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AngloGold to acquire Augusta Gold in Nevada expansion

ByVictoria

AngloGold Ashanti (NYSE:AU) said Wednesday it agreed to acquire Augusta Gold (OTCQB:AUGG) for C$1.70/share in cash, implying a fully-diluted equity value of ~C$152M (US$111M).

The price represents a ~28% premium to Augusta Gold’s (OTCQB:AUGG) closing price on the Toronto Stock Exchange on July 15.

“This acquisition reinforces the value we see in one of North America’s most prolific gold districts,” AngloGold (AU) CEO Alberto Calderon said.

Source – Seeking Alpha

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    Northstar Completes Diamond Drill Program at Miller Copper-Gold Property New 15.76 Metre Copper Zone Discovery

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    Vancouver, British Columbia–(Newsfile Corp. – January 9, 2025) – Northstar Gold Corp. (CSE: NSG) (“Northstar” or the “Company”), is pleased to announce the recent completion of a 7 hole, 1,465 metre diamond drill program at the Company’s 100%-owned Miller Copper-Gold Property, situated 18 kilometres southeast of Kirkland Lake, Ontario.

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    Gold still looks good, dollar dropped

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    “The de-escalation of tensions in the Middle East is the primary factor that’s weighing on gold. The safe-haven bid has diminished and the market is in more of a risk-on mode,” said Peter Grant, vice president and senior metals strategist at Zaner Metals.

    “We’ve got pretty good support around $3,300 and then even better support probably at $3,250.”

    Global shares surged and the dollar dropped on Tuesday after news of the ceasefire between Israel and Iran, while markets shrugged off what U.S. President Donald Trump called violations by both sides.

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    Gold prices still going strong

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    “We believe the demand is across the board. We see institutions either adding to or establishing long term strategic asset allocation type positions. We see individual investors doing the same. We see a certain amount of FOMO. There’s a fear of missing out whenever the price gains momentum to the upside” George Milling-Stanley, Chief Gold Strategist at State Street Global Advisors, told FOX Business.

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    Gold prices all – time high, $2,800 mark

    ByVictoria
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    Spot gold steadied at $2,795.52 per ounce by 11:18 GMT, after hitting a record peak of $2,800.99 earlier in the session. Prices rose more than 6% for the month and 1% for the week.

    “The rally could hold for as long as there is uncertainty in the market. A lot of today’s uncertainty stems from not knowing whether and how tariffs will be applied,” said WisdomTree commodities strategist Nitesh Shah.

    “We see central bank buying as the strongest structural force in the gold market, underpinning our long-term constructive view,” said Carsten Menke, analyst at Julius Baer.

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    Gold drops after inflation data, trade concerns loom

    ByVictoria
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    Spot gold eased 0.2% to $2,893.87 per ounce as of 09:58 a.m. ET (1458 GMT). U.S. gold futures fell 0.4% to $2,920.60.

    Prices dropped over 1% after data showed the U.S. consumer price index jumped 0.5% last month, more than expected, reinforcing the Fed message that it was in no rush to resume cutting interest rates amid growing uncertainty over the economy.

    “With today’s CPI data coming in hotter-than-expected, that has put weight on the gold market. Obviously at this point, any expectation that the market would have had of any type of rate cut later this year has now been put down,” said David Meger, director of metals trading at High Ridge Futures.

    Spot silver shed 0.7% to $32.05 per ounce and palladium fell 0.3% to $973.11, while platinum added 0.7% to $990.10.

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    More info!

    CPI – Consumer Price Index

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    Gold eases, Investors wait for US inflation data

    ByVictoria
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    Gold eased on Wednesday as the dollar ticked up, while investors awaited U.S. inflation data to gauge the Federal Reserve’s rate cut path amid trade tensions and economic slowdown fears and market focussed on news of a potential Ukraine-Russia ceasefire.

    Spot gold fell 0.2% to $2,908.93 an ounce as of 0720 GMT, while U.S. gold futures lost 0.2% to $2,908.93.

    “Gold is operating in ‘consolidation mode’ ahead of the next batch of U.S. inflation data,” KCM Trade chief market analyst Tim Waterer said.

    “I expect gold to remain a favoured asset whilst investors are concerned about tariff wars and growth slowdowns. So, the bias for gold remains to the upside due to ongoing tariff dramas,” Waterer said.

    Spot silver shed 0.7% to $32.70 an ounce, platinum rose 0.7% to $981.29 and palladium slipped 0.8% to $938.00.

    Source – Reuters