Gold set for best month in four years after record-breaking gain

Gold is set for the biggest monthly gain in more than four years after a weaker dollar and low rates fueled its surge to a record. Silver headed for its best month since 1979. Spot bullion is up 10% in July as a gauge of the dollar slumped, prompting concerns its status as the world’s reserve currency of choice is at risk, and US real yields fell to a record low. While the ferocity of gold’s rally cooled as the week wore on, it’s less than $20 shy of its all-time high and most market watchers predict there may be more gains ahead.

Gold set for best month in four years after record-breaking gain

Gold is set for the biggest monthly gain in more than four years after a weaker dollar and low rates fueled its surge to a record. Silver headed for its best month since 1979. Spot bullion is up 10% in July as a gauge of the dollar slumped, prompting concerns its status as the world’s reserve currency of choice is at risk, and US real yields fell to a record low. While the ferocity of gold’s rally cooled as the week wore on, it’s less than $20 shy of its all-time high and most market watchers predict there may be more gains ahead.

Goldplat to sell Kilimapesa

Aim-listed gold producer Goldplat is progressing plans to divest of its mining operations, announcing on Friday that it would sell its Kenya underground operation, Kilimapesa, to investment firm Mayflower Capital Investments. Goldplat, which is focusing on gold recovery operations in South Africa and Ghana, said its subsidiary Gold Mineral Resources (GMR) had entered into a binding term sheet with Mayflower for the sale of Kilimapesa.

Fosterville drives Kirkland production

ASX, TSX and NYSE-listed Kirkland Lake Gold has reported a strong second quarter and half-year on the back of increased gold production and higher gold prices. Despite the impacts of the Covid-19 pandemic, Kirkland Lake reported a 54% increase in quarterly production which reached 329 770 oz in the three months to June, compared with the 214 593 oz delivered in the previous corresponding period, while gold production in the interim period increased from the 446 472 oz produced in the first half of 2019 to 660 634 oz.

Abramovich sells 40% in Highland Gold to Russian businessman

Russian businessman Roman Abramovich and his partners are selling a 40.06% stake in Russian mid-sized gold producer Highland Gold to a Russian businessman, who will make a cash offer to remaining shareholders, they said on Friday. Abramovich, Chelsea soccer club owner, is selling Highland Gold, in which he was a shareholder for many years, at a time when gold price is close its record high as the Covid-19 pandemic drives investors towards the metal as a safe haven. Fortiana Holdings Limited, a Cyprus-registered company of Vladislav Sviblov with interests in zinc and gold projects in Siberia, agreed to buy 145 759 871 shares in Highland Gold from Abramovich and his partners at 3.00 pounds per share. Highland Gold is one of the top 10 gold producers in Russia with several mines in Russia's Far East. The offer will value the entire company at $1.4-billion, with a 4% premium to the market close on Thursday.

Eldorado Gold swings to profit, maintains guidance

Canadian miner Eldorado Gold has advised that all its mines are fully operational, with safe working practices in place, and has maintained its guidance for the year at between 520 000 oz and 550 000 oz. The company produced 137 782 oz of gold in the second quarter, which was a 50% increase on the 91 803 oz produced in the second quarter of last year, and a 19% increase compared with the first quarter of this year.

Bassari makes a plan for Senegal

Junior gold developer Bassari Resources has unveiled a mining start up plan for its Makabingui project, in Senegal, to take advantage of the high gold price. The ASX-listed company said that the new mine plan had been developed as a full-scale mining and production start up was not possible at this stage, given the restrictions arising from the Covid-19 pandemic, which has curtailed travel to Senegal while also delaying the shipment of vital equipment.

$100 Silver On Its Way

July 30, 2020
Chris Vermeulen
TheTechnicalTraders.com


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Jordan Roy-Byrne – Technical Commentary on the Metals – Thu 30 Jul, 2020

What’s more vulnerable to a near term correction… gold or the gold stocks

Jordan Roy-Byrne joins me share his outlook for the precious metals after the drop today. We also weigh whether the metals or stocks are more susceptible to a large correction.

Click here to visit Jordan’s site – The Daily Gold.

Kirkland Lake drills high-grade gold at Fosterville Mine, Australia

Kirkland Lake Gold Ltd. [KL-TSX, NYSE; KLA-ASX] announced new high-grade results from surface and underground drilling at the Fosterville Mine in Victoria, Australia. Recent infill drilling in the Swan Zone returned intercepts with higher than anticipated grades and visible-gold near the intersection of the Swan Fault and the Swan Splay structure.

Surface drilling continued to target additional growth in the Robbin’s Hill gold system to assess the potential of further Mineral Reserve expansion. Underground growth drilling programs have also progressed in the Lower Phoenix gold system targeting the Cygnet Fault, and in the Harrier gold system targeting the Harrier Base Fault, where encouraging results have been returned. Drill results reported are from 44 holes (6,803 m) from the Swan infill drilling program and 111 holes (59,311 m) from step-out, extension and infill drilling at Robbin’s Hill, Cygnet and Harrier.

Tony Makuch, President and CEO, commented: “Drilling at Fosterville continues to demonstrate the significant size and scale of the mineralized structures, all of which contain quartz veining with visible-gold and all of which have the potential to host additional Swan or Swan-like zones. At the Swan Zone, results from new infill drilling include higher than expected grades, which is encouraging as we work towards our next Mineral Reserve and Mineral Resource update. In particular, the infill results confirm that the area where the Swan Fault and Swan Footwall Splay intersect contains more gold than currently modelled.”

Swan Infill Drilling

976 g/t gold over 7.4 m (ETW 7.0 m) in hole UDH3167, including 5,710 g/t gold over 1.3 metres (ETW 1.2 m); 933 g/t gold over 6.4 metres (ETW 5.8 m) in hole UDH3405, including 6,202 g/t gold over 1.0 m (ETW 0.9 m).

These results demonstrate the continuity of extremely high-grade, visible-gold mineralization along the structural intersection of the Swan Fault and Swan Footwall Splay, which plunges gently towards the south.

Robbin’s Hill Drilling

Four surface drills are operating at Robbins Hill focused on Mineral Resource extension including identifying the potential high-grade shoot down-plunge.

Extension Drilling

Twenty-seven surface drill holes for a total of 23,173 metres were drilled targeting the down-plunge extensions of existing Mineral Resources and Mineral Reserves on the Curie Fault. Key sulfide-gold bearing intercepts include 30.8 g/t gold over 3.6 metres (ETW 2.9 m) in hole RHD355 and 9.6 g/t gold over 4.6 metres (ETW 3.7 m) in hole RHD365;

Step out drilling

Six step-out drill holes, totaling 7,343 metres demonstrate that mineralization on the Curie Fault persists over a 2 km distance to the south of the existing Robbins Hill Mineral Reserves.  Refer to company press release for complete drill results.