| To: Black Blade who wrote (29585) | 1/6/2020 11:10:04 AM | | From: OldAIMGuy | | | | Re: Gold and Precious Metals....................
This AM a GTC Sell limit order filled on my IAU position at $15.07. That was a few pennies higher than my
limit which always makes me smile. The sale represented 5% of the holding's shares. The sale brought
along with it a 42% LIFO gain on a purchase done back in 2015. That's a long wait for the fruit to ripen but
is always good when it happens.
This position has been fully invested for a long time. It's nice to have a bit of cash in reserve for it now for
future trading. (at least there's a small yield on cash right now instead of zilch on the IAU position) For now
I'll be controlling the value at risk and will sell into further strength.
Regards,
OAG |
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| From: Black Blade | 1/7/2020 9:59:58 PM | | | | | | Gold closes at nearly 7-year high
Published: Jan 6, 2020 2:46 p.m. ET
Analyst warn of a near-term market top in prices
By MyraP. Saefong
Markets/commodities reporter
MarkDeCambre
A previous version of this report included an incorrect time reference for gold’s last lengthy winning streak. Gold is on track for its longest consecutive session gains since the 11-day streak that ran from December 2017 to January 2018.
Gold prices on the rise as Mideast tensions flare up
Gold futures on Monday marked their highest settlement since April of 2013, as the killing last week of a top Iranian military commander, Qassem Soleimani, reverberated through financial markets, momentarily upending appetite for assets considered risky and boosting traditional haven assets like gold.
February gold GCG20, +1.12% on Comex added $16.40, a gain of 1.1%, to settle at $1,568.80 an ounce, after it briefly touched $1,590.90 in intraday action. The most active contract saw its highest settlement since April 9, 2013, according to FactSet data. Gold also rose for a ninth consecutive session, its longest period of straight gains since an 11-day streak that ran from December 2017 to January 2018.
March silver SIH20, +1.26% edged up by 2.8 cents, or 0.2%, to finish at $18.179 an ounce, pulling back from a high of $18.55, which was the highest intraday level since late September.
Last week, the most-active gold contract gained 2.3%, its second week of gains, while silver prices added 1.1%, also landing it higher for two consecutive weeks.
Read: Why geopolitical events are not a good reason to buy gold
“History shows that a big spike up in prices amid higher volatility tends to produce near-term market tops sooner rather than later, after that initial spike up,” said Jim Wyckoff, senior analyst at Kitco.com. “That means in the coming days the gold market could put in a ‘near-term’ top that will last for a moderate period of time.”
“However, for the longer-term investors in gold, it’s important to note that the recent strong price gains are a bullish upside technical ‘breakout’ from recent trading levels, to suggest still more price gains are very likely in the coming weeks and months, or longer,” he said in daily commentary.
On Sunday, the Iraqi parliament passed a nonbinding resolution to expel American troops in the wake of the U.S. drone strike that killed Soleimani, leader of the foreign wing of Iran’s Islamic Revolutionary Guard Corps, on Iraqi soil.
That act has intensified tensions in the Middle East, boosting the appeal of assets considered safe during global political conflicts.
Trump has threatened harsh sanctions against Iraq if it expels U.S. troops, and doubled down on earlier comments threatening to target Iranian cultural sites if Iran strikes back. Iran has said it would no longer honor the 2015 nuclear deal with a group of world powers, which the U.S. backed out of in 2018.
Oil prices climbed and the Dow Jones Industrial Average DJIA, -0.42% and S&P 500 index SPX, -0.28% opened broadly lower but turned mixed in Monday dealings.
Meanwhile, the benchmark 10-year Treasury yield TMUBMUSD10Y, -3.01% was up at 1.7917%, after tapping a four-week low on Friday after the Iranian military leader’s killing.
Bullion’s price has benefited from heightened political tensions but also has enjoyed softness in the dollar, which has occurred as investors shift to Swiss franc USDCHF, -0.0618% and Japanese yen USDJPY, -0.27% amid the potential for political turmoil.
The U.S. ICE Dollar Index DXY, -0.12%, a measure of the buck against a half-dozen currencies, was down 0.2% at 96.661 and has posted weekly declines in the last two weeks.
A weaker buck can make gold more attractive to buyers using other currencies, and lower bond yields can also help boost the comparative appeal of gold against government debt.
“Gold continues its breakout higher as it is now at the highest level since April 2013,” wrote Peter Boockvar, chief investment officer at Bleakley Advisory Group, in a Monday research report.
“I remain bullish but caution not to buy it on geopolitical concerns because as stated they are usually temporary. Buy it instead because the dollar continues to weaken and real yields continue to fall,” he said.
Among other metals, March copper HGH20, -0.05% added 0.1% to $2.79 a pound. April PLJ20, +0.62% shed 2.4% to $966.20 an ounce, but March palladium PAH20, -0.09% added 1.7% to $1,989.60 an ounce. Palladium futures notched a record high, as they’ve done each day so far this year and many times throughout 2019.
The platinum group markets are “not concerned that recent geopolitical events could derail the global economy and therefore demand for auto catalysts,” analysts at Zaner Metals, wrote in daily note. “Instead, it is apparent that platinum and palladium are being considered as safe haven instruments, with classic physical market fundamentals being pushed to the sidelines." |
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| From: kidl | 7/16/2020 10:10:51 AM | | | | | | KRR ... Karora Delivers Another Strong Quarter With Gold Production of 24,078 ounces and June 30, 2020 Cash Balance of $50.2 Million
Canada NewsWire
TORONTO, July 16, 2020
TORONTO, July 16, 2020 /CNW/ - Karora Resources Inc. (TSX: KRR) ("Karora" or the "Corporation") is pleased to announce another strong quarter with consolidated gold production of 24,078 gold ounces for the second quarter of 2020 from its Beta Hunt and Higginsville mines in Western Australia. Gold sales for the second quarter were 23,185 ounces. The difference in ounces sold vs. produced was sold during the first week of the third quarter.
Karora's consolidated cash balance increased to $50.2 million as at June 30, 2020, a 31% increase from $38.4 million on March 31, 2020. The improved cash balance is after payments into gold hedge agreements during the second quarter. As of June 30, 2020, Karora is completely unhedged and will have full exposure to spot gold prices going forward.
Paul Andre Huet, Chairman & CEO, commented: "I am extremely pleased with our performance during the second quarter where, despite the logistical challenges all miners were faced due to COVID-19 precautions, we delivered yet another rock solid quarterly performance. In fact, this is our fourth straight quarter of strong, consistent gold production results since acquiring the Higginsville mill and mining operations in June of 2019.
Production for the first half of 2020 was 48,894 ounces placing us in a good position going into the second half of the year to achieve our 2020 gold production guidance of 90,000-95,000 ounces and AISC1 of US$1,050-$1,200 per ounce sold.
There is no better measure of our success than our balance sheet. With cash now sitting at over $50 million, net of delivery into the last of our hedges, we are in a stronger financial position than ever before.
We have also made significant progress in our efforts to aggressively reduce costs to achieve our target of lowering AISC costs to US$1,000/oz by the end of 2020. As part of these efforts we have negotiated almost 10% in reductions to our royalty burden on our Western Australian operations, achieved significant savings in phase one of our initiatives with vendors, increased workforce productivity and are on track to achieve significate G&A savings.
We expect to see continued AISC cost reductions despite the costs of the temporary measures we have in place to mitigate the risks of the COVID-19 pandemic, including the hiring of additional medical personnel at our operating sites, special charter flights for on-site personnel and the building of ore stockpiles and supplies in front of our gold processing operations.
With a growing cash balance of over $50 million, underpinned by steady state operations and our success in reducing costs in a rising gold price environment, Karora is in a very strong position to continue to deliver value to its shareholders and we are excited about our future."
1.
| Non-IFRS: the definition and reconciliation of these measures are included in the Non-IFRS Measures section of Karora's MD&A dated May 7, 2020.
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