NEW YORK, May 1, 2017 /PRNewswire/ --
Reuters recently published a report indicating that the value of gold, silver and platinum are forecast to rise. In the report Simona Gambarini, Analyst at Capital Economics stated, "Positioning in the silver futures market looks very stretched with net longs at the highest level on record. This suggests that when sentiment turns, silver might be vulnerable to a sharp correction." Silver prices often follow gold prices, but with higher volatility. Gold rose last Friday after data showed that the U.S economy grew at the slowest pace in three years in the first quarter. Spot gold was up 0.21 percent to $1,267.26 ounce in the early trading on Friday. During the last week of April, the yellow metal was down 1.3 percent after the centrist presidential candidate Emmanuel Macron won the first round of the French elections. This helped ease concerns about political uncertainties in Europe. Gold however still gained 1.5 percent in the month of April overall and marking its fourth monthly advance. Year-to-date, Gold has gained roughly a total of 10.42 percent. Golden Arrow Resources Corp. (OTC: GARWF) (TSX-V: GRG), Hecla Mining Company (NYSE: HL), Coeur Mining Inc. (NYSE: CDE), Pan American Silver Corp. (NASDAQ: PAAS), Kinross Gold Corporation (NYSE: KGC)
According to the data from Commerce Department on Friday, Gross domestic product rose at 0.7 percent annualized rate in the first three months of the year, or down from 2.1 percent advance in the prior quarter. Economists surveyed by Bloomberg had a median forecast of 1 percent gain. The GDP report sent the dollar lower on Friday morning. Gold prices could benefit from a weaker dollar as it makes other currency holders cheaper to buy dollar-denominated commodities. Commerzbank Analyst Daniel Briesemann stated, "The high-risk appetite at the beginning of the week seems to have abated, at least for now. This has definitely helped support the gold price, and the dollar is supportive as well."
Golden Arrow Resources Corp. (OTCQB: GARWF) (TSX-V: GRG) just announced this morning that, "it is establishing a production work committee which will include the very experienced mining engineer Mr. Alf Hills, who will monitor the production procedure to comply with the joint venture agreement conditions, corporate management responsibilities and governance.
Initially, Mr. Hills will be an advising consultant to Golden Arrow. He will then be appointed to represent Golden Arrow on the board of the recently announced joint venture company, that will be structured to hold Golden Arrow's Chinchillas project and the Pirquitas mining and processing facilities of Silver Standard Resources Inc. (NASDAQ: SSRI) ("Silver Standard"), both of which are located in Jujuy Province in the north of Argentina. Upon closing, expected on or before May 31, 2017, the joint venture will hold Chinchillas and Pirquitas owned 75/25 by Silver Standard and Golden Arrow.
Alf Hills has over 35 years of international mine evaluation, development and operational experience. From 2006 to 2013, he was the CEO and a director of Kobex Minerals Inc. and its predecessor company, International Barytex Resources. Prior to that he spent 26 years with the Placer Dome group. He was involved in development of the CIM Best Practice Guidelines for Mineral Resource and Mineral Reserve Estimates. Mr. Hills is registered as a Professional Engineer and is a graduate of the University of British Columbia in Mining and Mineral Process Engineering.
In commenting on this latest development the CEO of Golden Arrow, Joseph Grosso noted: "With a relatively short timeline to the pooling of assets as proposed by the joint venture we are very pleased to have put in place a veteran mining engineer to represent our interests as this moves forward and as Chinchillas goes into development mode."
Hecla Mining Company (NYSE: HL) is a leading low-cost U.S. silver producer with operating mines in Alaska, Idaho and Mexico, and is a growing gold producer with an operating mine in Quebec, Canada. On April 20th the company reported 3.4 Million ounces of silver and 56,113 ounces of gold production. "The first quarter production at Greens Creek and San Sebastian exceeded our expectations, more than offsetting the shortfall at Lucky Friday due to a strike by the union workers," said Phillips S. Baker, Jr., President and CEO. "While our cost of sales increased over last year due to the higher throughput from the Casa Berardi open pit operations, our cash cost, after by-product credits, declined 73% over the first quarter 2016 to $0.84 per silver ounce. This strong operating performance allowed us to add $14 million of cash since the end of the year, marking the fourth consecutive quarter of increasing cash balances."
Coeur Mining Inc. (NYSE: CDE) is a growing precious metals producer with five precious metals mines in the Americas employing approximately 2,000 people. Coeur produces from its wholly-owned operations: the Palmarejo silver-gold complex in Mexico, the Rochester silver-gold mine in Nevada, the Kensington gold mine in Alaska, the Wharf gold mine in South Dakota, and the San Bartolomé silver mine in Bolivia. Earlier in February Coeur Mining and Pan American Silver Corp. (NASDAQ: PAAS) announced a definitive agreement under which Pan American will acquire 100% of Coeur's Joaquin project, located in the Santa Cruz province of southern Argentina. Under the terms of the agreement, consideration payable to Coeur will include $15 million in cash and $10 million in Pan American stock. Coeur will also retain a 2.0% net smelter returns royalty ("NSR") on the Joaquin project. The transaction is expected to close in the first quarter of 2017, subject to customary closing conditions.
Kinross Gold Corporation (NYSE: KGC) is a Canadian-based senior gold mining company with mines and projects in the United States, Brazil, Russia, Mauritania, Chile and Ghana. On February 15th the company announced updates to its organic development projects, exploration program and its estimated mineral reserves and resources. "We have made excellent progress advancing the organic development projects that will shape the future of Kinross and look forward to achieving key milestones in 2017. These exciting projects span all three regions and are expected to help Kinross extend mine life to maintain strong, consistent production and cash flow in the years ahead. "With the Tasiast Phase One expansion on track to reach full commercial production in Q2 2018, the Company expects to complete a feasibility study for Phase Two in Q3 2017 and make a development decision at that time. Phase One is expected to almost double production and reduce operating costs by nearly half while Phase Two is expected to once again significantly increase production to approximately 780,000 Au eq. oz., further reduce cost, and extend mine life to 2030.
Please SIGN UP NOW at http://www.FinancialBuzz.com to Receive Alerts on Trending Financial News from all these companies. "The Latest Buzz in Financial News"
Subscribe Now! Watch us report from NYSE https://www.youtube.com/FinancialBuzzMedia
Follow us on Twitter for real time Financial News Updates: https://twitter.com/financialbuzz
Follow and talk to us on Instagram: https://www.instagram.com/financialbuzz
Facebook Like Us to receive live feeds: https://www.facebook.com/Financialbuzz/
FinancialBuzz.com, a leading financial news informational web portal designed to provide the latest trends in Market News, Investing News, Personal Finance, Politics, Entertainment, in-depth broadcasts on Stock News, Market Analysis and Company Interviews. A pioneer in the financially driven digital space, video production and integration of social media, FinancialBuzz.com creates 100% unique original content. FinancialBuzz.com also provides financial news PR dissemination, branding, marketing and advertising for third parties for corporate news and original content through our unique media platform that includes Newswire Delivery, Digital Advertising, Social Media Relations, Video Production, Broadcasting, and Financial Publications.
For further information:
Media Contact: firstname.lastname@example.org , +1-877-601-1879