Gold Recently Posted Its Biggest Weekly Gain Since The Start Of 2021

Palm Beach, FL – May 11, 2021-  The Pandemic has not just harmed humans, it has shred economies around the world, but as each country tries to heal their economy there are unintended results. For instance, in the US, high inflation as a result of large government initiatives… drives the price of precious metals up and up. A December article by metals watchers, FXEmpire said that the collapsing dollar could push gold to $2300 by May 2021. They said that: “The dollar is in the middle of a significant devaluation. The current breakdown could extend into Q2 2021 before the next rebound. We expect sharply higher precious metals prices as a result, with silver and platinum taking the lead… We are in a similar setup to the post-trendline breakdown of gold in 2002/2003. Consequently, (we) believe the dollar is on the verge of an accelerated decline towards 80. The weakening dollar should push gold higher into April/May 2021 before the next 6-month cycle correction.”  Another industry insider, Kitco.com said: “Gold is looking to post its biggest weekly gain since the start of the year as prices crack through $1,800 and set sights on $1,850 an ounce. Analysts are not even ruling out $1,900 for next week, as they cite inflation fears and weaker U.S. dollar. At one point, gold was up more than $70 on the week on Friday, trading above $1,840 an ounce. This strength comes after more than two months of consolidation below the $1,800 level. The final push higher came as the U.S. posted much weaker-than-expected employment data. The U.S. saw only 266,000 jobs created in April. And even though that the number is still healthy, markets were expecting to see one million jobs. The disappointment was doubled when the March figures were revised from 916,000 to 770,000.”     Active mining stocks mentioned in today’s commentary include:  Ridgestone Mining Inc. (OTCQB: RIGMF) (TSX-V: RMI), Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX), YAMANA GOLD INC. (NYSE:AUY) (TSX:YRI), Kirkland Lake Gold Ltd. (NYSE:KL) (TSX:KL), Gold Fields Limited (NYSE: GFI).

 

The Kitco.com article continued: “What we’ve seen is a very significant disappointment. The economy is counting to recover, but it looks like the speed of the recovery, at least on the employment side, may not be as robust as people have hoped for,” TD Securities head of global strategy Bart Melek told Kitco News.  This has significant implications when it comes to monetary policy expectations. “That means the Fed will stay true to its words that they will keep the easy monetary policy until they reach maximum employment. It looks like the U.S. is going to have unemployment issues for a while,” Melek pointed out.”

 

Ridgestone Mining Inc. (TSX-V: RMI) (OTCQB: RIGMF) (FSE: 4U5) BREAKING NEWSRIDGESTONE RELEASES MAIDEN MINERAL RESOURCE ESTIMATE AT GUADALUPE Y CALVO, MEXICO  Ridgestone Mining (“Ridgestone”) is pleased to announce a maiden National Instrument 43-101 (NI 43-101) Mineral Resource Estimate for it’s Guadalupe y Calvo (“GyC”) gold-silver project in Chihuahua, Mexico. The maiden mineral resource was estimated for two principal mineralized structures, the Rosario and Nankin veins, captured within a combined pit-constrained and underground mineral resource model. Mineralization at GyC remains open for expansion both along strike and down-dip at depth. The GyC project is comprised of 20 square kilometres. Ridgestone entered into an option agreement with Endeavour Silver in December 2020 to acquire a 100% interest in the property.

 

Highlights:

  • Indicated Mineral Resource: 356,000 ounces of gold-equivalent at an average grade of 72 g/t AuEq
  • Inferred Mineral Resource: 460,000 ounces of gold-equivalent at an average grade of 65 g/t AuEq

 

* Mineral Resource Estimate for a combined pit constrained and underground scenario at a cut-off grade of 0.27 g/t AuEq in-pit and 1.33 g/t AuEq underground

 

“We are very pleased with this significant initial mineral resource estimate” commented Jonathan George, CEO “which is a material milestone for any junior exploration company and provides a solid foundation as we move forward to expand the resource both along strike and at depth. We are currently finalizing plans for an upcoming drill program which is planned for this fall after the rainy season. We believe this year will be an exciting and transformational year for the Company as we continue to concurrently advance our Rebeico copper-gold project in conjunction with our GyC gold-silver project.”

 

The estimate was completed by Marc Jutras, P.Eng., M.A.Sc. of Ginto Consulting Inc. and complies with National Instrument 43-101 (“NI 43-101”) and guidelines developed in 2014 by the Canadian Institute of Mining and Metallurgy (“CIM”). Mr. Jutras is a registered professional engineer in the provinces of British Columbia, Quebec and Newfoundland and is independent of Ridgestone.  In accordance with NI 43-101 a Technical report will be filed on SEDAR within 45 days of this release.  CONTINUED….   Read this full release more news for Ridgestone Mining by visitinghttps://www.financialnewsmedia.com/news-rmi/         

 

In other mining news of note:

 

Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) recently reported its results for the first quarter of 2021, noting that with gold and copper production on plan, it was well positioned to achieve its annual guidance.  Production in the latter half of the year is expected to be higher than the first, mainly due to mine sequencing at Nevada Gold Mines, the commissioning of the new leach pad facility at Veladero in Argentina, the ramp-up of underground mining at Bulyanhulu and higher anticipated grades at Lumwana in Zambia.

 

Barrick’s Tier One gold mines all delivered strong financial performances in Q1 while revenue from its copper mines rose by 31% due to higher copper prices. Net cash increased by $0.5 billion despite an advanced tax payment to the state of Nevada on the back of operating cash flow of $1.3 billion and free cash flow of $0.8 billion.

 

YAMANA GOLD INC. (NYSE:AUY) (TSX:YRI) recently reported its financial and operational results for the first quarter of 2021.

 

Financial Results – Strong Earnings and Cash Flows Further Strengthening Cash Balances and Balance Sheet Were: Net earnings of $54.7 million or $0.06 per share basic and diluted compares well to net earnings of $45.0 million or $0.05 per share basic and diluted a year earlier; Adjusted net earnings were $67.2 million or $0.07 per share basic and diluted compared to adjusted net earnings of $47.2 million or $0.05 per share basic and diluted a year earlier; Cash flows from operating activities were $160.2 million and net free cash flow was $123.5 million, in line or above the averages of the preceding three quarters, further demonstrating the strength and resilience of the cash flow generation capacity of the Company; Cash flows from operating activities before net change in working capital were $183.4 million, and free cash flow before dividends and debt repayments was $76.0 million; As at March 31, 2021, the Company had cash and cash equivalents of $678.1 million, and available credit of $750.0 million, for total available liquidity of approximately $1.4 billion. Cash balances include $222.8 million available for utilization by the MARA Project. The remainder of cash and cash equivalents of $455.3 million, along with further liquidity and incoming cash flows, is more than sufficient to fully manage the Company’s business and available for the Company’s capital allocation objectives; and the Company’s quarterly dividend rate of $0.02625 per share (annual $0.105 per share) is 110% higher than the same quarter in 2020 and 425% than the same quarter in 2019.

 

Kirkland Lake Gold Ltd. (NYSE:KL) (TSX:KL) recently announced results from 38 holes and two wedge holes (23,911 m) of drilling along the Detour Mine Trend (“DMT”) at the Detour Lake property. The new holes being reported are the fifth batch of results from the recently announced 270,000 m exploration program, which the Company is targeting for completion by the end of 2021. The program is being completed to collect information for an updated, and potentially expanded, Mineral Reserve and to support the completion of a new production plan, expected to be released in early 2022. Most of the new holes announced today are from drilling in the Saddle Zone, located between the existing Main Pit and planned West Pit locations, which has been underexplored and has no Mineral Reserves and only limited Mineral Resources. Several new holes are also being announced from the area west of the West Pit Mineral Reserves, which also contains limited past drilling.

 

Gold Fields Limited (NYSE: GFI) recently published its Integrated Annual Report 2020 (IAR) and a number of associated reports on its website.  These are the statutory Annual Financial Report 2020 (AFR), including the Governance Report, containing the audited consolidated financial statements for the year ended 31 December 2020, the Notice to Shareholders of the Annual General Meeting (AGM) and the 2020 Mineral Resources and Mineral Reserves Supplement. The relevant documents will also be posted to shareholders over the next few days.

 

These audited results contain no modifications to the reviewed financial results published on the Stock Exchange News Service on 18 February 2020.  The IAR and the AFR incorporate all aspects of the Group’s business, including reviews of the South African, West African, Australian and South American operations, the Group’s project activities, as well as detailed financial, operational and sustainable development information.

 

DISCLAIMER:  FN Media Group LLC (FNM), which owns and operates Financialnewsmedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels.  FNM is NOT affiliated in any manner with any company mentioned herein.  FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security.  FNM’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities.  The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material.  All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks.  All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release.  FNM is not liable for any investment decisions by its readers or subscribers.  Investors are cautioned that they may lose all or a portion of their investment when investing in stocks.  For current services performed FNM was compensated forty five hundred dollars for news coverage of the current press releases issued by Ridgestone Mining Inc. by a non affiliated third party.  FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

 

This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

 

Contact Information:

Media Contact email: editor@financialnewsmedia.com – +1(561)325-8757

 

SOURCE Financialnewsmedia.com

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.