Gold prices settled just above $2,000 earlier this week. For one, the metal could push higher with a good deal of recessionary risks still on the table. Two, there’s the potential for U.S. debt default in a matter of weeks, according to U.S. Treasury Secretary Janet Yellen. In fact, she warns that if the debt ceiling is not raised, it could trigger a “constitutional crisis,” as quoted by Kitco.com. She added, “It's Congress's job to do this. If they fail to do it, we will have an economic and financial catastrophe that will be of our own making," Yellen told ABC on Sunday. "And we should not get to the point where we need to consider whether the president can go on issuing debt. This would be a constitutional crisis." Those two key issues could send gold prices to higher highs, along with gold stocks, such as Golden Cariboo Resources (TSXV: GCC) (OTC: GCCFF),Barrick Gold Corporation (NYSE: GOLD) (TSX: ABX), Newmont Corporation (NYSE: NEM) (TSX: NGT), Franco Nevada Corp. (NYSE: FNV) (TSX: FNV), and Royal Gold Inc. (NASDAQ: RGLD). Also, Bank of America believes gold could see $2,500 this year on talk of a potential U.S. debt default, and a potential pause from the Federal Reserve.
Look at Golden Cariboo Resources (TSXV: GCC) (OTC: GCCFF), For Example
Golden Cariboo Resources announced drilling crews have arrived onsite at the Company’s Quesnelle Gold Quartz Mine property near Hixon, central British Columbia, to commence the 2023 exploration campaign.
The Company has a diamond drill onsite to start its 5,000 meter drilling program as outlined by Jean Pautler P.Geo NI 43-101 report (see https://goldencariboo.com). The drilling campaign will expand on Golden Cariboo’s successful maiden three-hole drill program completed in late autumn 2022, from which a 22.3m intercept of 0.69 g/t gold was encountered (complete assays pending on two drill holes), including mineralization visually similar to Osisko Development Corp.’s (ODV: NSE/ TSXV) recently producing Bonanza Ledge Mine on Barkerville Mountain.
Company director Andrew H. Rees commented “Golden Cariboo is excited to advance its exploration thesis that its Quesnelle Gold Quartz project contains similar host rocks and mineralization to Osisko Development’s Cariboo Gold project consisting of the Bonanza Ledge mine and the multi-million-ounce Cariboo Gold Mine on Island and Cow Mountains that is expected to go into production as early as this year.”
The technical information in this news release has been reviewed by Jean Pautler, P.Geo., a qualified person with respect to NI 43-101.
Other related developments from around the markets include:
Barrick Gold Corporation announced the declaration of a dividend of $0.10 per share for the first quarter of 2023. The dividend is consistent with the Company’s Performance Dividend Policy announced at the start of 2022. The Q1 2023 dividend will be paid on June 15, 2023 to shareholders of record at the close of business on May 31, 2023. “Through the maintenance of a robust balance sheet, we are able to continue to provide a strong base dividend to our shareholders, with our Performance Dividend Policy providing shareholders with the potential for additional upside going forward,” said senior executive vice-president and chief financial officer Graham Shuttleworth.
Newmont Corporation submitted a revised non-binding indicative proposal to the Board of Directors of Newcrest Mining Limited (Newcrest) to acquire 100 percent of the issued share capital of Newcrest by way of an Australian Scheme of Arrangement, under which Newcrest shareholders would receive 0.400x Newmont shares per each Newcrest share held. In addition, Newcrest would have the right to fund and pay to its shareholders a special dividend of up to USD$1.10 per Newcrest share. Newmont’s improved offer on these terms is best and final, subject only to no superior proposal emerging.
Franco Nevada Corp. recently announced “strong fourth quarter and annual results for 2022. Our Diversified assets outperformed due to elevated energy prices in the year, stated Paul Brink, CEO. We are pleased that First Quantum and the Government of Panama have agreed on terms for a refreshed concession contract and look forward to Cobre Panama achieving its expanded throughput capacity later this year. Precious metal GEOs and Diversified production in 2023 are expected to be consistent with 2022. We are however guiding to lower total GEOs for the year as current energy prices are below 2022 levels. The organic growth in our 5-year outlook comes from both mine expansions and new mines. Franco-Nevada is debt-free, is growing its cash balances and has an active pipeline of growth opportunities.”
Royal Gold Inc. announced that its Board of Directors has declared its second quarter dividend of $0.375 per share of common stock. The dividend is payable on Friday, April 21, 2023, to shareholders of record at the close of business on Thursday, April 6, 2023.
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