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1. Gold has traded between $1,334 and $1,349 so far today…as of 7:00 am Pacific, bullion is up $10 an ounce at $1,344…Silver has surged 16 cents to $18.01 with key resistance around $18.10…Copper is off slightly at $3.11 while Nickel has slipped 5 cents to $5.41…Cobalt prices continue to trade just shy of $28 a pound…Crude Oil has retreated 22 cents a barrel to $48.94…as of yesterday, about 3.8 million barrels of daily refining capacity, or some 20% of the U.S. total, was shut in due to the affects of Hurricane Harvey, although a number of refineries, as well as petroleum-handling ports, were restarting…in Libya, meanwhile, the Sharara Oilfield, the country’s largest, is resuming production after the reopening of a valve on a pipeline shut by an armed group for more than 2 weeks…Crude is getting support today from a declining greenback as the U.S. Dollar Index has plunged half a point to 91.73…
2. Gold prices got a boost from ECB President Mario Draghi’s comment this morning that interest rates will remain at present levels well past the end of the central bank’s quantitative easing program…Draghi spoke during a news conference following the ECB decision to leave rates unchanged…the central bank also said that monetary policy accommodation is still very much needed and left room for additional stimulus if required. “If the outlook becomes less favorable, or if financial conditions become inconsistent with further progress towards a sustained adjustment in the path of inflation, the Governing Council stands ready to increase the program in terms of size and/or duration,” the ECB said in a statement…
3. President Trump stunned Republicans yesterday when he overrode pleas from GOP congressional leaders and sided with Democrats on a proposal to attach emergency aid for Hurricane Harvey victims to measures to keep the government funded and its borrowing limit suspended until mid-December…averting an imminent crisis over the debt ceiling issue – kicking the ball further down the road – has been a contributing factor to pressure on the dollar today…meanwhile, the loonie has climbed above 82 cents U.S. following yesterday’s rate hike by the Bank of Canada and fresh weakness in the greenback…
4. The Venture is up slightly to 774 through the first 30 minutes of trading as it continues to grapple with resistance in the 770’s…Spearmint Resources (SRJ, TSX-V) is the second most active trader after announcing that it has acquired a 100% interest in the EL North Nickel-Copper prospect (1,975 contiguous acres) bordering Garibaldi Resources’ (GGI, TSX-V) E&L Nickel Mountain Project in the heart of the Eskay Camp…Metallis Resources (MTS, TSX-V) is in the best position relative to GGI with claims contiguous to the southeastern border of Nickel Mountain…MTS, with only 23 million shares outstanding, has hit a new high of 53 cents in early trading…the TSX Gold Index is up 2 points to 209 on higher bullion prices…the TSX is off 22 points while the Dow has slipped 29 points…
5. Richmont Mines (RIC, TSX) reported strong 2nd quarter results this morning…Q2 earnings were $10.5 million (CDN) or 17 cents per share on total revenue of $59.3 million…net free cash flow was $19.2 million…company-wide production of 31,249 ounces of Gold was delivered through All-In-Sustaining costs of of $957, positively impacted by record low AISC of $677 per ounce from the high-grade Island Gold mine…the company’s cash balance at the end of the quarter increased to $95.9 million…President and CEO Renaud Adams stated, “This strong operational and cost performance drove robust cash flow streams even during a period of accelerated investment in our strategic expansion and exploration programs at Island Gold…our focus remains on creating sustainable shareholder value by driving ongoing operational and cost-efficiencies throughout the organization and maintaining our disciplined approach to capital allocation. Over the balance of the year, we will continue to focus on further unlocking the potential of the Island Gold mine as we position the operation to be one of the lowest-cost producers in the Americas.”
6. Marathon Gold (MOX, TSX) released fresh drill results this morning from its Marathon deposit in the Valentine Lake Camp, confirming the continuity of good Gold grades through the 75-100-m wide and more than 500–700-m deep mineralized corridor of the deposit…drilling down the east edge of the main mineralized corridor intersected high-grade Gold values including 3.45 g/t Au over 20 m with 5.60 g/t over 9 m and 12.85 g/t over 6 m in MA-17–189, and 2.85 g/t Au over 15 m including 30.72 g/t over 1 m in MA-17–190…steep drilling across the main mineralized corridor intersected 1.73 g/t Au over 43 m with 4.36 g/t over 6 m, 2.11 g/t over 19 m and 4.72 g/t over 5 m in MA-17–196, and 3.39 g/t Au over 28 m including 16.71 g/t over 5 m in MA-17–199…4 drill rigs are operating 24/7 at the Marathon deposit as work continues on expanding the open-pit resource along strike to the southwest, deepening the open-pit resource in the central portion of the deposit and expanding the underground resource…Marathon has now completed 31%, of its planned 60,000-m drill campaign, including yet to be released results from drilling at the Leprechaun deposit…
7. Gold miners in Western Australia state are being hammered with a 50% increase in royalty payments under measures released today that are designed to return the one-time “economic engine of a nation” to fiscal health via revenue from the mining sector…the royalty hike to 3.75% from 2.5% per ounce of Gold is expected to raise an additional A$392 million ($313 million U.S.) over 4 years and is aimed at helping to repair the state’s finances following the mining boom collapse of a half-decade ago, according to Western Australia Premier Mark McGowan…last year the state accounted for about 80% of the 287 tonnes of Gold mined in Australia – the world’s second-biggest producer after China – and received A$250 million in royalty payments…Gold miners said they could not afford the hike in payments to the government…Western Australia in fiscal 2017 showed a budget deficit of A$3.04 billion…
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I think GBR gets a mention here, nice results in Red Lake and a free ride in Golden Triangle. Low low float and enough cash.
Comment by diesel — September 7, 2017 @ 8:46 am