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Gold price rally reaches new high

Gold advanced to a fresh record high on Wednesday – pushing towards the $2,050/oz mark after breaking through $2,000/oz on Tuesday on the back of a weakening dollar, falling US Treasury yields and expectations of more stimulus measures for the pandemic-ravaged global economy.

Spot gold rose 1.3% to $2,045.32/oz as of 11:20 a.m. EDT, after reaching an intraday high of $2,055.48/oz earlier in the session. Gold futures were up 1.4% to $2,049.50/oz

Gold price set for best month in eight years

Gold prices edged higher on Friday as the worsening covid-19 pandemic continues to stifle the global economy.

Spot gold rose 11% for the month of July, heading for its biggest monthly gain in over eight years, driven by a declining US dollar and real yields. By 11:15 a.m. EDT, the spot price was up 1.0% to $1,974.40 per ounce, near an all-time high.

Concerns have also been raised about the dollar’s status as the world’s reserve currency of choice as it gets closer to its biggest monthly drop in almost a decade.

Newmont tops profit estimates on gold price surge

Newmont (NYSE: NEM, TSX: NGT) said on Wednesday that higher gold prices helped generate significant free cash flow in the second quarter.

The world’s largest gold miner’s adjusted net income for the June quarter was $261-million, or $0.32 per diluted share, compared with $92-million, or $0.12 per diluted share, in the prior-year quarter. The results topped analysts’ estimates of $0.31 per share.

Newmont reported $984 million in adjusted EBITDA and $388 million in free cash flow.

Novagold sues J Capital Research for defamation

Novagold (NYSE, TSX: NG) announced on Tuesday that it had served short-seller J Capital Research USA (JCAP) with a civil action lawsuit for defamation in the United States District Court for the Eastern District of New York.

Novagold and Barrick have reopened the Donlin camp last month following a two-month due to the covid-19 pandemic

The company alleged that on May 28, JCAP issued a “report” on Novagold that contained false and misleading statements as part of what the company believes to be a “short and distort” attack.

Market Update: Gold Hits $1800 – What’s Next?

As we committed to last week, this week’s video focuses on the precious metals and the exceptional performance gold is exhibiting right now after many years of disappointing returns.
Year-to-Date, it’s hard to find an asset class that has performed better than gold and gold mining stocks:

And the reasons for owning gold just keep getting stronger and stronger. As this week’s expert guest Jeff Clark, Senior Precious Metals Analyst at

Egypt says $1.8 billion gold deposit found

Egypt’s Ministry of Petroleum and Mineral Resources revealed on Tuesday the discovery of a gold deposit with estimated resources of 1 million ounces, worth about $1.8 billion at today’s prices.

The asset was found in the mineral-rich Eastern Desert, on a mining concession run by state-owned Shalateen Mining Company, Ahram Online reports.

The government did not provide details on the methodology used to determine the deposit’s size.

It did note it expected more than $1 billion in investments related to the development of the deposit over the next 10 years.

Harmony Gold raises $200m to buy AngloGold assets

Harmony Gold (JSE: HAR) (NYSE: HMY) said on Thursday it had raised $200 million from a planned shares placement to partly fund its acquisition of rival AngloGold Ashanti’s (NYSE: AU) (JSE: ANG) assets in South Africa.

The Randfontein-based gold producer issued more than 60 million new ordinary shares at a price of 57.50 rand apiece on Wednesday. Harmony said it represented roughly 11% of its issued ordinary share capital before the placing.

Gold price nears $1,800 on ETF frenzy

The rally in the gold price gained fresh momentum on Tuesday as investors piled into physically-backed gold ETFs to secure hard assets amid expectations of continued global ultra-low or negative interest rates and currency debasement.

Gold for delivery in August, the most active contract on the Comex market in New York, touched a high of $1,786.10 an ounce, the highest since October 2012 and up 17% so far this year.

The last time gold traded above $1,800 an ounce was September 2011, but it ended that year at $1,565 an ounce.

Gold price back above $1,700 before Fed meetings

Gold price continued to climb on Tuesday, surpassing $1,700 an ounce once again, as investors grow hopeful of further monetary policy action from the US Federal Reserve this week.

Spot gold climbed 1.0% to $1,716.73 per ounce by 11:00 a.m. EST, while US gold futures gained 1.2% to $1,719.20 per ounce in New York.

Meanwhile, momentum stalled in risk assets on Tuesday with both European stocks and US futures dropping, while the US dollar strengthened for the first time in nine sessions ahead of the Fed’s two-day gathering.

PNG threatens Barrick over alleged gold export attempt

Papua New Guinea (PNG) has threatened Barrick Gold with criminal proceedings against it, claiming the company’s joint venture in the country was planning to illegally export $13 million in silver and gold to Australia.

The country’s mining regulator said that Barrick Niugini Limited (BNL) asked earlier this week for clearance to ship precious metals to the Perth Mint.

The move, the Mineral Resources Authority (MRA) said, is considered illegal given that BNL is not allowed to process or ship gold since the government’s refused to extend its mining lease for the Porgera mine almost two months ago.