(Bloomberg) — Gold fell the most in more than two years as surprise strength in a key US jobs report dashed hopes that the Federal Reserve will be able to start lowering borrowing costs soon.
Treasury yields and the dollar surged after the US government’s May employment report showed job growth exceeded expectations and wages were hot. Bullion slumped as much as 3.1%, the most since March 2022, while base metals also tumbled.
(Kitco News) – The biggest gold-smuggling bust in Hong Kong’s history has brought the challenges of detecting illegal movements and transactions of precious metals into sharp relief, according to a June 2 report from consulting firm Alvarez and Marshall.
“On 27 March 2024, the Hong Kong Customs and Excise Department made its largest ever gold-smuggling bust — approximately 146kg, with an estimated market value of HKD 84 million — at the Hong Kong International Airport,” the report stated. “The gold was not smuggled as ingots or jewelry with serial numbers as one might expect, but was disguised as parts for air compressors.”
(Kitco News) – Over 100 tonnes of gold have been moved from the United Kingdom to the Reserve Bank of India’s (RBI) vaults in one of the most ambitious transfers of the precious metal ever undertaken, and that amount could double in the coming months, according to a report from the Times of India published Friday.
Up until now, over half of the RBI’s gold reserves were being held with the Bank of England (BoE) and the Bank of International Settlements (BIS) overseas, but the Indian government has begun the process of repatriating the country’s bullion holdings.
Bonds will be losers, stock picking trickier and high-priced tech stocks a sell, writes Frank Giustra. So how can you protect yourself from the coming disaster?
In politics it is necessary either to betray one’s country or the electorate. I prefer to betray the electorate. – Charles de Gaulle
In the opinion piece I wrote last week, I warned of a looming financial crisis in the U.S. (and other Western nations) fuelled by spiralling debt, money printing and a broken political system — and that most people will be unprepared.
https://www.northernontariobusiness.com/
‘Unfortunate situation’ as MacDonald Mines reviews exploration results of Sudbury project
t’s stunning news when a mining exploration company must retract its drill assay results. Now two gold companies operating in Northern Ontario have been forced to do so within a month.
Following on the heels of Red Pine Exploration’s Wawa assay fiasco, MacDonald Mines Exploration, a junior mining outfit operating in the Sudbury area, reportedly has found “inconsistencies in certain assay results” at its Scadding gold prospect. MacDonald is withdrawing all of the announced results for Scadding as the results are deemed not reliable.
https://www.theglobeandmail.com/
As a child, Adiba Ahmed didn’t understand why her mother loved gold jewellery. But when her family came under financial stress and her mother sold the gold to keep them afloat, Ms. Ahmed realized that gold jewellery could be a reliable emergency fund.
Gifting gold jewellery on special occasions is a prominent tradition in many South Asian countries, including Bangladesh, from where Ms. Ahmed’s family moved to Canada. Other countries where gold gifting is popular include Pakistan and India.
https://www.northernontariobusiness.com/
Eabametoong Chief says agreement with Storm Exploration is a ‘model for others to follow’
Vancouver’s Storm Exploration has signed an exploration agreement with the Eabametoong First Nation (EFN) regarding planned activity around its Fort Hope Projects in the remote James Bay region.
In a May 23 news release, Bruce Counts, Storm’s president-CEO, called the signing a “major milestone” that offers mutual benefits for both the company and community. Storm’s Miminiska, Keezhik and Attwood projects are 350 kilometres north of Thunder Bay within a mineralized geological structure called the Miminiska-Fort Hope greenstone belt.
https://northernontario.ctvnews.ca/
IAMGOLD’s Cote Gold open pit mine, located off Highway 144 between Timmins and Sudbury, had its official ribbon-cutting ceremony this week as production ramps up. Cote primarily produces gold, with silver as a by-product.
“Our production is growing, we’re still not at nameplate capacity yet,” said Bryan Wilson, general manager of Cote Gold. “We’re still going through teething problems in the process plant, but it’s getting to where we need to be.”
https://www.mining-technology.com/
Located in Geraldton, Ontario, the Greenstone Mine is expected to become one of Canada’s largest gold mines.
Equinox Gold has announced the inaugural gold pour at its Greenstone Mine in Ontario, Canada. The initial pour produced 1,800oz of gold from the full recovery circuit, and on schedule. This achievement underlines the mine’s potential as the company’s largest and lowest-cost producer.
Located in Geraldton, Ontario, about 275km north-east of Thunder Bay, Greenstone Mine is expected to become one of Canada’s largest gold mines.
https://www.northernontariobusiness.com/
Red Pine Exploration takes no questions during webcall but still touts Wawa exploration project
Though Red Pine Exploration’s reputation has taken a severe hit, the Toronto gold company still believes in the untapped mineral potential of its Wawa Gold Project, said board chair Paul Martin.
In a May 15 webcall to shareholders, the Wawa gold explorer began the campaign to dig itself out of an emerging scandal involving published drill assay results that the company alleges were tampered with by former CEO Quentin Yarie.
(Kitco News) – Gold prices are continuing their upward trend on Friday, and with the decisive break above $2,400 per ounce shortly after 10 am EDT, analysts and traders are wondering how high the yellow metal can run in the current environment.
Adam Button, head of currency strategy at Forexlive.com, said that this recent move is a continuation of the broader rally, and it’s being driven by the same source.
https://www.theglobeandmail.com/
Junior gold company Red Pine Exploration Inc. RPX-X is vowing to work to regain the trust of investors after accusing its former chief executive officer of tampering with its gold assay data over the course of a decade.
Toronto-based Red Pine first raised questions about its assay figures on May 1, saying it found inconsistencies in some of its drilling results at its Wawa gold project in Ontario. The company’s stock immediately lost 60 per cent of its value.
https://www.northernontariobusiness.com/
ONGold sprang from Northern Superior Resources with plans to explore James Bay property
There’s a new gold exploration player operating in the Ring of Fire area of the James Bay lowlands region. And ONGold is placing an emphasis on establishing solid ties with Indigenous communities, beginning with its selection of its first CEO and filling out the boardroom seats.
ONGold is a spinoff company of Northern Superior Resources. Its shares went live last week and are now trading on the TSX Venture Exchange (TSX-V) trading under the symbol ONAU. Northern Superior remains the largest shareholder at 72 per cent.
https://www.northernminer.com/
Red Pine Exploration (TSXV: RPX, US-OTC: RDEXF) says its ex-CEO did more reputational damage than harm to the company’s Wawa gold project in northern Ontario when he allegedly altered hundreds of drill core assays used in a resource estimate.
Quentin Yarie, the CEO from July 2015 before stepping down on Feb. 21 this year in an unrelated move, according to the company, oversaw a data collection process where he was the sole recipient of emailed assay results from Activation Labs. Red Pine alleges Yarie changed 532 assays out of 98,000 before forwarding them to staff for use in project modelling its 2019 resource update and marketing.
https://www.northernontariobusiness.com/
Dryden mine builder picking up copper, gold property in Alaska to gain equity market recognition
Dryden-area mine developer Treasury Metals is out to create a project pipeline with its proposed acquisition of Blackwolf Copper and Gold, owner of the Niblack project in Alaska.
The developer of the Goliath Gold project announced earlier this month that it had signed a definitive arrangement agreement with Blackwolf that would see the two companies merge this summer. In a news release, Treasury said this merger will be beneficial in helping to advance its main Goliath Gold project toward production, east of Dryden.
