Large Quantity of Gold Exported from Switzerland to London
[00:00:00] A large amount of gold was exported from Switzerland to London this week. We'll provide some commentary on this but some believe there's more to the story, other than fulfilling ETF demand. This and more today, here on Mining Stock Daily.
[00:00:20] And good day to you everybody welcome to Mining Stock Daily. This is Trevor Hall, your host, today is Thursday August 22nd. I thank you so much for tuning in. Gold managed to shake off yet another overnight price take down when Asia closed and London opened, at one point gold was trading slightly higher versus Tuesday's close. Silver was shrugged off on an attempt to take the price below $17 overnight and also closed marginally higher versus Tuesday's close. The Mining Stock Journal commented that the gold silver ratio appears to be headed lower again after tagging its 50 day moving average on Monday.
[00:00:57] If the gold silver ratio continues lower it would pretend higher prices for precious metals and mining stocks. Today's briefing is sponsored by Pacific Empire Minerals. Pacific Empire Minerals as a junior exploration company focused on the discovery of gold rich copper deposits in British Columbia. Pacific Empire trades on the TSX Venture Exchange under the symbol of PEMC and on the OTC QB markets under the symbol PEMSF. The company currently has a very tight share structure. Pacific Empire's unique approach to the prospect generator business model incorporates the company's own reversed circulation drill to advance projects beyond that of typical prospect generators. More information on Pacific empire can be found at pemcorp.ca.
[00:01:48] Here's what you need to know to day out of the Junior Resource Sector. Kirkland Lake announced it has acquired 2 million units of Bonterra Resources by way of a private placement financing and by share purchases of price of $2.50 per unit for a total cash payment of $5 million. Each unit consists of one common share and one half of one share purchase warrants. With the investment Kirkland Lake now owns just over 8.5 million shares and 1 million warrants of Bonterra, which represents approximately 11.3% of the currently issued and outstanding shares on a non-diluted basis. Bonterra is developing the Urban Barry Camp in the Abitibi greenstone belt in Quebec. It also controls the only permitted gold mill in the region.
[00:02:36] SilverCrest Metals says it has received approval from the Secretariat de la Defensa Nacional (SEDENA) for the operational storage and use of explosives at the Las Chispas Project in Sonora State, Mexico. This permit is valid for life of project while exploring developing or even potentially producing. The importance of this permit for SilverCrest that it allows the company to further advance underground exploration for the Babicanora Vein in both the Santa Rosa Decline and the Babicanora Historic Adit. Approximately 20,000m of expansion drilling are budgeted for the second half of this year. In addition to this permit, SilverCrest also announced it has exercised its last outstanding option agreement to fully acquire the remaining four concessions at Las Chispas, thereby obtaining a 100% ownership and all Las Chispas mining concessions containing vein mineral resources. SilverCrest trades on the TSX Venture with SIL and the NYSE SILV.
[00:03:39] QMX Gold reported assay results from reconnaissance drilling on the New Lourve target in the company's land package in Val d'Or, Quebec. Highlights included 6.6 g/t gold over 3.7m and 14 g/t gold over 1.4m. QMX is planning to do more exploration on the New Lourve target as part of the target larger exploration program in the general Bonnefond area. QMX Gold trades on the TSX Venture with QMX and on the US OTC markets with QMXGF.
[00:04:15] The Mining Stock Journal wanted to comment on the massive exportation of gold from Switzerland to London Gold Market. Bloomberg News reported that the gold was needed for gold ETF's, but the quantity of gold that moved from Swiss refineries was far larger than the inflow of cash into the various gold ETFs. Alternatively, the Mining Stock Journal believes that large quantities of physical gold are needed on the LBMA to feed an enormous buyer or buyers in London. The buying has created a shortage of gold in London per extraordinarily low LBMA gold lease rates which are negative for a six month lease terms.
[00:04:59] That concludes today's briefing, we'll connect again tomorrow. You can find Mining Stock Daily on a dozen different networks including iTunes, Spotify and Google Play. If you'd be so kind of take a moment and provide a review of the show on the network or service you utilize to catch the rundown of daily news, that would be greatly appreciated. You can always feel free to shoot me an email trevor@clearcreekdigital.com, I'll try to get back to you in a timely manner. Thanks again for listening. That's it for me today. Have a wonderful day. Be well.
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