Little at Real Money is moving into the bullish realm as GBG’s production comes on line. It is well supported in price as a result and any weakness that stems this news needs to be used to accumulate shares.
Kinross Gold . The board of directors of Underworld unanimously recommends the offer to its shareholders. For each Common Share of Underworld, Kinross will offer 0.141 of a Kinross common share, plus $0.01 in cash. The offer represents an implied offer price of ~$2.62 per Common Share. The transaction values the fully-diluted share capital of Underworld at approximately $139.2 M. Underworld's key asset is the White Gold project, in the Tintina gold belt south of Dawson City, Yukon Territory. The project has roughly 1.5 million ounces of resources. Kinross stock is currently trading down 0.8% at $17.90.
Barrick Gold rose 0.8% to $39.10, as the company's CEO Aaron Regent maintains his optimism about Barrick's ability to reach an agreement to develop the huge $3 billion Reko Diq gold-copper project in Pakistan. Barrick and Chilean copper mining company Antofagasta together own the majority of the project, while the local government owns the remaining stake. Many have been worried that the project might be in jeopardy after the local government threatened to withhold a mining license that the companies would need to move the project forward with the project.
Goldcorp reported Q4 (Dec) earnings of $0.25 per share, excluding non-recurring items, in-line with the First Call consensus of $0.25; revenues rose 27.8% year/year to $778.3M vs the $732.4 M consensus. The Company reported gold production of 601,300 ounces at a total cash cost of $289 per ounce for the quarter ended December 31, 2009.
APMEX - The Last Maple Leaf!
Over the past three years The Royal Canadian Mint produced special, limited edition .99999 pure Gold Maple Leaf coins to exhibit their engineering excellence in coin minting. These coins have been reserved for special edition releases only and have been produced in very limited mintages. These unique, special edition coins featured a three maple leaf design in 2007, a two maple leaf design in 2008, and a lone maple leaf on this, the final coin in this series.
We are excited to announce that APMEX has recently secured a small quantity of limited edition 1 ounce .99999 pure, 2009 Gold Maple Leaf coins - the last in this series. Now through Monday March 15, 2010, at 12 noon (CST) these coins have been priced as low as $59.95 over spot while supplies last.
The Gold Maple Leaf was first launched in September 1979 as a 1 ounce investment grade coin. The Gold Maple Leaf was .999 pure until 1982 when its purity was raised to .9999, setting a new standard for gold bullion coins. Every Maple Leaf coin is guaranteed by the Government of Canada for its weight and purity. As a result, Maple Leafs are highly valued and are easily bought and sold anywhere in the world where precious metals are traded.
Don't miss this great opportunity to invest in one of the world's purest gold coins. At these prices, our special edition .99999 pure 2009 Gold Maple Leaf coins will not last long. Order your limited mintage .99999 Maple Leaf coins today while supplies last!
Respectfully,
David McCarty
Director of Marketing
American Precious Metals Exchange
Wednesday, March 10, 2010
Gold and Oother PM's Start With a Bang then Fizzle Out-March 10, 2010
Gold prices started off slightly higher today on improving investor risk appetite. Gold for April delivery was rising to $1,122.40 at the Comex. Prices traded has high as $1,128.30 and as low as $1,120.50. The U.S dollar index was adding 0.03% to $80.62. Gold's spot price was rising 80 cents according to Kitco's gold index. Many investors were still waiting for a resolution on Greek sovereign debt, but a strengthening euro was helping gold prices. President Obama met with Greece’s Prime Minister Papandreou; however, Obama showed little support for Greece and gave no indications of financial aid.
The European Commission is working on a proposal for a monetary fund to assist struggling European countries, but Greece and Portugal have yet to officially ask for help. Hampering gold's morning rise was the news that China's imports rose by 44.7% last month, crimping its trade surplus. If China raises rates to put the brakes on its economy, many analysts believe that would impact gold prices negatively. Consumer demand for gold in China grew 7% from 2008 to 2009, totaling 462 tons. Initial buying interest has boosted gold somewhat as a result of the European Union debt news and currency fluctuations.
However, gold futures finished lower. According to MarketWatch, traders took a cautious approach ahead of more economic reports from China. Most precious metals sold off early in the session and failed recover during this session. No single reason was attributed to the move lower in precious metals, although a recovery in the dollar index did convince many to sell.
Gold futures are at lows not seen since February 25. Also, gold futures closed just below their simple 50-day moving average. April gold closed 1.3% lower by $14.10 to $1108.20, May silver closed 1.8% lower losing .028 to finish at $17.31 and May copper shed 4.35 cents to $3.368. Actively Traded Lagging Global & Sector ETF Plays: Silver- SLV -1.75%, Gold miners- GDX -1.50%, Gold- GLD -1.25%, Base metals- DBB -0.75% (COMDX).
The European Commission is working on a proposal for a monetary fund to assist struggling European countries, but Greece and Portugal have yet to officially ask for help. Hampering gold's morning rise was the news that China's imports rose by 44.7% last month, crimping its trade surplus. If China raises rates to put the brakes on its economy, many analysts believe that would impact gold prices negatively. Consumer demand for gold in China grew 7% from 2008 to 2009, totaling 462 tons. Initial buying interest has boosted gold somewhat as a result of the European Union debt news and currency fluctuations.
However, gold futures finished lower. According to MarketWatch, traders took a cautious approach ahead of more economic reports from China. Most precious metals sold off early in the session and failed recover during this session. No single reason was attributed to the move lower in precious metals, although a recovery in the dollar index did convince many to sell.
Gold futures are at lows not seen since February 25. Also, gold futures closed just below their simple 50-day moving average. April gold closed 1.3% lower by $14.10 to $1108.20, May silver closed 1.8% lower losing .028 to finish at $17.31 and May copper shed 4.35 cents to $3.368. Actively Traded Lagging Global & Sector ETF Plays: Silver- SLV -1.75%, Gold miners- GDX -1.50%, Gold- GLD -1.25%, Base metals- DBB -0.75% (COMDX).
Gold Mining Report-March 10, 2010
International Tower Hill Mines and Minatura Gold have new mining news today. We also report on Barrick Gold, Newmont Mining Corporation, Kinross Gold Corporation and GoldCorp stocks. International Tower Hill Mines announced the results of the updated independently prepared resource estimate for the Livengood gold project, located in Alaska. The results of these estimates are anticipated to have a positive impact on the strip ratio and mining economics. The Money Knob deposit is still open in several directions and depths. They estimated yields by using different gold cut-off grades. Using a 0.5 g/t gold cut-off grade, the new estimate yielded an Indicated Resource of 9.3M ounces of gold and an Inferred Resource of 3M ounces of gold. Using a 0.7 g/t gold cut-off, which THM envisions as a possible milling cut-off grade, the Indicated Resource is 5.8M ounces of gold and the Inferred Resource is 1.8M ounces of gold. When they used a 0.3 g/t gold cut-off grade, the average grade for the heap leach as described in the THM’s November 30, 2009 heap leach PEA study, the Indicated Resource is 13.5M ounces of gold, and the Inferred Resource is 5M ounces of gold.
Minatura Gold announced that it has completed drilling of the first of a 50-hole drilling program in certain gold mining concessions located in Colombia’s Department of Antioquia on 1,775 acres, including the Zaragosa Project located on Coco Hondo and Angostura properties. Minatura believes that these areas contain an estimated 50 million cubic meters of material. The first hole of the anticipated 50-hole drilling program was drilled and completed on February 26, 2010. To complete the drilling program, Minatura will be using two churn drills, SonicSampDrill drilling units with crawlers, and is under contract with SonicSampDrill to provide four additional drill masters to operate the units. These areas in the Zaragoza Project were previously dredged by the Plato Gold Dredging Company over 50 years ago. Plato recovered an estimated 700,000 ounces of gold at that time. It is believed that the inefficient dredges used by Plato led to a substantial amount of unrecovered gold deposits. Minatura intends to install and operate a bulk sampling plant to test the tailings above the water table. The Company expects the new plant to be operational by the end of the second calendar quarter in 2010.
Mining stocks were mixed. Barrick Gold opened at $39.48 but ended the day down 0.79 to close at 38.75. Currently, Barrick is down 0.08 in the after-market session. Barrick Gold Corporation primarily engages in the exploration, development, production, and sale of gold worldwide.
Newmont Mining Corporation opened at $51.12 and was rose eagerly to $51.58, but by the end of the session Newmont lost its gains and closed at 50.27. Although right now it is up 0.01 in after-hours trading. Newmont together with its subsidiaries, engages in the acquisition, exploration, and production of gold and copper properties. Its assets or operations are located in the United States, Australia, Peru, Indonesia, Ghana, Canada, New Zealand, and Mexico. By end of 2009, Newmont had proven and probable gold reserves of approximately 91.8 M ounces and a total land position of approximately 33,400 square miles.
Another large-cap miner, Kinross Gold Corporation opened at $18.57 and peaked at $18.76 around 10:00am, then continued to slide, losing 0.50 and closing at 18.07. Kinross through its subsidiaries engages in the gold mining and mining related activities such as the exploration for and acquisition of gold-bearing properties, the extraction and processing of gold-containing ores, and reclamation of gold mining properties. Its gold production and exploration activities are carried out principally in the United States, Brazil, Chile, Ecuador, and the Russian Federation. In Q4 2008, its proven and probable mineral reserves were 45.6 M ounces of gold.
Goldcorp opened trading at $40.52, peaked around 11:00am at $40.88 then gave back 0.99 to close at 39.45. Currently it is trading up 0.04 in the after-market session. Goldcorp Inc., together with its subsidiaries, engages in the acquisition, exploration, development, and operation of precious metal properties in Canada, the United States, Mexico, and central and South America.
Minatura Gold announced that it has completed drilling of the first of a 50-hole drilling program in certain gold mining concessions located in Colombia’s Department of Antioquia on 1,775 acres, including the Zaragosa Project located on Coco Hondo and Angostura properties. Minatura believes that these areas contain an estimated 50 million cubic meters of material. The first hole of the anticipated 50-hole drilling program was drilled and completed on February 26, 2010. To complete the drilling program, Minatura will be using two churn drills, SonicSampDrill drilling units with crawlers, and is under contract with SonicSampDrill to provide four additional drill masters to operate the units. These areas in the Zaragoza Project were previously dredged by the Plato Gold Dredging Company over 50 years ago. Plato recovered an estimated 700,000 ounces of gold at that time. It is believed that the inefficient dredges used by Plato led to a substantial amount of unrecovered gold deposits. Minatura intends to install and operate a bulk sampling plant to test the tailings above the water table. The Company expects the new plant to be operational by the end of the second calendar quarter in 2010.
Mining stocks were mixed. Barrick Gold opened at $39.48 but ended the day down 0.79 to close at 38.75. Currently, Barrick is down 0.08 in the after-market session. Barrick Gold Corporation primarily engages in the exploration, development, production, and sale of gold worldwide.
Newmont Mining Corporation opened at $51.12 and was rose eagerly to $51.58, but by the end of the session Newmont lost its gains and closed at 50.27. Although right now it is up 0.01 in after-hours trading. Newmont together with its subsidiaries, engages in the acquisition, exploration, and production of gold and copper properties. Its assets or operations are located in the United States, Australia, Peru, Indonesia, Ghana, Canada, New Zealand, and Mexico. By end of 2009, Newmont had proven and probable gold reserves of approximately 91.8 M ounces and a total land position of approximately 33,400 square miles.
Another large-cap miner, Kinross Gold Corporation opened at $18.57 and peaked at $18.76 around 10:00am, then continued to slide, losing 0.50 and closing at 18.07. Kinross through its subsidiaries engages in the gold mining and mining related activities such as the exploration for and acquisition of gold-bearing properties, the extraction and processing of gold-containing ores, and reclamation of gold mining properties. Its gold production and exploration activities are carried out principally in the United States, Brazil, Chile, Ecuador, and the Russian Federation. In Q4 2008, its proven and probable mineral reserves were 45.6 M ounces of gold.
Goldcorp opened trading at $40.52, peaked around 11:00am at $40.88 then gave back 0.99 to close at 39.45. Currently it is trading up 0.04 in the after-market session. Goldcorp Inc., together with its subsidiaries, engages in the acquisition, exploration, development, and operation of precious metal properties in Canada, the United States, Mexico, and central and South America.
Monday, March 8, 2010
Gold Price Report - March 8, 2010
Early this morning gold dropped a quick ~5 points to lows at $1130.00. By 10:00 am SMH reported gold as a sector laggard as it was down 0.4%. At midday, gold dropped to new session lows as the dollar index moved into positive territory. Gold closed down at $1123.70. In summary, gold sold off as the dollar pared its early losses this morning, but it moved modestly higher off session lows and traded relatively flat for the remainder of the session, netting marked losses. April gold closed 1.0% lower at $1124.00 per ounce. Gold futures are still above their 50 moving average near the $1109.50 level.
Gold Mining Report- March 8, 2010
Three gold mining companies were in the news today. There was the discovery of a possible new high yield gold target, a huge sale of mining company stock to Soros Fund Management, and positive initial test results on a new gold extraction and processing method that could dratically reduce the volume of material used to recover the shiny stuff.
Paramount Gold and Silver announced a second bulk mineable target has been discovered at San Miguel project in new San Francisco, Mexico area. The new target generated some unusually high assay results. Paramount owns a 100% interest in the 466,000 acre San Miguel Project in the Palmarejo District of northwest Mexico, making it the largest claim holder in the area.
NovaGold Company announced that it is proposing to issue more than 13.6 Million (M) common shares of the company at $5.50 per common share for gross proceeds of $75M to Quantum Partners, a private investment fund managed by Soros Fund Management. This capital is in addition to the $100M financing announced by the company on March 4th of this year. The gross proceeds to be raised under the two financings total US$175 million.
Lastly, International Tower Hill Mines announced key initial metallurgical test results for mill processing of the major types of mineralization at the Money Knob deposit at the Livengood Gold Project in Alaska. The initial gravity and flotation gold recovery test results were highly encouraging for the use of a pre-concentration gold recovery system for the Money Knob mineralization. Potentially, both the operating and capital costs for a milling operation could be reduced by using this treatment for gold extraction. The initial extraction method results indicated that it could reduce by 80% the material volume used to recover gold. The company is currently engaged in further testing and optimization of both the concentration process and the extraction of gold from the concentrates.
That is your day in gold mining. Stay tuned for the Gold Mining Report as I hope to make it a regular feature of this blog.
Paramount Gold and Silver announced a second bulk mineable target has been discovered at San Miguel project in new San Francisco, Mexico area. The new target generated some unusually high assay results. Paramount owns a 100% interest in the 466,000 acre San Miguel Project in the Palmarejo District of northwest Mexico, making it the largest claim holder in the area.
NovaGold Company announced that it is proposing to issue more than 13.6 Million (M) common shares of the company at $5.50 per common share for gross proceeds of $75M to Quantum Partners, a private investment fund managed by Soros Fund Management. This capital is in addition to the $100M financing announced by the company on March 4th of this year. The gross proceeds to be raised under the two financings total US$175 million.
Lastly, International Tower Hill Mines announced key initial metallurgical test results for mill processing of the major types of mineralization at the Money Knob deposit at the Livengood Gold Project in Alaska. The initial gravity and flotation gold recovery test results were highly encouraging for the use of a pre-concentration gold recovery system for the Money Knob mineralization. Potentially, both the operating and capital costs for a milling operation could be reduced by using this treatment for gold extraction. The initial extraction method results indicated that it could reduce by 80% the material volume used to recover gold. The company is currently engaged in further testing and optimization of both the concentration process and the extraction of gold from the concentrates.
That is your day in gold mining. Stay tuned for the Gold Mining Report as I hope to make it a regular feature of this blog.
Friday, March 5, 2010
24K Chuk Kam's Daily Gold Mining Report
Today, March 5, 2010, three gold mining companies, Nova Gold, Appollo Gold, and Yamana Gold made headlines.
Nova Gold Resources announced that landowners have approved certain amendments to the lease for subsurface and surface rights in connection with the Donlin Creek property; the existing lease covers the subsurface rights for the entire Donlin Creek mineral reserves and resources.
Apollo Gold announces that its first drill assay results intercepted high grade gold mineralization at the Pike River Project. The assay shows high grade gold mineralization.
Yamana Gold has not had the same good fortune lately. The company’s costs were higher than expected at the company's Jacobina mine in Brazil and El Penon in Chile during the fourth quarter, which pumped up cash costs of gold on a per ounce basis. Yamana claims it has performed below expectations as a result of damage to its Minera Florida mine in Chile due to ongoing power outages caused by recent earthquakes.
This article is intended to be a regular feature on 24K Chu Kam as time allows.
Nova Gold Resources announced that landowners have approved certain amendments to the lease for subsurface and surface rights in connection with the Donlin Creek property; the existing lease covers the subsurface rights for the entire Donlin Creek mineral reserves and resources.
Apollo Gold announces that its first drill assay results intercepted high grade gold mineralization at the Pike River Project. The assay shows high grade gold mineralization.
Yamana Gold has not had the same good fortune lately. The company’s costs were higher than expected at the company's Jacobina mine in Brazil and El Penon in Chile during the fourth quarter, which pumped up cash costs of gold on a per ounce basis. Yamana claims it has performed below expectations as a result of damage to its Minera Florida mine in Chile due to ongoing power outages caused by recent earthquakes.
This article is intended to be a regular feature on 24K Chu Kam as time allows.
Thursday, March 4, 2010
Article from TheStreet.com : Gold Prices Stall
Alix Steel
March 4, 2010
Gold prices were slipping today due to profit talking by PM investors, and a rise in the U.S. dollar index. The U.S. dollar rallied off of Euro weakness after the European Central Bank announced its decision to keep key interest rates low.
Currently gold's future is mixed, and one factor is the next employment report. A positive report could prompt the Fed to raise interest rates, which would likely impact gold prices negatively. Gold prices were also negatively influenced by Greek debt fears, new uncertainties created volatility for the Euro and gold.
Mining stocks, were also such as Barrick Gold, Newmont Mining, Kinross Gold and Goldcorp were also down. Gold ETF’s such as SPDR Gold Shares were also lower. To read the article in its entirety go here.
Wednesday, March 3, 2010
Gold Futures Higher on Stronger Euro, Weaker Dollar
An article on Forbes.com reported that gold futures moved higher this morning as the Euro strengthened against the US dollar, and an employment report showed improvement in the U.S. jobs picture. Gold went as high as $1,144.40 per ounce early in the session, to its highest levels since Jan. 11. 2010. Greece's plans to rein in its debt gave strength to the Euro and thus weakened the US Dollar. Furthermore, the ADP jobs report stated the U.S. private-sector employers cut 40,000 less jobs in February than in January. Gold mining companies also traded higher during this mornings advance. Barrick Gold, AngloGold Ashanti, and Newmont Mining all posted modest gains. To read the entire article:
Gold Rallies As Dollar Dallies
Greenback falls on Greek belt-tightening, provides boost to metal prices, stocks.
By MarketNewsVideo.com
http://www.forbes.com/2010/03/03/gold-barrick-anglogold-markets-equities-silver-marketnewsvideo.html?partner=email
Gold Rallies As Dollar Dallies
Greenback falls on Greek belt-tightening, provides boost to metal prices, stocks.
By MarketNewsVideo.com
http://www.forbes.com/2010/03/03/gold-barrick-anglogold-markets-equities-silver-marketnewsvideo.html?partner=email
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