With Today's Election & Market Uncertainty Gold May Be The Safe Play For Now
FinancialNewsMedia.com News Commentary
PALM BEACH, Nov. 3, 2020 - In uncertain economic times, investors tend to put their money in gold. So it's perhaps little surprise that gold prices started to rise at the beginning of the year as the coronavirus started spreading in China and Europe and investors feared a global economic downturn. Gold prices have soared so far this year and many analysts predict gold will top $2,000. Gold usually rises alongside investors' uncertainty in the economy. It's a "safe haven" for investors who want to hedge their bets against a falling dollar and instability in financial markets, and, as long as investors are still unsure about the health of the market, they'll continue putting money into gold. Justin Waring, a strategist at UBS Global Wealth Management, says financial markets are unlikely to stabilize until a coronavirus vaccine is widely available. Markets will remain volatile "until we have a clearer understanding of when the economy can get back to 'normal,' " he said. Active stocks in the mining markets this week include QMC Quantum Minerals Corp., (TSX-V: QMC) (OTCPK: QMCQF), B2Gold Corp. (NYSE: BTG) (TSX: BTO), Almaden Minerals Ltd. (NYSE: AAU) (TSX: AMM), Barrick Gold Corporation (NYSE: GOLD) (TSX: ABX), Kinross Gold Corporation (NYSE: KGC) (TSX: K).
A report from Transparency Market Research said that: "Due to the escalating prices of gold, it is at present being oversold in the bearish market. In times of high inflation, currency fluctuations, and geopolitical crisis, gold is considered to be the safest investment… the growth of the global gold market is likely to be driven by the rising prices of gold across the world." It continued saying: "The purchase of gold is expected to rise as consumers are focusing on long-term investments. As the confidence over bullion as a secure mode of investment is rising, the demand for gold is also rising at a considerable rate. The global gold market is likely to be affected by the fluctuating supply of mined gold as the global gold production is a mix of scrap recovery, central bank supply, and mined gold. More than half of the global gold supply comes from mined gold." And as long as that uncertainty continues, gold prices could keep rising, analysts said.
QMC Quantum Minerals Corp. (TSX-V: QMC) (OTCPK: QMCQF) BREAKING NEWS: QMC'S Namew Lake District Similar to Lalor Mine - QMC Quantum Minerals Corp., ("QMC" or "the Company"), begins developing a proposed work program for its Namew Lake District volcanic massive sulphide ("VMS") property in Manitoba. Highlights:
- World-class Flin Flon-Snow Lake mining region, host to 11 mines including Hudbay Minerals Inc.'s ("HBM") new deposit, the Lalor Mine
- 41 strong geophysical targets identified, the largest one being 1.5km long
- District scale project with similar geology to the nearby HudBay's Lalor (27.1Mt) and 777 (21.9Mt) mines
The Company will focus the upcoming exploration program on testing the stronger of 41 geophysical targets currently identified on the property. Twenty-two of these targets have been classified by Garth Kirkham, P. Geo (2013) as priority targets with potential to host deposit-scale VMS mineralization. This NI43-101 report is available on SEDAR. To date, positive results of limited drilling collared on the property have suggested that existing geophysical surveys are an excellent exploration indicator of subsurface sulphide mineralization.
QMC has previously drilled one of these targets, on the 1,500m long conductor and intersected mineralization at the top of the conductor. Two drill holes (RL 12-5 and RL 11-2) intersected significant visible chalcopyrite mineralization (Figure 1). Drill hole RL 12-5 cut a 10m thick, semi-massive sulphide intersection grading 0.48% Cu (including 0.80% Cu over 1m). Drill hole RL 11-2 was terminated in massive sulphide at a vertical depth of 193 metres. Assays returned grades of 0.26% copper over a 0.3m wide, semi-massive sulphide intersection which contained approximately 20% iron sulphides. Further, deeper drilling may develop a larger zone of additional significant VMS mineralization. The Company postulates that the top conductor intersected by drilling may be the top of the first lens alternating between copper and gold much like the Lalor Mine which has similar geology.
At the Lalor Mine, and typically all VMS deposits, mineralization forms as concordant lenses of massive to semi-massive sulphide mineralization. Over time these systems can have several periods of sulphide accumulation forming several localized lenses of mineralization. This accumulation of several distinct base metal and gold rich lenses has been identified at the Lalor Mine. Identification of these favourable horizons can provide a significant pathfinder to additional mineralized zones within the property and may also guide discovery of new zones of mineralization regionally.
Characteristically, VMS deposits have a very predictable positioning of the metals, both horizontally and vertically within the deposit. Gold concentrations generally are elevated in the central copper-rich zones. These are typically copper +/- gold rich zones in or adjacent to hydrothermally altered zones that develop within fractures. Generally iron sulphides (pyrite and pyrrhotite) occur with the base metal sulphides. Read this release for the QMC Quantum Minerals Corp. news at: https://www.financialnewsmedia.com/news-qmc/
FOR ADDITIONAL MINING DETAILS PLEASE VISIT: https://wallstnow.com/2020/10/28/which-one-is-best-gold-or-lithium/
Other recent developments in the markets include:
Almaden Minerals Ltd. (NYSE American: AAU) (TSX: AMM) recently announced that a field geology exploration program is now underway in the Company's property surrounding the area of the Ixtaca project. In the past the Company developed a geologic and exploration model for the Ixtaca deposit and region. The Ixtaca deposit occurs in both young volcanic rocks and underlying carbonate sedimentary rocks. The bulk of the known Ixtaca deposit epithermal veins are hosted by the underlying sedimentary rocks while the overlying volcanic unit is widely altered to clay minerals, which is typical of the upper part of an epithermal vein system.
Where uneroded, immediately above and adjacent to the Ixtaca deposit, is an area of intensely clay altered volcanic rock. This alteration extends to the southeast of the Ixtaca deposit area to form a larger area of this volcanic hosted clay alteration, about 1.5 km by 1 km in size named the SE Alteration Zone. Most of this zone has never been tested by drilling and, like that of the alteration above the Ixtaca deposit, could also obscure as yet undiscovered epithermal veins at depth. Any epithermal veins found here would be a new discovery and outside the envelope of the Ixtaca deposit veining which was the focus of the 2018 Feasibility study and 2019 environmental permit application.
Barrick Gold Corporation (NYSE: GOLD) (TSX: ABX) Donlin Gold LLC, owned 50/50 by Barrick Gold Corporation and NOVAGOLD RESOURCES INC. ("NOVAGOLD") (TSX, NYSE American: NG), is pleased to announce the successful completion of its 2020 85-hole drilling program totaling approximately 23,400 meters. The holes were drilled in both the ACMA and Lewis deposit areas of the Donlin Gold project. Read more here: https://finance.yahoo.com/news/donlin-gold-2020-q3-drilling-120000171.html
Kinross Gold Corporation (NYSE:KGC) (TSX:K) recently announced that it expects to produce an average of approximately 2.5 million gold equivalent ounces (Au eq. oz.) per year from 2020 – 2029 driven primarily by promising organic opportunities across its global portfolio. The Company previously announced on September 17, 2020 that it expects to increase production by 20% from 2021 – 2023, with estimated production (+/- 5%) of 2.4 million Au eq. oz. in 2021, 2.7 million Au eq. oz. in 2022, and 2.9 million Au eq. oz. in 2023. Kinross also anticipates an overall downward trend in cost of sales per ounce sold over its three-year growth profile.
B2Gold Corp. (TSX: BTO) (NYSE AMERICAN: BTG) recently announced its gold production and gold revenue for the third quarter and first nine months of 2020. All dollar figures are in United States dollars unless otherwise indicated.
2020 Third Quarter Highlights were: Consolidated gold production of 248,733 ounces from the Company's three operating mines, above budget by 1% (2,929 ounces) and a significant increase of 17% (35,455 ounces) over the third quarter of 2019 (excluding discontinued operations of El Limon and La Libertad); Total gold production of 263,813 ounces (including 15,080 ounces of attributable production from Calibre Mining Corp. ("Calibre")); Record quarterly consolidated gold revenue of $487 million, a significant increase of $176 million (57%) over the third quarter of 2019 (excluding discontinued operations); The Fekola Mine continues to operate unimpeded and no operational days have been lost due to the recent political developments and demonstrations in Mali; No Lost-Time-Injury ("LTI") incidents at the Company's operating mines, extending the number of days without an LTI to 255 days for Fekola, 684 days for Masbate and 918 days for Otjikoto as at September 30, 2020; On August 5, 2020, the Company announced a 100% increase of its quarterly dividend to $0.04 per share (or an expected $0.16 per share on an annual basis), which was reflected in the third quarter dividend payment; On September 10, 2020, the Company announced the successful commissioning of the Fekola mill expansion to 7.5 million tonnes per annum ("Mtpa") (an increase of 1.5 Mtpa from an assumed base rate of 6 Mtpa), ahead of the scheduled completion date of September 30, 2020…
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