Optimism for gold mining stocks
If the gold price rises, then the gold in the projects and thus the share values of the gold companies also become more valuable.
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Production and exploration activities at the gold mines were mostly back on track in the first quarter of 2021. Mines are operating normally again after pandemic-related adversity. Results are better than expected and everyone expects a solid second quarter. This should also have a positive impact on mining companies paying dividends, as the potential for solid returns is there.
This general improvement in the sector should also lead to more mergers and acquisitions again. And a rising gold price, most industry insiders expect, should please gold companies and their shareholders. Chart technicians have identified, among other things, a so-called cup-and-handle bullish pattern. This is a ten-year pattern that is now almost complete. It began in September 2011 and it projects a minimum price target of $3,000 per troy ounce of gold. On September 6, 2011, the price of gold reached a temporary high of US$1923.70 per ounce. The low was at the end of 2015 and in August 2020, the ounce of gold cost US$2,089.20, similar to 2011. This pattern looks like the rounded bottom of a teacup. The important thing is the "handle." After the high (August 2020) there is a short decline, the handle of the cup, but then the price should go steeply up, to the old high and then above.
So, it's high time to look at gold mining stocks, such as OceanaGold or Condor Gold.
Condor Gold - https://www.youtube.com/watch?v=bEaHfDTZ2rg -, well financed, owns the La India gold project in Nicaragua, which already has very good drill results (up to a good 12 grams of gold per ton of rock). The environmental permit has been obtained.
OceanaGold - https://www.youtube.com/watch?v=ksz9TG59tQk - is already a producer and has in its portfolio the Didipio mine in the Philippines, the Macraes and Waihi projects in New Zealand and the Haile gold mine in the USA.
Current corporate information and press releases from OceanaGold (https://www.resource-capital.ch/en/companies/oceanagold-corp/).
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