Gold Prices Influenced by Political Uncertainties
NEW YORK, February 9, 2017 /PRNewswire/ --
Gold continued its rally on Wednesday as investors consider gold as safe-haven asset amid the economic policy uncertainties in the U.S. and sending the yellow metal to the highest prices in almost three months. The new U.S. presidential administration delivered several policies in its first two weeks in office, including ending the Trans-Pacific Partnership trade deal, committing to build a Mexican border wall and signing an executive order about immigration ban. Concerns about the underlying impacts of said policies on the economy have been driving the demand for gold. Golden Dawn Minerals Inc. (OTC: GDMRF) (TSX-V: GOM), B2Gold Corp. (NYSE: BTG), Eldorado Gold Corp. (NYSE: EGO), Kinross Gold Corp. (NYSE: KGC), Alamos Gold Inc. (NYSE: AGI)
David Roche, the president and global strategist at Independent Strategy Ltd., expected gold to rise to $1,300 an ounce. In an interview with Bloomberg he stated, "The amount of political risk being created by this new U.S. president and administration is going to create an enormous amount of international tension and uncertainty, and will probably result in a trade war at least with China and possibly other areas."
Golden Dawn Minerals Inc. (OTC: GDMRF) (TSX-V: GOM) just announced earlier today that it, "has completed a Gold Purchase Agreement with RIVI Capital LLC, (see news release Jan 3, 2017). Golden Dawn has confirmed receipt of US$3,000,000 or CDN$ 3,958,977.69 and will receive a further US$1,000,000 or CDN $1,310,000 by the week of Feb 20th, 2017. The Company is pleased to have RIVI as a partner and furthermore, effective immediately, Mr. Kevin Puil has agreed to join the board of directors of Golden Dawn. Kevin is an asset manager with more than 20 years' experience managing investments.
Mr. Puil is currently Managing Partner at RIVI Capital LLC, a mining focused private equity firm based in San Francisco. Prior to that, he held senior positions at several firms including Senior Analyst at the Encompass Fund in San Francisco, and at Bolder Investment Partners in Vancouver (now Haywood Securities), where he was a Partner and Portfolio Manager.
Kevin currently serves as a Director and member of the Audit Committee of three Toronto Stock Exchange companies. He holds a degree in Economics from the University of Victoria in British Columbia, and is a Chartered Financial Analyst (CFA) charter holder. We welcome Mr. Puil to our team to add his considerable expertise in our industry. The Company also wishes to announce that Mr. Fred Jones has resigned as a Director of the Company with immediate effect to allow the company to appoint Kevin Puil. The remaining directors, management and staff would like to thank Mr. Jones for his valuable contribution to the Board. We wish him all the best in his future endeavors."
B2Gold Corporation (NYSEMKT: BTG) announced fourth quarter and full-year 2016 gold production and revenue as well as production and cash cost guidance for 2017. Highlights for its fourth quarter includes consolidated gold production of 140,651 ounces which is 7 percent greater than the same period in 2015, and gold revenue of $181.2 million on record sales of 151,524 ounces at an average price of $1,196 per ounce. Highlights for 2016 full-year for its Masbate Mine achieved 17 percent higher than 2015, Otjikoto Mine is 14 percent higher than 2015, and record annual consolidated gold revenue of $683.3 million on record sales of 548,281 ounces at an average price of $1,246 per ounce.
Eldorado Gold Corporation (NYSE: EGO) activities span two continents, which are Europe and South America and its operating gold mines are in Turkey. The company also operates a silver-lead-zinc mine in Greece. Its diversified portfolio includes flexible development options from five projects. Eldorado Gold is known for operating successfully in non-mainstream jurisdictions and strategically invests in under-explored, highly-prospective areas that provide organic growth potential and access to high quality assets. The company's flagship mine, Kisladag, is the largest gold mine in Turkey.
Kinross Gold Corporation (NYSE: KGC) is a senior gold mining company with a diverse portfolio of mines and projects in the United States, Brazil, Chile, Ghana, Mauritania, and Russia. The company owns the Maricunga mine, Paracatu mine, Tasiast mine and the Chirano. It also produces and sells silver. As of December 31, 2015, its proven and probable mineral reserves included 34.0 million ounces of gold, 41.0 million ounces of silver, and 1.4 billion pounds of copper.
Alamos Gold Inc. (NYSE: AGI) is a Canadian-based intermediate gold producer with diversified production from three operating mines in North America, including the Young-Davidson Mine in northern Ontario, Canada, and the Mulatos and El Chanate Mines in Sonora, Mexico. The Company has a leading growth profile with exploration and development projects in Mexico, Turkey, Canada and the United States and is committed to the highest standards of sustainable development. Alamos? core focus as a gold producer is to be a leader in growing low-cost production, a leader in financial performance, and a leader in delivering shareholder value. Alamos has consistently achieved these key objectives throughout its history and they remain the focus of its strategy going forward.
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