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GC=F - Gold Aug 19

COMEX - COMEX Delayed price. Currency in USD

1,444.00

+15.90 (+1.11%)

As of 12:05AM EDT. Market open.

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Pre. Settlement	N/A
Settlement date	2019-08-28
Open	1,448.30
Bid	1,443.90

Last price	1,428.10
Day's range	1,440.00 - 1,454.40
Volume	79,193
Ask	1,444.00

Bloomberg10 hours ago
Eurasian Resources Weighs Sale of Congo Mining Assets
(Bloomberg) -- Eurasian Resources Group Sarl, the mining firm backed by the Kazakhstan government, is exploring options for assets in the Democratic Republic of Congo including a potential sale, according to people with knowledge of the matter.China Nonferrous Metal Mining (Group) Co. is among companies interested in the assets, the people said, asking not to be identified as the information is private. Deliberations are at an early stage, and ERG could decide against a sale, they said.Bidders could value the company’s assets at $3 billion to $4 billion while the seller may be seeking $7 billion to $8 billion, the people said. Valuing the assets is difficult because of political risks in the region and volatile metal prices, among other reasons, they said.A representative for ERG declined to comment. China Nonferrous couldn’t be reached for comment.ERG, which mines copper and cobalt in DRC, has been reviewing its investments and has already sold assets valued at about $1 billion, according to its website. The company is a major producer of cobalt, a material used in rechargeable batteries powering iPhones and Tesla cars, though it’s had to grapple with a supply glut and declining prices. Congo produced 72% of the world’s supply of cobalt last year.Read more about cobalt mining in the DRC here.The firm is also developing large-scale investment projects in Central Asia and Africa with the Chinese government as part of the New Silk Road initiative, according to its website.China Nonferrous operates in more than 80 countries and regions globally. It produces so-called nonferrous metals, which contain little or no iron, such as copper, lead and gold. The company also invests in mining projects in Zambia, Mongolia, Myanmar, Thailand and DRC, according to its website.\--With assistance from William Clowes and Elena Mazneva.To contact the reporters on this story: Carol Zhong in Hong Kong at yzhong71@bloomberg.net;Vinicy Chan in Hong Kong at vchan91@bloomberg.net;Dinesh Nair in London at dnair5@bloomberg.netTo contact the editors responsible for this story: Fion Li at fli59@bloomberg.net, Amy ThomsonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Coindesk17 hours ago
Bitcoin Bounce Capped by $10K Price Resistance
Bitcoin's recovery from one-month lows looks to have stalled near $10,000 and may be short lived.
Coindesk2 days ago
Lawmakers Amp Up Pressure on Facebook to Halt Libra Cryptocurrency Development
U.S. lawmakers repeatedly pressed Facebook's top blockchain exec to halt development of the Libra cryptocurrency in Tuesday's hearing.
Simply Wall St.2 days ago
Is Lena Gold-Mining Public Joint Stock Company Lenzoloto (MCX:LNZL) Investing Effectively In Its Business?
Today we are going to look at Lena Gold-Mining Public Joint Stock Company Lenzoloto (MCX:LNZL) to see whether it might...
Coindesk3 days ago
Binance Eyes Launch of Crypto Exchange in South Korea
Binance is "working with local partners" on the launch of a branch in South Korea, CEO Changpeng Zhao has reportedly said.
Coindesk4 days ago
What Trump’s Bitcoin Tweet Changes
Donald Trump took aim at bitcoin last week. He also kicked off a whole new phase in bitcoin's mainstream moment.
Coindesk4 days ago
Below $10K: Bitcoin Price Drops $1.4K in 24 Hours to Hit 2-Week Low
The cryptocurrency markets fell sharply on July 14 after bitcoin endured a $1400 sell-off, denying the bulls a chance to revisit 2019 highs.
Zacks7 days ago
The Zacks Analyst Blog Highlights: Franco-Nevada, Royal Gold, Rio Tinto, SSR and BHP
The Zacks Analyst Blog Highlights: Franco-Nevada, Royal Gold, Rio Tinto, SSR and BHP
Coindesk7 days ago
Bitcoin Could Help Stop News Censorship – from Space
An advocacy group is testing out the idea that the combination of bitcoin and orbital communication can help fight news censorship.
Coindesk7 days ago
US President Donald Trump Says He’s ‘Not a Fan’ of Bitcoin
US President Donald Trump tweeted about bitcoin and Facebook's Libra on Thursday. He's not a fan.
Coindesk8 days ago
Bitcoin’s Price Charts Point to an Impending ‘Golden Cross’
Bitcoin's three-day chart suggests that a "golden cross" is set to occur for the first time since early 2016.
Coindesk9 days ago
Winklevoss Twins’ Gemini Exchange May Join Facebook’s Libra Project
The Winklevoss twins might mend fences with Mark Zuckerberg through the Libra cryptocurrency project.
Bloomberg10 days ago
Not All Gold Bugs Wear Tinfoil Hats
(Bloomberg Opinion) -- Gold has had some reputational issues since reaching a record high in 2011. The thesis at the time was that a massive expansion of the money supply via the Federal Reserve’s quantitative easing program would spark hyper-inflation, making hard assets more attractive than financial assets. Hyper-inflation never came to pass, which helps to explain why the price of gold tumbled almost 50% over the following four years.We still don’t have very much inflation, and yet there is renewed interest in gold with prices reaching their highest since early 2013 at about $1,440 an ounce. There are a lot of reasons to like gold. One is that gold tracks fairly closely with budget deficits. The highs of 2009-2011 roughly corresponded with the large deficits that reached 10% of GDP during the Obama administration, which included the stimulus spending during the Great Recession and a sharp depreciation in the value of the dollar.This time there is a sense that the deficit problem is large and intractable. The Congressional Budget Office forecasts the deficit will more than double to 8.7% of GDP by 2049. Also, there is open discussion of things such as modern monetary theory, or MMT, which would be about the most gold-bullish development imaginable.Gold is the closest thing that we have to an objective store of value. Many disagree, saying there is nothing objective to gold’s value, since it generates no cash flows. That’s not the point. The point is that there is a finite amount of gold in the earth’s crust, there is growing evidence that we have mined most of it, and aside from traveling to an asteroid, we aren’t going to produce much more. (Full disclosure: I have positions that would profit from rally in gold and the shares of gold mining companies.)The cryptocurrency promoters argue that Bitcoin is an objective store of value, and they are somewhat right, since there can only be a certain number of coins in existence. But Bitcoin has some technical complications that gold does not, such as what happens if the power goes out? I have argued for years that tangible things you can pick up and touch are considerably more valued than lines of computer code. Time will tell.But the biggest factor affecting gold prices recently has been the proliferation of negative-yielding debt. There are about $13 trillion of negative-yielding bonds in the world, and a shiny rock that yields nothing – but, admittedly, has some storage costs - is actually high-yielding in comparison.Those who advocate the investment merits of gold are often labeled as “gold bugs,” which has become a somewhat derisive phrase, associated with conspiracy theories and tinfoil hats. But in the current political and economic environment, there are real intellectual reasons to think about gold other than hysteria over hyper-inflation due to money printing.The hysteria over inflation due to money supply growth was pretty widely accepted in 2009, including by me, but it was the fear of inflation that drove people into gold, which worked out, and put options on 30-year bonds, which didn’t. In other words, gold can move on fear. It can move on fear of deficits and it can move on fear of MMT -- even if those fears are never realized. Markets are occasionally irrational, but that doesn’t mean there aren’t opportunities to profit from the irrationality.Every bubble has two phases. There’s the first move, which is backed by lots of speculative froth and retail participation, and the second move, which is the real move and that may not happen until years later. It happened with tech, first in 1999, which eventually involved into the FAANG group of stocks: Facebook, Apple, Amazon.com, Netflix and Google. It seems to be happening in Bitcoin, as the most recent thrust higher is mostly happening without retail participation. And it is happening in gold, where a dearth of retail coin sales suggests the surge higher is more about institutional and central bank demand.People tend to invest in what they have an affinity for and what they agree with. Environmentalists and animal rights folks invested in Beyond Meat. Cannabis “enthusiasts” invested in cannabis stocks. Conservatives like gold. We should all like to invest in things that go up, no matter what they are.To contact the author of this story: Jared Dillian at j.dillian@bloomberg.netTo contact the editor responsible for this story: Robert Burgess at bburgess@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Jared Dillian is the editor and publisher of The Daily Dirtnap, investment strategist at Mauldin Economics, and the author of "Street Freak" and "All the Evil of This World." He may have a stake in the areas he writes about.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Simply Wall St.11 days ago
If You Had Bought Sabina Gold & Silver (TSE:SBB) Stock Five Years Ago, You Could Pocket A 58% Gain Today
When we invest, we're generally looking for stocks that outperform the market average. And while active stock picking...
Financial Times11 days ago
Acacia announces production increase ahead of bid deadline
Ahead of Tuesday’s bidding deadline, Acacia Mining has announced a big increase in production thanks to a strong performance at its flagship asset in Tanzania. The London-listed miner said output rose 51 per cent to almost 159,000 ounces of gold in the three months to June, up from 105,000, boosted by a record breaking performance from its North Mara mine. It churned out 119,000 ounces of gold in the quarter and set a monthly production record of nearly 48,000 ounces in June.
Market Realist11 days ago
Why Mobius Says Investors Should Allocate at Least 10% to Gold
Gold prices have seen a change in fortunes over the last month or so.
Motley Fool12 days ago
Why Shares of Alamos Gold Have Jumped 68% So Far in 2019
While the uptick in the price of gold has helped this miner, plenty of other reasons help account for the stock's ascent.
FX Empire12 days ago
U.S Mortgage Rates – Rates Steadied Ahead of the June NFP Numbers
The G20 Summit provided the upside for yields in the week, in spite of weak stats out of the U.S. NFP numbers could give rates another boost this week.
Bloomberg14 days ago
Barrick Prepares to Start Sale of Massawa Gold Project
(Bloomberg) -- Barrick Gold Corp. is working with advisers to find a buyer for its Massawa gold project in Senegal, which it acquired as part of its purchase of Randgold Resources Ltd., people familiar with the matter said.The asset could fetch a value of about $500 million, the people said, asking not to be identified because the deliberations are private. The company aims to kick off a formal sale process shortly for part or all of its stake, the people said.Barrick is targeting $1.5 billion in asset sales through 2020 following the company’s $5.4 billion takeover of Randgold completed in January. The gold mining industry is consolidating quickly, and the biggest producers have been selling off smaller, unwanted assets as they merge.Acquisitions of gold miners are up nearly sixfold over the last 12 months to about $27 billion, according to data compiled by Bloomberg. No final decisions have been made, and there’s no certainty the deliberations will lead to a sale of the Massawa project, the people said.A spokeswoman for Barrick declined to comment.Barrick owns about 83% of the Massawa project, according to its website. The asset is located in eastern Senegal, about 700 kilometers (435 miles) southeast of the capital city of Dakar.Massawa is an an example of a project where Barrick could sell part of its stake to another miner operating nearby, Chief Executive Officer Mark Bristow said in a May interview. Other companies in the area include Toronto-listed Teranga Gold Corp. and closely held Toro Gold Ltd., Bristow said.Barrick walked away from a nearly $18 billion bid for Newmont Mining Corp. earlier this year, opting instead for a joint venture around the two companies’ Nevada mining assets. Newmont in April agreed to buy Goldcorp Inc. in a deal valued at $10 billion, becoming Newmont Goldcorp Corp. in the largest takeover of its kind.\--With assistance from Danielle Bochove and Doug Alexander.To contact the reporter on this story: Dinesh Nair in London at dnair5@bloomberg.netTo contact the editors responsible for this story: Aaron Kirchfeld at akirchfeld@bloomberg.net, Amy Thomson, Ben ScentFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
FX Empire14 days ago
Gold Focus on NFP; Ready to Close Seventh Positive Week in a Row
The metal is consolidating levels between 1,410 and 1,425 as the unit remains slightly bullish, but a firm dollar is holding the metal at current levels. All focuses are now in the employment report.
Simply Wall St.14 days ago
Highland Gold Mining Limited (LON:HGM) Insiders Increased Their Holdings
It is not uncommon to see companies perform well in the years after insiders buy shares. Unfortunately, there are also...
Bloomberg15 days ago
Gold Bull Mobius Says Every Portfolio Needs at Least 10%
(Bloomberg) -- Veteran investor Mark Mobius says that gold’s set to push higher, potentially topping $1,500 an ounce, as interest rates head lower, central banks extend purchases, and uncertainty surrounding geopolitics and cryptocurrencies fans demand.“I love gold,” Mobius, who set up Mobius Capital Partners LLP last year after three decades at Franklin Templeton Investments, said in an interview in Singapore, adding bullion should always form part of a portfolio, with a holding of at least 10%. “As these interest rates come down, where do you go?”Gold has rallied in 2019, rising to the highest level in six years, as investors contemplate slowing economic growth, prospects for easier monetary policy in the U.S. and Europe and festering trade frictions. The upswing has been given added momentum as central banks, including authorities in Russia and China, step up purchases. A revival in cryptocurrencies may lead to spillover demand from investors for the older haven, according to Mobius.“Interest rates are going so low, particularly now in Europe,” he said. “What’s the sense of holding euro when you get a negative rate? You might as well put it into gold, because gold is a much better currency.”Spot gold -- which hit $1,439.21 an ounce on June 25, the highest since 2013 -- traded at $1,413.50 on Thursday. It’s up 10% this year after the Federal Reserve signaled a willingness to cut rates and other central banks considered fresh stimulus. It last topped $1,500 in April 2013.Mobius isn’t the only high-profile gold fan as prices climb. Billionaire trader Paul Tudor Jones has listed the metal as his favorite pick over the next 12-to-24 months, saying that prices could move to $1,700 once they breach $1,400. BlackRock Inc. said last month it expects bullion to end the year higher.(Updates with outlooks from Tudor Jones, BlackRock in final paragraph.)To contact the reporter on this story: Ranjeetha Pakiam in Singapore at rpakiam@bloomberg.netTo contact the editors responsible for this story: Phoebe Sedgman at psedgman2@bloomberg.net, Jake Lloyd-Smith, Keith GosmanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Coindesk16 days ago
Third Defendant Pleads Guilty in Fake ID-for-Bitcoin Case
A fake ID ring operated between June 2013 and February 2018 and may have netted over $4.7 million in bitcoin.
Coindesk16 days ago
Bitcoin Rallies $2K in 24 Hours But Price Hurdles Remain Intact
Bitcoin has risen sharply in the last 24 hours, but a key price hurdle must still be passed to confirm a bull revival.