MLK Gold Ltd. (CSE:MLK) ("MLK Gold" or the "Company") announces that, effective as of the close of business on April 13, 2023, the Company has changed its name to " Triple One Metals Inc. "
In connection with the change of name, it is anticipated that trading in the common shares of the Company will commence on the Canadian Securities Exchange under the new name at the open of markets on Tuesday, April 18, 2023, under the new ticker symbol " TONE ".
Holders of share and warrant certificates in the Company's prior name do not need to take any action as a result of the name change.
In connection with the change of name, the CUSIP and ISIN of the Company's common shares will be changed to 89677X102and CA89677X1024 respectively.
About MLK Gold Ltd.
Founded in 2018, MLK Gold Ltd. is quickly emerging as one of Atlantic Canada's exciting resource exploration companies offering exposure to gold and the strategic metals representing a unique mix of discovery and resource development potential. Invested in a portfolio of gold and lithium projects in mining and mineral-rich Newfoundland, MLK's plan is to capitalize on the province's ranking as one of the world's top 10 mining jurisdictions and expand into a long-life, financially sound metal-mining company.
Additional information about the Company and its activities may be found on the Company's website at www.mlkgold.com and under the Company's profile at www.sedar.com.
For additional information or to arrange an interview, please contact:
William (Bill) Fleming
Executive Chairman, MLK Gold Ltd.
59 Payzant Drive
P.O. Box 657, Windsor
Nova Scotia, Canada, B0N 2T0
Phone: 902.448.0716
Email: Bill.fleming@manewagi.com
Forward-Looking Statements
This news release contains certain forward-looking statements. Wherever possible, words such as "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict" or "potential" or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward looking statements. The Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
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MLK Gold Ltd. (CSE:MLK) ("MLK Gold" or the "Company") announces that it will change its corporate name to "Triple One Metals Inc." and its ticker symbol will change to "TONE". The new corporate website www.tripleonemetals.com will launch in the upcoming days.
The change in corporate name better reflects the Company's diverse property portfolio.
The Company will issue a further press release soon providing the date on which the new name and ticker symbol will take effect. The name change will not affect the rights of the Company's shareholders, and no further action is required by existing shareholders with respect to the name change.
The Company is pleased to announce an application is being made to quote the Company's common shares on the Frankfurt Stock Exchange. The Frankfurt Stock Exchange is one of the world's largest (behind only the Nasdaq and NYSE) organized exchange-trading markets based on trading volume.
The future quotation of the Company's common shares on the Frankfurt Stock Exchange in addition to the CSE will heighten exposure of the Company in the European marketplace, which features an investor base traditionally active in the junior mining sector. The Company is confident that trading on the Frankfurt Stock Exchange will increase its liquidity and support the development of a stronger European investor base.
About MLK Gold Ltd.
Founded in 2018, MLK Gold Ltd. is quickly emerging as one of Atlantic Canada's exciting resource exploration companies offering exposure to gold and the strategic metal representing a unique mix of discovery and resource development potential. Invested in a portfolio of gold and critical metal projects in mining and mineral-rich Newfoundland, MLK's plan is to capitalize on the province's ranking as one of the world's top 10 mining jurisdictions and expand into a long-life, financially sound gold and critical metal-mining company.
Additional information about the Company and its activities may be found on the Company's website at www.mlkgold.com and under the Company's profile at www.sedar.com .
For additional information or to arrange an interview, please contact:
William (Bill) Fleming
Executive Chairman, MLK Gold Ltd.
59 Payzant Drive
P.O. Box 657, Windsor
Nova Scotia, Canada, B0N 2T0
Phone: 902.448.0716
Email: Bill.fleming@manewagi.com
Forward-Looking Statements
This news release contains certain forward-looking statements. Wherever possible, words such as "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict" or "potential" or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward looking statements. The Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
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Airborne geophysics, soil and till geochemistry, and drilling to be completed by end of Q4 2022
MLK Gold Ltd. (CSE: MLK) ("MLK" or "MLK Gold" or the " Company "), a growth-oriented gold exploration company headquartered in Windsor, Nova Scotia is pleased to report that after an initial data mining compilation of public government databases, the Company has added 104 lithium claims covering 2,600 hectares on its 360 Lithium Property located on the south coast of Newfoundland .
Company President and CEO, Paul Smith (P. Geo.) and Executive Chairman, Bill Fleming , noted significant pegmatite development on the property following an initial reconnaissance visit to the area late last month.
"We know from previous government and academic research that pegmatite veins have been noted in previous mapping of the area and contain sub-ore grades of elemental lithium in addition to numerous quartz-tourmaline veins," said Smith. "What we were surprised to observe was the abundance of veining and the variation in textures and mineralogy. Our plan is to complete a full assessment of these claims as part of our Q3 exploration program which includes our Caledonia Brook Gold Property," he added.
Exploration is set to begin at the end of July and will coincide with the Company's plan to release its airborne Versatile Time-Domain Electromagnetic (VTEM™ Plus) geophysical survey and soil data collected by Geotech Ltd. and Overburden Drilling Management (ODM).
The Company's flagship Caledonia Brook Gold Project is targeting lode and intrusive-hosted styles of gold mineralization through a planned initial drill program of 1,200 metres in 12 proposed holes to be collared on the Mustang66, Maverick, and Charlie Zones.
"The commencement of our Q4 drilling will represent the first diamond drill holes ever undertaken on the property," added Smith. "We have two additional holes being considered on the Slider Zone which will be conditional on results of a detailed soil sample survey in this area."
A total of 662 line-kilometres (representing ~62% of the property) has been covered by an airborne Versatile Time-Domain Electromagnetic (VTEM™ Plus) geophysical survey. Survey highlights include:
All data is currently under review and results will be released in the Company's next update.
Phase I of the Company's glacial till sampling program in the northern portion of the property has been completed with 111 samples being processed by Overburden Drilling Management (ODM). A summary of the results from the samples include:
All heavy mineral concentrates from ODM's mineral separation work are currently being analyzed at Activation Laboratories Ltd. in Ancaster, ON , and results will be released once they have been received.
Additional glacial till sampling will be carried out over the southern part of the property in Q3-Q4.
The Company's 2022 soil sampling process will take place over five separate grids on the property. Gold assay grades in soil from last summer's exploration have shown elevated gold content up to 192 ppb. Further work will target the Mustang66, Maverick, Cougar, Charlie, and Slider Zones.
Rock geochemistry has indicated four areas of elevated gold, silver, zinc, or lead content. These occur along the Mustang66, Viper, and Maverick Zones with gold assays up to 2.38 g/t Au and with silver up to 71.1 g/t Ag, 4.03 % Zn, and 1.07 % Pb.
All work will focus on areas where either known structural faults occur or where the Company has evidence of either shear zones or faulting being present based on its previous exploration in the area.
MLK Executive Chairman, William (Bill) Fleming , says the Company's commitment to the area's high potential is driving their exploration program.
"We have a pretty good idea of the geological similarities we share with other major stakeholders in the area, and we are encouraged by some of the results we have recorded to date," said Fleming. "Keeping that in mind, our primary focus right now is to accelerate the implementation of our strategic exploration initiatives, and if that requires more investment capital then we'll execute that action."
MLK's Caledonia Brook property is situated in central Newfoundland west of New Found Gold Corporation, northeast of the Valentine Lake deposit property, and southwest of Sokoman Minerals Moosehead gold property, and shares geological and structural similarities to Marathon Gold's (4.14 million ounces; 3.14 Moz. M&I, 56.7 Mt @ 1.72 g/t Au; 1.00 Moz. Inferred; 18.2 Mt @ 1.70 g/t Au) Valentine Lake deposit with both properties lying along the Victoria Lake – Grand Falls Shear Zone System. The Company's qualified person has not verified data from Marathon Gold's Valentine Lake project and similarities are not indicative of mineralization on the Company's properties.
Source : N.I. 43 Technical Report & FEASIBILITY STUDY ON THE VALENTINE GOLD PROJECT, Newfoundland and Labrador, Canada ; Prepared for, Marathon Gold Corporation, 36 Lombard Street, Suite 600, Toronto, ON , M5C 2X3; by Ausenco. Effective date: April 15, 2021 .
MLK's corporate update can be viewed here .
Paul K. Smith (P. Geo.), President & CEO for the Company, is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 ("NI 43-101") and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same.
Founded in 2018, MLK Gold Ltd. is quickly emerging as one of Atlantic Canada's premiere resource exploration companies offering exposure to gold and the strategic metal representing a unique mix of discovery and resource development potential. Invested in a portfolio of gold projects in mining and mineral-rich Newfoundland , MLK's plan is to capitalize on the province's ranking as one of the world's top 10 mining jurisdictions and expand into a long-life, financially sound gold-mining company.
Additional information about the Company and its activities may be found on the Company's website at www.mlkgold.com and under the Company's profile at www.sedar.com .
To view the Company's recent promotional video, please click HERE .
This news release contains certain forward-looking statements. Wherever possible, words such as "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict" or "potential" or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. The Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
SOURCE MLK Gold Ltd.
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Geotech Ltd. using industry leading Versatile Time-Domain Electromagnetic (VTEM™ Plus) geophysical system to survey property
MLK Gold Ltd. (CSE: MLK) (or the " Company "), a growth-oriented gold exploration company headquartered in Windsor, Nova Scotia is pleased to announce the commencement of the Versatile Time-Domain Electromagnetic (VTEM™ Plus) geophysical survey on the Company's flagship Caledonia Brook gold property located in the south-west region of Grand Falls Windsor Newfoundland . The Caledonia Brook property is situated west of New Found Gold Corporation's high-grade gold discovery and shares geological similarities to Marathon Gold's (4 million ounces) Valentine and Victoria Lake Grand Falls Shear Zone System.
On February 1, 2022 , the Company announced it had entered into an agreement with Aurora, Ontario -based, Geotech Ltd., to conduct the highly specialized airborne geophysical survey. Geotech is currently in the field covering 944 line-kms across the Caledonia Brook gold property which consists of 284 claims covering 7,100 hectares. Their industry leading VTEM™ Plus technology has a radar altimeter accuracy of approximately 1 meter and unparalleled depth of penetration and high-resolution imaging which allows for better characterization of mineral and rock density.
The Company expects to receive preliminary results from the highly interpretive geophysical survey in early March. The data will be further analyzed by both Geotech and the Company's team of geologists. Once geo-mapping data is processed and completed, Company President & CEO, Paul Smith (P.Geo.), will issue a statement announcing the results.
"We entered the year with an aggressive agenda focused on operationalizing our 2022 Exploration Plan, so we are excited about what the survey results could mean for the company," said Smith, who also pointed out that recent surveys flown with VTEM™ Plus have produced superior results over the same test areas using electromagnetic (EM) surveys.
MLK Gold Executive Chairman, William (Bill) Fleming , says the Company's strategy is already exceeding expectations.
"Compared to where we were last year to where we are today, there is no question we are setting the company up for success," added Fleming. "We are standing amongst giants here, we know that. Yet, as we continue to mature and grow in this golden land of opportunity, it will be our vision and continued investment in our path to exploration excellence that ultimately defines us."
Qualified Persons and 43-101 Disclosure
Paul Smith , P. Geo., President & CEO for the Company, is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 ("NI 43-101") and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same.
About MLK Gold Ltd.
Founded in 2018, MLK Gold Ltd. is quickly emerging as one of Atlantic Canada's premiere resource exploration companies offering exposure to gold and the strategic metal representing a unique mix of discovery and resource development potential. Invested in a portfolio of gold projects in mining and mineral-rich Newfoundland , MLK's plan is to capitalize on the province's ranking as one of the world's top 10 mining jurisdictions and expand into a long-life, financially sound gold-mining company.
Additional information about the Company and its activities may be found on the Company's website at www.mlkgold.com and under the Company's profile at www.sedar.com .
To view the Company's recent promotional video, please click HERE .
Forward-Looking Statements
This news release contains certain forward-looking statements. Wherever possible, words such as "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict" or "potential" or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. The Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
SOURCE MLK Gold Ltd.
View original content to download multimedia: https://www.newswire.ca/en/releases/archive/March2022/01/c6658.html
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MLK Gold Ltd. (CSE: MLK) ("MLK" or the "Company") is pleased to announce that it has entered into a purchase agreement of today's date with a group of arm's length parties to acquire certain mineral claims adjoining the Company's Caledonia Brook property located in Newfoundland and Labrador .
As consideration for the claims, the Company will issue an aggregate of 15,000 common shares, which shares will be subject to a 12-month contractual hold period as well as applicable resale restrictions under Canadian securities laws, and will grant a 1% net smelter return royalty over the claims, half of which may be repurchased by the Company at any time for payment of $250,000 in cash.
ON BEHALF OF THE BOARD OF DIRECTORS
s/"Paul K. Smith"
About MLK Gold Ltd.
MLK Gold Ltd. is a Canadian junior exploration company operating in eastern Canada . MLK's current projects are located in Nova Scotia and the island Newfoundland and include: a 100% interest in the Highfield project, located in Nova Scotia , a 100% interest in the Manuels project, located in Newfoundland and a 100% interest in the Caledonia Brook project, also located in Newfoundland .
Forward-Looking Statements
This news release contains certain forward-looking statements, including statements regarding the expected trading date. Wherever possible, words such as "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict" or "potential" or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. The Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
Neither the Canadian Securities Exchange (the "CSE") nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
SOURCE MLK Gold Ltd.
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While some have posited that the gold price may break US$3,000 per ounce and carry on as high as US$4,000 or US$5,000, there are those with hopes that US$10,000 gold or even US$40,000 gold could become a reality.
These impressive price predictions have investors wondering, what is gold's all time high? In the past year, a new gold all time high (ATH) has been reached dozens of times, and we share the latest one and what has driven it to this level below. We also take a look at how the gold price has moved historically and what has driven its performance in recent years.
Before discovering what the highest gold price ever was, it’s worth looking at how the precious metal is traded. Knowing the mechanics behind gold's historical moves can help illuminate why and how its price changes.
Gold bullion is traded in dollars and cents per ounce, with activity taking place worldwide at all hours, resulting in a live price for the metal. Investors trade gold in major commodities markets such as New York, London, Tokyo and Hong Kong. London is seen as the center of physical precious metals trading, including for silver. The COMEX division of the New York Mercantile Exchange is home to most paper trading.
There are many popular ways to invest in gold. The first is through purchasing gold bullion products such as bullion bars, bullion coins and rounds. Physical gold is sold on the spot market, meaning that buyers pay a specific price per ounce for the metal and then have it delivered. In some parts of the world, such as India, buying gold in the form of jewelry is the largest and most traditional route to investing in gold.
Another path to gold investment is paper trading, which is done through the gold futures market. Participants enter into gold futures contracts for the delivery of gold in the future at an agreed-upon price. In such contracts, two positions can be taken: a long position under which delivery of the metal is accepted or a short position to provide delivery of the metal. Paper trading as a means to invest in gold can provide investors with the flexibility to liquidate assets that aren’t available to those who possess physical gold bullion.
One significant long-term advantage of trading in the paper market is that investors can benefit from gold’s safe-haven status without needing to store it. Furthermore, gold futures trading can offer more financial leverage in that it requires less capital than trading in the physical market.
Interestingly, investors can also purchase physical gold via the futures market, but the process is complicated and lengthy and comes with a large investment and additional costs.
Aside from those options, market participants can invest in gold through exchange-traded funds (ETFs). Investing in a gold ETF is similar to trading a gold stock on an exchange, and there are numerous gold ETF options to choose from. For instance, some ETFs focus solely on physical gold bullion, while others focus on gold futures contracts. Other gold ETFs center on gold-mining stocks or follow the gold spot price.
It is important to understand that you will not own any physical gold when investing in an ETF — in general, even a gold ETF that tracks physical gold cannot be redeemed for tangible metal.
With regards to the performance of gold versus trading stocks, gold has an interesting relationship with the stock market. The two often move in sync during “risk-on periods” when investors are bullish. On the flip side, they tend to become inversely correlated in times of volatility. There are a variety of options for investing in stocks, including gold mining stocks on the TSX and ASX, gold juniors, precious metals royalty companies and gold stocks that pay dividends.
According to the World Gold Council, gold's ability to decouple from the stock market during periods of stress makes it “unique amongst most hedges in the marketplace.” It is often during these times that gold outperforms the stock market. For that reason, it is often used as a portfolio diversifier to hedge against uncertainty.
The gold price peaked at US$2,954.72, its all-time high, on February 20, 2025. What drove it to set this new ATH?
Gold set a new record high on February 20 as US President Donald Trump continued tariff talks and seemingly sided with Russian President Vladimir Putin against Ukrainian President Volodymyr Zelenskyy. Elon Musk's call to audit the gold holdings in Fort Knox has also brought attention to the yellow metal.
Gold has repeatedly broken new highs in recent weeks as uncertainty continues to reign under Trump. The week before, gold rose as Trump announced blanket 25 percent tariffs on steel and aluminum imports. Prior to that, the precious metal got a boost when Trump proposed that the US would resettle Palestinians in the Gaza Strip and then develop it into "the Riviera of the Middle East." The suggestion has been condemned globally.
Concerns over trading wars led to highs earlier that week, after Trump confirmed over the weekend he would enact extensive tariffs on North American allies Canada and Mexico beginning February 4. The two countries returned the favor, announcing retaliatory tariffs. On February 3, following talks with Mexico's and Canada's leaders, Trump agreed to delay the tariffs by one month.
The prior week, the gold price set new highs in all currencies alongside a weakening US dollar, the US Federal Reserve leaving interest rates unchanged, a rush to safe haven assets and the looming threat of US President Donald Trump's tariffs on February 1. Additionally, new US economic data showed inflation-adjusted gross domestic product in the country increased an annualized 2.3 percent in the fourth quarter of 2024 after rising 3.1 percent in the third quarter.
Gold has seen upward momentum in the last year on a variety of factors. In 2025, the gold price was on the rise early in the new year as President Trump and his team began to talk seriously about a wide-ranging set of tariffs on several countries in the run-up and following his inauguration on January 20.
Gold also reacted to a weaker-than-expected US private employment report on January 8, which showed that the economy added 122,000 jobs in the private sector in December, below the estimated 140,000. The Bureau of Labor Statistics released the latest US jobs report on January 10, showing that nonfarm payrolls for December 2024 rose the most since March 2024, while unemployment fell to 4.1 percent.
On January 29, the Bank of Canada shaved 25 basis points off its policy interest rate, marking its sixth consecutive decrease, and announced plans to end quantitative tightening. On the same day, the US Federal Reserve opted to leave its interest rate unchanged. The following day, President Trump announced it very likely will be placing 25 percent tariffs on Mexico and Canada as of February 1, alongside tariffs on the EU and China.
As for gold demand, on October 30 the World Gold Council reported that gold purchases from undocumented sources and gold ETF inflows were both drivers of demand growth in Q3 2024. On the other hand, central bank gold purchases were down during the quarter.
Read our in-depth breakdown of gold's recent price performance below.
2025 gold price chart. December 31, 2024, to February 20, 2025.
Chart via the Investing News Network.
Despite these recent runs, gold has seen its share of both peaks and troughs over the last decade. After remaining rangebound between US$1,100 and US$1,300 from 2014 to early 2019, gold pushed above US$1,500 in the second half of 2019 on a softer US dollar, rising geopolitical issues and a slowdown in economic growth.
Gold’s first breach of the significant US$2,000 price level in mid-2020 was due in large part to economic uncertainty caused by the COVID-19 pandemic. To break through that barrier and reach what was then a record high, the yellow metal added more than US$500, or 32 percent, to its value in the first eight months of 2020.
The gold price surpassed that level again in early 2022 as Russia's invasion of Ukraine collided with rising inflation around the world, increasing the allure of safe-haven assets and pulling the yellow metal up to a price of US$2,074.60 on March 8, 2022. However, it fell throughout the rest of 2022, dropping below US$1,650 in October.
Five year gold price chart. February 19, 2020, to February 20, 2025.
Chart via the Investing News Network.
Although it didn't quite reach the level of volatility as the previous year, the gold price experienced drastic price changes in 2023 on the back of banking instability, high interest rates and the breakout of war in the Middle East.
After central bank buying pushed the gold price up to the US$1,950.17 mark by the end of January, the US Federal Reserve’s 0.25 percent rate hike on February 1 sparked a retreat as the dollar and Treasury yields saw gains. The precious metal went on to fall to its lowest price level of the year at US$1,809.87 on February 23.
The banking crisis that hit the US in early March caused a domino effect through the global financial system and led to the mid-March collapse of Credit Suisse, Switzerland’s second-largest bank. The gold price jumped to US$1,989.13 by March 15. The continued fallout in the global banking system throughout the second quarter of the year allowed gold to break above US$2,000 on April 3, and go on to flirt with a near-record high of US$2,049.92 on May 3.
Those gains were tempered by the Fed’s ongoing rate hikes and improvements in the banking sector, resulting in a downward trend in the gold price throughout the remainder of the second quarter and throughout the third quarter. By October 4, gold had fallen to a low of US$1,820.01 and analysts expected the precious metal to be on the path to drop below the US$1,800 level.
That was before the October 7 attacks by Hamas on Israel ignited legitimate fears of a much larger conflict erupting in the Middle East. Reacting to those fears, and rising expectations that the US Federal Reserve would begin to reverse course on interest rates, gold broke through the important psychological level of US$2,000 per ounce and closed at US$2,007.08 on October 27. As the Israel-Hamas fighting intensified, gold reached a then new high of US$2,152.30 during intraday trading on December 3.
That robust momentum in the spot gold price has continued into 2024, chasing new highs on fears of a looming US recession, the promise of Fed rate cuts on the horizon, the worsening conflict in the Middle East and the tumultuous US presidential election year. By mid-March, gold was pushing up against the US$2,200 level.
That record-setting momentum continued into the second quarter of 2024 when gold broke through US$2,400 per ounce in mid-April on strong central bank buying, sovereign debt concerns in China and investors expecting the Fed to start cutting interest rates. The precious metal went on to hit US$2,450.05 per ounce on May 20.
Throughout the summer, the hits have just kept on coming. The global macro environment is highly bullish for gold in the lead up to the US election. Following the failed assassination attempt on former US President Donald Trump and a statement about coming interest rate cuts by Fed Chair Jerome Powell, the gold spot price hit a new all-time high on July 16 at US$2,469.30 per ounce.
One week later, news that President Joe Biden would not seek re-election and would instead pass the baton to his VP Kamala Harris eased some of the tension in the stock markets and strengthened the US dollar. This also pushed the price of gold down to US$2,387.99 per ounce on July 22.
However, the bullish factors supporting gold over the past year remain in play and the spot price for gold has gone on to breach the US$2,500 level first on August 2 on a less than stellar US jobs report before closing just above the US$2,440 level. A few weeks later, gold pushed past US$2,500 once again on August 16, to close above that level for the first time ever after the US Department of Commerce released data showing a fifth consecutive monthly decrease in a row for homebuilding.
The news that the Chinese government issued new gold import quotas to banks in the country following a two month pause also helped fuel the gold price rally. Central bank gold buying has been a significant tailwind for the gold price this year, and China's central bank has been one of the strongest buyers.
Market watchers expected the Fed to cut interest rates by a quarter point at their September meeting, but news on September 12 that the regulators were still deciding between the expected cut or a larger half-point cut led gold prices on a rally that carried through into the next day, bringing gold prices near US$2,600.
At the September 18 Fed meeting, the committee ultimately made the decision to cut rates by half a point, news that sent gold even higher. By Friday, September 20, it moved above US$2,600 and held above US$2,620.
In October, gold breached the US$2,700 level and continued to set new highs on a variety of factors, including further rate cuts and economic data anticipation, the escalating conflict in the Middle East between Israel and Hezbollah, and economic stimulus in China — not to mention the very close race between the US presidential candidates.
While the gold price fell following President Trump's win in early November and largely held under US$2,700 through the end of the year, it began trending upwards in 2025 to the new all-time high on the factors discussed earlier in the article.
What's next for the gold price is never an easy call to make. There are many factors that affect the gold price, but some of the most prevalent long-term drivers include economic expansion, market risk, opportunity cost and momentum.
Economic expansion is one of the primary gold price contributors as it facilitates demand growth in several categories, including jewelry, technology and investment. As the World Gold Council explains, “This is particularly true in developing economies where gold is often used as a luxury item and a means to preserve wealth.” Market risk is also a prime catalyst for gold values as investors view the precious metal as the “ultimate safe haven,” and a hedge against currency depreciation, inflation and other systemic risks.
Going forward, in addition to the Fed, inflation and geopolitical events, experts will be looking for cues from factors like supply and demand. In terms of supply, the world’s five top gold producers are China, Australia, Russia, Canada and the US. The consensus in the gold market is that major miners have not spent enough on gold exploration in recent years. Gold mine production has fallen from around 3,200 to 3,300 metric tons each year between 2018 and 2020 to around 3,000 to 3,100 metric tons each year between 2021 and 2023.
On the demand side, China and India are the biggest buyers of physical gold, and are in a perpetual fight for the title of world’s largest gold consumer. That said, it's worth noting that the last few years have brought a big rebound in central bank gold buying, which dropped to a record low in 2020, but reached a 55 year high of 1,136 metric tons in 2022.
The World Gold Council has reported that central bank gold purchases in 2023 came to 1,037 metric tons, marking the second year in a row above 1,000 MT. In the first half of 2024, the organization says gold purchases from central banks reached a record 483 metric tons.
“I expect the Fed’s rate-cutting cycle to be good for gold, but central bank buying has been and remains a major factor," Lobo Tiggre, CEO of IndependentSpeculator.com, said in an email to the Investing News Network (INN) at the beginning of Q4.
David Barrett, CEO of the UK division of global brokerage firm EBC Financial Group, is also keeping an eye on central bank purchases of gold.
“I still see the global central bank buying as the main driver — as it has been over the last 15 years,” he said in an email to INN. "This demand removes supply from the market. They are the ultimate buy-and-hold participants and they have been buying massive amounts."
In addition to central bank moves, analysts are also watching for escalating tensions in the Middle East, a weakening US dollar, declining bond yields, and further interest rate cuts as factors that could push gold higher as investors look to secure their portfolios.
Speaking at the Metals Investor Forum, held in Vancouver, British Columbia, this September, Eric Coffin, editor of Hard Rock Analyst, outlined those key factors as supporting his prediction that gold could reach US$2,800 by the end of 2024.
“When it comes to outside factors that affect the market, it’s just tailwind after tailwind after tailwind. So I don’t really see the trend changing,” Coffin said.
Also speaking at the Metals Investor Forum, Jeff Clark, founder and editor at TheGoldAdvisor.com, was even more bullish on the precious metal. He sees Santa delivering US$3,000 gold as a good possibility.
However, others see gold taking a little longer to breach the US$3,000 level. Delegates at the London Bullion Market Association's annual gathering in October have forecasted a gold price of US$2,941 in the next 12 months.
Randy Smallwood of Wheaton Precious Metals (TSX:WPM,NYSE:WPM) thinks US$3,000 could become a reality within a couple of years. He told INN in an October interview that he believes the west has finally caught the gold fever that has mainly been contained to the east for much of the year.
Goldman Sachs (NYSE:GS) is predicting gold will hit US$2,900 in early 2025, as it expects to see an increase in gold ETF inflows, continued central bank buying and interest rate cuts, as well as further conflicts in the Middle East.
Meanwhile, Alain Corbani, head of mining of Montbleu Finance and manager of the Global Gold and Precious Fund, told INN in an early January 2025 interview that his price target for the year is US$3,000 per ounce. He advises that the direction of interest rates in the US will be the most important factor to watch.
As a final note on the price of gold and buying gold bullion, it’s important for investors to be aware that gold price manipulation is a hot topic in the industry.
In 2011, when gold hit what was then a record high, it dropped swiftly in just a few short years. This decline after three years of impressive gains led many in the gold sector to cry foul and point to manipulation. Early in 2015, 10 banks were hit in a US probe on precious metals manipulation. Evidence provided by Deutsche Bank (NYSE:DB) showed “smoking gun” proof that UBS Group (NYSE:UBS), HSBC Holdings (NYSE:HSBC), the Bank of Nova Scotia (NYSE:BNS) and other firms were involved in rigging gold and silver rates in the market from 2007 to 2013.
Not long after, the long-running London gold fix was replaced by the LBMA gold price in a bid to increase gold price transparency. The twice-a-day process, operated by the ICE Benchmark Administration, still involves a variety of banks collaborating to set the gold price, but the system is now electronic.
Still, manipulation has by no means been eradicated, as a 2020 fine on JPMorgan (NYSE:JPM) shows. The next year, chat logs were released in a spoofing trial for two former precious metals traders from the Bank of America’s (NYSE:BAC) Merrill Lynch unit. They show a trader bragging about how easy it is to manipulate the gold price.
Gold market participants have consistently spoken out about manipulation. In mid-2020, Chris Marcus, founder of Arcadia Economics and author of the book “The Big Silver Short,” said that when gold fell back below the US$2,000 mark after hitting close to US$2,070, he saw similarities to what happened with the gold price in 2011.
Marcus has been following the gold and silver markets with a focus specifically on price manipulation for nearly a decade. His advice? “Trust your gut. I believe we’re witnessing the ultimate ’emperor’s really naked’ moment. This isn’t complex financial analysis. Sometimes I think of it as the greatest hypnotic thought experiment in history.”
While we have the answer to what the highest gold price ever is as of now, it remains to be seen how high gold can climb, and if the precious metal can reach as high as US$5,000, US$10,000 or even US$40,000.
Even so, many market participants believe gold is a must have in any investment profile, and there is little doubt investors will continue to see gold price action making headlines this year and beyond.
This is an updated version of an article first published by the Investing News Network in 2020.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Melissa Pistilli, 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.
Gold price chart, February 13 to 20, 2025.
Chart via the Investing News Network.
Gold has also made headlines this week on the back of calls for an audit of Fort Knox.
The Kansas-based army installation reportedly holds 4,580 metric tons of gold, but despite ongoing requests has not been fully audited since 1953. Tech billionaire Elon Musk has suggested that the newly established US Department of Government Efficiency, better known as DOGE, should take on the task.
Long-term factors supporting gold include strong central bank demand and buying from eastern investors.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Aurum Resources offers a compelling value proposition through its highly prospective gold asset in Côte d'Ivoire, a fast-emerging gold region in West Africa. Its cost-effective exploration strategy of drill rig ownership also distinguishes it from its peers.
Aurum Resources (ASX:AUE) is a mineral exploration company primarily focused on gold through its flagship Boundiali gold project located in Côte d’Ivoire, West Africa.
Côte d'Ivoire's gold mining sector is experiencing significant growth and development, with several key projects contributing to the country's economic expansion. The overall gold mining sector in Côte d'Ivoire is supported by substantial investments in infrastructure and exploration.
Geopolitically, Côte d'Ivoire outperforms most developing countries in the world in political, legal, tax and operational risk metrics. Additionally, Côte d'Ivoire continues to make notable strides in its political stability and Absence of Violence and Terrorism Index.
Boundiali Gold Project – BD Target 1 Artisanal Working
Aurum has entered into a Bid Implementation Agreement with Mako Gold for Aurum to acquire 100 percent of the issued shares in Mako. This proposed merger will allow both Aurum and Mako security holders to benefit from the combination of Aurum’s strong balance sheet and exceptional drilling efficiencies with AU$23 million in cash at the end of December 2024 to support work programs targeted at further resource definition across Aurum and Mako’s assets in northern Côte d'Ivoire. Aurum is currently in its final phase of compulsory acquisition of remaining Mako shares after it received over 90% acceptance of MKG shares in late January 2025.
The merger is backed by a highly experienced board and management team with extensive gold experience from grassroots discovery, through to resource drill-out, feasibility studies, project finance, and production.
The Boundiali gold project in Cote d’Ivoire is located within the Boundiali Greenstone Belt, which hosts Resolute’s Syama gold operation (11.5 Moz) and the Tabakoroni deposit (1 Moz) in Mali. Neighbouring assets also include Barrick’s Tongon mine (5 Moz) and Montage Gold’s Kone project (4.5 Moz).
The Boundiali project area covers the underexplored southern extension of the Boundiali belt, where a highly deformed synclinal greenstone horizon traverses finer-grained basin sediments, and to the west, Tarkwaian clastic rocks lie in contact with a granitic margin. The project benefits from year-round road access and excellent infrastructure.
The first stage of drilling at Boundiali occurred from late October 2023 to end of November 2024 for both the BM and BD tenements (BM1 and BM2; BD1, BD2 and BD3 targets) and was designed to test below-gold-in-soil anomalies oriented along NE trending structures, define new gold prospects and define maiden JORC resources. With over 63,000m diamond holes drilled during this period, Maiden JORC gold resources estimate was delivered in late December 2024.
Drilling costs are estimated at US$45 per metre, as Aurum owns all of its eight drilling rigs and employs its operators, representing a significant value proposition relative to peers who use commercial drilling companies that charge upwards of $200 per meter. The company believes there is potential for multi-million ounce gold resources to be defined with hundreds thousands meters of drilling over years within the Boundiali Gold Project’s land holding areas.
The Boundiali gold project comprises four contiguous granted licenses: PR0808 (80 percent interest), PR0893 (80 percent and earning to 88 percent interest), PR414 (100 percent interest), and PR283 (earning to 70 percent interest). Historic exploration at PR0893 includes 93 AC drill holes and four RC holes. Airborne geophysical surveying, geological mapping and extensive soil sampling have also been performed at PR0893, while PR0808 has had 91 RC holes drilled for 6,229 metres along with geochemical analysis and modeling. Detailed geochemical sampling and drilling at PR414 revealed three strong gold anomalies and returned impressive high-grade results.
Following the renewal of its Boundali South (BST) exploration licence in September 2024, drilling at the Nyangboue deposit is planned for H1 2025 and H2 2025. Previous exploration at BST has returned impressive results, including 20 m at 10.45 g/t gold from 38 meters, and 30 m at 8.30 g/t gold from 39 m.
In May 2024, Aurum entered a strategic partnership agreement to earn up to a 70 percent interest in exploration tenement PR283, to be renamed Boundiali North (BN). Aurum, through subsidiary Plusor Global Pty Ltd, has partnered with Ivorian company Geb & Nut Resources Sarl and related party (GNRR) to explore and develop the Boundiali North (BN) tenement which covers 208.87sq km immediately north of Aurum’s BD tenement. Further to this agreement,
Aurum announced it has earned 80 percent project interest after completing more than 20,000 m of diamond core drilling.
Boundiali Project JORC Mineral Resource Estimate
Aurum has announced a maiden independent JORC mineral resource estimate of 1.59 Moz gold for its 1,037 sq. km. The Boundiali Gold Project comprises the BST, BDT1 & BDT2, BMT1 and BMT3 deposits. Drilling is ongoing on these deposits, and Aurum has identified other prospects at Boundiali which have yet to be drilled. Since October 2023, the company has completed an extensive 63,927-metre diamond drilling program. This aggressive exploration campaign has rapidly defined a significant gold resource of 50.9 Mt @ 1.0 g/t gold for 1.6 million ounces.
A 100,000 m of drilling is planned and being carried out at Boundiali using eight self-owned diamond rigs to drive resource growth with two JORC resources updates in 2025.
In 2025, Aurum plans to launch a mining exploitation licence application and complete a PFS and environment study for the Boundiali Gold Project.
Troy Flannery has more than 25 years’ experience in the mining industry, including nine years in corporate and 17 years in senior mining engineering and project development roles. He has a degree in mining engineering, masters in finance, and first class mine managers certificate of competency. Flannery has performed non-executive director roles with numerous ASX listed companies and was the CEO of Abra Mining until October 2021. He has worked at numerous mining companies, mining consultancy and contractors, including BHP, Newcrest, Xstrata, St Barbara Mines and AMC Consultants.
Dr. Caigen Wang founded Tietto Minerals (ASX:TIE), where he led the company as managing director for 13 years through private exploration, ASX listing, gold resource definition, project study and mine building to become one of Africa’s newest gold producers at its Abujar gold mine in Côte d’Ivoire. He holds a bachelor, masters and PhD in mining engineering. He is a fellow of AusIMM and a chartered professional engineer of Institution of Engineer, Australia. Wang has 13 years of mining academic experience in China University of Mining and Technology, Western Australia School of Mine and University of Alberta, and over 20 years of practical experience in mining engineering and mineral exploration in Australia, China and Africa. Other professional experience includes senior technical and management roles in mining houses, including St. Barbara, Sons of Gwalia, BHP Billiton, China Goldmines PLC and others.
Mark Strizek has nearly 30 years’ experience in the resource industry, having worked as a geologist on various gold, base metal and technology metal projects. He brings invaluable geological, technical and development expertise to Aurum, most recently as an executive director at Tietto Minerals’, which progressed from an IPO to gold production at the Abujar gold project in West Africa. Strizek has worked as an executive with management and board responsibilities in exploration, feasibility, finance and development-ready assets across Australia, West Africa, Asia and Europe.