Gold Prices Surge Higher as the Dollar Retreats

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Feb 17, 2017, 07:45 ET

NEW YORK, February 17, 2017 /PRNewswire/ --

Despite pressure from a stronger dollar and Fed Chair Janet Yellen's hawkish comments this week, investors still consider the yellow metal as a good hedge against political uncertainty over the new U.S. administration and elections in the Netherlands, France and Germany this year. Janet Yellen on Tuesday said a rate hike is on the table and delaying rate increase could leave the Fed's policymaking committee behind the curve, sending the U.S. dollar to a one-month high. Gold price was under pressure as a stronger dollar makes gold more expensive for holders of other currencies. The dollar erased its gains later as investors took profit. Golden Dawn Minerals Inc. (OTC: GDMRF) (TSX-V: GOM), Yamana Gold Inc. (NYSE: AUY), IAMGOLD Corp. (NYSE: IAG), Eldorado Gold Corp. (NYSE: EGO), Pretium Resources Inc. (NYSE: PVG)

Jens Pedersen at Danske Bank said it in a note: "It's a tug of war between a higher probability of U.S. rate hike in March and upcoming elections around Europe which are creating uncertainty and demand for safe assets." CNBC reported. Despite soaring U.S. equities and a stronger dollar, gold is managing to hold its ground as dips are being bought," INTL FCStone's Edward Meir said in a note. In addition Expectation for faster growth inflation in the U.S. also boosts the demand of Gold, due to its enduring value.

Yesterday Golden Dawn Minerals Inc. (OTC: GDMRF) (TSX-V: GOM) announced, "It has completed the acquisition of Kettle River Resources Ltd. (KRR) with New Nadina Explorations Ltd. (TSX VENTURE: NNA). The KRR assets include the Greenwood Area Properties (GAP), with mineral claims totaling 11,000 ha., covering 78 mineral showings, including 29 historic metal mines. Golden Dawn has acquired this property through the acquisition of Kettle River Resources Ltd., a wholly-owned subsidiary of New Nadina Explorations Limited.

Golden Dawn and New Nadina Explorations Limited signed a Letter of Intent regarding this transaction which includes the mineral property assets (See news release Oct. 18, 2016). Consideration for the acquisition consisted of a non-refundable deposit of $80,000 on signing the LOI, $15,000 by November 26, 2016, and on closure cash payments totaling CAD$1,010,000 (inclusive of deposits and closing extension fee of $10,000), as well as 2,222,250 shares of the Company issued at $.27 which are subject to a 4 month and one day hold period. The properties are subject to a 1% NSR where the Company can purchase a 0.5% for $1,000,000 up to five years and thereafter $1,200,000 up to 10 years leaving a 0.5% NSR payable to New Nadina."

The Greenwood Area Property lies in southern B.C. near Provincial Highway 3 between Rock Creek to the west and Grand Forks to the east. It lies in the Boundary Falls area, of the Greenwood Mining Division, to the South, East and West of the City of Greenwood. The Property is comprised of 57 Crown Granted claims with sub-surface mineral rights covering 814.3 hectares, 24 Crown Granted claims with surface and sub-surface rights covering 277.4 hectares, and 51 mineral tenure claims with subsurface rights covering 10,263 hectares. The area covered by the various claim types exceeds 11,000 hectares.

Yamana Gold Inc. (NYSE: AUY) is a Canadian-based gold producer with significant gold production, gold development stage properties, exploration properties, and land positions throughout the Americas including Canada, Brazil, Chile and Argentina. On Feb.14, 2017, Yamana provides an update on the exploration programs at its El Peñón, Minera Florida, Gualcamayo and Chapada properties. The Company believes that 2017 will be a year of transition at El Peñón with the available wide and high grade veins being replaced by numerous high grade yet narrower vein systems. During this transition, production will be reduced from recent levels, although over a longer term at a more sustainable level. The Company also expects that all-in sustaining cash costs will improve to lower levels as much of the future production is near existing infrastructure requiring less development capital.

IAMGOLD Corp. (NYSE: IAG) is a mid-tier mining company with four operating gold mines on three continents. IAMGOLD is in a strong financial position with extensive management and operational expertise. On Feb 13, 2007, IAMGOLD provided an update from its initial exploration program at the Saramacca project located 25 kilometres southwest of its Rosebel Gold Mine ('RGM'), in Suriname. The company is reporting final assay results from the 2016 drilling program comprising approximately 14,600 metres from 67 diamond drill holes and 4,500 metres from 37 reverse circulation ('RC') drill holes.

Eldorado Gold Corp. (NYSE: EGO) is a leading low cost gold producer with mining, development and exploration operations in Turkey, Greece, Romania, Serbia and Brazil. Recently, Eldorado announced the Company's 2016 operating results and preliminary cash costs, and provided production and cash cost guidance for 2017. Paul Wright, the President and Chief Executive Officer, said: "I am very pleased to report the close of a successful 2016, a transitional year for Eldorado. With the sale of the Chinese assets now complete, our development projects in Greece progressing on schedule, and a capital plan that now reflects the lower gold price environment, I am confident that the next three years will be transformational for the Company."

Pretium Resources Inc. (NYSE:PVG) is constructing the high-grade underground Brucejack gold mine in northern British Columbia with commercial production targeted for 2017. Recently, the company reported the acceleration of commissioning of the Brucejack Mine with dry commissioning now scheduled to commence in March and wet commissioning scheduled to commence in early April. In addition, an updated forecast of the capital cost to complete construction of the Brucejack Mine has been completed. The capital cost, including working capital, is now estimated to be US$811.1 million, an increase of 16% from the February 2016 capital cost estimate.

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