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.
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