|Day's Range||1,723.00 - 1,736.90|
Barrick's Tanzania subsidiary Twiga Minerals has resumed exports of gold concentrate after receiving clearance for its first shipments since the lifting of a government ban imposed during a tax dispute with the mining company. The dispute originally involved Acacia Mining, which was taken over by Barrick last year. The Tanzanian government imposed a ban on exporting mineral concentrates in 2017 after accusing Acacia of tax evasion.
Spot gold was down 0.4% at $1,726.91 an ounce by 1053 GMT. U.S. gold futures fell 0.4% to $1,728.70. Most markets were closed in the United States, Britain and some Asian countries for public holidays.
(Bloomberg) -- AngloGold Ashanti Ltd., temporarily halted work at its Mponeng gold mine in South Africa after more than 164 workers tested positive for Covid-19.The world’s third-largest gold miner detected a cluster of infections after a mass testing campaign, and the majority of confirmed cases were asymptomatic, said Chris Nthite, a spokesman for the company. AngloGold conducted 650 tests since Thursday, he added. Mponeng, the last of AngloGold’s South African assets, employs about 5,000 workers.“As a precautionary step, operations at Mponeng Mine -– which were running at 50% capacity -– have been temporarily halted on a voluntary basis to complete contact tracing and to again deep clean and sanitize the workplace and key infrastructure,” Nthite said.AngloGold is in the process of selling Mponeng, the world’s deepest mine, to Harmony Gold Mining Co., a deal that’s expected to close at end of June. The producer has suspended its guidance for full-year output of 3.05 million to 3.3 million ounces of gold amid the coronavirus pandemic.More on South African mining challengesWorkers in South Africa’s mines, which employ more than 450,000 people, are particularly vulnerable as they toil in cramped shafts that can reach more than two miles underground, before returning to overcrowded hostels and shanty towns.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
On Tuesday, shareholders in a private Guernsey-based company will meet electronically to discuss the likely end of a decade-long Sisyphean struggle to mine for gold and copper in the mountains of Afghanistan. Centar, set up in 2011 by investment banker Ian Hannam, then at JPMorgan Cazenove, is almost out of money, according to a shareholders’ letter seen by the Financial Times. The original vision for Centar was somewhat different.
Crispin Odey explained in a note posted on Bloomberg News Wednesday why he believes that private gold ownership could be banned if/when the government loses control of inflation.
Stronger consumer spending and more pessimism from market timers could set up a gold rally, writes Mark Hulbert.
AngloGold Ashanti (AU) has confirmed that operations at its Mponeng gold mine – which were running at 50% capacity – have been temporarily halted on a voluntary basis.The company explains that this new ‘precautionary step’ will enable it to complete contact tracing, and to deep clean and sanitize the workplace and key infrastructure.AngloGold Ashanti has conducted 650 Covid-19 tests since last Thursday, after a screening, tracing and testing program revealed several cases at the site in Merafong, in Gauteng Province, South Africa.This process has indicated 164 positive cases with only a handful of tests left to process. According to AU, of the positive cases, the vast majority are asymptomatic.“AngloGold Ashanti is committed to working with the South African government and other stakeholders to combat the spread of the virus and to deal with its after-effects” the company says, adding that it’s electronic tracking technology- normally used for underground workers- is helping locate primary, or close contacts.RBC Capital analyst James Bell has a buy rating on the stock and $29 price target (14% upside potential). Shares are currently trading up 14% year-to-date.He reiterated his buy rating following ‘difficult’ Q1 results, with both production and costs coming in weaker than forecast. However key asset sales remain on track- with AU on the cusp of selling its South African assets to Harmony Gold Mining for $300M.“We continue to see asset sales as a key catalyst for the group so positive progress in the SA sale process, including competition commission approval, should be welcomed” said Bell, who believes that an early H2 closure may still be possible. (See AU stock analysis on TipRanks).Related News: Positive Exploration Results Could Drive Upside for Yamana Gold, Says Analyst Micron Has More Than Enough Tailwinds to Offset Huawei Sanctions, Says Top Analyst Baidu May Use Nasdaq Delisting To Boost Value – Report More recent articles from Smarter Analyst: * Japan’s Asahi Signs $11 Billion Loan To Buy Anheuser-Busch’s Australia Biz * Facebook Messenger Rolls Out Safety Alerts To Detect Scams, Protect Minors * Apple China Sales On Recovery Path In April, iPhone Sales Jump 160% - Report * Vermilion Energy CEO Steps Down With Immediate Effect
The enormous amount of monetary stimulus in the system, the need for that to continue for some time and the inflation risk are all bullish for gold.
(Bloomberg) -- Zambia is moving to amend gold-mining rules so that they treat the metal as strategic.The cabinet agreed to amend the Mines Act to align it with a policy set last October to recognize gold as a strategic mineral. That requires production by artisanal miners to be bought through the state-owned mining investment company ZCCM-IH Plc.The cabinet’s May 20 approval to modify laws and regulations stemmed from a proposal from the mines minister, according to the ministry’s permanent secretary, Barnaby Mulenga.Zambia wants its national gold production to help the central bank build up the nation’s strategic reserves. ZCCM-IH has been mandated to coordinate the purchasing and trading business in Zambia. The country mined about 4,000 kilograms of gold in 2018 and is Africa’s second-largest copper producer.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The main trend is up, but momentum is trending lower with the formation of the closing price reversal top on Thursday and its confirmation on Friday.
If the concerns over demand continue then look for the selling that began on Friday to drive the market into at least $28.34 over the short-run.
Oil futures settle lower Friday, with U.S prices breaking the longest winning streak since February 2019 on worries over fresh tensions between the U.S. and China.
Based on Friday’s price action, the direction of June Comex gold over the near-term is likely to be determined by trader reaction to $1727.50.
Gold prices on Friday ended higher as testiness between the U.S. and China feeds risk-off sentiment, drawing investors into haven assets, including government debt and the Japanese yen.
Even when a business is losing money, it's possible for shareholders to make money if they buy a good business at the...
Silver has far outperformed gold so far in May as improving demand has set the metal up for its biggest monthly percentage climb in close to seven years.