Jordan Roy-Byrne – Technical Commentary on the Metals – Thu 16 Jan, 2020

What are the odds of the recent highs in gold and GDX getting taken out?

Jordan Roy-Byrne kicks off today by sharing his thoughts on the recent spikes and now pullbacks in gold. We also address the recent pullback in GDX. The overarching main question we address is if the recent highs in gold and GDX will be broken in the near term.

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Strong quarter caps off ‘excellent’ first year since Barrick’s merger with Randgold

The world’s second largest gold mining company, Barrick Gold, has met its production targets for 2019, with gold output touching the upper-end of its guidance and copper production beating its planned output. During 2019, Barrick produced 5.5-million ounces, which compares with its guidance range of 5.1-million to 5.6-million ounces. Copper production of 432-million pounds exceeded its guidance of 375-million to 430-million pounds for the year.

Barrick estimates higher sequential quarterly gold output

Global gold major Barrick Gold said on Thursday it expects fourth-quarter gold production to be higher than third quarter, benefiting from strong output from its Turquoise Ridge gold mine in Nevada. Total preliminary gold production rose to 1.44-million ounces in the quarter ended December 31, from 1.31-million ounces in the third, while copper output gained 4.5% to 117-million pounds.

Barrick estimates higher sequential quarterly gold output

Global gold major Barrick Gold said on Thursday it expects fourth-quarter gold production to be higher than third quarter, benefiting from strong output from its Turquoise Ridge gold mine in Nevada. Total preliminary gold production rose to 1.44-million ounces in the quarter ended December 31, from 1.31-million ounces in the third, while copper output gained 4.5% to 117-million pounds.

Barrick estimates higher sequential quarterly gold output

Global gold major Barrick Gold said on Thursday it expects fourth-quarter gold production to be higher than third quarter, benefiting from strong output from its Turquoise Ridge gold mine in Nevada. Total preliminary gold production rose to 1.44-million ounces in the quarter ended December 31, from 1.31-million ounces in the third, while copper output gained 4.5% to 117-million pounds.

Russia’s $40bn gold buying binge is slowing down

Russia, the world’s biggest buyer of gold, is losing interest in the precious metal. After spending an estimated $40-billion on gold in the past five years, the central bank is starting to rein in spending. It bought 149 tons of gold in the first 11 months of 2019, 44% less than the year before. Annual purchases are expected to be the lowest in six years. Analysts say that Russia’s central bank has maxed out the proportion of gold it wants to keep in reserve. They also view the threat of US sanctions and the need for a buffer against economic shocks diminishing as issues like the annexation of Crimea, election interference and the poisoning of a former Russian spy on British soil fade from public conversation.

Russia’s $40bn gold buying binge is slowing down

Russia, the world’s biggest buyer of gold, is losing interest in the precious metal. After spending an estimated $40-billion on gold in the past five years, the central bank is starting to rein in spending. It bought 149 tons of gold in the first 11 months of 2019, 44% less than the year before. Annual purchases are expected to be the lowest in six years. Analysts say that Russia’s central bank has maxed out the proportion of gold it wants to keep in reserve. They also view the threat of US sanctions and the need for a buffer against economic shocks diminishing as issues like the annexation of Crimea, election interference and the poisoning of a former Russian spy on British soil fade from public conversation.