CAPITAL MARKETS

Gold up with $2,000/oz in the frame

Gold at record high

Staff reporter

This article is 4 years old. Images might not display.

"Precious metals have extended gains with gold reaching record highs and looking set to test the $2,000 mark," Marex Spectron's Alastair Munro said from the LME desk.

"The surge continues for gold, with no sign that it will run out of steam any time soon," IG chief market analyst Chris Beauchamp said yesterday.

"It makes sense to expect further gains, especially since the intraday charts provide no sense that a reversal is at hand."

Silver also extended its gains, to $24.96/oz on the spot market, as geopolitical tensions between the US and China simmer and economic concerns stemming from COVID-19 continue, as do the prospect of low interest rates, with the US Federal Reserve's FOMC meeting this week.

Precious metals producer Fresnillo was the top market riser in London, closing up 7.13%.

Newmont hit a one-year high intraday of $70.30 in New York before closing up 3.4%.

A raft of precious metals producers hit 52-week highs yesterday in Toronto, including Barrick Gold which closed up 4.7%.

Mexico-focused Torex Gold Resources (TSX: TXG) rose 9.8%, while explorer Midas Gold (TSX: MAX) gained 20% and St Augustine Gold and Copper (TSX: SAU) rose 31.2%.

Finally on the TSX Venture Exchange, Shine Minerals (TSXV: SMR) shot up 108%. Its last update was 20 days ago when it reported intercepting 6m at 11.44% zinc and lead and 15.76g/t gold among the results from its first drill programme at Watts Lake in Saskatchewan.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Journal Intelligence Global Leadership Report 2024: Net Zero

Gain insights into decarbonisation trends and strategies from interviews with 20+ top mining executives and experts plus an industrywide survey.

editions

Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.