Posted by AGORACOM
at 10:48 AM on Thursday, August 8th, 2019
SPONSOR: GGX Gold Corp (TSX-V: GGX) GGX’s Gold Drop Property resides within a multi-million ounce gold producing region in British Columbia. The property holds the C.O.D. Vein and recently discovered Everest Vein. GGX has initiated 2019 drilling at Gold Drop. Click Here for More Info
Beijing wants more gold in its reserves.
China’s central bank expanded gold reserves again in July, pressing on with a run that stretches back to December.
The People’s Bank of China raised holdings to 62.26 million ounces from 61.94 million a month earlier, according to data on its website.
In tonnage terms, the inflow was close to 10 tons, following the addition of about 84 tons in the seven months to June.
There’s a powerful constant amid the to-and-fro of the U.S.-China
trade war as currency policy gets dragged into the standoff between the
world’s two top economies: Beijing wants more gold in its reserves.
China’s central bank expanded gold reserves again in July, pressing
on with a run that stretches back to December. The People’s Bank of
China raised holdings to 62.26 million ounces from 61.94 million a month
earlier, according to data on its website. In tonnage terms, the inflow
was close to 10 tons, following the addition of about 84 tons in the
seven months to June.
Gold has rallied in 2019 to a hit a six-year high as global growth
stutters, central banks including the Federal Reserve eased policy, and
the festering trade war all combined to bolster demand. Increased
central-bank buying from China to Russia and Poland has helped to
buttress consumption at a time of rising prices. This week, the conflict
between Washington and Beijing worsened as the yuan was allowed to
breach a key level, reinforcing the case for havens.
“It is important for the country to diversify away from the U.S.
dollar,†Philip Klapwijk, managing director at consultant Precious
Metals Insights Ltd., said before the PBOC’s latest figure was released.
“Over the long run, even relatively small-scale gold purchases add up
and help to meet this objective.â€
Gold futures rose as much as 1.3% to $1,503.30 an ounce on Wednesday,
the highest since 2013, before trading at $1,500.70 at 11:26 a.m. in
London.
“This fits with China’s well established pattern of increasing gold
reserves month after month but not in a large enough volume to disrupt
the gold market,†said Ross Strachan, a senior commodities economist at
Capital Economics Ltd. “We expect them to continue this trend as part of
their long-term strategy to diversify their foreign exchange reserves.â€
Central banks continued to load up on gold this year,
helping push total bullion demand to a three-year high in the first
half, according to the World Gold Council. That trend is expected to
continue, with a survey of central banks showing 54% of respondents
expect holdings to climb in the next 12 months.
“Bear in mind that China is the largest mine producer of gold in the world,†Klapwijk added. “The state can always buy local mine production using†local currency, he said.
Posted by AGORACOM
at 2:39 PM on Tuesday, August 6th, 2019
A 3D Induced Polarization (IP) geophysical survey on its Tabasquena project in Zacatecas, Mexico is underway.
Survey designed to complement and enhance current 3D model of Tabasquena Epithermal veins
Goal of the survey is to assess the depth potential below the near surface mineralized zone
Kamloops, British Columbia–(Newsfile Corp. – August 6, 2019) – Advance Gold Corp. (TSXV: AAX) (“Advance Gold” or “the Company”) is pleased to announce that a 3D Induced Polarization (IP) geophysical survey on its Tabasquena project in Zacatecas, Mexico is underway. This geophysical survey is designed to complement and enhance the 3D model derived from the recent drilling which confirmed a widespread gold and silver mineralized epithermal vein system.
Prior to Advance Gold acquiring the project, a limited IP survey had
been carried out. This historical IP survey effectively identified three
of the known veins as significant chargeability and resistivity
anomalies.
The goal of the survey is to assess the depth potential below the
near surface mineralized zone that was encountered in the andesites,
with the graphitic phyllites below still open at depth. It is important
to note that the vein systems in the nearby mines operated by Fresnillo
Plc., and MAG Silver’s Juanicipio mine currently under construction, are
epithermal veins systems focused on zones within the graphitic
phyllites.
The 3D IP geophysical survey will take thousands of data point
readings on an 800 X 500 metre grid. It is designed to give a clearer
picture of anomalies adjacent to and below the current drilling, which
is primarily down to 300 metres, and possibly see down to approximately
600 metres.
Allan Barry Laboucan, President and CEO of Advance Gold Corp. commented: “We
are in a unique position for a gold and silver explorer as having found
a fully intact epithermal vein system. This is a fairly rare
occurrence. Making things somewhat challenging is that with a system
like this, the boiling zone of the system is deeper. This is the case in
all of the nearby mines around the cities of Fresnillo and Zacatecas,
Mexico. The mines are hosted in the graphitic phyllites below the
andesites. We have drilled a widespread zone of gold and silver
mineralization in the andesites at Tabasquena. Hopefully, once the
geophysical survey is completed we will be better able to focus our
deeper drilling in the search for the boiling zone of the system. With
the gold and silver markets gaining strength, it is a very exciting time
for us to be advancing this exceptional project. In addition to the
technical merits of the project, we are in one of the most prolific
mining regions worldwide for silver as 10% of the historical world
silver production comes from the state of Zacatecas, from epithermal
vein systems. Since we made the discovery of this system approximately
one year ago, the gold and silver markets have gone from being subdued
to much more optimistic. One of the defining attributes of this region,
in addition to the prolific mines, is that the costs for exploration,
development and mining are some of the lowest in the mining sector. We
have a highly prospective project at Tabasquena, are doing the work to
advance the project, have a small and tight share structure and will be
delivering crucial news as the market for gold and silver are improving
yet the menu for investors to choose from is small when it comes to the
exploration of quality projects.”
Julio Pinto Linares is a QP, Doctor in Geological Sciences with
specialty in Economic Geology and Qualified Professional No. 01365 by
MMSA., and QP for Advance Gold and is the qualified person as defined by
National Instrument 43-101 and he has read and approved the accuracy of
technical information contained in this news release.
About Advance Gold Corp. (TSXV: AAX)
Advance Gold is a TSX-V listed junior exploration company focused on
acquiring and exploring mineral properties containing precious metals.
The Company acquired a 100% interest in the Tabasquena Silver Mine in
Zacatecas, Mexico in 2017, and the Venaditas project, also in Zacatecas
state, in April, 2018.
The Tabasquena project is located near the Milagros silver mine near
the city of Ojocaliente, Mexico. Benefits at Tabasquena include road
access to the claims, power to the claims, a 100-metre underground shaft
and underground workings, plus it is a fully permitted mine.
Venaditas is well located adjacent to Teck’s San Nicolas mine, a VMS
deposit, and it is approximately 11km to the east of the Tabasquena
project, along a paved road.
In addition, Advance Gold holds a 14.63% interest on strategic claims
in the Liranda Corridor in Kenya, East Africa. The remaining 85.37% of
the Kakamega project is held by Acacia Mining (63% owned by Barrick Gold
Corporation).
For further information, please contact: Allan Barry Laboucan, President and CEO Phone: (604) 505-4753 Email: [email protected]
Posted by AGORACOM
at 9:40 AM on Thursday, August 1st, 2019
SPONSOR: Great Atlantic Resources Corp (TSX-V: GR) Great Atlantic Resources. A Canadian exploration company focused on the discovery and development of mineral assets in the resource-rich and sovereign risk-free realm of Atlantic Canada, one of the number one mining regions of the world. Great Atlantic is currently surging forward building the company utilizing a Project Generation model, with a special focus on the most critical elements on the planet that are prominent in Atlantic Canada, Antimony, Tungsten and Gold. Click Here for More Info
Central banks’ insatiable appetite for gold dominated the marketplace between April and June, according to the latest data from the World Gold Council
Global gold demand totaled 1,123 tonnes in the second quarter, up 8% from the second quarter of 2018.
For the first half of the year, physical gold demand rose of 2,181.7 tonnes, its highest level in three years.
(Kitco News) –
Central banks’ insatiable appetite for gold dominated the marketplace
between April and June, according to the latest data from the World
Gold Council (WGC).
In its second-quarter Gold Demand Trends report, the council said
that central banks bought a total of 224 tonnes of gold between April
and June. Official gold reserves increased by 374.1 tonnes in the first
half of the year — “the largest net H1 increase in global gold reserves
in our 19-year quarterly data series,†the analysts said in the
report.
“Buying was again spread across a diverse range of – largely emerging market – countries,†the WGC said.
The WGC said that nine central banks bought gold in the first half of the year.
“Central
banks, like other investors, sought safety in gold as they looked to
protect themselves in the face of many looming risks,†the analysts
said.
The report said that global gold demand totaled 1,123 tonnes in the
second quarter, up 8% from the second quarter of 2018. For the first
half of the year, physical gold demand rose of 2,181.7 tonnes, its
highest level in three years.
The report highlighted renewed strength in key sectors of the gold
market. In particular, gold jewelry demand in India increased by 12% to
168.8 tonnes, compared to the second quarter of 2018. This was the best
year-over-year quarterly increase since the second quarter of 2017.
“Indian demand was boosted early in the quarter by the wedding
season and festival buying, before slowing sharply as the gold price
rallied in June,†the report said.
The WGC noted that India’s gold demand faces strong headwinds as purchases have come to a “virtual standstill.â€
“The slowing economic environment and restrictions on the movement
of cash during the elections were a drag on demand in April and May,â€
the report said.
The India gold market was also hit with higher tariffs in early July with import duties rising to 12.5% from 10%.
“Although we do not expect this to have a long-term impact on gold
demand in India, we do see it having a dampening impact on Q3,
particularly as gold prices have remained elevated,†the WGC said.
While India saw strong growth in the second quarter, the world’s
largest gold consuming nation saw its third consecutive quarterly drop.
The WGC said that Chinese jewelry demand dropped by 4% in Q2 to 137.8
tonnes.
“Demand ground to a halt once the June price rally began and
retailer’s promotional efforts could not tempt consumers back.
Reportedly, showrooms were deserted as the quarter came to a close,†the
analysts said.
ETF Investment Demand Remains Robust
The second quarter started on a sour note for gold investors but
ended with a bang, according to the report. Renewed interest in
gold-backed exchange-traded products led the investment surge,
increasing by 67.2 tonnes in the second quarter an increase of 99% from
the second quarter of 2018.
The gains were predominantly seen in June as the month saw inflows
of 126.7 tonnes, reversing April’s outflows of 57.2 tonnes. The WGC
said that total hold holding reached a six-year high of 2,548 tonnes in
the first half of the year.
“Geopolitical uncertainty, dovish monetary policy commentary by
central banks, and a rising gold price were among the key factors that
drove investors to increase their holdings,†the analysts said.
The WGC highlighted the growing trend of European and U.K. investors
leading the way in the gold market. It noted that U.K.-listed funds
accounted for 75% of all global inflows during the second quarter.
“Investors sought the safe haven of gold amid the uncertainty
surrounding Brexit and the leadership battle that followed Theresa
May’s resignation as Prime Minister,†the analysts said. “The sharp drop
in the value of the pound also fueled inflows during the quarter as
the U.K.’s growth prospects were cut following repeated failures in
Brexit negotiations.â€
The WGC added that historic negative bond yields in German bonds also added to gold’s investment appeal.
Lackluster Coin and Bar Demand
Although
investors have been jumping into gold-backed ETFs, interest in
physical gold was fairly muted. The WGC said that gold coin and bar
demand dropped 12% in Q2 to 476.9 tonnes, the lowest level since 2009.
They noted that June’s sharp price rally has weighed on physical demand.
“This market has been struggling for some time, with many
traditional gold investors focused on America’s healthy economic growth,
low unemployment, and continued wage growth,†the WGC said. “The gold
price rally in June triggered selling by some investors, and coin
premiums in the secondary market fell to their lowest level since
before the global financial crisis, spurring gold exports from the US
to Germany.â€
Tech Sector Sees Lower Gold Demand
Although not a significant factor for the physical gold market,
analysts said that the tech sector saw gold demand drop by 3% in the
second quarter to 81.1 tonnes.
“This was the third consecutive quarter of falling demand, due to a
range of challenges in the electronics sector, including the ongoing
trade dispute between China and the US. However, there are signs of
recovery and we expect declines to continue to slow throughout H2
2019,†the WGC said.
Gold Supply Rises Due To Record Production
The council noted that robust gold demand is being met with strong
production; the analysts said that gold supply increased by 6% in the
second quarter to 1,186.7 tonnes. The supply was led by record gold
production between April and June.
The WGC added that gold production increased by 2% to 882.6 tonnes
in the second quarter. “This is a record level of global output for a
second quarter and follows on from a Q1 record of 847.5t.
Global gold production was let by Canada, Russia and the U.S. that
saw their domestic production increase by 9% in the third quarter.
Australia, which has reported record gold production in 2018 saw an
increase of 6% in the second quarter.
The WGC also noted an increase in recycled gold as consumers sold into higher prices late in the quarter.
Posted by AGORACOM
at 11:48 AM on Wednesday, July 31st, 2019
SPONSOR: GGX Gold Corp (TSX-V: GGX) GGX’s Gold Drop Property resides within a multi-million ounce gold producing region in British Columbia. The property holds the C.O.D. Vein and recently discovered Everest Vein. GGX has initiated 2019 drilling at Gold Drop. Click Here for More Info
Expectations are the Fed will cut rates by 25 basis points
Falling interest rates make metals more attractive
Tie in bullish technicals with a clueless Fed and we should see higher gold and silver prices.
Yesterday we wrote that gold and silver would probably be quiet and
flat until after the Fed reported on Wednesday. It now looks like the
metals are trying to get a jump on the Fed and have started to rally
early.
Friday saw gold
trade as low as $1,412 and suddenly the metal is back over $1,440.
There was a late-day rally Monday with some early morning follow-through
today. The key to watch in gold is the $1,450 level, since a close
above would signal $1,500 is not far behind. Silver looks like it wants to join the rally and push through $17.
Expectations are the Fed will cut rates by 25 basis points; that
would be bullish for the metals. Falling interest rates make metals more
attractive. Tie in bullish technicals with a clueless Fed and we should
see higher gold and silver prices.
Posted by AGORACOM
at 10:10 AM on Monday, July 29th, 2019
SPONSOR: Advance Gold AAX.v – Advance Gold controls 100% interest in the Tabasquena Silver Mine in Zacatecas, Mexico. A cluster of 30 Epithermal veins have been discovered, with recent emphasis on exploring a large anomaly to drill. Advance also owns 15% of the Kakamega JV attached to Barrick Takeover Offer for Acacia Mining
AAX.v
Caution ahead of this week’s U.S. Federal Reserve meeting, with investors likely to look beyond an expected rate cut
Interest rate futures are fully priced for a quarter-point rate cut from the Fed on Wednesday, with only a small chance of a half-point move.
Gold was little changed on Monday as caution set
in ahead of this week’s U.S. Federal Reserve meeting, with investors
likely to look beyond an expected rate cut to the central bank’s
guidance on monetary policy for the rest of the year.
“A rate cut is entirely priced in while a 50 basis points cut is
extremely unlikely. So guidance becomes absolutely key,†OANDA senior
market analyst Craig Erlam said.
â€(Gold’s movement) will depend
on how dovish or how far ajar Jerome Powell leaves the door on these
rate cuts in the months ahead.â€
For the first time since the
financial crisis, the Fed is expected to trim the key interest rate by
at least 25 basis points (bps) at its July 30-31 meeting. Investors will
also look for signals of likely additional cuts in the pipeline.
“Much will also depend on what Fed Chair Powell says in the subsequent
press conference: if he makes no mention of a cycle of rate cuts,
causing gold to come under pressure, we would not see this as a trend
reversal but as an attractive buying opportunity,†analysts at
Commerzbank said in a note.
Interest rate futures are fully priced
for a quarter-point rate cut from the Fed on Wednesday, with only a
small chance of a half-point move.
Traders
will also keep a close eye on the U.S. and Chinese trade talks in
Shanghai this week, as negotiators from both countries meet for their
first in-person talks since a truce at G20 last month. Expectations are
low for a breakthrough.
On the technical front, $1,400 will be the key downside support for gold, and beyond that, $1,380, OANDA’s Erlam said.
“Bulls are very reluctant to let go just yet, but if we do see those
levels break, we might see gold bulls head for the exits quite quickly.â€
Hedge
funds and money managers reduced their bullish stance in COMEX gold in
the week to July 23, the U.S. Commodity Futures Trading Commission
(CFTC) said in a report on Friday.
SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.1% to 818.14 tonnes on Friday.
Among other precious metals, silver dipped 0.1% to $16.37 per ounce.
Palladium fell 0.3% to $1,530.38 per ounce, while platinum gained 0.8% to $867.26 per ounce.
Posted by AGORACOM
at 9:33 AM on Wednesday, July 24th, 2019
Drilling at the C.O.D. North vein – 421m has been drilled in 7 holes
1,965m drilled in 32 holes on the main COD vein – Assays Due
Drill testing “Anomaly” at depths between 500 and 800 metres
The anomaly is interpreted as a pipe-like structure measuring 1834 by 1377m
VANCOUVER, BC / ACCESSWIRE / July 24, 2019 / GGX
Gold Corp. (TSX-v: GGX), (OTCQB: GGXXF), (FRA: 3SR2) (the “Company†or
“GGXâ€) provides the following update on its exploration activities at
its Gold Drop property in the Greenwood Mining Camp.
Drilling resumed as of July 16 at the C.O.D. North vein. As of July
22, a total of 421 metres has been drilled in 7 holes on the COD North,
in addition to the total of 1,965 metres drilled in 32 holes on the main
COD vein. An initial batch of samples was submitted for analyses in
late June, but assays have not yet been received.
Preparations are also underway to drill a relatively deep hole on a
geophysical anomaly (refer to news release dated July 4). Drill rods and
bits have been purchased and a night shift drill crew has been
arranged. The drill site has been selected and verified by a
representative for Earth Science Services Corporation of Oshawa, Ontario
(ESSCO). The initial hole is planned to be drilled to test the target
zone at depths between 500 and 800 metres. The anomaly is interpreted as
a pipe-like structure that measures 1834 by 1377 metres.
The Company also announces that it has repriced the flow through
portion of its private placement originally announced on June 18, 2019.
The non brokered private placement will now be an offering of up to
4,000,000 flow through units at a price of Cdn$0.25 per unit for gross
proceeds of $1,000,000. Each flow-through unit will comprise one common
share (which is a flow-through share for Canadian income tax purposes)
and one-half share purchase warrant. Each whole flow-through warrant
will entitle the holder to purchase one additional common share which is
not a flow-through share at the price of $0.35 for 18 months after
closing. The term of the warrants may be accelerated in the event that
the issuer’s shares trade at or above a price of $0.40 cents per share
for a period of 10 consecutive days. In such case of accelerated
warrants, the issuer may give notice, in writing or by way of news
release, to the subscribers that the warrants will expire 20 days from
the date of providing such notice. The proceeds of the private placement
will be used for continued exploration work including diamond drilling
and trenching at the Company’s Gold Drop property near Greenwood in
Southern British Columbia.
The terms of the non-flow through placement remain as announced on June 18, 2019.
A finder’s fee may be paid to eligible finders in accordance to the
TSX-V policies. All securities issued pursuant to the offering will be
subject to a hold period of four months and one day from the date of
closing. The offerings and payment of finders’ fees are both subject to
approval by the TSX-V.
David Martin, P.Geo., a Qualified Person as defined by National
Instrument 43-101 and consultant to the Company, approved the technical
information in this release.
On Behalf of the Board of Directors George Sookochoff, President, 604-488-3900 [email protected]
Posted by AGORACOM
at 11:06 AM on Tuesday, July 23rd, 2019
SPONSOR: Great Atlantic Resources. A Canadian exploration company focused on the discovery and development of mineral assets in the resource-rich and sovereign risk-free realm of Atlantic Canada, one of the number one mining regions of the world. Great Atlantic is currently surging forward building the company utilizing a Project Generation model, with a special focus on the most critical elements on the planet that are prominent in Atlantic Canada, Antimony, Tungsten and Gold. Click Here for More Info
GR: TSX-V
Next level for gold is $1500
Ray Dalio, Billionaire hedge fund manager pro gold
Potential interest rate cuts gold positive
Now that gold has broken through the $1,450 an ounce level, a six-high year high, the next big test is $1,500. And as I’ve said before, it can do this in the blink of an eye under the right conditions.
We may end up seeing those conditions emerge sooner rather than later.
Last Thursday, Federal Reserve Bank of New York President John
Williams seemed to indicate that a rate cut could be expected later this
month, saying that central bankers need to “act quickly†as economic
growth cools. Although he later clarified his comment, claiming he was
simply citing research and not forecasting central bank action, the
price of gold jumped as much as 2 percent on the news before closing
above $1,440 for the first time since May 2013.
Investors took some profits last Friday, knocking the price down
around 1 percent after gold started to look overbought a day earlier.
The metal was up two standard deviations over the past 60 trading days,
its highest level since April 2016. I would consider each pullback such
as this a buying opportunity, though, because I believe the best is yet
to come for the metal.
Gold Price Up Two Standard Deviations
U.S. Global Investors
Ray Dalio seems to agree. In a lengthy post on LinkedIn—Dalio’s
favorite platform for getting the word out—the billionaire hedge fund
manager writes that he thinks we’re on the verge of a new economic
paradigm shift and that central banks’ accommodative policies, from low
rates to quantitative easing (QE), are unsustainable. To hedge against
this, Dalio says, “I believe that it would be both risk-reducing and
return-enhancing to consider adding gold to one’s portfolio.†Most
investors are underweighted in gold, “meaning that if they just wanted
to have a better balanced portfolio to reduce risk, they would have more
of this sort of asset,†he writes.
A Monster Rally for Juniors
Select junior and micro-cap gold and precious metal miners also
posted very strong growth over the past week, mostly on positive
drilling results. In a press release dated July 15, Brixton Metals
announced encouraging results at its wholly owned Thorn
Gold-Copper-Silver Project in British Columbia. Gary Thompson, chairman
and CEO of the Vancouver-based explorer and developer, said that Brixton
“continues to unlock a mountain of value†at the property, which
exhibits even greater mineralization than was previously thought.
Junior Miners Had a Strong Week
U.S. Global Investors
As for silver, I’m pleased to see that it’s finally playing “catch
up†to gold, its price having hit a 52-week high after an incredible six
straight days of gains.
Silver Is Trying to Narrow Its Gap With Gold
U.S. Global Investors
The Bullish Calls on Gold Continue
With gold having already broken out of its five-year trading range, is the best still yet to come?
I believe it is. And I’m not alone. Read what some analysts and strategists have to say:
Alpine Macro
“The Fed is getting ready to cut interest rates, which should set in
motion a multi-year bear market in the dollar,†write analysts at Alpine
Macro in a research note dated June 28. A weaker U.S. dollar is one of
three “key ingredients†for a bull market, according to Alpine Macro,
the other two being a more accommodative Fed and rising geopolitical
risks.
“The technical break above $1,400 an ounce is a positive sign,†the
firm adds. “New all-time highs for gold should be seen in the coming
years.â€
World Gold Council (WGC)
“The prospect of lower interest rates should support gold investment
demand,†the World Gold Council (WGC) says in its mid-year outlook. “Our
research indicates that the gold price was higher in the 12 months
following the end of a tightening cycle. Moreover, historical gold
returns are more than twice their long-term average during periods of
negative real rates—like the one we are likely to see later this year.â€
Canadian Imperial Bank of Commerce (CIBC)
“We continue to see no signs of rate hikes on the horizon over the
next several years, and historically have seen gold continue on an
upward trajectory beyond the last rate cut,†writes CIBC in a note dated
July 14.
The bank points out that in two previous gold bull market cycles—in
the 1970s and 2000s—negative real rates were the main contributing
factor.
“During the last two major periods when real rates stayed below the 2
percent level and actually ticked into negative territory, the gold
price moved over 320 percent in the 1970s… and approximately 400 percent
from 2004 to peak in 2011.â€
For full disclosures pertaining to this post click here.
Posted by AGORACOM
at 11:36 AM on Thursday, July 18th, 2019
Keymet: A high priority precious metal – base metal property, located in northeast New Brunswick near Bathurst. The property covers an area of approximately 3400 hectares. Polymetallic veins (copper, lead, zinc, and silver) were mined during the 1950s in the northern region at the historic Keymet Mine.
Drilling Highlights:
Ky-18-14: 7.89% zinc equivalent over 34.3 meters (From 46.20 m to 80.50 m)
Ky-18-10: 10.91% zinc equivalent over 3.27 meters (From 85.03m to 88.30 m)
Elmtree 12 vein: System traced to approximately 145 meters depth, open at depth
Elmtree 12 vein: Strike length of approximately 110 meters and open along strike
