This is Why Gold Prices Could Hit $2,000 this Week

Gold prices could soon hit $2,000 as the pandemic increased fears of further economic downfall, as U.S. China tensions increase, and as the dollar weakens on the Federal Reserve’s move to boost liquidity measures. Just days ago, the Federal Open Market Committee left its benchmark interest rate unchanged near zero and noted “the economy will depend significantly” on such actions. “As I look across the landscape, there is not much that could take gold down significantly. Only if trader sentiment changes strongly,” said Gainesville Coins precious metals expert Everett Millman, as quoted by Kitco.com. “I expect gold to hit $2,000.” That’s all creating big opportunity for gold companies including Eclipse Gold Mining Corporation (TSXV:EGLD)(OTC:EGLPF), Kirkland Lake Gold Ltd. (NYSE:KL), SSR Mining Inc. (NASDAQ:SSRM), Sandstorm Gold Ltd. (NYSE:SAND), and Equinox Gold Corp. (NYSE:EQX).

Eclipse Gold Mining Corporation (TSXV:EGLD)(OTC:EGLPF) BREAKING NEWS: Eclipse Gold Mining Corporation reported it has initiated a helicopter-supported geophysical survey to explore the scale of the mineralizing system at its Hercules gold project in Nevada’s Walker Lane trend. Electromagnetic (resistivity and conductivity), magnetic, and radiometric data will be collected for the entire Hercules property, with approximately 2,200 line kilometers planned. Previous work indicated a potential correlation between resistivity and gold mineralization on the property. The survey is being conducted by Geotech Ltd of Aurora, ON.

The goal of the geophysical survey is to assess property-wide exploration potential at Hercules and generate a prioritized list of targets for further drilling programs. The Company has created an 85-square-kilometer district-scale land package, through claims and ownership consolidation, that is known to host a low-sulphidation epithermal gold-silver system of undefined size.

Recent drilling by the Company highlighted the strength and continuity of the mineralized system at Hercules, intersecting broad intervals of near-surface oxide gold-silver mineralization in all target areas tested to date, some greater than 50 meters (See June 10, 2020 news release). Results from a recent ground IP survey identified a new ‘Hercules Structural Zone’, a potential feeder structure, that extends more than 2,000 meters along strike, and remains open for expansion (See July 21, 2020 press release).

“Work to date by the Company has been systematically exploring the Hercules Gold Project,” stated Michael Allen, President and CEO of Eclipse Gold, “We have now established that Hercules hosts a large scale, epithermal gold system whose value is only now beginning to be unlocked. Our next phase of work is to assess the full scale of the system and vector in on potentially higher-grade zones.”

The Company expect results of the airborne geophysical survey in mid-August and will add to our growing understanding of the project as we plan our next round of drilling.

Other related developments from around the markets include:

Kirkland Lake Gold Ltd. (NYSE:KL) announced the Company’s financial and operating results for the second quarter and first six months of 2020. The Q2 2020 results include strong growth in production, revenue, earnings and cash flow despite disruptions caused by the Company’s COVD-19 response. Tony Makuch, President and Chief Executive Officer of Kirkland Lake Gold, commented: “We achieved solid results in Q2 2020 despite significant disruptions related to COVID-19. Compared to last year’s second quarter, production increased 54%, our adjusted net earnings doubled and we generated strong free cash flow. Once again, Fosterville was a key driver of our results, increasing production by 10% year over year and generating AISC of $273 per ounce. With year-to-date production of 314,970 ounces, Fosterville entered the second half of the year well positioned to achieve its full-year 2020 guidance of 590,000 – 610,000 ounces. Detour Lake is already making a significant contribution to our performance and to value creation. The mine generated $89.0 million of free cash flow in Q2 2020, and $167.0 million from January 31, 2020 to June 30, 2020. We are expecting even better results from Detour Lake in the second half of the year, with the workforce back to pre-COVID levels and mining rates ramping up, which should lead to improved grades. Detour Lake’s performance has already exceeded our expectations and with the current gold price environment, the timing of the Detour Gold transaction could not have been better. At Macassa, there was a significant impact in YTD 2020 from the move to reduced operations and our COVID-19 protocols. Having said that, as with Detour Lake, workforce levels at Macassa are now back to normal levels and we are positioned for stronger results in the second half of 2020, from both higher tonnes processed and improved average grades.

SSR Mining Inc. (NASDAQ:SSRM) announced the publication of its ESG and Sustainability Report. The report outlines our approach to sustainability across a range of areas and summarizes our 2019 performance. The report’s theme “Delivering on Our Commitments” underscores our ongoing commitment to transparency with our stakeholders. Paul Benson, President and CEO, commented, “I am pleased to introduce our second annual ESG and Sustainability Report, which further builds on our operational excellence program by setting goals for continuous improvement in social, environmental, and safety performance. The spirit of delivering on our commitments is embedded in how SSR Mining operates and this will continue to be a foundational principle for years to come.”

Sandstorm Gold Ltd. (NYSE:SAND) released its results for the second quarter ended June 30, 2020. Sandstorm’s revenue during the second quarter of 2020 was $18.7 million compared with $21.5 million for the comparable period in 2019. The decrease is largely due to a 33% decrease in the attributable gold equivalent ounces sold, partially offset by a 31% increase in the average realized selling price of gold. Net income was higher when compared to the same period in 2019 primarily due to a $3.7 million increase in the gains recognized on the revaluation of the Company’s investments; whereby a gain of $5.1 million was recognized during the second quarter of 2020 largely driven by an increase in fair value of the Americas Gold and Silver Corp. convertible debenture and Equinox Gold Corp. warrants. Other factors impacting the increase in net income include a $2.1 million decrease in the cost of sales, partly due to a decrease in the attributable gold equivalent ounces sold.

Equinox Gold Corp. (NYSE:EQX) will announce its financial and operating results for the three and six months ended June 30, 2020 on Monday, August 10, 2020 after market close. A live conference call and webcast will follow on Tuesday, August 11, 2020 commencing at 8:00am PT (11:00am ET), providing the opportunity for analysts and investors to ask questions of Equinox Gold’s executive team.

Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Eclipse Gold Mining Corporation has paid three thousand five hundred dollars for advertising and marketing services to be distributed by Winning Media. Winning Media is only compensated for its services in the form of cash-based compensation. Winning Media owns ZERO shares of Eclipse Gold Mining Corporation. Please click here for full disclaimer.

Contact Information:

2818047972

ty@wallstreetnation.com

Related posts

Carl Icahn Increases His Stake In Take-Two Interactive To 10.68%

ValueWalk

iPad Mini Display Outperformed By Kindle Fire HD & Nexus 7

ValueWalk

Foxconn Might Open Manufacturing Plants In The U.S. [REPORT]

ValueWalk

Peter Cundill Protégé Tim McElvaine on Investing in Japan [VIDEO]

ValueWalk

Set Bing Home Page Image As Lock Screen In Windows 8

ValueWalk

Morning Market News: JCP, APO, MCHP, ZIP, ENR, LGF, EA, ATVI, COV, LNT

ValueWalk