With the Federal Reserve likely to cut interest rates at its September meeting, gold prices are at record highs above $2,500. All of which continues to fuel upside for leading gold stocks, such as U.S. Gold Corp. (NASDAQ: USAU), Barrick Gold Corporation (NYSE: GOLD) (TSX: ABX), Royal Gold Inc. (NASDAQ: RGLD), Franco Nevada Corp. (NYSE: FNV) (TSX: FNV), and Newmont Corp. (NYSE: NEM) (TSX: NGT). Helping, analysts at UBS says gold prices could rally to $2,600 by the end of the year. Other analysts, including those at Citi have a $3,000 price target on gold over the next 18 months, especially with Middle East tension and the Federal Reserve. Bank of America also said gold could also test $3,000 in the next 12 to 18 months.
“Gold prices are up 22% so far this year amid geopolitical uncertainties, expectations of interest rate cuts from the Fed and strong buying appetite from central banks,” said analysts at ING, as quoted by Investing.com. “Looking ahead, we expect gold to stay near record highs on expectations that the U.S. Fed is getting closer to an interest rate cut. We believe that gold’s focus will remain firmly on the scope and timing of the Fed’s likely move to cut rates, with Jackson Hole later this week potentially providing some further clarity.”
Look at U.S. Gold Corp. (NASDAQ: USAU), For Example
U.S. Gold Corp. just announced that it will be attending H.C. Wainwright’s 26th Annual Global Investment Conference. The Company’s management team invites shareholders and all interested parties to attend. Admission to the Global Investment Conference is free to qualified investors.
The Global Investment Conference will be held in-person at the Lotte New York Palace Hotel in Midtown Manhattan, New York, and virtually, from September 9 to September 11, 2024. The Company will be conducting one-on-one meetings virtually via video conference.
The Global Investment Conference brings together companies, industry professionals and investors from various business sectors, including metals and mining, for networking opportunities, one-on-one investor meetings and company presentations.
For more information and/or to register for the Global Investment Conference, please visit: HCW Events
Other related developments from around the markets include:
Barrick Gold reported increased earnings and production for its second quarter, in line with guidance, and said the Company was on track for a strong second half of the year. Net earnings1 were up 25% and the attributable EBITDA margin2 was up 17% quarter on quarter to 48% with strong operating cash flows of $1.16 billion and a material increase in free cash flow3 to $340 million. Net earnings per share were up 24% to $0.21, adjusted net earnings per share3 increased by 68% to $0.32, and the quarterly dividend was maintained at $0.10 per share. President and chief executive Mark Bristow said while steering the Company towards the achievement of its 2024 guidance, management was also maintaining its focus on value creation and growth.
Royal Gold announced that its Board of Directors has declared its fourth quarter dividend of $0.40 per share of common stock. The dividend is payable on Friday, October 18, 2024, to shareholders of record at the close of business on Friday, October 4, 2024.
Franco Nevada announced that its wholly-owned subsidiary has acquired from Compan~i´a de Minas Buenaventura S.A.A. and its subsidiary, an existing 1.8% net smelter return royalty on all minerals covering Newmont Corporation’s Yanacocha mine and adjacent mineral properties located in Peru. Consideration for the Royalty consists of $210 million paid in cash on closing, plus a contingent payment of $15 million in Franco-Nevada common shares, payable upon achievement of certain conditions. “We are pleased to partner with Buenaventura to acquire this existing Royalty which adds immediately cash flowing gold production and growth from a leading gold operator,” said Paul Brink, President & CEO of Franco-Nevada. “Yanacocha has been one of the largest gold mines globally and the district covered by the Royalty remains highly prospective with over 47 Moz AuEq in total reserves and resources. The Royalty covers current oxide production, the planned sulfide project and high-quality growth projects, including Conga, which together have the potential to add decades of contributions to Franco- Nevada.”
Newmont Corp. announced second quarter 2024 results and declared a second quarter dividend of $0.25 per share. “Newmont delivered a solid second quarter, producing 2.1 million gold equivalent ounces and generating $594 million in free cash flow,” said Tom Palmer, Newmont’s President and CEO. “We continued to advance our divestiture program and, to date, have announced $527 million in proceeds this year. With this momentum, we completed $250 million in share repurchases and repaid $250 million in debt. As we head into the second half of the year, we remain confident in our ability to continue executing on shareholder returns, meet our full year guidance and deliver on our commitments.”
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