More pain seen as economists cut key South African forecasts

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(Bloomberg) — South African President Cyril Ramaphosa had hopes of lifting economic growth to 3 percent in 2018. Economists think that goal is even more unattainable than before. Growth in gross domestic product will average 1.4 percent this year, according to the median prediction by 22 respondents in a Bloomberg survey, which takes place monthly. This… Read More

Gold will fight back dollar for haven status, Sprott says

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(Bloomberg) — Don’t write off gold in the battle of the havens. Bullion has lost out in a paradigm shift where the metal’s no longer viewed as the traditional refuge when investors are in a risk-off mood, but that won’t last, according to Rick Rule, chief executive officer of Sprott U.S. Holdings Inc. Investors are favoring… Read More

Armed bandits kill SEMAFO mine workers

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Canadian-based mining company, SEMAFO, says one employee and one sub-contractor lost their lives after armed bandits shot at a bus transporting employees to the Mana Mine in Burkina Faso. SEMAFO said the bandits were fired at by policemen. The bus was transporting employees from the town of Bobo-Dioulasso. SEMAFO says operations at the Mana Mine,… Read More

Gold miners’ Q2’18 fundamentals

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The major gold miners’ stocks plummeted in brutal cascading selling this week as stops were run.  That shattered strong multi-year support, devastating sentiment among the handful of contrarians remaining in this forsaken sector.  With fear and despair extreme, it’s critical to take a deep breath and get grounded in the gold miners’ just-reported Q2’18 fundamentals. … Read More

Turkish cenbank to allow gold for forex, location swap deals

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ANKARA, Aug 17 (Reuters) – The Turkish central bank will allow gold for foreign exchange and location swap deals in order to provide physical gold transactions at its Istanbul and Ankara branches, a document sent by central bank to Turkish banks said. The central bank will use the spot gold price in international markets for… Read More

Asia Gold-Buyers snap up bargains as price dive revives demand

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MUMBAI/BENGALURU, Aug 17 (Reuters) – Physical gold demand in India regained momentum this week as jewellers stocked up after prices dipped to their lowest in over seven months, with lower prices attracting fresh buying and driving premiums higher in other major Asian hubs as well. Dealers in India, the second biggest gold consumer after China,… Read More

JX Nippon Mining, Mitsui dodge strike at Chile's Caserones mine

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The main union at Chile’s Caserones copper mine, majority-owned by Japan’s JX Nippon Mining and Mitsui Mining, has accepted an adjusted contractual offer from management, which marks the end of the negotiation process and removes the threat of a strike. “We have reached an agreement on the drafting of the collective contract, and we have… Read More

Mexican-focused junior pops on PEA results

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Minera Alamos announced a preliminary economic assessment for its La Fortuna gold project with an after-tax internal rate of return of 93%. The company (CVE:MAI) traded up 14% to 12 cents a share. La Fortuna project, which includes a historic mine site within the concession, is located 100 km northeast of the city of Culiacan,… Read More

Gold Fields boss says not resigning after S.Africa minister's rebuke

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JOHANNESBURG, Aug 16 (Reuters) – Gold Fields’ chief executive officer Nick Holland said on Thursday he was not considering resigning after mines minister Gwede Mantashe blamed the company’s plan to cut jobs at its struggling South African mine on “poor management”. Gold Fields, which posted its interim results on Thursday, said this week it planned… Read More

US to roll plans allowing mining on land removed from monuments

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The US administration is not waiting to hear the results of ongoing legal challenges to President Donald Trump’s order to scale back two nationals monuments, as it’s moving forward with plans to allow mining and oil extraction in the newly-opened areas. Land that once belonged to the Bears Ears and Grand Staircase-Escalante national monuments, both of them… Read More

It's time for contrarians to Get Bullish on Gold

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Gold can’t seem to catch a break. The yellow metal normally acts as a safe haven in times of political and economic strife, but in the face of Turkey’s lira meltdown, investors have taken cover instead in the U.S. dollar. On Monday, the stronger greenback pushed gold to end below $1,200 an ounce for the… Read More

Osisko Mining to acquire Beaufield Resources

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Osisko Mining (TSX: OSK) will acquire all remaining shares of the Canadian exploration company, Beaufield Resources (TSX-V: BFD). Osisko, which announced the purchase plan yesterday, says Beaufield shareholders will receive 0.0482 of a common share of Osisko in exchange for each Beaufield share held. Osisko says the price is a premium of approximately 54% based… Read More

Gold trading volumes double in Turkey amid currency crisis

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(Bloomberg) — First Turkish President Recep Tayyip Erdogan argued citizens should buy gold, then he said sell. Add dramatic swings in the lira, and the country’s traders are now enthusiastically doing both. Gold futures volumes have surged on the Borsa Istanbul as the volatile currency attracts speculation and after the lira’s plunge boosted the local price of… Read More

Perth Mint launches first gold-backed ETF on NYSE

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The Perth Mint, Australia’s largest precious metals refinery, depository and mint, on Wednesday announced a new gold-backed exchange-traded fund (ETF) with a low-price management fee, entering the field of lower-cost competitors on the New York Stock Exchange. The new fund, which will trade under the ticker symbol AAAU, will charge a fee of 18 basis… Read More

Gold Fields boss says South Deep lay-offs are ‘last-gasp measure’

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South African miner Gold Fields (NYSE, JSE:GFI) planned job cuts at its massive, but struggling South Deep mine is really the company’s “last-gasp measure”, Chief Executive Officer Nick Holland said on Wednesday. The Johannesburg-based firm revealed Tuesday its intention to axe about 1,560 jobs between employees and contractors to reduce activity and lower costs at the mine… Read More

Gold stocks are not too oversold yet

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In recent days Gold has been more oversold than the gold stocks. Entering this week, the gold stocks were fresh off a major technical breakdown. An upside or downside break can lead to a market stretching beyond what typically qualifies as overbought or oversold. After Monday’s selloff, the gold stocks are hitting oversold levels but… Read More

Ray Dalio’s Bridgewater keeps faith in gold despite its slide

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(Bloomberg) — Billionaire hedge-fund manager Ray Dalio maintained his holdings in the two biggest gold-backed ETFs even as an investor exodus sent prices of the metal tumbling. As of June 30, Dalio’s Bridgewater Associates maintained its 3.9 million shares in SPDR Gold Shares, the largest exchange-traded funds backed by bullion, and 11.3 million in iShares… Read More

South Africa's mines minister concerned about Gold Fields job cuts

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JOHANNESBURG, Aug 14 (Reuters) – South Africa mines minister said on Tuesday he was concerned by bullion miner Gold Fields’ plan to cut around 1,100 jobs without due regard to processes outlined in the Mineral and Petroleum Resources Development Act. Mineral Resources Minister Gwede Mantashe said some companies were not meaningfully engaging with the department… Read More

Columbus Gold to buy 70% stake in Maripa project from IAMGOLD

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Canadian gold exploration and development company Columbus Gold (TSX:CGT) plans to buy up to a 70% interest in IAMGOLD’s (TSX:IMG) the Maripa project, located in French Guiana. The project is made up of five contiguous exploration permits and has a historic gold production of around 40,000 ounces of gold, mined between 1985 and 1996. “With… Read More