Is Weakening U.S. Currency Driving Gold Prices Higher

FinancialNewsMedia.com News Commentary

PALM BEACH,  Fla., June 29, 2021 /PRNewswire/ -- Despite its recent slowdown, many analysts still see many reasons while Gold with not only stabilize but that it will indeed continue to rise. After falling below $1200 per ounce in 2018, gold rebounded sharply over the following 12 months, and a significant bullish trend began. Its yield increased by almost 20%, whereas its quotes went up to $1,556 per ounce. The rally continued in 2020. The COVID-19 pandemic increased the popularity of the precious metal as a hedging instrument, which has led to an increase in its price.  Western investors' interest in gold led to an increase in its rate from a minimum of $1160 in the summer of 2018 to a record high of almost $2,073 per ounce. During this time, the precious metal has become one of the most attractive financial assets on the planet. This year, the economic fallout from the pandemic and negative bond yields have driven a record $60 billion in gold ETF capital growth. This is twice as much as in 2009, at the height of the financial crisis.     Active stocks in the mining markets this week include Golden Independence Mining Corp. (OTCQB: GIDMF) (CSE: IGLD), Barrick Gold Corporation (NYSE: GOLD) (TSX: ABX), Hecla Mining Company (NYSE: HL), Wheaton Precious Metals Corp. (NYSE: WPM) (TSX: WPM), Franco-Nevada Corporation (NYSE: FNV) (TSX: FNV).

The pandemic has convinced investors that gold should be part of their portfolios. The precious metal has become a leading hedge against volatility in equity markets and negative interest rates. Gold turned out to be one of the most attractive assets in 2020.  An article in LiteForex, international broker, said that: "Large investors bought gold for protection against possible deflation in some countries, which could be the result of slowing economic growth and rising inflation in other countries as governments continue to pump liquidity into the economy. For instance, the American bank JPMorgan earned about 1 billion dollars this year from trading in precious metals (mainly gold). According to the consulting company Coalition, this year, revenue from trading in precious metals from the 50 largest investment banks will double and reach a nine-year high of $2.5 billion.  Even Warren Buffett changed his mind about gold. Previously, he considered precious metals a useless asset. This year, his Berkshire Hathaway Inc acquired 20.9 million shares of one of the world's largest gold mining companies - Barrick Gold Corp. (Canada)."

Golden Independence Mining Corp. (CSE: IGLD.CN) (OTCQB:GIDMF)  BREAKING NEWS:  GOLDEN INDEPENDENCE FILES NI 43-101 TECHNICAL REPORT ON SEDAR   -  Golden Independence or (the "Company") is pleased to announce the filing of a National Instrument 43-101 technical report on SEDAR supporting the May 19, 2021 release of a maiden Mineral Resource Estimate ("MRE") for the Company's flagship Independence project located adjacent to Nevada Gold Mines' Phoenix-Fortitude mining operations in the Battle Mountain-Cortez trend of Nevada.

The MRE, incorporating over 125,000 feet of RC and core drilling in 234 holes, outlines both a near surface as well as an underground resource and was completed by James Ashton of Dyer Engineering and Carl Defilippi of Kappes, Cassiday & Assoc. with an effective date of May 19, 2021. Highlights of the MRE include:

• Near Surface Resource: Measured & Indicated Total Resource of 537,300 ounces of gold and 8.1 million ounces of silver plus an Inferred Total Resource of 147,300 ounces of gold and 1.2 million ounces of silver.
• Underground Resource: Inferred Resource of 796,200 ounces of gold.

The technical report has been prepared in accordance with Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards on Mineral Resources and Reserves that establish definitions and guidance on the definitions for Mineral Resources, Mineral Reserves, and Mining Studies used in Canada. The Mineral Resource, Mineral Reserve, and Mining Study definitions are incorporated, by reference, into NI 43-101 – Standards of Disclosure for Mineral Projects.

There are no material differences between information disclosed in the Company's May 19, 2021 news release and the technical report.  CONTINUED…    Read this entire release for the Golden Independence news at:  https://www.financialnewsmedia.com/news-igld/ 

Other recent developments in the mining markets include:

Hecla Mining Company (NYSE:HL) recently released its Q1 2021 exploration results.  Highlights Were: Midas exploration at Green Racer Sinter intercepted high-grade gold and silver mineralization over a 1,000-foot strike length and a 1,250-foot dip extent in the Sinter Vein, as well as two new mineralized footwall structures. Significant intercepts include more than 5 oz/ton gold over 13 feet estimated true width (see Table A for full results). All are open for expansion; Midas' plan of operations amendment expands to allow greater access to multiple targets on the Green Racer Sinter and East Graben Corridor; and San Sebastian exploration drilling on the El Bronco Vein expanded mineralization over a strike length of 1,500 feet. While at the El Tigre Vein, vein textures indicate drilling was high in the epithermal system, warranting further deeper drilling.

"Our early exploration results, just two miles from the mine portal, validates our thesis that despite its long high-grade production history, there remains significant untouched potential at Midas," said Phillips S. Baker, Jr., President and CEO. "The recent high-grade intercept grading 5.52 oz/ton gold and 8.9 oz/ton silver over 20.3 feet drilled (13.1 feet estimated true width) is one of the best exploration drillholes in North America in the past year."

Franco-Nevada Corporation (NYSE:FNV) (TSX: FNV)'s diversified portfolio outperformed in the first quarter generating record revenues and an 85% Adjusted EBITDA Margin," stated Paul Brink, President and CEO. "Antamina, Cobre Panama, and Hemlo made strong contributions along with our Energy assets that benefitted from a recovery in prices. We were delighted, post quarter-end, to acquire the Vale Royalty Debentures that, along with our Labrador Iron Ore Royalty Company investment, add to our base of low-risk long-life cash flow. The transaction adds to the diversity of our portfolio while it remains more than 80% precious metals focused. Following the acquisition, we have revised our guidance and outlook and now expect 25% growth in revenue over the next five years. Our primary focus is on adding further precious metal assets to the portfolio."

Franco-Nevada is pleased to announce that its Board of Directors has declared a quarterly dividend of $0.30 per share as had been previously announced. The dividend will be a 15.4% increase from the previous $0.26 per share quarterly dividend and will mark the 14th consecutive annual dividend increase for Franco-Nevada shareholders. The dividend will be paid on June 24, 2021 to shareholders of record on June 10, 2021(the "Record Date"). The Canadian dollar equivalent is to be determined based on the daily average rate posted by the Bank of Canada on the Record Date. Under Canadian tax legislation, Canadian resident individuals who receive "eligible dividends" are entitled to an enhanced gross-up and dividend tax credit on such dividends.

Wheaton Precious Metals Corp. (NYSE: WPM) (TSX: WPM) "Wheaton's first quarter results illustrate the strength and growth profile of our diversified, high-quality portfolio with record revenue achieved and over $230 million in operating cash flow generated. As a result of these strong results, we have increased our dividend for the third quarter in a row and now have net cash on the balance sheet, which we will look to deploy to further grow our sector-leading portfolio," said Randy Smallwood, President and Chief Executive Officer of Wheaton Precious Metals. "We are excited to report our first production of cobalt from the Voisey's Bay mine in Canada and look forward to having many more years of what we believe is the most environmentally friendly, socially responsible cobalt production in the world. In addition, in the first quarter, we added a new precious metals stream on a top-tier copper development project, Santo Domingo, which should provide additional growth. Our corporate development team remains exceptionally busy evaluating a host of new opportunities, and as always, Wheaton is focused on ensuring our growth is both accretive and sustainable for all of our stakeholders."

Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) recently  confirmed that the per share amount of the first $250 million tranche of a return of capital distribution totaling $750 million to be paid on June 15, 2021 will be $0.1405117, based on the number of issued and outstanding shares as of the May 28, 2021 record date.

This follows the approval by shareholders at Barrick's Annual and Special Meeting on May 4, 2021, of the total $750 million return of capital distribution. The remaining distribution of $500 million is expected to be affected in two equal tranches to shareholders of record on dates to be determined in August and November 2021.

On June 15, 2021, Barrick will also pay a previously declared dividend of $0.09 per share for the first quarter of 2021 to shareholders of record at the close of business on May 28, 2021.  "Our overall return to shareholders for 2021 is one of the highest in the industry and marks another milestone in our journey towards our objective of building the world's most valued gold company," said senior executive vice-president and chief financial officer Graham Shuttleworth.

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