Gold price still treading water
Since the world, including the world of commodities has been shaken up by the pandemic, gold is having a hard time.
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The all-time high in the gold price, which was seen in August 2020 at USD 2,075 per ounce, was now a while ago. The gold price has been moving sideways for months and investors tend to be disappointed rather than enthusiastic. The price has yet to make a major breakout to the upside. A price of around USD 1,675 per troy ounce has already been seen as support several times, for example during the small price crash in August 2021, when the gold price turned upwards again.
September also failed to bring the hoped-for recovery in the price of gold. At the end of the month, the gold price closed at USD 1,752 per ounce. This was a minus of 3.5 per cent compared to August. Most recently, a gold price around US$1,833 seemed to raise hopes, but it did not continue higher. At least buying interest seems to pick up from around US$1,750 an ounce. A subsequent buying wave could finally bring the longed-for breakout from the price sideways movement.
In recent months, the performance of mining stocks has largely mirrored the price trends in gold. The merger between Agnico Eagle and Kirkland Lake Gold could contribute to a new positive trend. And when the gold price rises again, those who invested in time, for example in Gold Terra Resource or Ximen Mining, will be happy. Gold Terra Resource - https://www.youtube.com/watch?v=qb84jKh6DTc - is currently happy about very good drill results on its Yellowknife City gold project in the Northwest Territories in Canada (about 11 grams of gold per ton of rock). Ximen Mining owns several gold projects and a silver project in British Columbia.
Current corporate information and press releases from Gold Terra Resource (https://www.resource-capital.ch/en/companies/gold-terra-resource-corp/).
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