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RBC'S GERO: GOLD MOVES

Kitco Metals Inc.

 

RBC's Gero: Gold Moves Being Dictated By U.S. Dollar

Allen Sykora  

 

 

Trading in gold futures is being dominated by moves in the U.S. dollar at the moment, although the yellow metal remains range-bound, says George Gero, managing director with RBC Wealth Management. As of 9:10 a.m. EST, Comex February gold was down $2.20 to $1,320.10 an ounce. Meanwhile, the March dollar index was up 0.38 point at 92.055.  “We still see some profit taking but better open interest,” Gero says of the gold market. 

By Allen Sykora of Kitco News; asykora@kitco.com

 

 

MKS: Gold Prices Face Chart Resistance Around $1,325

Monday January 08, 2018 08:36

The board of directors of Equinox Gold Corp. (TSXV: EQX, OTC: LWLCF) has approved full-scale construction of the Aurizona Gold Mine in Brazil, with the cost estimated at $146 million, the company says. Early-works construction began in the third quarter, and the company’s timetable calls for a gold pour by late 2018. “This will be a milestone year for Equinox Gold as we advance Aurizona and transition the company from a developer to a meaningful producer, with more than 135,000 ounces of annual gold production expected from Aurizona,” says Christian Milau, chief executive officer. David Laing, chief operating officer, says the tailings dam raise is nearly complete, the mills are ordered and significant earthworks completed in preparation for installation of the mills and other new plant infrastructure. Approximately $25 million of the budget was spent in 2017 during early-works activities. Officials say Aurizona construction will be fully funded with Equinox Gold’s existing treasury and an $85 million secured project credit facility, from which the company has drawn $15 million to date.  

Torex Pours 241,000 Ounces Of Gold In 2017

Monday January 08, 2018 08:36

Torex Gold Resources Inc. (TSX: TXG) reports that 241,000 ounces of gold were poured and 244,800 were sold in the 10 months of operations in 2017, the second ramp-up year at its El Limon-Guajes Mine in Mexico. The mine has been shuttered in recent months due to a blockade by an outside union, officials have said. Fred Stanford, president and chief executive officer, says that prior to the blockade, the plant was producing at approximately 90% of design capacity. “We are optimistic that progress is being made in getting the operations restarted, and look forward to completing the ramp-up, finishing the SART plant, and getting back underground into the sub-sill area,” he says. “2018 has the potential to be a catalyst rich year for Torex, for the benefit of our shareholders, employees, communities, and the thousands of families that depend on the operations for their livelihood.” Torex also announces that its chief financial officer, Jeff Swinoga, will be leaving the company. Although his departure is effective Jan. 12, Swinoga will continue as a consultant and acting CFO on an interim basis until his replacement is announced, Torex says.

 

Avino Announces Final Approval to List On TSX

Monday January 08, 2018 08:36

Avino Silver & Gold Mines Ltd. (NYSE-American, TSXV: ASM; FSE: GV6) says it has received final approval to lists its common shares and warrants on the Toronto Stock Exchange starting Monday. These will be delisted from the TSX Venture Exchange. The trading symbol for shares and warrants will continue to be ASM and ASM.WT, respectively. “The TSX is Canada’s most senior stock exchange and we anticipate that this move will provide Avino with greater visibility in the marketplace and access to a broader and more diverse range of international and institutional investors,” says David Wolfin, president and chief executive officer.

 

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