NEW YORK, August 18, 2016 /PRNewswire/ --
A Federal Reserve policymaker hinted that there is a possibility of interest rate increase in the near term even though there remained a chance of inflationary pressures. William Dudley, the president of the Federal Reserve in New York, shocked markets by his hawkish comments concerning the likelihood of the US central bank to lift the interest rates prior to end of 2016. According to Dudley, the Fed is getting nearer to the point where it will be appropriate to raise the short term rates. However, Gold continues to remain near its high of 28 months ahead of the FOMC September meeting and here is why. MX Gold Corp. (OTCQX: MXLGF), IAMGOLD Corp. (NYSE: IAG), B2Gold Corp. (NYSE: BTG), Asanko Gold Inc. (NYSE: AKG), Eldorado Gold Corp. (NYSE: EGO)
The FOMC summary of their July minutes yesterday showed that only some official desired sooner interest rate hikes. The Fed Funds futures market for the year actually fell. To be more specific, December's rate hike chances fell below 50 percent to 46%, which is still quite high, but many traders now are betting that a rate hike will most likely come in early 2017. Commodities like Gold, began to rebound off the day's lows and closing near their highs of the day.
Many gold companies, especially the small ones have emerged from the rubles this year showing large movements along with the overall gold market. MX Gold Corp. (OTCQX: MXLGF) is roughly up 180% from this year's lows and is a junior mining company focused on the mining, exploration and development of advanced projects located in the Kootenay region of British Columbia. The Company's primary focus is its high-grade Willa gold and copper project located 12 kilometers south of Silverton, B.C. In 2015, MX Gold Corp. completed the accretive acquisition of the Willa project and the Max Molybdenum Mine and Mill Complex. This acquisition removed major costs and shortened timelines typically associated with mine project development with planned ore shipment from Willa to the Max Mill. The Willa mine is located 135 kilometers south of the Max Mill. MX Gold Corp. can also elect to reopen the Max Molybdenum mining operation once world Moly prices improve.
Earlier this month, MX Gold Corp. announced the work programs at the Max Mill Site are proceeding and on budget for the production of the 10,000 tonne bulk by the end of 2016. At the Max Mill site the company has submitted a Notice to Work application to the Ministry of Energy, Mines and Natural Resources regarding the upgrading of the Max Mill at Trout Lake, British Columbia. The company plans to commence work August 20, 2016 at the Max Mill under the leadership of the recently appointed mine manager, mill superintendent and master millwrights. The work program will entail the complete rehabilitation and upgrading of the Max mill in preparation of receiving the permitted 10,000 tonne bulk sample from the Willa gold, copper and silver deposit. It is anticipated to take 60-90 days to complete the Max Mill re-fabrication and updating of all systems. The Ministry of Energy, Mines and Natural Resources completed an electrical inspection of the mill and new power generation system on August 05, 2016.
IAMGOLD Corp. (NYSE: IAG) shares have surged from $1.15 at the beginning of the year to the closing price of $4.80 yesterday or up roughly 317%. The company is engaged in the exploration, development and production of mineral resource properties across the world. Through its holdings, IAMGOLD has interests in various operations and exploration properties, as well as various royalty interests on mineral resource properties. All gold produced by IAMGOLD is in the form of dore bars, which is sold to gold refineries in North America and Europe.
B2Gold Corp. (NYSE: BTG), is a Canada-based gold producer with approximately four operating mines and one mine under construction. The Company has a portfolio of other evaluation and exploration projects in various countries, including Mali, Colombia, Burkina Faso, Finland, Chile and Nicaragua. Shares of the company during the first month of the year sat nearly at its 52-week low of $.63. Yesterday shares closed closer to the 52-week high or at $3.33 or up 428%.
Asanko Gold Inc. (NYSE: AKG) is an exploration and development-stage company. The Company is focused on advancing its principal project, the Asanko Gold Mine, to commercial production. The Company's segment is the exploration and development of resource properties. Shares of the company in January were near a 52-week low of $1.30 and yesterday closed near its 52-week high of $4.59 or up roughly a whopping 250%.
Eldorado Gold Corp. (NYSE: EGO) owns and operates mines around the world, primarily gold mines but also a silver-lead-zinc mine. The Company's activities involve all facets of the mining industry, including exploration, discovery, acquisition, financing, development, production and reclamation. Its business is focused in Brazil, China, Greece, Turkey and Romania. The Company's exploration programs include mine site drilling, advanced stage projects and grassroots programs. Shares have more than double from the lows of this year to yesterday's closing price of $4.29.
Follow us on Twitter for real time Financial News Updates: https://twitter.com/financialbuzz
Facebook Like Us to receive live feeds: https://www.facebook.com/Financialbuzz/
For "The Latest Buzz in Financial News", Please Visit: http://www.FinancialBuzz.com
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 branding, marketing and advertising for third parties for disseminating news and original content through our unique media platform that includes Newswire Delivery, Digital Advertising, Social Media Relations, Video Production, Broadcasting, and Financial Publications.
Media Contact: Danny A. firstname.lastname@example.org +1-877-601-1879