After a stupendous bull run, gold stocks lost significant value overnight. Gold prices were up 35% year to date, and it seemed investors decided to book profits in the yellow metal. This resulted in a sell-off, as investors offloaded gold mining companies, which sent stocks spiraling downwards.Gold prices rose from $1,519.5 an ounce in December 2019 to over $2,000 an ounce in the last week. Gold p...Read More
Gold has been a superb investment in the last couple of years. Since 2019, gold fund SPDR Gold Trust has appreciated about 47% even after the latest dip.Yesterday, the gold spot price slipped 2%, SPDR Gold Trust fell 5%, and gold stocks fell even more. Here’s to name a few:Newmont stock fell +7%Barrick Gold stock fell +8%Franco-Nevada stock dropped +6%Kirkland Lake Gold stock declined +6%Wha...Read More
When it comes to gold stocks, Barrick Gold (TSX:ABX)(NYSE:ABX) is the gold standard. But as I’ve been warning investors in many prior pieces, shares look absurdly overvalued, especially given that gold prices are above and beyond that of their mid-cycle levels (around US$1,200-$1,300 per ounce).While it’s a good idea to have some exposure to alternative assets (that’s alternative...Read More
Gold was worth almost $1,920/oz on the spot market earlier, having been about $2,104/oz at this time yesterday.Producers Barrick Gold, Kinross Gold and Yamana Gold all lost 9% or more on the Toronto Stock Exchange.Silver, which this week briefly rose over $29/oz for the first time since 2013, was at $25.17/oz on the spot market at the time of writing."Some people have attributed this to the fact t...Read More
J.P. Morgan led the way in what seemed like a competition to replace previously cautious comments about the iron ore outlook with a rash of optimism.Read More
SNC-Lavalin announced in late July it had entered a definitive agreement to sell its South African Resources arm to local management, with the transaction expected to close within weeks. The price was not disclosed.The company has had a presence in sub-Saharan Africa for more than 40 years.The South African business has around 1,800 employees, and describes itself as a leading shutdown contractor,...Read More
One of the greatest fortunes in history was built by Henry Ford.At its peak, his wealth surpassed $200 billion in today's dollars.To throw a little perspective on this, just keep in mind that it would take the combined net worths of BOTH Bill Gates and Mark Zuckerburg to barely top this feat.It was all thanks to the Model T.By 1925, Ford's Model T accounted for 40% of all cars sold in the United S...Read More
Ely Gold Royalties purchased these properties from prospector Ken Snyder. Ely Gold Royalties Inc. (ELY:TSX.V; ELYGF:OTCQX; I4U:FSE) announced in a news release that through its subsidiary, Nevada Select Royalty, it agreed to acquire three net smelter returns (NSR) royalties on Nevada properties from prospector Ken Snyder for a total consideration of $350,000 in cash. The transaction is expected t...Read More
Magna Gold plans to commence exploration and drilling at the property immediately. Magna Gold Corp. (MGR:TSX.V; MGLQF:OTCQB) entered an agreement to acquire from a private party 100% interest in the Los Muertos silver-gold project in Sonora, Mexico, it announced in a news release."Los Muertos exactly fits into our exploration pipeline profile," Magna Gold President and CEO Arturo Bonillas said in...Read More
Peter Epstein of Epstein Research explains how First Cobalt Corp. is "wisely unlocking the value of silver assets" in a precious metals bull market. Note: Subsequent to the publishing of this article, management announced a modest CA$2 million (CA$2M) equity capital raise. First Cobalt Corp. (FCC:TSX.V; FTSSF:OTCQX; FCC:ASX) announced a strategic review of its considerable silver prospects in Ca...Read More
Silver prices continue togain this week, rising off the biggest monthly rally since 1979, amid a slew offactors that are pushing precious metals higher. As of this writing,silver was nudging $27 an ounce, adding more momentum to its steep climb above$20, which began around the third week of July. Silver last month gainedan astonishing 35%, as investors sought shelter from pandemic...Read More
The extraordinary run up in precious metals markets continues as silver makes some truly epic percentage gains while gold pushes further into record territory. As of Friday morning, gold prices had pulled back but are still up 3.1% for the week to trade at $2,044 per ounce. Gold is advancing now for the ninth consecutive week, with the biggest pops occurring over the past three.Silver, meanwhile,...Read More
This week gold priceshave smashed one record after another, well surpassing the previous high set in2011, of $1,920 an ounce. At time of writing, spotgold’s last bid was $2,064.10.The usual suspects arebehind the surge, ie., worrisome covid-19 infections, geopolitical concernsespecially US-China tensions over trade (PresidentTrump tried to force China-owned TikTok into selling its US op...Read More
For a long time, pundits talked excitedly about the rapid, V-shaped recovery. I never shared this view, finding it too optimistic and without basis in reality. Like Jeff Goldblum in Jurassic Park, I hate being right all the time, but it really seems that I was right about this issue. According to the July World Flash report by IHS Markit, we can read that “the new wave of infections has redu...Read More
While some investors were going to bed with DOLLAR SIGNS in their eyes dreaming of SUGAR PLUMS dancing in their heads, these corrections... by Steve St Angelo of SRSrocco ReportWhile the indicators last week suggested a higher silver price this week, it looks like the overdue correction has finally begun. We shouldn't be surprised to see a correction in the silver price as it doubled in less th...Read More
RAPAPORT... De Beers will launch its Forevermark diamond brand in New Zealand in partnership with local retailer Partridge Jewellers.Forevermark's high-end Black Label collection will be available at three Partridge stores in Auckland, Wellington and Christchurch, De Beers said Wednesday. Forevermark will also run an advertising campaign alongside the launch, which will include print, digital and...Read More
RAPAPORT... Tiffany & Co. has retained a spot on the National Retail Federation's (NRF) list of the fastest-growing US retailers.The New York-based company came in at number 95, the only jewelry specialist to make the cut this year, slipping from 68th in 2019. Grocery chain Lidl nabbed the first position, with Wayfair, Build.com, Don Quijote and Amazon rounding out the top five.The NRF publish...Read More
RAPAPORT... Titan Company, India's largest jewelry retailer, recorded heavy losses in the first fiscal quarter as the coronavirus forced it to close stores for most of the period.The company reported a net loss of INR 2.97 billion ($39.7 million) for the three months ending June 30, compared to a profit of INR 3.64 ($48.6 million) during the same period a year ago. Revenue plunged 61% to INR 20.2...Read More
RAPAPORT... The Gemological Institute of America (GIA) is launching a new digital report for lab-grown diamonds that will feature specific color and clarity grades. The organization, which currently only offers loose descriptions and grade ranges for synthetics, will introduce the new reports early in the fourth quarter, it said Tuesday.The service will incorporate the GIA's two existing lab-...Read More
(IDEX Online) - Fewer than a third of Surat's diamond factories have returned to work despite Unlock 3.0, an easing of restrictions by authorities in India. Owners have to cover the costs of mandatory COVID-19 rapid antigen tests for all workers and say they simply can't afford it. In addition, many artisans have returned to their rural villages in Saurashtra, and are afraid to return be...Read More