Daily Archives: 08/12/2020

Gold price rebounds from biggest one-day drop since 2013

Gold prices went on a rollercoaster ride on Wednesday, sinking below the $1,900/oz mark earlier in the session before overturning those losses later.

By 11:30 a.m. EDT, spot gold rebounded from an intraday low of $1,866.40/oz and advanced 1.4% to $1,938.42/oz. US gold futures were up 0.2% to $1,950.90/oz in New York.

Gold’s headline-setting rally over recent weeks has been engulfed by volatility as investors reassess the merits of one of the hottest pandemic-driven trades of the year.

US Gold adds Idaho project to portfolio, shares up

US Gold (NASDAQ: USAU) is adding a new exploration project to its portfolio through its acquisition of Northern Panther Resource Corporation, which holds the Challis gold project in Idaho.

US Gold is currently focused on developing the advanced-stage Copper King project in Wyoming and the Keystone project in the Cortez Gold Trend of Nevada.

Under the terms of the merger agreement, US Gold has issued 581,053 restricted common shares to shareholders of Northern Panther as well as 106,894 shares of newly created preferred stock, each potentially convertible into 10 common shares of US Gold.

Peter Schiff: Make No Mistake the Fundamentals Are Still Bullish for Gold

Gold and silver got pummeled on Tuesday. The price of gold dropped more than 5%, falling far below the $2,000 level. It was the worst single-day rout in seven years. Gold continued to fall in Asian trading Wednesday morning and briefly dropped below $1,900 before clawing back later in the session. Silver also had a […]

Gold’s Wild Ride Continues as Prices Bounce Back

Gold rebounded Wednesday, extending a series of wild swings that saw the metal hit a record on Friday before plunging to below $1,900 an ounce.After surging about 30% this year, gold’s rally came to a sudden halt as U.S. bond yields rose. Bullion had been one of the best-performing commodities…