Gold prices have been on the rise in April and the yellow metal is gained more than 11% pushing it to reach new highs in almost eight years.
This upside is expected to continue as Blue Line Capital President Bill Baruch suggests. Baruch says the technical setup of gold indicates that the metal is about to break above trends witnessed throughout March and this month. Gold has received support from the Fed’s stimulus package and it is likely to test $2000 this year.
Gold Stocks Continue To Move Higher : New Gold
Similarly, the coronavirus pandemic which has caused uncertainty offered support for gold prices. However gold miners have been impacted with some forced to suspend operations and withdraw guidance. For instance, New Gold Inc. (NYSEAMERICAN:NGD) has withdrawn its 2002 production and cost guidance because of uncertainty.
The company reported Q1 production which was 103,435 gold equivalent ounces that comprised of 66,790 gold ounces, 131,417 silvers ounces, and 18.5 million lbs. of coppers. The average realized prices were $1,458 per gold ounce and $2.56 per copper lb.
Gold Stocks Continue To Move Higher : AngloGold Ashanti
AngloGold Ashanti (NYSE:AU) has indicated that it will resume operations in South Africa, Brazil and Argentina after the coronavirus lockdowns were lifted. The company said the Cerro Vanguardia mine in Argentina began operations on April 6th. AngloGold has also received approval to resume limited operation in South Africa but is Mponeng operations will be suspended until the end of this month. Operations in other countries are going on but exploration activities in the US remain suspended.
Gold Stocks Continue To Move Higher : Barrick Gold
As the coronavirus pandemic impacts communities, some gold companies are offering a helping hand to help fight the virus. For instance, Barrick Gold (NYSE: GOLD) has bought 800,000 test kits to screen its workers as well as the communities where they operate mines.
The gold mine had bought 400,000 antibody test kits from China, UK, and South Korea with 300,000 on the way and 150,000 is in the country according to its CEO Mark Bristow.