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Gold and Silver

Chuck Jeannes resigns as Goldcorp CEO – by Ian McGugan (Globe and Mail – December 4, 2015)

The Globe and Mail is Canada’s national newspaper with the second largest broadsheet circulation in the country. It has enormous influence on Canada’s political and business elite.

Chuck Jeannes is stepping down as chief executive of Goldcorp Inc. after leading the Vancouver miner through the heights of the commodity boom as well as the more recent slump in precious metals.

His resignation takes effect following Goldcorp’s annual general meeting in April. He will be replaced as president and chief executive by David Garofalo, president of HudBay Minerals Inc., a Toronto-based miner of copper, zinc and gold.

“It’s something I’ve been planning for a while,” Mr. Jeannes, 67, said in an interview. “It’s time to let someone else take the reins. Change is good for an organization.”

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Ghana, China Address Rampant Illegal Mining – by Masahudu Kunateh (All Africa.com – December 3, 2015)

http://allafrica.com/

Accra — The influx of illegal Chinese miners in Ghana is providing a stern test to the decades-old cordial relations between the two countries.

By law, small scale mining is solely preserved for Ghanaians. However, some Chinese miners have defied legislation by extracting gold in the remote parts of the West African country.

This has continued despite ongoing engagements between the two governments to address the issue.

Most of the Asian nationals, working without permits, have been accused of extending their operations into some restricted areas much to the devastation of land, crops, and farms.

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PRECIOUS-Gold slumps to 2010 lows after Yellen, market awaits ECB – by Clara Denina (Reuters U.S. – December 3, 2015)

http://www.reuters.com/

LONDON, Dec 3 Gold hit a near-six-year low on Thursday, as the dollar soared after Federal Reserve chair Janet Yellen hinted at a U.S. rate hike later this month and investors nervously awaited the European Central Bank’s policy decision later in the day.

The ECB is expected to ease policy further and deliver a cocktail of measures that could include a deposit rate cut and changes to its asset-buying programme.

“(Although) the chances are pretty high the ECB could disappoint today, the market overall is positioned towards more U.S. dollar strength, related to both the ECB and also to the Federal Reserve,” Julius Baer analyst Carsten Menke said.

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Oban Mining Corporation: The New Osisko Bigger and Better?


Film Produced by Ivor Barr, Director and Executive Producer of IDNR-TV Natural Resources Television

http://www.obanmining.com/

Oban Mining CEO & Director John F. Burzynski was one of the three partners who successfully developed the Osisko Mine in Quebec’s Malartic-Cadillac region, part of the lengendary Abitibi-Greenstone belt which is shared between Northeastern Ontario and Northwestern Quebec. It is considered on of the top gold discoveries of the past decade.

The other two partners in the Osisko Mine are Sean Roosen and Robert Wares – both of whom are on Oban Mining’s Board of Directors. The three are well known in Canada’s mining sector, winning the prestigious 2007 PDAC Bill Dennis Prospector of the Year Award:

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What went wrong at Rubicon Minerals, one of the biggest junior mining meltdowns in years – by Peter Koven (National Post – December 1, 2015)

The National Post is Canada’s second largest national paper.

Even before its meltdown, investors watching Rubicon Minerals Corp. could see some troubling warning signs.

Everything seemed fine on the surface. The company said in April that it was on track for first gold production at its Phoenix project in Northern Ontario in mid-2015. And in June, it did indeed pour its first gold.

Yet at the same time, Toronto-based Rubicon was saying very little in what should be a busy period. Its second quarter financials, which were filed to SEDAR in August with a press release, showed the company spent tens of millions more than expected in the quarter, leading some analysts to wonder what was going on. Sources said they had trouble getting detailed answers from the company.

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PRECIOUS-Gold down on dollar, eyes biggest monthly fall in 2-1/2 years – by Clara Denina (Reuters U.S. – November 30, 2015)

http://www.reuters.com/

LONDON, Nov 30 Gold edged lower on Monday, heading towards its lowest level in nearly six years as the dollar hit a multi-month high and on track for its steepest monthly slide in 2-1/2 years on prospects of a U.S. interest rate hike this year.

Spot gold slipped 0.1 percent to $1,056.01 an ounce by 1053 GMT, not far off from of Friday’s $1,052.46, the lowest since February 2010. A stronger dollar, up to a fresh eight-month high against a basket of major currencies, weighed on gold and made it more expensive for foreign holders.

Bullion has lost 7.5 percent of its value in November, its biggest monthly dip since June 2013, as investors remained focused on a possibly imminent rate hike in the United States.

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Half of Gold Output May Not Be ‘Viable’ as Price Sags: Randgold – by Danielle Bochove (Bloomberg News – November 27, 2015)

http://www.bloomberg.com/

Half of the gold coming from mines may not be viable at current prices, underscoring the industry’s need for consolidation and output cuts, according to the best-performing producer of the metal in the past decade.

“The more we continue to produce unprofitable gold, the more pressure we put on the gold price,” said Randgold Resources Ltd. Chief Executive Officer Mark Bristow.

“In the medium term, it’s a very bullish outlook for the gold industry. The question is, how long are we going to supply it with unprofitable gold?”

Gold fell to a five-year low on Friday as a rising dollar and speculation that U.S. policy makers will boost interest rates next month curbed the appeal of bullion as a store of value.

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AUDIO: Musselwhite mine death highlights need for new mine safety regulations (CBC News Thunder Bay – November 27, 2015)

http://www.cbc.ca/news/canada/thunder-bay/

Ontario’s Chief Prevention Officer says changes are coming to regulations dealing with safety in underground mines.

A death this week at Goldcorp’s Musselwhite mine comes after a provincial review on mining safety, led by George Gritziotis. He told CBC News that, because of that review, regulations are now being proposed to mandate higher safety standards.

“The review was about being able to be very focused and targeted on what those high hazards and associated risks are that we need to go after right away.”

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Keep Cobalt’s History Alive – by Nicole Guertin

Click here for crowdfunding campaign: https://fundrazr.com/campaigns/d143Pd

The Cobalt silver rush was more important than the Klondike gold rush but few people know of its existence. By buying a book, you are helping share the incredible history of Cobalt and raise money for the Historic Cobalt Legacy Fund.

My name is Nicole Guertin and I am the co-owner of the Presidents’ Suites with my partner Jocelyn Blais. The Presidents’ Suites consists of historical homes situated on the shores of beautiful Lake Temiskaming. We are passionate about the region’s unique history and would like everyone to share our passion.

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Take heart, gold bugs. Here’s why you can be bullish about the metal – by John Shmuel (National Post – November 25, 2015)

The National Post is Canada’s second largest national paper.

Despite years of selloffs that have left gold prices at levels not seen since 2009, some think there’s reason to be bullish.

Gold prices dipped slightly Wednesday as investors drove up the U.S. dollar and market fears over the conflict between Turkey and Russia appeared to subside. Gold prices for the December delivery contract on the New York Mercantile Exchange fell 0.5 per cent to US$1,068.40 an ounce.

But HSBC Securities sees upside from current level, saying the precious metal will see an average price of US$1,205 next year — up roughly 11 per cent from current levels.

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PRECIOUS-Gold drops on dollar, but political risk tempers losses – by Clara Denina (Reuters U.S. – November 25, 2015)

http://www.reuters.com/

LONDON, Nov 25 The price of gold edged down on Wednesday on a rebounding dollar and expectations of a U.S. rate hike next month, but the downside was capped by retail demand emerging on tension between Turkey and Russia.

Turkey shot down the Russian jet near the Syrian border on Tuesday, saying the plane had violated its air space, in one of the most serious publicly acknowledged clashes between a NATO member country and Russia for half a century.

The tensions initially triggered a sell-off in equities and the dollar, while boosting safe-haven yen, gold and government debt.

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Agnico Eagle is the world’s most-resilient gold miner – by Danielle Bochove (Bloomberg/Globe and Mail – November 20, 2015)

The Globe and Mail is Canada’s national newspaper with the second largest broadsheet circulation in the country. It has enormous influence on Canada’s political and business elite.

Agnico Eagle Mines Ltd. is emerging as the winner in the race to shield profit from slumping gold prices. Since gold began a more than 40-per-cent plunge from a 2011 peak, the miner’s gross margins have narrowed by just 1.9 per cent thanks to expansions and a strengthening U.S. dollar.

For every dollar of gold Agnico Eagle sold last quarter, 49 cents (U.S.) was gross profit, little changed from four years ago when gold touched $1,900. That’s the best performance among 15 major producers tracked by Bloomberg, whose margins compressed by an average 64 percent.

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Fed hike could knock gold price down to $1 000/oz – Gold Fields – by Martin Creamer (MiningWeekly.com – November 19, 2015)

http://www.miningweekly.com/page/americas-home

JOHANNESBURG (miningweekly.com) – A raising of US interest rates in December could knock gold back to a level of $1 000/oz, Gold Fields CEO Nick Holland said on Thursday.

The US Federal Reserve sent out new signals on Wednesday that officials would raise interest rates in December as long as job growth and inflation trends did not take a turn for the worse, and on Thursday the South African Reserve Bank lifted South Africa’s interest rates by 25 basis points to 6.25%.

At a media roundtable attended by Creamer Media’s Mining Weekly Online on Gold Fields’ results for the three months to September 30, Holland was answering journalists questions against the background of gold tumbling to a near six-year low of $1 064/oz this week. (Also watch attached Creamer Media video).

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Precious metal streaming companies looking to team up to tackle bigger deals – by Peter Koven (National Post – November 18, 2015)

The National Post is Canada’s second largest national paper.

Overwhelmed by the sheer volume of opportunities available in volatile commodity markets, precious-metal “streaming” companies are looking to team up to take on large acquisitions that they might not be able to readily afford on their own.

Randy Smallwood, chief executive of Silver Wheaton Corp., said he thinks the streaming firms will be doing syndicated deals within the next year.

“It is something we’ll have to consider more as our capital capacity has been reduced by some of the acquisitions we’ve made recently,” he said.

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PRECIOUS-Gold ekes out gains, but languishes just above 2010 low – by Clara Denina (Reuters U.S. – November 18, 2015)

http://www.reuters.com/

LONDON, Nov 18 Gold inched up on Wednesday as the dollar fell and a gunfight in Paris hurt risk appetite, but the market awaited minutes of a recent Federal Reserve meeting which could reinforce bets of a rate hike next month, keeping the metal close to an earlier near six-year low.

Spot gold was up 0.1 percent at $1,070.80 an ounce by 1053 GMT, after falling to $1,064.95 earlier, the lowest since February 2010. U.S. gold futures for December delivery were up $1.60 an ounce at $1,070.30.

Silver tracked gold, returning to positive territory after dropping to a 2-1/2-month low, up 0.5 percent to $14.25 an ounce, while platinum stood close to a seven-year low, unchanged at $850.40 an ounce.

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