On Tuesday gold futures prices continued to go up as the US dollar weakens maintaining the highest level in ]seven years for four consecutive sessions.
June gold was the most active contract on the New York Mercantile Exchange’s COMEX division. It increased by 0.43% or $7.5 to close the session at $1,768.9 per gold ounce. This comes as the US dollar index dropped 0.48% or 0.48 points to 98.87 this offering support for gold prices. With corporate earnings expected soon, analysts will be looking at the impact they will have on gold prices as well as equity prices.
Mining Stocks To Buy Or Sell In April #1 Fortuna Silver Mines
With the recent suspension of operations because of COVID-19 Fortuna Silver Mines Inc. (NYSE:FSM) has reported a 24% drop in gold production to 10,100 ounces and a 19% drop in silver production to 1.82 million for the first quarter.
Fortuna Silver indicated that following government directives to combat the spread of COVID-19 the company reduced operations at Caylloma mine, Peru and has also suspended operations at its San Jose Mine located in Mexico.
Mining Stocks To Buy Or Sell In April #2 McEwen Mining
On the other hand, McEwen Mining (NYSE:MUX) has reported Q1 production of 35,000 gold equivalent ounces that comprise of 29100 gold ounces as well as 553,100 silver ounces. The company says that its Black Fox Mine located in Ontario has resumed operations after shutting down for two weeks because of COVID-19.
The company had suspended operations at the mine following the government’s directive of social distancing and closure of non-essential businesses. The San Jose mine located in Argentina is on with operations but in El Gallo, Mexico and Gold Bar, Nevada mines operations are still suspended.
Mining Stocks To Buy Or Sell In April #3 Iamgold Corporation
Also, Iamgold Corporation (NYSE:IAG) has indicated that it will reopen the Westwood mine located in Quebec after the provincial government indicated that mining was an essential service. The company had placed the mine on care and maintenance on 25th last month to help combat the spread of COVID-19.
Iamgold has indicated that it will take around a week to increase operations at the mine to ensure workers are trained on sanitary measures.