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Nordgold matches Shandong Gold’s offer for Cardinal in takeover battle

A long-running battle between Nordgold (LON: NORD) and China’s Shandong Gold over Cardinal Resources (ASX: CDV) took a fresh turn on Wednesday, after the Russian gold miner matched Shandong’ s latest bid of A$1 per share.

Both suitors have been locked in a back-and-forth contest for the Australian miner — which owns the 5.1 million-ounce Namdini gold project in Ghana — since Nordgold put forward a 45.7 Australian cents-a-share bid in March this year.

Kinross Gold mulling sale of Americas mines

Canadian miner Kinross Gold (TSX: K) (NYSE: KGC) is said to be studying a sale of its gold mines in North and South America and moving its primary stock listing to London in a move to increase the company’s value.

The Toronto-based gold producer is also considering doubling down on its portfolio of assets in Russia and West Africa, The Globe and Mail reported citing three unnamed sources familiar with the matter.

Gold, silver prices on track to long-term uptrend – report

Despite a more tempered performance from precious metals during the third quarter of 2020, gold and silver prices still demonstrated gains and outperformed initial expectations from analysts at Haywood Research.

During the quarter, gold prices averaged $1,911/oz, which was above the firm’s forecasted gold price of $1,800/oz and 11% higher than the second quarter average of $1,714/oz. Silver averaged $24.35/oz, again above the forecast of $18.00/oz and 49% higher than the second-quarter average of $16.38/oz.

Gold price jumps on US stimulus hopes

Gold prices advanced and stood firm past the $1,900 mark on Thursday, boosted by an easing dollar and increased investor confidence that there will be further US fiscal stimulus measures to aid the economy.

Spot gold jumped 1.1% to $1,907.89 per ounce by 12:20 p.m. EDT, having ended September 4.3% lower — its biggest monthly decline since November 2016. US gold futures were 1.0% higher, trading at $1,914.50 per ounce in New York.

Gold price set for first monthly decline since March

Gold prices edged higher on Monday as the US dollar weakened, although record-high equities capped bullion’s gains and set it for its first monthly decline since March.

Spot gold advanced 0.4% to $1,971.90 per ounce by 12:10 p.m. EDT after touching a two-week high of $1,976.05 earlier in the session. US gold futures inched up 0.2% to $1,980.20 per ounce on the Comex in New York.

For the month of August, the precious metal was down 0.2% despite rallying to an all-time high of $2,072.90 during the earlier part of the period.

Gold price rebounds on Fed’s new inflation policy

Gold prices rebounded on Friday from Thursday’s drop as the US dollar sank with investors weighing the impact of the US Federal Reserve’s new approach to setting monetary policy.

Spot gold advanced 1.8% to $1,964.89 per ounce by 11:20 a.m. EDT, heading for its first weekly gain since early August. US gold futures were 2.2% higher, trading at $1,975.50 per ounce in New York.

Comments from Federal Reserve Chair Jerome Powell sent bullion on a roller-coaster ride in the previous session — with prices seesawing between a 1% gain and a 2% decline — after he signaled the central bank will stay accommodative for longer, with a more tolerant approach on inflation.

Paulson bolsters position in Midas Gold

New York investment management firm Paulson & Co. is significantly bolstering its shareholding in Midas Gold (TSX: MAX), which is currently focused on redeveloping the former Stibnite gold, silver, antimony and tungsten mine in Valley County, Idaho.

In a Wednesday press release, the Vancouver-based miner announced that Paulson, on behalf of the several investment funds and accounts managed by the firm, will exercise the conversion feature on the C$82.1 million in convertible notes held by Paulson for a total of 199.69 million common shares of Midas Gold.

105-YEAR CHART: Gold price vs stocks shows metal still cheap

On Wednesday the gold price regained some of its footing after the unceremonious $100 plunge to below $2,000 an ounce yesterday. Gold for December delivery closed at $1,926 an ounce in New York after falling as low as $1,874 earlier in the day.

Action on financial markets shifted to US stocks with the S&P500 briefly trading above its all-time closing high of 3,386 set in February. The Dow Jones ended at 27,976, back to within shouting distance of its peak, also reached in February.

Shandong Gold calls Canada to approve Arctic mine buy

Shandong Gold Mining, one of China’s top bullion miners, said its acquisition of a Canadian junior that owns the massive Hope Bay property in Nunavut should be approved for economic reasons.

The Chinese state-controlled miner signed in May a $149 million-deal to buy struggling TMAC Resources (TSX: TMR). The company, which went public in 2015, had seen its shares fall from a peak of C$10.77 in 2018 to C$1.68 the day before Shandong’s bid and to C$1.49 on Thursday.

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.