Mar 29, 2024
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Kirill Klip. TNR Gold. Junior Mining. Lithium. REE. Gold. Copper. Mining. Electric Cars. Batteries. Green. Tesla. Solar. Wind. Renewables.
Gold Rallies, FOMC Decision Not A Surprise
The Federal Reserve and Bank of Japan monetary policy decision a day earlier sent the SPDR Gold Trust (ETF) (NYSEARCA:GLD) and corresponding gold prices to nearly two-year highs. Investors took flight to haven assets after the Fed dashed hopes of an early rate hike citing economic hurdles.
Fed and BoJ restart a rally in gold
During European hours, gold futures for August delivery skyrocketed to $1,311.80, up 1.82%, their highest levela since August 2014. The Fed held to projections of two rate hikes for this year but revealed that at least six members see only one rate hike. HSBC analyst James Steel said that Federal Open Market Committee decision and the dovish tone is bullish for the yellow metal in the near term. However, there will be no long-term impact as the decision comes as no surprise to markets, he added.
Meanwhile, the Bank of Japan also left policy rates unchanged even as deflationary pressures continue to disturb the Japanese economy. The Bank of Japan’s decision boosted the yen, which raced up to 103.96 against the dollar while negatively impacting equities.
Gold mining stocks shine
A sharp rise in gold prices has been the key reason for the jump in gold stocks, particularly that of gold mining companies. McEwen Mining Inc (NYSE:MUX) got particular attention following the FOMC announcement. Analysts at The Street have assigned a “hold” rating to the stock.
Apart from this, Seabridge Gold, Inc. (NYSE:SA) informed investors that SnipGold Corporation’s shareholders have approved the statutory arrangement between the two companies. Approval has not paved the way for the company to acquire common shares of SnipGold.
Timmins Gold Corp (NYSEMKT:TGD) released a press release notifying that it has repaid a $10.22 million credit facility to both Goldcorp Inc. (NYSE:GG) and Sprott Resource Lending Partnership. The settlement of debt now places the company in a stronger financial position, said Timmins’ interim CEO, Mark Backens.
Gold Rallies, FOMC Decision Not A Surprise was originally published on Market Exclusive
Tras millonario robo en México se "descubren" cobros de cárteles a mineras
Tras millonario robo en México se “descubren” cobros de cárteles a mineras
Tras el robo de 8.4 millones de dólares en oro y las declaraciones de un empresario canadiense sobre los cobros para operar, autoridades de Sinaloa prometen proteger a las empresas
Ciudad de México.– El Gobernador de Sinaloa Mario López Valdez reiteró que se dará con los responsables del robo a la mina El Gallo 1 de la empresa McEwen Mining, y se mostró desconcertado ante las declaraciones…
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