There’s still plenty of upside ahead for gold. In fact, the metal could easily rally to $3,000, according to David Rosenberg, the founder and president of Rosenberg Research, as noted by MarketWatch.com. Then again, even $3,000 may be too low. According to Ed Yardeni of Yardeni Research, gold could see $3,500, suggesting that inflation trends could send gold to higher highs. Helping, global central banks are tripping over one another to buy gold, especially China. As noted by Business Insider, “The People's Bank of China, or PBOC, has been snapping up gold for 17 straight months, according to a report from the international trade association World Gold Council. This buying spree coincides with a trend among central banks globally to diversify their holdings to reduce their reliance on the US dollar.” All of which is positive news for gold companies, such as U.S. Gold Corp. (NASDAQ: USAU), Barrick Gold Corporation (NYSE: GOLD) (TSX: ABX), Royal Gold Inc. (NASDAQ: RGLD), Franco Nevada Corp. (NYSE: FNV) (TSX: FNV), and Newmont Corp. (NYSE: NEM) (TSX: NGT).
Look at U.S. Gold Corp. (NASDAQ: USAU), For Example
U.S. Gold Corp. just announced the results of the Company’s annual shareholder meeting that was held virtually on April 26, 2024 at 9:00 AM MT.
The following proposals were approved by the Company’s shareholders at the meeting:
- Election of five directors (Luke Norman, George Bee, Robert Schafer, Michael Waldkirch and Johanna Fipke), to hold office until the next annual meeting of shareholders or until their respective successors have been duly elected and qualified; and
- Ratification on the appointment of Marcum, LLP as U.S. Gold’s independent registered public accountant for the fiscal year ending April 30, 2024.
Luke Norman, the Company’s Chairman, stated, “We are pleased that all the proxy proposals passed successfully at our Annual Shareholder Meeting. On behalf of U.S. Gold Corp., our Board and the entire management team, I would like to personally thank all of our shareholders for taking the time to vote and I look forward to working closely with our incoming Board and continuing to create value for our shareholders to move the Company forward in the advancement of our CK Gold Project in Wyoming and our exploration projects, the Keystone Project in Nevada and Challis Gold Project in Idaho. I would also like to thank Ms. Tara Gilfillan, who was not up for re-election, for her contributions to the Board during her tenure as a director.”
Other related developments from around the markets include:
Barrick Gold reported preliminary Q1 production of 940 thousand ounces of gold and 40 thousand tonnes of copper, as well as preliminary Q1 sales of 910 thousand ounces of gold and 39 thousand tonnes of copper. As previously guided, Barrick’s gold and copper production in 2024 is expected to progressively increase each quarter through the year, with the Pueblo Viejo plant expansion ramping up from Q2 and the Porgera mine restart continuing in line with plans. We remain on track to achieve our full year gold and copper guidance.The average market price for gold in Q1 was $2,070 per ounce while the average market price for copper in Q1 was $3.83 per pound. As planned, preliminary Q1 gold production was lower than Q4 2023 mainly as a result of planned maintenance at Nevada Gold Mines and mine sequencing at various sites.
Royal Gold announced its guidance for calendar year 2024 total stream and royalty sales volume, depletion, depreciation and amortization expense, and effective tax rate, as well as an update on the recent repayment of outstanding borrowings. Sales guidance for 2024 is provided on a sales volume basis to improve transparency and avoid the effect of volatile commodity prices in the conversion of revenue to gold equivalent ounces. Sales volume for stream agreements represents physical metal sold, and sales volume for royalty agreements represents royalty revenue received divided by the average metal price for the relevant period. Gold, silver and copper are expected to provide the majority of 2024 revenue. Sales from Other Metals are expected to be relatively minor and the range provided assumes 2024 prices of $7.50/lb for nickel, $0.90/lb for lead, and $1.10/lb for zinc, which are the metals that are expected to provide most of this component of sales.
Franco Nevada recently noted, “In late 2023, we were challenged by the unprecedented production halt at Cobre Panama. We are hopeful that the issues can be resolved, although we have taken a prudent approach for the carrying value of the asset”, stated Paul Brink, CEO. “Despite the issue at Cobre Panama, our business remains robust and we continue to benefit from a long- duration, diversified portfolio. We finished the year with no debt and $1.4 billion in cash and cash equivalents. The balance of our business performed well in 2023 and is expected to grow in 2024 with contributions from the completion of the Tocantinzinho, Greenstone and Salares Norte gold mines. Our growth outlook through 2028 is driven by numerous new mines and mine expansions. $2.4 billion of available capital positions us well for attractive acquisitions in an environment where many project developers are capital constrained.”
Newmont Corp. announced first quarter 2024 results and declared a first quarter dividend of $0.25 per share. "Newmont delivered a strong first quarter operational performance, producing 2.2 million gold equivalent ounces and generating over $1.4 billion in cash from operations before working capital changes," said Tom Palmer, Newmont's President and Chief Executive Officer. "Underpinned by the gold industry's leading portfolio of Tier 1 gold and copper operations, we remain well-positioned to achieve our full-year guidance and deliver meaningful synergies and productivity improvements from the combined portfolio. We remain focused on delivering on the commitments we laid out at the beginning of this year, creating an attractive value proposition for new and existing investors during this unique time in the gold industry."
Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Winning Media is only compensated for its services in the form of cash-based compensation. Pursuant to an agreement Winning Media has been paid three thousand five hundred dollars for advertising and marketing services for U.S. Gold Corp. by U.S. Gold Corp. We own ZERO shares of U.S. Gold Corp. Please click here for disclaimer.
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