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Category: Gold

Barrick Proposes Return of Capital Distribution and Declares Dividend 1 Gold 

Barrick Proposes Return of Capital Distribution and Declares Dividend

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Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) today announced it intends to propose to shareholders a return of capital distribution of approximately $0.42 per share1. Barrick also announced that its Board of Directors has declared a dividend for the fourth quarter of 2020 of $0.09 per share, payable on March 15, 2021, to shareholders of record at the close of business on March 1, 20212. The return of capital will be proposed to shareholders at its Annual and Special Meeting on May 4, 2021. This distribution is derived from a portion of the… Read More Here
Gold price slump continues, set for fifth straight drop 2 Gold International 

Gold price slump continues, set for fifth straight drop

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Gold failed to snap out its recent slump and is heading for a fifth straight decline on Monday, as benchmark US Treasury yields advanced once again following the whipsawing of rates seen late last week. Spot gold fell 0.5% to $1,724.86 an ounce by 1:40 p.m. EST, despite seeing gains earlier in the session. US gold futures were also down 0.4% to $1,721.60 an ounce. Meanwhile, the rate on 10-year treasuries jumped three basis points, further diminishing the appeal of the non-interest-bearing metal. The 30-year bond’s yield rose as much as 8… Read More Here
The American NGO "The Sentry" calls on the DRC government to harmonize taxes on Gold exports 3 Mining in DRC Gold 

The American NGO “The Sentry” calls on the DRC government to harmonize taxes on Gold exports

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The American NGO “The Sentry” has just addressed, during this month of February, a plea to African countries in particular to the Democratic Republic of Congo (DRC), relating to the harmonization of taxes on the export of Gold, in order to fight against the smuggling of these minerals from conflict zones. The recommendations formulated by this NGO are part of the fight against the trafficking of gold from the countries of Central and East Africa, to the Middle East, Europe and the USA, which expose electronics, jewelry, automotive and financial… Read More Here
Gold price weakness takes $1.5bn out of largest ETF 4 Gold International 

Gold price weakness takes $1.5bn out of largest ETF

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The recent weakness in the gold price trend was accompanied by significant outflows of funds from the largest gold ETF, according to Gold reporter. Investors withdrew $1.5 billion from the SPDR Gold Shares (GLD) in one week, according to data from the operator. As of February 24, the fund’s gold holdings were down 2.3% from the previous week. This represents a withdrawal or sale of 26.53 tonnes of the metal. Year-to-date, GLD gold holdings are down 63.5 tonnes. Officially, the fund must physically deposit 1/10 ounce of gold for each unit… Read More Here
Gold price rebounds on rising yields, inflation concerns 5 Gold International 

Gold price rebounds on rising yields, inflation concerns

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Gold prices rebounded on Monday despite a jump in US Treasury yields, as expectations for rising inflation triggered equity valuation concerns and drove investors towards the safe haven metal. Spot gold gained 1.0% to $1,810.20 per ounce by 12:25 p.m. EST, its highest in nearly a week, while US gold futures for April delivery rose 1.9% to $1,811.10 per ounce in New York. “We are seeing investment flows into gold as market participants grow more anxious about rising real rates that can impact equity valuations,” TD Securities commodity strategist Daniel… Read More Here
Barrick beats profit estimates on higher gold prices 6 Copper Gold 

Barrick beats profit estimates on higher gold prices

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Canadian miner Barrick Gold reported a quarterly profit on Thursday that beat analysts’ estimates, helped by a jump in gold prices due to coronavirus-induced economic uncertainty. The company’s US-listed shares were up 2.4% at $21.33 before the bell. Gold prices touched record highs in 2020, as investors flocked to the safe-haven asset while the Covid-19 pandemic roiled the global economy. In the fourth quarter, market prices averaged $1 875/oz, 26.4% higher than a year earlier. Barrick said its all-in sustaining costs (AISC) for the reported quarter, an important metric for miners, rose to $929/oz  from… Read More Here
Gold records fifth price drop in two months 7 Gold International 

Gold records fifth price drop in two months

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Gold prices fell to their lowest level in over two months on Wednesday as surging bond yields and the strengthening US dollar continued to weigh on the precious metal. Spot gold is heading for its fifth consecutive decline, down 1.1% to $ 1,775.04 an ounce at 11:40 a.m. EST. US gold also fell 1.4% to $ 1,773.00 an ounce in New York. Rising inflation expectations pushed US Treasury yields to their highest level since late February 2020. Breakeven inflation, a measure of expected inflation, is at its highest since August 2014… Read More Here
Egypt extends deadline for gold mining bid round 8 Gold 

Egypt extends deadline for gold mining bid round

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Egypt has extended by 60 days the deadline to participate in the latest international tender for exploration licenses as the North African country struggles with a second wave of the coronavirus pandemic, with new daily cases on the rise after experiencing a sharp decline in January. Investors now have until May 15 to bid on blocks that will be awarded to the winning companies by September 15 at the latest. The Egyptian mineral resources authority (EMRA) said the extension seeks to attract new companies and give potential investors more time to come forward. Egypt… Read More Here
Tanzanian authorities issue 3 Prospecting Licences Deccan Gold Tanzania 9 Gold 

Tanzanian authorities issue 3 Prospecting Licences Deccan Gold Tanzania

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Mining authorities in Tanzania have issued three Prospecting Licences (PLs) in favour of Deccan Gold (Tanzania), a subsidiary of the group (DG Tanzania), this is according to Deccan Gold Mines. On 08 February 2021, DG Tanzania was officially told in this regard by the Commissioner for Minerals and Mines, Ministry of Minerals and Mining Commission, Tanzania. In the next few days, the remaining two PL applications which have already been recommended are scheduled to be granted. According to reports, DG Tanzania submitted 5 PL applications as per Section 123 of… Read More Here
Gold prices boosting Ethiopia’s mining revenue 10 Gold 

Gold prices boosting Ethiopia’s mining revenue

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Strong gold prices are raising mining revenues in Ethiopia and drawing more competition from investors in a market largely dominated by artisans and smaller players. Coronavirus-linked border closures forced miners back into the formal sector’s arms; a welcome boost for the central bank of Ethiopia, which needed hard currency. Ethiopia generated mining revenue of $303m in the past five months, according to the ministry of mines. That total is more than six times the amount recorded – $49m – in the fiscal year 2018/2019. It is more than what was… Read More Here

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