Gold Trades Higher as Fed Left Interest Rates Unchanged - iCrowdNewswire
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Nov 3, 2017 2:30 PM ET

Gold Trades Higher as Fed Left Interest Rates Unchanged

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iCrowdNewswire - Nov 3, 2017



Gold price traded higher on Thursday as the Federal Reserve kept interest rates unchanged at the FOMC meeting. Gold Spot rose 0.23 percent to $1,277.64 per ounce during the Thursday trading session. While U.S. Gold future for December delivery was up 0.04 percent to $1,277.80 per ounce. On Thursday, Federal Reserve board member Jerome Powell was named to lead the Federal Reserve. His monetary policy may affect the price of gold. Gold is highly sensitive to the changes in U.S. interest rates as a higher rate will increase the opportunity cost of holding non-yielding bullion. Capital Economics analyst Simona Gambarini said in a CNBC report: “Coming closer to the end of the year and two FOMC meetings in a month and half, which could determine the direction of monetary policy, is what has been keeping gold range bound.” Lucky Minerals, Inc. (OTC: LKMNF), Eldorado Gold Corporation (NYSE: EGO), Gold Standard Ventures Corp. (NYSE: GSV), Asanko Gold Inc (NYSE: AKG), Golden Star Resources Ltd. (NYSE: GSS).

Gold may also benefit from the tax reform in the U.S. According to an article from Kitco, Bart Melek, head of global commodity strategy at TD Securities in Toronto, said, “The tax plan being considered in Congress would inflate the nation’s budget deficit and expand the debt, and that deterioration in the nation’s fiscal standing is a recipe for higher silver and gold prices.” He believes that gold prices could advance 7% by the end of next year to hit $1360 an ounce.

Lucky Minerals, Inc. (OTCQB: LKMNF) also listed on the TSX Venture Exchange under the ticker symbol “LJ”. Announced breaking news yesterday that it has, “entered into an agreement with Clarus Securities Inc., on behalf of a syndicate of underwriters (collectively, the “Underwriters”), pursuant to which Clarus Securities has agreed to purchase, on a bought deal basis, 16,666,900 units (the “Units”) of the Company at a price of C$0.15 per Unit (the “Offering Price”) for aggregate gross proceeds to the Company of C$2,500,035 (the “Offering”). Each Unit will be comprised of one common share of the Company (a “Unit Share”) and one common share purchase warrant (each common share purchase warrant, a “Warrant”). Each Warrant will entitle the holder thereof to purchase one common share of the Company (a “Warrant Share”) at a price of C$0.20 for a period of 36 months following the Closing Date (as defined below) …

Lucky Minerals is a venture stage exploration company that is targeting a large-scale porphyry copper-gold-molybdenum system in southern Montana that could potentially host a multi-million ounce gold deposit. The company is focused on its Emigrant Creek Project, which covers a 15 square kilometer area (6 square miles) located in the core of the mineralized and intensely altered Emigrant Mining District. To date, ten highly mineralized breccia-pipes and two porphyry targets exist within the company’s property boundary. These targets have been variously explored by drilling, induced polarization geophysical surveys, rock chip sampling and geologic & alteration mapping. The company’s properties are comprised of nine patented claims and eight unpatented claims, with an additional 117 claims staked, covering a total area of approximately 1,035 hectares (2,560 acres). Lucky Minerals resumed exploration in July, 2017 and has slated numerous activities to commence over the summer and into the fall, including further diamond drilling, geophysical work, geological mapping and ongoing sampling.”

Eldorado Gold Corporation (NYSE: EGO) is a leading mid-tier gold producer with mining, development and exploration operations in Turkey, Greece, Romania, Serbia, Canada and Brazil.  On September 21st, Eldorado Gold announced that it has entered into constructive dialogue with Greece’s Ministry of Energy and Environment (“MoE”) in respect to the development of the Company’s subsidiary, Hellas Gold S.A.’s, Kassandra Mine assets in Halkidiki, Northern Greece.  The Kassandra assets, which include the Skouries and Olympias projects and the Stratoni mine, were permitted under one single Environment Impact Study (“EIS”) approved in 2011 by the Greek State.  George Burns, President and Chief Executive Officer of Eldorado concluded: “We preserve the right to place our assets on care and maintenance and to take prompt legal action to protect the Company and its assets in Greece should our dialogue with the Ministry of Energy and Environment prove unsuccessful.  At the same time, we remain confident that the arbitration process initiated last week by the Greek government will be concluded in a timely and efficient manner, for the benefit of all stakeholders.”

Gold Standard Ventures Corp. (NYSE: GSV) is an advanced stage gold exploration company focused on district scale discoveries on its Railroad-Pinion Gold Project, located within the prolific Carlin Trend. The 2014 Pinion and Dark Star gold deposit acquisitions offer Gold Standard a potential near-term development option and further consolidates the Company’s premier land package on the Carlin Trend.  On September 25th, Gold Standard announced positive metallurgical results from continuing work designed to determine the processing characteristics of the Dark Star oxide gold deposit, on its 100%-owned/controlled Railroad Project in Nevada’s Carlin Trend.  Jonathan Awde, CEO and Director of Gold Standard commented: “This is an important further step in determining the economic potential of the high grade near surface Dark Star gold deposit. Not only are the initial recoveries very encouraging but also the amount of preparatory grinding and reagent consumption required appear to be very manageable. Our ongoing aim is to complete a PEA this year that confirms our belief that the Dark Star deposit can become a low cost gold producer.”

Asanko Gold Inc (NYSE: AKG) announced recently that has acquired ownership of the Miradani Mining Lease, which is adjacent to the Asanko Gold Mine (“AGM”) in GhanaWest Africa (see Figure 1) from AngloGold Ashanti. Acquisition costs of the Miradani Project, which bear standard Government of Ghana royalty interests, are not disclosed and are not material. Three significant initial target areas along the main structural trend, Miradani, Central, and Tontokrom, have been identified. A phased drilling campaign is expected to commence in Q4 2017, with a view to completing a maiden Mineral Resource Estimate in H2 2018. Peter Breese, President and CEO, said “The Miradani Project is a very exciting exploration project with huge potential to increase our resource base and contribute to our future growth. Located next to our current operation and within trucking distance, the Miradani Project 2 comes with the advantage of being on an existing mining lease, which means that we will be able to accelerate the development timeline from resource delineation to production. Historic trenching indicates there are at least three main zones of mineralization across the project area and the extensive artisanal workings confirm gold is present. We have identified three drill ready targets which we will start to drill in the coming quarter and we look forward to updating the market further during H1 2018.”

Golden Star Resources Ltd. (NYSE: GSS) is an established gold mining company that owns and operates the Wassa and Prestea mines situated on the prolific Ashanti Gold Belt in Ghana, West Africa. Earlier in September the company announced the first four results from the 2017 extension drilling program at its Prestea Underground Gold Mine (“Prestea Underground”) in Ghana. The Company also announces seven results from the 2017 in-fill drilling program. Sam Coetzer, President and Chief Executive Officer of Golden Star, commented: “We believe that Prestea Underground is one of the highest grade gold development projects in West Africa1.  These initial results from our extension drilling program indicate that the West Reef extends to the north of the existing Mineral Reserves, representing the potential to increase the annual production rate in the near term.  The in-fill drilling results have also further increased our confidence in the grade, thickness and continuity of the currently defined West Reef Mineral Reserve.  I look forward to releasing further extension drilling results during the fourth quarter of 2017 and gaining a stronger understanding of Prestea Underground’s longer term potential as the drilling program increases momentum in early 2018.”

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