• Gold Prices To 'Move North' Due To Lack Of Exploration

    Gold prices are expected to rise as mining exploration struggles to find enough new discoveries to add to the global reserves, said one mining executive.

    “Gold has a much higher probability of moving north as opposed to south,” Stephen Letwin, chief executive officer at Iamgold Corp, told Bloomberg in Hong Kong on Thursday. “I’ve been around a long time; when you’re in an industry that’s not replacing what it produces, eventually, the price has to move up.”

    Iamgold wants to boost production to 1.35 million ounces in the next four years from the current 875,000 ounces. The plan is to increase exploration around existing mines and expand its Canadian Westwood operation, Letwin noted.

    “Our shareholders are buying our equity because they want exposure to gold,” he said.

    The mining company shells out about $45 million a year on exploration and does not usually get excited about acquisitions, Letwin added.

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    Last year, the World Gold Council (WGC) estimated that gold production “peaked” in 2017.

    The WGS said: “… [global] annual mine production of 3,268.7t – fractionally higher compared to 2016 – and the highest annual total in our records.”

    The WGC also pointed out that gold prices will be driven by four factors in 2018: increased market volatility, a rotation into defensive assets, a growing global middle class and growing market transparency.

    The mining industry has been expressing the idea of gold production reaching its peak for some time now.

    Auryn Resources executive director Ivan Bebek told Kitco News at last year’s Mines & Money conference in Toronto that “it’s not easy to find gold.”

    “I feel like we’re in an 2005-06 era with an initial comeback for the juniors,” Bebek said. “But growth is becoming a challenge for exploration companies.”

    CEO of Wheaton Precious Metals Randy Smallwood echoed a similar outlook.

    “I use a phrase called geological inflation - it’s getting tougher to find ore bodies and there’s not as much effort being put into it,” Smallwood said on the sidelines of the Mines & Money conference. “We can see already in silver production, where we’ve truly reached a peak. Gold is right around that stage too.”

    Source: Kitco

  • Gold Returns Last Week's Late Rebound

    While March 24th was a good day for gold prices thanks to the FOMC decision to remain dovish regarding upcoming interest rate increases, gold has nevertheless returned its gains from late last week. The precious metal is currently down 0.2 percent to $1,344.89 per ounce.

    In other precious metals, silver is essentially unchanged, as is platinum. Palladium is bucking today's trend and received a 0.4 percent boost today. Base metals had a hard trade session today as well, falling by 0.5 percent on average.Copper hit the hardest, plummeting by 1.1 percent to $6,577 per ton.

    In international markets, the yield on U.S. ten-year treasuries is at 2.84 percent. The German ten-year bund is posting at 0.53 percent. Pricing on spot Brent crude oil is maintaining recent gains, rising today to $70.27 per barrel, as concerns continue to rise in the Middle East. The U.S. dollar is down somewhat on its index, coming in at 89.44.

  • Gold At Two Week High Following FOMC Meeting

    As eager, bullish U.S. dollar traders were watching the latest meeting notes from the Federal Reserve meeting today, they were left disappointed by a projection of merely three interest rate increases this year, rather than the four they were hoping for.

    Gold hit its highest level in two weeks today following the results of the Federal Open Market Committee's (FOMC) meeting. This was also its highest gains since last month's meltdown in the equity market. The precious metal is currently up almost 1.59 percent on the day, up to $1,332.80 per ounce. Gold reached nearly a 2 percent gain earlier in the session.

    Silver also posted solid gains on today's news, last seen up by $0.335 to $16.525 per ounce. The U.S. dollar performed poorly today, while Nymex crude oil reached a six-week high on its chart.

  • Gold Down on Somewhat Boosted Dollar

    As the U.S. dollar continues to be the primary contributor to where spot gold pricing sits, today has once again shown that with a stronger dollar comes weaker gold. The yellow precious metal is currently down $6.20 to $1,310.40 per ounce.

    The U.S. dollar had a good trading session today thanks almost exclusively to rising anticipation over tomorrow Federal Open Market Committee (FOMC) meeting scheduled for tomorrow afternoon.

    Market analysts are currently acting on an anticipation that the Federal Reserve will continue to raise interest rates. Whether the interest rate will be increased three times this year, however, or an even more hawkish four times this year, will remain to be seen.

  • Precious Metals Post Gains As Weekend Approaches

    Precious metals are set to possibly end the week on a positive note as St. Patrick Day looms. Gold is currently up 0.2 percent to $1,317.83 per ounce.

    Gold actually posted the lowest gains today, with silver up 0.4 percent. Platinum and palladium saw the biggest increases today, up 0.5 percent and 0.6 percent, respectively. Base metals are also mostly on the rise today, with copper up 0.5 percent to $6,956 per ton. Only tin slipped today, down 0.1 percent to $20,970 per ton.

    In other markets, the German ten-year bund is down to 0.57 percent, while the U.S. ten-year treasuries yield posted at 2.83 percent. Spot Brent crude oil pricing is up today, rising by 0.09 percent to $65.13 per barrel. The U.S. dollar is still consolidating above its base at 90.02.

  • Real-Life Pot o' Gold Discovered During Dutch Construction Project

    Sometimes you don't need to follow a rainbow, but rather a drain pipe, to find a pot o' gold.

    That's what happened for utility workers in the Netherlands, who stumbled across a centuries-old pot of gold earlier this month while laying down new pipes, according to news reports.

    The remarkable find includes 500 coins — 12 of them gold and the rest silver — dating to the 15th century, which were nestled inside of a glazed, earthenware cooking pot, according to the NL Times.

    Employees of Oasen, a drinking-water company, discovered the treasure on March 1, when they were laying down pipes in Hoef en Haag, a new town in the central province of Utrecht. As soon as they found the coins, the workers called Utrecht's archeological hotline, which sent archaeologists to inspect the area and gather the artifacts. [Top 10 Rare U.S. Coins]

    The prize pot also contained textiles, which may have once served as moneybags of sorts to hold the coins, Peter de Boer, an archaeologist at Omgevingsdienst Regio Utrecht (Environment Service Region Utrecht), told RTV Utrecht. The majority of the coins date to the 1470s and 1480s, and some have imagery depicting King Henry VI of England (and the disputed king of France), Pope Paul II, and David of Burgundy, who was bishop of Utrecht.

    "Every coin in this treasure is a story in precious metal," de Boer told RTV Utrecht. "Every gentleman gave out his 'business card' by way of a coin, and therefore, there is a lot to discover."

    Moreover, the coins may shed light on what happened to the medieval city of Hagestein after it fell in a siege in 1405, de Boer said. "In this sense, we now have a 'pot full of stories,'" De Boer added.

    The artistry on the coins may also help researchers learn more about the Burgundian Netherlands, a collection of fiefdoms that included parts of modern-day Belgium, the Netherlands, Luxembourg and northern France that were ruled by the dukes of Burgundy, an ancient lineage of French nobility with deep ties to France's royal family. The Burgundian Netherlands existed from 1384 to 1477, and during that time, some of the coins were still in use, according to the Metropolitan Museum of Art in New York City.

    The coins are now being appraised and studied, but will soon be returned to their new owners — Oasen, the project developer and the people who own the land where the coins were found, according to NOS, the Dutch broadcasting foundation.

    Source: Live Science

  • Increased Dollar Hurts Gold, Silver Buying

    Thursday is looking like another day of losses for gold and silver as a stronger U.S. dollar and generally low risk investing have quelled that interest for now. Gold is currently down $8.80 per ounce to $1,316.90. Silver is also down $0.127 to $16.41 per ounce.

    Despite largescale turmoil in the Trump administration and fear over a possible trade war, U.S. stocks are turning a blind eye and are up somewhat today. Although it looks like the Trump administration is going to begin imposing even more trade tariffs and restrictions on China, it is unclear how strong these new restrictions will be.

    In other markets, the U.S. dollar is higher on its index today. Similarly, pricing on Nymex crude oil is slightly increased from its losses yesterday. Copper on the N.Y. exchange is down 325 points to 312.55 cents today.

  • Precious Metals Mixed on 3/14

    Today's trading session shows precious metals in mostly positive territory, with only gold falling behind. The yellow metal is currently down somewhat to $1,325.33 per ounce.

    Platinum saw the most gains today, rising by 0.4 percent. Palladium and silver are both up 0.1 percent. In base metals, most saw some sort of consolidation throughout this Wednesday session, although lead is up 0.3 percent and copper rose by 0.5 percent to $6,984 per ton.

    In other markets, the U.S. dollar is continuing its recent trend of consolidation, coming in at 89.70 today. The euro is up today to 1.2392. Pricing on the U.S. ten-year treasuries is weaker at 2.83 percent. The German ten-year bund is also down somewhat at 0.61 percent. Also feeling the crunch is spot Brent crude oil, which has weakened by 0.31 percent to $64.53 per barrel.

  • Potential N. Korea/U.S. Summit Send Gold South

    The precious metals complex lost some ground today as international news focuses on the recent story that the U.S. and North Korea are planning on holding a summit. Gold is currently down 0.2 percent today, to $1,318.15 per ounce.

    Silver slipped by the same 0.2 percent margin today. Palladium is down just 0.1 percent, and platinum is holding steady at its current level. Base metals are also not seeing much help as safe haven buying is down, with all metals but nickel down today. Nickel posted gains of 0.2 percent. Other losses ranged from Zinc's -1 percent to lead's -0.3 percent. Thursday was generally not a strong day for metals trading, either.

    Other markets are not doing too hot on this Friday session either. The yield on U.S. ten-year treasuries is down to 2.87 percent, and the German ten-year bund is also down, to 0.64 percent. Spot Brent crude oil pricing has slipped 0.7 percent to $63.81 per barrel. Only the U.S. dollar is seeing gains on its index today, rising to 90.17.

  • Base, Precious Metals Down Following Day of Gains

    While yesterday showed precious metals gaining an average of 1.1 percent, today was markedly different, with all metals in the precious metals complex closing at a loss. Gold is currently down 0.4 percent to $1,333.83 per ounce.

    Silver posted losses of 0.6 percent today, down to $16.68 an ounce. Palladium slipped to $982.90 an ounce. While platinum gained 2.3 percent in Tuesday's session, today is returned 0.2 percent, dropping to $965.20 an ounce. Base metals also lost ground today, with average losses of 0.3 percent. Nickel is by far the greatest loser, falling by 0.9 percent to $13,520 a ton.

    In other markets, pricing for spot Brent crude oil dropped 0.41 percent today, to $65.21 per barrel. The yield on ten-year U.S. treasuries is down to 2.86 percent. However, the German ten-year bund is up slightly at 0.66 percent. Meanwhile, the U.S. dollar is back down on its index again, falling to 89.53 over rising trade wars concerns and the resignation of Cohn.