Category: Gold

Gold prices rebounded again on Friday 3rd March and are heading for their first weekly rise in five as a decline in the US dollar and Treasury yields eased fears of further rate hikes from the Federal Reserve. Spot gold rose 0.6% to $1,846.66 an ounce by midday, its highest level in two weeks. US gold futures rose 0.7% to $1,853.70 an ounce in New York. Until a new catalyst is found, such as next week’s jobs or consumer price data, gold is likely to remain in a range between $1,830… Read More Here

Canada’s Barrick Gold Corp would be open to taking over Newmont’s stake in its Nevada Gold Mines joint venture, CEO Mark Bristow said on Wednesday, after Newmont’s $16.9 billion bid for Newcrest ramped up pressure on gold miners to do deals. Bristow though distanced himself from rival Newmont’s M&A push on Wednesday and highlighted Barrick’s plan to grow through exploration rather than acquisitions. Shares of Barrick Gold were trading 4% down at the Toronto Stock Exchange. “We can’t see much strategic benefit in just getting big for bigness sake, and we don’t… Read More Here

 Barrick’s strategy of investing in organic growth through exploration and mineral resource management more than replaced gold reserves for the second straight year and significantly increased copper resources year on year, providing further support for both the company’s 10-year production forecast and its growth profile. Announcing Barrick’s results for the 2022 year and Q4, president and chief executive Mark Bristow said the company had always believed that discovering ounces was better than buying them at a premium in a sector where reserves and resources were diminishing. “Our continued success in… Read More Here

Barrick Gold Corp.’s CEO, Mark Bristow, believes that inflation will continue to be a challenge for the mining industry. Despite expectations that inflation could start to ease as central banks increase borrowing costs, Bristow doesn’t see a significant change in the situation. During an interview , Bristow highlighted that “no one’s doing anything to kill inflation” and that “it’s definitely not over.” In 2022, Barrick’s earnings were affected by higher inflation, lower production, and “challenges” at the Turquoise Ridge mine in Nevada. Fourth-quarter results missed guidance on costs, causing Barrick’s… Read More Here