Gold on Friday plunged more than $30 an ounce after a better-than-expected US jobs report saw the dollar soar to multi-year highs.
In heavy trade of more than 20m ounces in New York, gold for delivery in April fell $32.33 an ounce or 2.7% from Thursday’s close hitting a low of $1,163.87 an ounce during one of the worst trading days in a year.
Gold is now at the lowest price since mid-November and more than $140 below its 2015 high struck January 22… Read Full Article
It’s the dirty little secret your stock broker doesn’t want you to know.
You won’t hear this from many analysts on Bay Street. You certainly won’t hear this from executives in Vancouver.
But I have been saying it for a long time—mining is a terrible business and most investors are being taken for a ride.
Read this before you buy another gold stock
There’s a big business in selling you gold shares…. Read Full Article
Gold on Friday dropped more than 2% after a stronger than expected jobs report in the US rekindled fears that interest rates in the world’s largest economy may rise sooner than thought… Read Full Article
Gold on Thursday plunged more than $30 an ounce as eurozone troubles fade from headlines and the focus shifts to US fundamentals, the rampant dollar and a likely June rise in interest rates.
In heavy trade of more than 22m ounces by lunchtime in New York, gold for delivery in April fell over $35 an ounce or 2.8% from Wednesday’s close hitting a low of $1,251.84 an ounce – the lowest in two weeks and the worst trading day in more than a year.
The metal is still trading up nearly $70 or almost 5.5% in 2015, but is down sharply from an intra-day high of $1,307 hit last week.
Gold’s gains this year have been ascribed to safe haven buying amid currency turmoil, a slowing global economy, the continuing fallout of the collapse in oil prices and a crisis in the Eurozone.
But with the first hike in more than six year likely at the Fed’s June meeting raising the opportunity costs of holding gold because the metal provides no yield, gold traders refocused their attention on fundamental factors… Read Full Article
With a rich and largely unexplored wealth of natural resources, Canada provides mining companies with lots of business opportunity. But for investors, the field of Canadian mining is more of a minefield — a place that poses serious financial dangers to the unwary. Although Canada has numerous legitimate mining companies trading on various stock exchanges, the quest for the next ridiculously underpriced “penny stock” remains a strong temptation, even for those experienced in stock scams and investment fraud… Read Full Article
Goldman Sachs analysts believe that gold prices will average $1,089 for 2016 and $1,050 for 2017. The bank cited low inflation and higher interest rates in the US as the key consideration behind the downward revision in gold price forecasts. They believe the impact of low prices will be visible later this year… Read Full Article
WILLCOX — Commonwealth Silver and Gold Mining Inc. and Delta Gold Corporation have come to a parting of the ways, after signing a merger agreement earlier last year.
Hall Stewart of Commonwealth Silver and Gold Mining, Inc.
A group opposed to the project, known as “The CommonwealthMine.org Team,” posted Delta Gold’s Dec. 30 press release on its Web site, saying, “It’s official, we went by the Commonwealth Mine in Pearce, Ariz., today and confirmed that they are packing up operations and the ending of the story gets better . . .”
Clicking on the “read more” option leads to the press release.
Contacted Friday, Hall Stewart, vice president of exploration and director of Commonwealth Silver, said, “The Delta Gold deal is terminated. It is premature to say that the Commonwealth Project is finished.”
A statement issued Dec. 30 by Delta Gold said that the two have mutually agreed to terminate their binding agreement for the proposed business combination.
Effective immediately, Delta Gold and Commonwealth Silver, a privately-held company incorporated under the federal laws of Canada, agreed to mutually release one another and terminate their June 6, 2014, agreement, the statement said.
Subsequent amendments to the agreement, with respect to a proposed business combination (referred to as the “transaction”), would have resulted in a reverse takeover of Delta Gold by Commonwealth Silver.
The transaction was subject to a number of conditions and approvals — including approval by the respective shareholders of Delta Gold and Commonwealth Silver, court approval, “and the parties satisfying the conditions of the TSX Venture Exchange,” which included completion of a concurrent minimum equity financing on acceptable terms.
Delta Gold’s Dec. 30 statement said both parties concluded the required approvals and conditions could not be met to successfully complete the transaction by the Jan. 30 deadline.
As part of the transaction, Delta Gold advanced about $1 million to Commonwealth Silver, against a promissory note secured by a share pledge of Commonwealth Silver’s wholly owned Arizona incorporated subsidiary, which holds the mineral claim and options to the Commonwealth Project.
The promissory note remains outstanding, the Dec. 30 statement said.
In a July 22, 2014, presentation at the Sunsites Community Center, Stewart had talked about his company’s plans for the Commonwealth Project.
He described the project as “an advanced exploration development project located at Pearce Hill, where the deposits were mined for high-grade silver and gold ores, beginning in 1895 (known as Commonwealth Mine) with commercial scale mining of the high-grade ores ending in the late 1920s.”
During the July 22 meeting, Stewart had also explained that while U.S. Mining Co. is the biggest investor, Commonwealth Silver had also signed an agreement in April to merge with Delta Gold.
Further information on Commonwealth Silver can be found at its Web site, http://www.commonwealthsilver.ca., and on Delta Gold at its Web site, http://www.deltagold.com.
Ainslee S. Wittig contributed to this article.
Why are Canadian mining companies running amok and destroying our water and environment in Arizona? Here’s a hint, Arizona is the most corrupt state in the US according to a Harvard study. Read more here
Hall Stewart of Commonwealth Silver and Gold Mining, Inc. being interviewed on the Arizona Mining Review.
It’s official, we went by the Commonwealth Mine in Pearce, Arizona today and confirmed that they are packing up operations and the ending of the story gets better… Read more
Happy New Year!
Profitability (or lack there of)
The gold mining industry is in dire need of assistance. The sector, which is recovering from one of the worst price dips in the last 30 years, is not exactly in the best of health.
According to Joe Wickwire of Fidelity Investments, almost 33 percent of all gold production is a money-losing venture if the precious metal price is lower than $1,250 oz…
Read More
CommonwealthMine.org 