5 Top Gold News Stories for October 2015

The gold price is still under pressure, down 5 percent since the start of the year. However, the yellow metal did gain some ground in October, and there’s been a fair amount of gold news driving its price action.
The spot gold price rose 2.53 percent for October, closing at $1,141.70 per ounce. Overall, the gold price reached a high of $1,184.30 on October 14, but dropped off sharply at the end of the month after the US Federal Reserve again left interest rates unchanged.
Most gold news for the month centered around whether or not the Fed would raise interest rates, but companies have been keeping busy as well. Despite the tough environment for mining companies, some are still putting out technical reports for their projects, while others have released interesting drill results.
Here’s a look at some of our most popular gold news stories from last month.

1. Goldman Sachs Wary Despite Positive Gold Price Action

Despite some positive signs for the gold price in September, Goldman Sachs (NYSE:GS) still sees the gold price falling to $1,000 in 2016. It believes that while the gold price performed well through the end of September and into October, the factors that drove that performance can’t be relied upon going forward.
As mentioned above, the gold price has since fallen even though the Fed has not yet raised interest rates. Click here to read more about Goldman Sachs’ call for the gold price.

2. Fed Leaves Rates Unchanged; Gold Price Sinks

On October 28, the US Federal Reserve again left interest rates unchanged, leading to a prompt fall in the gold price; it has continued to fall since. Market watchers have suggested that fears of a looming recession are holding the Fed back from making a change, and indeed, there’s been a bit of dissent on the subject between Fed Chair Janet Yellen and her fellow policymakers. Click here for the full article.

3. Brien Lundin: Fed May Not Raise Rates Until 2016

The Investing News Network spoke with Brien Lundin ahead of this year’s New Orleans Investment Conference about his thoughts on the gold price and a few of his gold stock picks. As CEO of Jefferson Financial, publisher and editor of the Gold Newsletter and CEO of the New Orleans Investment Conference, Lundin is certainly one to watch in the gold space.
Overall, he remains confident in the gold price, and predicted that the Fed won’t raise interest rates for some time yet. In terms of companies, he pointed to prospect generators such as Avrupa Minerals (TSXV:AVU), but also stated that he likes “companies that have already made discoveries — in some cases, world-class discoveries that have been delineated and perhaps have demonstrated economic value at the current gold price.” Examples in this department include Kaminak Gold (TSXV:KAM) and Sabina Gold & Silver (TSX:SBB). Click here for more of what Lundin had to say.

4. October Gold News: Richmont Mines, Paramount Gold Release PEAs

Amid a flurry of Q3 results from the likes of Barrick Gold (TSX:ABX,NYSE:ABX) and Goldcorp (TSX:G,NYSE:GG), smaller companies in the gold space also had important news last month. Paramount Gold Nevada (NYSEMKT:PZG), a spin off from this year’s merger between Coeur Mining (NYSE:CDE) and Paramount Gold and Silver, released a new preliminary economic assessment (PEA) for its Sleeper gold project in Nevada, while Richmont Mines (TSX:RIC,NYSEMKT:RIC) put out a PEA for its Ontario-based Island gold mine. Click here for more about these PEAs.

5. Gold Price Still Strong After Release of Fed Minutes

Earlier this month, the gold price remained strong even after a weak US jobs report and another decision by the Fed to keep interest rates the same. Meanwhile, gold juniors released a slew of results, with newsmakers including Marathon Gold (TSX:MOZ), Rockhaven Resources (TSXV:RK), Seabridge Gold (TSX:SEA,NYSE:SA), Roxgold (TSXV:ROG) and Pretium Resources (TSX:PVG,NYSE:PVG). Click here for the full article.
 
Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article.