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![Canadian Gold Corp (TSXV: CGC)](https://investingnews.com/media-library/canadian-gold-corp-tsxv-cgc.png?id=53119355&width=1200&height=800)
Canadian Gold Corp. Makes New Gold Discovery Next to Agnico Eagle's Hammond Reef Deposit Samples 35.4 and 7.1 gpt Gold
Canadian Gold Corp. (TSXV: CGC) ("Canadian Gold" or the "Company") is pleased to provide an exploration update on its 100% owned Hammond Reef South Project, located near Atikokan, Ontario, and adjacent to Agnico Eagle's fully permitted Hammond Reef Project (Fig. 1). Hammond Reef South was acquired in 2023 as part of the Company's strategy of acquiring prospective mineral rights around Canada's largest mines and development projects, which provides additional optionality for shareholders beyond the exploration drilling currently taking place at the Tartan Mine in Manitoba.
Highlights
- Surface sampling returns 35.4 and 7.1 gpt gold at Hammond Reef South, in addition to other gold-bearing samples, discovering a new high-grade zone approximately 2 km from Agnico Eagle's Hammond Reef Deposit, which is one of the few fully permitted mine projects in Canada (Fig. 1).
- The Hammond Reef South Project had its exploration permit approved on July 24, 2024, which allows for drilling, trenching and ground geophysical work.
- The Company has applied for the Ontario Junior Exploration Program grant, which provides for 50% reimbursement for exploration expenses up to $200,000.
- Follow-up field work is scheduled to begin this week.
Hammond Reef South Project
During June of this year, a field program was initiated on the property to evaluate the surface for gold mineralization. The program successfully identified a new high-grade gold zone with assays returning 35.4 gpt, 7.1 gpt, and 2.9 gpt gold (Table 1 & Fig. 2). The Hammond Reef South property is located only 2 km from Agnico Eagle's Hammond Reef Deposit, which contains a large mineral resource of more then 5 million ounces of gold and occurs in the same geological environment (Fig. 1).
Table 1. Hammond Reef South Surface Sample Highlights
Sample Number | Easting | Northing | Gold g/t |
473583 | 612360 | 5418397 | 35.4 |
473584 | 612356 | 5418401 | 7.1 |
473586 | 612358 | 5418405 | 2.9 |
Gold mineralization at the new zone occurs within a large gossanous shear-hosted quartz vein with up to 10% sulphides, mainly pyrite with accessory chalcopyrite and galena, discovered in the Northeast part of the property (Fig. 2). The vein was at least 2 metres in width and exposed for more than 10 metres along strike which remains open to the Northeast and Southwest. The strike of the vein, its mineralization and geological setting is analogous to Agnico Eagle's Hammond Reef Deposit to the north. Recent and historic surface samples are now revealing a very large 6.7 km trend of gold mineralization across the Hammond Reef South property representing a potentially significant discovery (Fig. 3).
A follow-up program has been scheduled, and will commence this week that aims to evaluate the length, width and distribution of grade at the discovery zone. The Company has also applied for the Ontario Junior Exploration Program grant, which, if accepted, would provide a 50% reimbursement for exploration expenses up to $200,000 for the project.
President and CEO Michael Swistun comments: "We are very excited with the discovery of high-grade gold on the Hammond Reef South property. We were prospecting the property looking for large, low-grade gold system like the Hammond Reef Deposit next door and this gives us a new and exciting opportunity to follow up on."
For Further Information, Please Contact:
Michael Swistun
President & CEO
Canadian Gold Corp.
(204) 232-1373
info@canadiangoldcorp.com
Qualified Person
The scientific and technical information disclosed in this news release was reviewed and approved by Wesley Whymark, P. Geo., Consulting Geologist for the Company, and a Qualified Person as defined under National Instrument 43-101.
Technical Information
The samples collected by Canadian Gold Corp. described in this news release were transported in secure sealed bags for preparation and assay by Act Labs in Thunder Bay, Ontario. The samples reported were crushed in their entirety to 80% passing -10 mesh, with one 500 g subsample split and pulverized to 95% passing 150 mesh. One 50 g aliquot was taken from the subsample for fire assay (FA) with an AAS finish. Samples over 5 g/t gold were subject to a 50 g aliquot FA with gravimetric finish.
About Canadian Gold Corp.
Canadian Gold Corp. is a Toronto-based mineral exploration and development company whose objective is to expand the high-grade gold resource at the past producing Tartan Mine, located in Flin Flon, Manitoba. The historic Tartan Mine currently has a 2017 indicated mineral resource estimate of 240,000 oz gold (1,180,000 tonnes at 6.32 g/t gold) and an inferred estimate of 37,000 oz gold (240,000 tonnes at 4.89 g/t gold). The Company also holds a 100% interest in greenfields exploration properties in Ontario and Quebec adjacent to some of Canada's largest gold mines and development projects, specifically, the Canadian Malartic Mine (QC), the Hemlo Mine (ON) and Hammond Reef Project (ON). The Company is 35% owned by Robert McEwen, who was the founder and CEO of Goldcorp and is Chairman and CEO of McEwen Mining.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This news release of the Company contains statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Canadian Gold's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements.
Figure 1. Overview location of the Hammond Reef South property illustrating the location of Agnico Eagle's Hammond Reef Deposit.
Figure 2. Location of the new high-grade discovery on the Hammond Reef South property.
Zone 3 2024 Drilling Program Commenced
Heritage Mining Ltd. (CSE: HML FRA:Y66) (“Heritage” or the “Company”) is pleased to announce that the 2024 drilling program has started over the weekend at Zone 3. The program will focus with historical confirmation drilling and SGH soil target testing.
Highlights:
- Zone 3 Drill Program Start (Figure 1)
Figure 1: Zone 3 2024 drill program, August 5, 2024
“We are very excited to have the drill turning at Zone 3. The mineralization from the first hole is very encouraging supporting our internal model, we are right where we want to be. More updates to come in the very near future.” Commented Peter Schloo, President CEO and Director of Heritage.
Qualified Person
Mitch Lavery P. Geo, Strategic Advisor for the Company, serves as a qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects and has reviewed the scientific and technical information in this news release, approving the disclosure herein.
ABOUTHERITAGEMININGLTD.
The Company is a Canadian mineral exploration company advancing its two high grade gold-silver-copper projects in Northwestern Ontario. The Drayton-Black Lake, Contact Bay and Scattergood projects are located near Sioux Lookout in the underexplored Eagle-Wabigoon-Manitou Greenstone Belt. The projects benefit from a wealth of historic data, excellent site access and logistical support from the local community. The Company is well capitalized, with a tight capital structure.
For further information, please contact:
HeritageMiningLtd.
Peter Schloo, CPA, CA, CFA
President, CEO and Director
Phone: (905) 505-0918
Email: peter@heritagemining.ca
FORWARD-LOOKING STATEMENTS
This news release contains certain statements that constitute forward looking information within the meaning of applicable securities laws. These statements relate to future events of the Company. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “forecast”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “outlook” and similar expressions are not statements of historical fact and may be forward looking information. All statements, other than statements of historical fact, included herein are forward-looking statements.
Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks include, among others, the inherent risk of the mining industry; adverse economic and market developments; the risk that the Company will not be successful in completing additional acquisitions; risks relating to the estimation of mineral resources; the possibility that the Company’s estimated burn rate may be higher than anticipated; risks of unexpected cost increases; risks of labour shortages; risks relating to exploration and development activities; risks relating to future prices of mineral resources; risks related to work site accidents, risks related to geological uncertainties and variations; risks related to government and community support of the Company’s projects; risks related to global pandemics and other risks related to the mining industry. The Company believes that the expectations reflected in such forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking information should not be unduly relied upon. These statements speak only as of the date of this news release. The Company does not intend, and does not assume any obligation, to update any forward‐looking information except as required by law.
This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities of the Company in Canada, the United States, or any other jurisdiction. Any such offer to sell or solicitation of an offer to buy the securities described herein will be made only pursuant to subscription documentation between the Company and prospective purchasers. Any such offering will be made in reliance upon exemptions from the prospectus and registration requirements under applicable securities laws, pursuant to a subscription agreement to be entered into by the Company and prospective investors.
Click here to connect with Heritage Mining (CSE:HML) to receive an Investor Presentation
Neptune GBX: Full Service Precious Metals Dealer and Exchange Operator
Neptune GBX, a trusted partner for wealth management solutions, is a full-service precious metals dealer, and exchange operator in Wilmington, Delaware. Founded in 2002, the company has been building its reputation in the precious metals industry consistently expanding its services and expertise to meet the evolving needs of its diverse clientele. Neptune GBX focuses on first-class cost-efficient solutions, establishing itself as a knowledgeable and reliable partner in this specialized market.
Neptune GBX's combination of expertise, innovative products, and client-centric approach positions it as a distinctive and valuable partner in the precious metals investment sector.
Neptune GBX's value proposition centers on empowering clients through education and insightful market analysis. The company places a strong emphasis on client education. By providing clients with essential knowledge and tools, Neptune GBX enables them to navigate the precious metals investment landscape with confidence.
Company Highlights
- Neptune Vault offers significantly lower premiums—up to 25 percent less than competitors. This reduction in premium costs translates to potential gains of more than twice over the long run. Minimizing spreads is crucial, and Neptune Vault excels in providing cost-effective options for investors.
- Neptune-GBX has teamed up with Franklin Templeton’s Fiduciary Trust International to provide precious metals investors with institutional-quality custodian, cash management and reporting services. This means products and services are tailored for various client types, from individual investors to wealth management professionals.
- Neptune Vault accounts offer storage fees as low as 0.30 percent per annum, ensuring substantial savings over time. For comparison, the PSLV Silver Fund has a management expense ratio of 0.60 percent. With Neptune Vault at 0.40 percent, investors gain an extra 1 percent every 5 years, totaling a 5 percent gain over 25 years.
- Neptune Vault accounts provide instant liquidity with better spreads than coins and small bars. With live pricing available five days a week, there is no need for shipping or assaying. A simple phone call or email can liquidate your investment promptly, ensuring access to funds in times of urgent need.
- Every ounce in a Neptune Vault account is directly allocated to the client's name, ensuring no over-allocation. The vault provides an asset custody letter to affirm true ownership, giving you peace of mind that you own the metal outright.
- Neptune Vault makes redemptions straightforward and quick. With just a phone call or email, your bullion can be transferred, shipped, or converted within days. The segregated and allocated nature of the product ensures that it is always ready for you, providing essential quick access to your physical investment.
- The PMC Ounce® offers diversified exposure to multiple precious metals.
This Neptune GBX profile is part of a paid investor education campaign.*
Click here to connect with Neptune GBX to receive an Investor Presentation
Assays up to 63g/t Gold and 3.2% Copper Highlight Immense Exploration Upside
Proceeds of successful capital raising will help fund follow up work to refine drilling targets
Labyrinth Resources Limited (ASX: LRL) (‘Labyrinth’ or ‘the Company’) is pleased to report highly promising gold and copper assays from soil sampling and rock chips at its Comet Vale Project in WA (see Figure 1).
More than 500 soil samples and 11 rock chip samples were collected. These results, combined with historic data, have defined several compelling drilling targets outside the mine area at Comet Vale.
In July 2024, Labyrinth entered into an option to acquire 100% of the property from Sand Queen Gold Mines Pty Ltd (‘SQGM’). The additional 49% interest has been the key to commencing dedicated exploration activity. Labyrinth intends to use some of the proceeds of its recent successful capital raising to undertake further exploration work with the aim of refining the targets ahead of a drilling campaign.
Figure 1. Regional location of Comet Vale Project.
Labyrinth Chief Executive Jennifer Neild said: “We have strategically positioned ourselves in the prolific Goldfields region of Western Australia, with proven gold assets that have the potential for further high-grade mineralisation.”
“These assays are indicative of this potential. We are seeing cohesive trends in both primary and associated indicator elements. The overlap of these anomalies have added weight to positions of interpreted faults and have established several high priority target areas.”
“We now have extensive data that Comet Vale may host a large mineralised system with areas of high-grade gold and potentially copper.”
Details of sampling results:
The two campaigns of soil sampling were the first full geochemical analysis completed at Comet Vale. On the eastern side of the highway, a small number of rock chips were taken to support mapping observations. Many of the higher grades exist around Long Tunnel Prospect, where shallow tungsten and gold workings exist. It is unknown the extent of activites, refer to Table 2 for a summary.
- High Au, Cu, Co, Ag and Ni rock chips (Table 1) included:
- 63.1g/t Au, 3.27 % Cu and 59g/t Ag (SE of Long Tunnel);
- 13.9g/t Au, 0.35% Cu and 0.36 % Ni (South of Long Tunnel);
- 2.62g/t Au in a 3m wide, N-S quartz reef, within porphyry and ultramafic schist (Figure 6);
- 2.10g/t Au, 17.57% Fe and 1.14% S (gossan SW of Long Tunnel); and
- 0.25% Cu, 0.38% Ni, 0.04% Co and 1.4g/t Ag (New gossan, chalcopyrite and bornite sighted).
- “Golden Triangle” - High Au, Cu and W are concentrated at the cross-section of the Rambo Trend and Long Tunnel/Lake View Shear/Quartz Reef (see Figure 2 and Table 2 for description of Long Tunnel).
- Geochemistry suggests late NE trending faults are a control on mineralisation. Potentially focusing 2nd generation Au bearing veins along these later structures causing wide, intercepts of mineralisation (see Figure 2 and Figure 3).
- Several samples of elevated lithium (>100ppm) proximal to Lake View/Long Tunnel trend (see Figure 7). More anomalies may exist, but sampling of Lithium was limited to this sampling program and not historic data.
Click here for the full ASX Release
This article includes content from Labyrinth Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
4 Ways to Invest in Gold for Retirement (Updated 2024)
If you’ve been watching the gold space in recent years, you may know that the precious metal has appreciated in value by over 750 percent since 2000, when it was under US$300 per ounce.
Even when adjusting for inflation, the value of gold is still up a significant 350 percent over that period.
Given that fact, investors may want to turn their attention to investing in gold as a retirement plan. While there are pros and cons to using gold for retirement savings, many successful investors consider the metal a safe-haven investment.
This is due to gold's reputation for performing well during economic and political volatility. Additionally, gold tends to perform counter to the US dollar, meaning that when the dollar is weak, gold is often strong, and vice versa.
This means dedicating a portion of your retirement portfolio to precious metals could help hedge against inflation and dollar weakness. A 5 to 10 percent allocation is often recommended as a strong base.
But which options are right for you and your needs? Read on to find out about four ways you can invest in gold for retirement. From physical gold to gold exchange-traded funds and stocks to gold-backed assets, there are diverse options for those who choose to prepare for retirement with gold.
1. Buying physical gold for retirement
One of the first and perhaps most obvious gold investment options for your retirement portfolio is physical gold, typically purchased in the form of bullion coins or gold bars through a dealer. While that might sound simple, as with any investment, it’s important to do your research and make sure you’re using a reputable dealer.
Physical gold carries many benefits; it is a tangible, intrinsically valuable asset that can be sold when needed or when prices are high. However, as it doesn't provide a return, gold must be sold to make a profit.
If you choose to buy physical gold, you’ll also have to consider where you’re going to keep your gold bars, coins or bullion. You could keep it in your home, but most advisors would sway you away from that method because you’ll need space and a secure place to put it, such as a safe. These are potential issues for those looking to downsize for retirement.
Many investors opt instead for the security and ease of keeping their gold at a bank depository. This does add extra costs to your investment due to storage fees and means you do not have immediate access to your gold.
You can find information on investing in physical gold for your IRA, which comes with stricter regulations, below. To get more information about physical gold as an investment, check out our guide here.
2. Investing in gold ETFs for retirement
For investors who want exposure to gold's price without owning physical gold, gold-backed exchange-traded funds (ETFs) are an option to consider. Gold-backed ETFs are more accessible than physical gold as they are traded on stock exchanges and have a cheaper price per unit than an ounce of gold.
For North American and Australian investors, some options to consider are the SPDR Gold Trust ETF (ARCA:GLD), the iShares Gold Trust ETF (ARCA:IAU) and the BetaShares Gold Bullion ETF (ASX:QAU).
Investors with more risk appetite can look at ETFs that focus on major gold-mining companies, such as the VanEck Gold Miners ETF (ARCA:GDX), the VanEck Gold Miners AUD ETF (ASX:GDX) and the iShares MSCI Global Gold Miners ETF (NASDAQ:RING). These ETFs provide exposure to a basket of large gold stocks.
3. Investing in gold stocks for retirement
Individual gold stocks can also be an option when building a gold retirement portfolio, but they carry a higher level of risk compared to physical gold, as well as gold-focused ETFs.
Investors should consider focusing on dividend-paying, large-cap gold miners such as Newmont (TSX:NGT,NYSE:NEM), Agnico Eagle Mines (TSX:AEM,NYSE:AEM) and Barrick Gold (TSX:ABX,NYSE:GOLD).
Another option is large precious metals royalty and streaming companies, such as Wheaton Precious Metals (TSX:WPM,NYSE:WPM) and Franco-Nevada (TSX:FNV,NYSE:FNV); they also offer dividends.
Gold stocks can benefit investors who take the time to perform due diligence and sit down on a regular basis to determine whether their holdings continue to align with their wealth and savings strategy. For more on how to invest in gold stocks, check out these tips on resource investing from experts like Rick Rule, EB Tucker and Frank Holmes.
4. Investing in gold through an IRA, RRSP or SMSF
Finally, if you want to invest in gold for your retirement savings, you may want to consider investing in a gold-backed retirement fund. Options for American, Canadian and Australian investors are detailed below.
US investors can't invest in physical gold via 401(k)s or regular individual retirement accounts (IRAs); it is only an option through a self-directed IRA, which can contain non-traditional investments such as real estate and precious metals.
There are other details to be aware of as well. For instance, the Internal Revenue Service (IRS) only allows at least 99.5 percent purity gold bullion bars and coins to be included in gold-backed IRAs, with the exception of American Eagle coins, which are 91.67 percent pure. Furthermore, gold used in gold-backed IRAs must be administered by an IRA custodian and stored at a location approved by the IRS — in other words, investors are not allowed to store this gold at their home.
For Canadians, tax-free savings accounts (TFSAs) and registered retirement savings plans (RRSPs) offer the ability to hold gold and silver, although they have similar purity and storage stipulations. Canadian investors have the option to choose between allocated and unallocated storage, meaning the precious metals they purchase can be kept separate or stored alongside other investors' gold and silver. The latter option can help save on storage and insurance costs.
Similar to the US system, Australian investors are not able to invest in physical gold through regular superannuation funds, but they can do so through a self-managed superannuation fund, or SMSF. One point to note is that gold and silver coins are classified as collectibles, a category with very strict regulations. However, SMSFs do not classify bullion as a collectible, and it can be stored in your home, making it much more flexible.
Investor takeaway
All in all, it seems that investing in gold for retirement is much the same as investing in gold in everyday life: diversification is key. While gold can be a part of your retirement portfolio, you should make sure to have balance and choose the options that are right for you. Allocating 5 to 10 percent of your portfolio to gold through a mix of the options above could help support your investments during difficult times and provide strong value in the long run.
For further help deciding the best approach for your individual needs, consult a financial advisor who can help guide your investments to make sure you are on the right road to retirement.
This is an updated version of an article first published by the Investing News Network in 2016.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
Neptune GBX
Investor Insight
Neptune GBX's combination of expertise, innovative products, and client-centric approach positions it as a distinctive and valuable partner in the precious metals investment sector.
Overview
Neptune GBX, operating as Neptune Global Holdings, is a full-service precious metals dealer and exchange operator based in Wilmington, Delaware. Established in 2002, the company has positioned itself as a trusted partner for wealth management professionals, individual investors, family offices, and broker-dealers seeking institutional-quality services in the precious metals sector.
For over two decades, Neptune GBX has been building its reputation in the precious metals industry. Founded in 2002, the company has consistently expanded its services and expertise to meet the evolving needs of its diverse clientele. Neptune GBX has demonstrated a focus on first-class cost-efficient solutions, establishing itself as a knowledgeable and reliable partner in this specialized market.
Several factors set Neptune GBX apart from other bullion exchange companies:
- Lower Premiums - Neptune Vault offers significantly lower premiums—up to 25 percent less than competitors. This reduction in premium costs translates to potential gains of more than twice over the long run. Minimizing spreads is crucial, and Neptune Vault excels in providing cost-effective options for investors.
- Strategic partnerships facilitating institutional-quality services - Neptune-GBX has teamed up with Franklin Templeton’s Fiduciary Trust International to provide precious metals investors with institutional-quality custodian, cash management and reporting services. This means products and services are tailored for various client types, from individual investors to wealth management professionals.
- Reduced Storage Fees - Neptune Vault accounts offer storage fees as low as 0.30 percent per annum, ensuring substantial savings over time. For comparison, the PSLV Silver Fund has a management expense ratio of 0.60 percent. With Neptune Vault at 0.40 percent, investors gain an extra 1 percent every 5 years, totaling a 5 percent gain over 25 years.
- Superior Liquidity - Neptune Vault accounts provide instant liquidity with better spreads than coins and small bars. With live pricing available five days a week, there is no need for shipping or assaying. A simple phone call or email can liquidate your investment promptly, ensuring access to funds in times of urgent need.
- Guaranteed Direct Ownership - Every ounce in a Neptune Vault account is directly allocated to the client's name, ensuring no over-allocation. The vault provides an asset custody letter to affirm true ownership, giving you peace of mind that you own the metal outright.
- Easy Redemptions - Neptune Vault makes redemptions straightforward and quick. With just a phone call or email, your bullion can be transferred, shipped, or converted within days. The segregated and allocated nature of the product ensures that it is always ready for you, providing essential quick access to your physical investment.
- Innovative investment products -The PMC Ounce® offers diversified exposure to multiple precious metals.
$100,000 investment with 10% ROI compounded
$100,000 investment with 10% ROI compounded
Key Services and Products
Neptune GBX offers a comprehensive range of services and products, including:
- The patented PMC Ounce®: A dynamic physical precious metals investment asset that has been awarded a US Patent based on its innovation.
- Vault accounts: Secure storage solutions for precious metals
- Bullion exchange platform: Facilitating efficient trading of precious metals, including gold, silver, platinum and palladium
- Market analysis and insights: Providing valuable information to guide investment decisions
- Cash management and reporting services: Offered in partnership with Fiduciary Trust International
Value Proposition
Neptune GBX's value proposition centers on empowering clients through education and insightful market analysis. The company places a strong emphasis on client education. By providing clients with essential knowledge and tools, Neptune GBX enables them to navigate the precious metals investment landscape with confidence.
Top Stories This Week: Gold Price Reacts to Fear, Uranium Sector Dissects Cameco Results
The gold price was on the rise this week, briefly passing US$2,500 per ounce before ending lower.
The US Federal Reserve's latest meeting provided a boost midway through the week. As was widely expected, the central bank left interest rates unchanged at 5.25 to 5.5 percent, but it's indicated a cut may come as early as September.
In a press conference after the gathering, Chair Jerome Powell said a reduction "could be on the table" if inflation continues to fall. The Fed would like to see an inflation rate of 2 percent, and its preferred gauge, the personal consumption expenditures price index, was up 2.5 percent year-on-year in June. Month-on-month it rose 0.1 percent.
Tensions in the Middle East also supported gold this week. Two assassinations have created concerns that conflict in the region is ramping up to more dangerous levels, prompting investors to turn to the yellow metal as a safe-haven asset.
As these events were unfolding, Will Rhind, CEO of GraniteShares, told the Investing News Network that fear, which has been missing from the market so far this year, is now starting to rear its head.
"That to me has been the big change that has put us to these new levels in gold," he said.
The yellow metal's move past US$2,500 came on Friday (August 2) after a lackluster jobs report out of the US. The Department of Labor said non-farm payrolls rose by 114,000 jobs in July, much less than the 175,000 average forecast by economists polled by Reuters. Meanwhile, the unemployment rate rose to a three year high of 4.3 percent.
Gold later fell to close the week just above the US$2,440 level.
Bullet briefing — BHP, Lundin to buy Filo, Cameco releases Q2 results
BHP, Lundin Mining to acquire Filo
M&A activity was in the air this week as BHP (ASX:BHP,LSE:BHP,NYSE:BHP) and Lundin Mining (TSX:LUN,OTC Pink:LUNMF) teamed up to acquire Filo (TSX:FIL,OTCQX:FLMMF) in a C$4.5 billion agreement.
Under the deal, BHP and Lundin will form a 50/50 joint venture that will include the Filo del Sol copper-gold-silver project, owned by Filo, and Lundin's Josemaria copper-gold project. Both are located in Argentina near the Chilean border.
In the wake of the announcement, Rio Tinto's (ASX:RIO,LSE:RIO,NYSE:RIO) CEO said in a media call that the company would consider making a large copper acquisition, but is wary of overpaying in today's hot market.
"We are constantly looking for other opportunities. On the other hand, it is a bit of a heated market, so that's not an easy market to just buy yourself into. While we are looking we are also saying, we are not prepared to pay those prices" — Jakob Stausholm, Rio Tinto
Cameco releases “strong” Q2 results
Major uranium miner Cameco (TSX:CCO,NYSE:CCJ) released its second quarter results this week, describing its operational performance as "strong" and saying its financial results are in line with its outlook for 2024.
The company reported net Q2 earnings of C$36 million, adjusted net earnings of C$62 million and adjusted EBITDA of C$337 million. Meanwhile, Cameco delivered 6.2 million pounds during the quarter and 13.5 million pounds year-to-date. Cameco still plans to deliver 32 million to 34 million pounds for the full year.
Perhaps more anticipated than Cameco's results was commentary on its operations in Kazakhstan and outlook for the sector. Output from the company's Inkai joint venture with Kazatomprom was lower in both Q2 and H1 due to challenges obtaining sulfuric acid, with 2024 output of 8.3 million pounds said to be "tentative."
Cameco also commented on amendments to Kazakhstan's tax code, saying its preliminary conclusions show that it would push production costs in the country up to levels seen at its operations in Northern Saskatchewan.
"The days of easy and cheap pounds out of Central Asia are essentially over. The global cost curve is going up, and we are going to need to see sustained higher prices" — Grant Isaac, Cameco
Although the company's outlook on the uranium market remains strong, investors didn't respond favorably to this week's release, with Cameco's share price closing the period down close to 16 percent.
It wasn't helped by news that Kazatomprom has increased its 2024 production guidance by 5 percent.
Want more YouTube content? Check out our expert market commentary playlist, which features interviews with key figures in the resource space. If there's someone you'd like to see us interview, please send an email to cmcleod@investingnews.com.
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Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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