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Gold Spiked Today - Up ~$40 an ounce - Someone Knows Something . . .

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World Hal Turner 01 March 2024 Hits: 11219




Precious metals prices "spiked" up today, with Gold closing at $2082.55. What makes this strange is that the DOW didn't do much at all - which makes the Gold move, unusual.

Typically, Gold moves up as stocks are moving down, when investors flee to the security of precious metals.  That didn't happen today. So what's going on that would cause such a sudden spike?

There is a whirlwind of speculation.  From bigshots selling stocks of their OWN companies, to rumors of an International geopolitical "situation" the reason being offered are literally all over the place.


Let's look at the Bigshots who sold-off stock in their own companies.

Mark Zuckerberg sold $661 million of Meta (FACEBOOK) shares between Jan. 31 and Feb. 21. (Proof)

Jamie Dimon sold $150 million of JPMorgan shares on Feb. 22. (Proof)

Jeff Bezos sold $8.5 billion of Amazon shares between Feb. 9 and Feb. 20. (Proof)


Some folks speculate the Bigshots might be buying up precious metals today, while others speculate "Maybe they know something is going to happen this weekend, or early next week?"

Others point to the US Federal Reserve ENDING the Bank Term Funding Program (BTFP) on March 11.

The Bank Term Funding Program (BTFP) was created to support American businesses and households by making additional funding available to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors.


The BTFP offers loans of up to one year in length to banks, savings associations, credit unions, and other eligible depository institutions pledging any collateral eligible for purchase by the Federal Reserve Banks in open market operations (see 12 CFR 201.108(b)), such as U.S. Treasuries, U.S. agency securities, and U.S. agency mortgage-backed securities. These assets will be valued at par.

The BTFP is an additional source of liquidity against high-quality securities, eliminating an institution’s need to quickly sell those securities in times of stress.


Some speculate that with the Fed ending the BTFP, Banks that are "under stress" will no longer be able to grab fast cash from the fed, and someone - perhaps someone BIG - may end up with no chair to sit on when the music stops.

Then, in Geo-Politics, there's the whole Russia-Ukraine thing going from bad to worse.  

Earlier this week, US Secretary of Defense Lloyd Austin told Congress "If Ukraine fails, we may have to fight Russia."   This was a sharp departure from prior statements of US/NATO intention to "inflict a strategic defeat upon Russia."   In one statement, the entire paradigm for the US/NATO went from Inflict defeat to engage in war.  THAT was a huge change, and to hear those words uttered by the US Secretary of Defense is no trivial thing.


Yesterday, news broke that German Chancellor Olaf Scholz "accidentally" revealed intelligence information proving that the United Kingdom and France both have active duty military troops in Ukraine that are not only firing cruise missiles, but in some cases, guiding them to targets like Russia's Black Sea naval vessels.


The Russians recoiled in shock at this admission, and discussions in the Russian Ministry of Defense and Kremlin are looking at a way to retaliate MILITARILY against the British Navy by sinking British naval ships, without triggering NATO Treaty, Article 5, "Collective self defense"  because . . .  get this . . .  "Britain attacked Russia FIRST."    (Story Here)

Then, overnight, news broke that German troops were intercepted or otherwise "outed" having a discussion as to how they could provide "TAURUS" cruise missiles to Ukraine to attack -- and destroy -- the Crimea Bridge, but do so in a way that HIDES German efforts from the Russians!  (Story Here)


Wrapping-up the Geo-political developments was Russian President Vladimir Putin's remarks earlier this week pointing out that the present actions of NATO are leading to World War 3 which will be a NUCLEAR war with Russia.

So the geo-politics is definitely one possible reason that uber-wealthy people might be going into Gold . . . to preserve wealth if everything collapses.  After all, Paper "money" holds no value if the entity that printed it is destroyed, but gold holds its value within itself, no matter what economic system collapses or rises anew.


So if Europe and/or the USA get nuked; their currency is instantly worthless.  But gold always has a value for those who HOLD IT.   [Folks who own "paper gold" in the form of certificates in someone else's vault, will find out the hard way they have nothing, when it comes time to demand delivery.]


So the action in the Gold Market has a lot of people talking and none of it is good.


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Update: Gold Rises to Another Record as the Dollar Drops Following a Bigger than Expected Rise in US Employment


Gold closed at another record high on Friday, climbing again following five days of gains after an unexpectedly robust US jobs report looks to delay a cut to interest rates, pushing the dollar lower.


Gold for April delivery closed up US$20.30 to US$2,185.50 per ounce.


The price of the metal is at a record on a weaker dollar and momentum buying, even after the United States added a more than expected 275,000 jobs last month, potentially delaying interest-rate cuts that promise to be bullish for the metal.


"Gold achieving new highs on the back of little to no change in the backdrop or grander narrative for gold gives us mixed feelings. On the one hand, the eventual rate cut narrative (set to come to fruition in June) remains as gold positive as ever, and geopolitical risks have been underappreciated in our view," Christopher Louney, a commodities strategist at RBC Capital Markets, noted.


The dollar fell following the jobs report, making the metal more affordable for international buyers, The ICE dollar index was last seen down 0.07 to 102.75,


Treasury yields were mixed. The US two-year note was last seen paying 4.492%, down 3.0 basis points, while the yield on the 10-year note was up 0.4 basis points to 4.091%.


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3 Gold Stocks to Buy Now, According to Wall Street Analysts


Gold prices soared to another record high today, thanks to a nonfarm payrolls report that investors viewed as supportive of a rate cut from the Fed. April-dated gold futures (GCJ24), the most active contract, peaked above $2,192 an ounce earlier before paring some gains. Spot gold has now gained 20% over the past year, with demand driven by global central bank buying, largely as an inflation hedge. 


In addition to persistent inflation, the mounting U.S. debt - at nearly $34.4 trillion as of March 6 - a weakening dollar, geopolitical tensions, and election-year uncertainty in several nations worldwide are all expected to drive gold prices higher in the foreseeable future. In a January note, JPMorgan projected gold prices would reach a new high of $2,300 in 2025 - but at today’s record peak, the yellow metal has already surpassed the investment bank’s 2024 gold forecast of $2,175.


One strategy to capitalize on the bullish gold price trend is to invest in gold stocks. So, which gold stocks have the potential to climb higher? Sandstorm Gold Ltd. sandstorm-gold.svgSAND, Coeur Mining, Inc. coeur-mining.svgCDE, and Gold Royalty Corp. gold-royalty.svgGROY could be worth considering, as Wall Street analysts expect these stocks to deliver solid upside. 


Gold Stock #1: Sandstorm Gold Ltd. (SAND)

Sandstorm Gold Ltd. sandstorm-gold.svgSAND, headquartered in Vancouver, is a gold royalty company that provides funding to mining companies in exchange for royalties, primarily in the form of net smelter returns and streams. Since its inception in 2008, Sandstorm Gold has built an impressive portfolio of over 250 royalties on mines worldwide. Its market cap currently stands at $1.4 billion.


Shares of SAND are down about 4% over the past 52 weeks, but up 5% over the past month. The stock offers an annual dividend of $0.05 per share, which translates to a dividend yield of 0.98%.


The stock currently trades at 72.48 times forward earnings and 12.65 times forward sales.


Sandstorm Gold's latest earnings results for the fourth quarter were impressive, with both revenue and EPS beating expectations. Sandstorm reported revenues of $44.5 million in the quarter, up 15.9% year-over-year. Its net income stood at $24.5 million, or $0.08 per share, compared to a net loss of $2.1 million, or $0.01 per share, in the year-ago quarter. Cash flows from operating activities increased by 22.1% from the prior-year quarter to $36.5 million.


Looking into Sandstorm Gold's portfolio, the Greenstone project (in which SAND holds a 2.375% gold stream on the first ~120,300 ounces at 20% spot to Orion, stepping down to ~1.58% after) remains on schedule. The first gold pour is currently targeted for the first half of 2024, and the average annual cash flows to Sandstorm are expected to range between $10 million and $15 million. If the mine can achieve its milestones of production, it is expected to contribute ~8,500 ounces in its first five full years of production to Sandstorm.


Additionally, in 2024, if Ivanhoe has its Platreef mine in northeast South Africa up and running, production should increase in future years from this high-quality, long-life mine. Construction of the Phase 1 concentrator is advancing on schedule and is over 80% complete. An updated feasibility study and PEA, covering the scope of optimized Phase 2 and the new Phase 3 expansion, is expected to be completed and published in the second half of 2024. The project is forecasted to generate average annual cash flows to Sandstorm (Phase 1 & 2) between $5 million and $ 20 million.


Based on Sandstorm's existing royalties, attributable gold equivalent ounces for 2024 are forecasted to be between 75,000 and 90,000 ounces. The company's production forecast is expected to reach approximately 125,000 attributable gold equivalent ounces within the next five years.


Sandstorm Gold stock has a consensus “Strong Buy” rating. Out of the 11 analysts offering recommendations for the stock, seven rate it “Strong Buy,” three have a “Moderate Buy," and one advises a “Hold.” The mean price target of $7.23 indicates roughly 55% upside potential.


Gold Stock #2: Coeur Mining, Inc. (CDE)

Chicago-based Coeur Mining, Inc. coeur-mining.svgCDE, with a market cap of over $1.2 billion, is a well-diversified, growing precious metals producer with four wholly-owned operations: the Palmarejo gold-silver complex in Mexico; the Rochester silver-gold mine in Nevada; the Kensington gold mine in Alaska; and the Wharf gold mine in South Dakota. In addition, the company wholly owns the Silvertip silver-zinc-lead exploration project in British Columbia.


Shares of CDE have gained 8% over the past 52 weeks, and 16% over the past month. 


The stock is trading at 1.37x forward sales and 29.58x cash flow.


Coeur Mining announced a 35% quarter-over-quarter revenue increase to $262.1 million in the fourth quarter of 2023, which surpassed analysts’ estimates. The company doubled its adjusted EBITDA to $64.3 million, though its net loss for the quarter was $6 million, or $0.02 per share. 


The top-line growth was based on gold and silver production increases of 29% and 34% quarter-over-quarter to 101,609 ounces and 3.1 million ounces, respectively, from the Rochester operation and the Wharf gold mine. For the full year 2023, gold and silver production totaled 317,671 ounces and 10.3 million ounces, respectively, within the company’s consolidated production guidance ranges. 


CDE expects an annualized revenue run rate exceeding $1 billion, based on its Q4 results. The company expects that on an annualized basis, this run rate could lead to $250 million in EBITDA.


Since acquiring the Wharf mine in February 2015, Coeur has generated cumulative free cash flow of over four times its original $99.5 million investment. Mine life has remained strong, at six years, compared to the estimated five-year mine life at the time of acquisition. The Wharf mine ended the fourth quarter with an operating cash flow of $29 million and a free cash flow of approximately $27 million. For the full year, operating cash flow totaled $84 million, and free cash flow reached a record $82 million. Wharf's 2024 gold production is expected to be between 86,000 ounces to 96,000 ounces.


Additionally, the commissioning of Rochester’s new crushing circuit is progressing, with the completion of ramp-up activities anticipated during the first half of 2024. Once operating at full capacity, throughput levels are expected to average 32 million tons per year, approximately 2.5 times higher than historical levels. For 2024, gold production is expected to be between 37,000 ounces and 50,000 ounces. Production in 2024 is expected to increase after a slow first quarter, due to commissioning and ramp-up in the first half of this year.


Coeur Mining is a “Moderate Buy”-rated stock with a mean price target of $3.58, implying a potential upside of nearly 13%. Out of the six analysts offering recommendations for the stock, two rate it “Strong Buy,” two say it’s a “Moderate Buy," and two advise a “Hold.”


Gold Stock #3: Gold Royalty Corp. (GROY)

With a market cap of $269.6 million, the Vancouver, Canada-based Gold Royalty Corp. gold-royalty.svgGROY is a precious metals-focused royalty and streaming company offering creative financing solutions to the metals and mining industry. Its diversified portfolio consists of over 200 royalties located in mining-friendly jurisdictions throughout the Americas.

GROY shares have lost 6.1% over the past 52 weeks, but gained 30.9% year to date. 


The stock trades at 76.89 times forward sales and 0.51 times book value.


In the third quarter of 2023, the company's total revenue and land agreement proceeds rose 48.4% year-over-year to $1.4 million, while there was a 50% year-over-year decline in its cash operating expenses to $1.6 million. Its adjusted net loss improved to $1.1 million, or $0.01 per share, from $3.4 million, or $0.03 per share in the year-ago quarter. 


Gold Royalty recently invested in gold-focused projects in Quebec, Canada, with a portfolio of 21 royalties, and in Rio Grande do Norte State, Brazil.


The company's Royalty Generator Model had a productive third quarter, with two new royalties added. Gold Royalty has generated 39 royalties through this model since the acquisition of Ely Gold Royalties Inc. in 2021. The model continues to incur low operating costs, with under $80,000 spent on mineral interest maintenance expenses during the third quarter.


Production via the ramp at the Odyssey South deposit increased through the quarter, reaching 3,300 tonnes per day (tpd) in September, and approaching the planned mining rate of 3,500 tpd for 2024. Moreover, as of Sept. 30, the Côté Gold Project was estimated to be approximately 92% complete, and first production is expected to commence in early 2024. Mining activities are on track to the target build-up of 5.0 million tonnes by the end of the year.


Gold Royalty's management believes that the company is pacing to meet its previously disclosed forecast of $5.5 million to $6.5 million in total revenue and land agreement proceeds in 2023. It expects to generate positive net operating cash flow in 2024, when select key growth projects - including the long-life cornerstone mines at Côté and Odyssey - are expected to ramp up in production.


For the upcoming March 28 earnings release, Wall Street expects a loss of $0.01 per share.


Gold Royalty has a consensus rating of “Moderate Buy.” Of the seven analysts offering recommendations for the stock, four rate it “Strong Buy,” one suggests “Moderate Buy," and two recommend a “Hold.” The average price target of $3.50 implies a potential upside of 82%. 


On the date of publication, Sristi Suman Jayaswal did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

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  • 4 weeks later...
5 hours ago, SocalDinar said:

Gotta love gold! Comes out of the ground after millions of years and its shiney shiney! Spot over $2,300.00.

Almost worth the back breaking work digging it out of the ground.


Thanks Markinsa


I was watching the Gold Chart earlier today, and was even talking to my boss about it. I was thinking Gold was going to go over $2,300/oz mark.  All time high $2,303.80, woohoo! :twothumbs:  Silver is on the way up to, high today was $27.34.  It has a long way to go, last time I bought silver the spot price was at $19.30/oz, and I paid a $23.00 premium.  At $27, I just might break even if I decide to sell. :lol:  Come on $600/oz silver!!!



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Gold prices touch record high after Powell's comments


Gold surged to a record high on Thursday, as Federal Reserve Chair Jerome Powell underlined that recent job gains and higher-than-expected inflation readings do not significantly alter the overall picture of the central bank's monetary strategy.



  • Spot gold gold.svgGOLD was up 0.1% at $2,300.53 per ounce, as of 0055 GMT, after hitting a record high of $2,302.29 earlier in the session. Bullion has hit record highs consecutively since last Thursday.
  • U.S. gold futures gold.svgGOLD edged 0.2% higher to $2,320.50 per ounce.
  • Powell said that "if the economy evolves broadly as we expect," he and his Fed colleagues largely agree that a lower policy interest rate will be appropriate "at some point this year."
  • Traders are pricing in a 62% probability that the Fed will begin cutting rates in June, according to the CME Group's FedWatch Tool. Lower interest rates reduce the opportunity cost of holding bullion.
  • The U.S. dollar to remain strong over the coming months as markets continue to push back on expectations for the timing and magnitude of Fed interest rate cuts, according to foreign exchange strategists polled by Reuters.
  • Russia's finance ministry said it would more than double its purchases of foreign currency and gold in the month ahead.
  • Hedge funds capped the first quarter with gains across different strategies, as a rally in stocks, some commodities and the dollar helped the industry weather a less shiny period for bonds, investors said.
  • African development banks are seen as the most likely funders of Caledonia Mining Corporation's (CMCL.KCALq.L) planned $250 million gold mine in Zimbabwe.


Spot silver silver.svgXAGUSD1! edged up 0.1% to $27.24 per ounce, platinum 

platinum.svgPL1! rose 0.2% to $938.93 and palladium palladium.svgXPDUSD1! gained 0.9% to $1,022.50.

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Central Banks around the world have been buying Gold for decades. But now they've picked up the effort in spades ♤ This will continue to drive prices even higher.



BRICS: Russia Makes Major Financial Announcement

Joshua Ramos
April 4, 2024

The global economic landscape has undergone a massive shift over the last several years. One of the most important catalysts of that change has been BRICS, whose 2024 Chairmanship holder, Russia, has made a major financial announcement regarding its financial plans for the coming year.


The country’s Finance Minister said that it will more than double its acquisition of both gold and foreign currency throughout April.


According to a Reuters report, the ministry said it would “buy the equivalent of 235.3 billion roubles ($2.6 billion), or 11.2 billion roubles per day” of foreign currency and gold.”

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The below article is the reason why Banks started buying Gold. Prior to Basel III, gold was a Tier 3 asset, but when it moved to a Tier 1 asset alongside the Dollar, it became an alternative to the Dollar, and banks started buying Gold.

Gold to be Declared Tier 1 Asset Under New Basel III Rules

News Posted 04/06/2012 6933


The new Basel III rules are set to make gold a Tier 1 asset for commercial banks- compared to the Tier 3 ranking it holds currently.  This means PHYSICAL gold will count as capital the same as a treasury bond.  Demand for physical metal will increase substantially from this ruling, but you won’t hear it mentioned on CNBC.

The big new thing in gold – capital adequacy ratios

Ross Norman looks at the implications for gold of an increased focus on the assets banks are allowed to hold as tier one capital.


LONDON (SHARPS PIXLEY) - Forgive the hyperbole in the headline but we wanted to get your attention as something quite profound is happening that could propel gold to record new highs. Yes, potentially the biggest thing since the birth of the gold ETF and the liberalization of the Chinese gold market in 2003. A decade on and we have grounds for saying that gold may well see a significant leg higher… the big new thing in gold. I’ll explain…


Banking capital adequacy ratios, once the domain of banking specialists are set to become centre stage for the gold market as well as the wider economy. In response to the global banking crisis the rules are to be tightened in terms of the assets that banks must hold and this is potentially going to very much favor gold. The Basel Committee for Bank Supervision (or BCBS) as part of the BIS are arguably the highest authority in banking supervision and it is their role to define capital requirements through the forthcoming Basel III rules.


In short, they are meeting to consider making gold a Tier 1 asset for commercial banks with 100% weighting rather than a Tier 3 asset with just a 50% risk weighting as it does today. At the same time they are set to increase the amount of capital banks must set aside as well. A double win potentially.

Hitherto banks have been much dis-incentivised to hold gold while being encouraged to hold arguably riskier assets such as equity capital, currencies and debt instruments, none of which have fared too well in the crisis. With this potential change in capital adequacy requirements. bank purchases of gold would drive up its value relative to other high quality qualifying assets, increasing its desirability for regulatory purposes further. This should result in gold being re-priced to bring it on a par with all other high quality assets. 


Currently banks have to have core Tier 1 capital ratio of 4% of which will rise to 6% from the beginning of next year. In addition to its store of value merits, central to the argument in favor of gold as a bank reserve is its countercyclical nature to most other assets in that it tends to be inversely correlated. Gold is ideal as it bears no credit risk. it involves no other counter-party and it is no one’s liability. It is a reserve asset diversifier if you like. 


This is a treble win for gold – it would be a major endorsement of its role in preserving wealth and as a store of value from the highest financial authority, it would lead to significant purchases of gold by major financial institutions and it would lead to a reappraisal of its value with respect to other Tier 1 capital such as quality sovereign debt. Under the new rules gold could become a very significantly larger proportion of a reserve pool which is about to grow very much larger.



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