Gold Prices Rebound as Economic Conditions Turn to Favor Safe Haven Assets

NEW YORK, June 8, 2021 /PRNewswire/ -- Gold prices rebounded on Monday as gold futures booked back-to-back gains, crossing the key USD 1,900 mark. The jump in gold prices is partially a reaction to the latest Labor Department report, according to which U.S. payrolls increased by 559,000 last month, below the median estimate of 675,000 by economists surveyed by Bloomberg. As a result, both the dollar and treasury yields initially dropped after the report was released. Naeem Aslam, Chief Marketing Analyst at Ava Trade, explained according to Bloomberg, that "today's number has confirmed the Fed's current thesis about their monetary policy, and it is very clear that now the pressure is off… The fact that the Fed is likely to keep their monetary policy unchanged is helping the gold prices today." Gold Mountain Mining Corp. (TSX-V: GMTN) (OTC: GMTNF), Equinox Gold Corp. (NYSE: EQX), IAMGOLD Corporation (NYSE: IAG), Great Panther Mining Limited (NYSE: GPL), Golden Star Resources Ltd. (NYSE: GSS)

The value of gold is difficult to predict, as it depends on many economic variables as well as on decisions made by the Federal Reserve. Nevertheless, gold is often viewed as a safe haven in times of economic and political uncertainties. Economists and analysts note that weak inflation pressures could be a positive for gold prices. A report by Kitco, from back in March, also indicates that analysts have pointed out the latest inflation data gives the Federal Reserve some flexibility to provide more accommodative monetary policies.

Gold Mountain Mining Corp. (TSX-V: GMTN) (OTCQB: GMTNF) just announced breaking news that, "the Ministry of Energy, Mines & Low Carbon Innovation Communications Office ("EMLI") has released the Company's draft Mine Permit (the "Draft Mine Permit") for review.

"We were told our permitting timelines were aggressive since going public on December 31, 2020. Receiving this draft permit is a testament to the management team's ability to execute and maintain our ambitious schedule," said Kevin Smith, CEO and Director. "Following our initial review of the draft permit we are encouraged to see that all conditions fell inline with our expectations and we anticipate providing our final comments to EMLI very shortly. This is the final step before it is sent up to the Statutory Decision Maker for final approval. This is an exciting development for all of our long term supporters and we look forward to delivering on our commitment of building BC's next high grade gold and silver producer."

Draft Mine Permit

A Draft Mine Permit is provided to applicants in advance of issuing a final permit in order to provide the opportunity to comment on any permit terms and conditions. The Company anticipates providing feedback to EMLI and finalizing permit language in mid-June. Once the permit language is agreed to, the final Mine Permit is submitted to the EMLI Statutory Decision Maker for final approval. The final Mine Permit confirms EMLI's approval of the Company's Mine Plan and Reclamation Plan for work at the Elk Gold Mine.

The Draft Mine Permit contained conditions relating to monitoring, operating, reporting and inspection requirements during the construction and operation of the mine. The document also details the reclamation and closure plan, short-term and long-term water management plan and the financial assurance conditions, including amounts required to begin operations at the Elk Gold Mine.

Other Authorizations

The Mine Permit is the most material authorization required to go into production and its receipt provides the Company with confidence that other ancillary authorizations will follow. Such authorizations include those related to the Explosives Storage and Use, Bulk Explosives Use, Road Use, Effluent Discharge, Industrial Access and Free Use (forest use). The Company is actively pursuing the receipt of all necessary authorizations and does not anticipate any delays in its production schedule resulting from the failure to hold any required authorization."

Equinox Gold Corp. (NYSE: EQX) announced on March 1st, that the Company has entered into an agreement with an affiliate of the Orion Mine Finance Group ("Orion") to acquire 10% from Orion's current interest in the Hardrock Mine Project (the "Hardrock Project") for consideration of USD 51 Million plus certain contingent payment obligations (the "Hardrock Transaction").  Christian Milau, CEO of Equinox Gold, stated: "We are extremely pleased to increase our stake in this world-class Canadian gold deposit located in one of the world's top mining jurisdictions. Hardrock will be a low-cost, long-life gold mine, bringing more than 240,000 attributable ounces of annual gold production to Equinox Gold when in production, with significant upside potential from near-mine exploration and underground development. We look forward to working with Orion to advance Hardrock to production, bringing long-term benefits to all stakeholders of the Hardrock Project and particularly First Nations and other communities in the Greenstone region of Ontario."

IAMGOLD Corporation (NYSE: IAG) reported on November 4th, its consolidated financial and operating results for the quarter ended September 30th, 2020.  "IAMGOLD performed well in challenging circumstances, generating $105.1 million in operating cash flows and producing 159,000 ounces of gold, resulting in $80.0 million in free cash flows from our operating mine sites," commented Gordon Stothart, President and CEO of IAMGOLD.  "In the quarter, we successfully completed our new bond issuance, lowering our interest costs, extending the maturity to 2028 and enhancing our financial flexibility with a cash balance of approximately $900 million. This cash position, along with access to our largely undrawn $500 million credit facility, brings our total liquidity to over $1.4 billion, enabling us to cover our portion of Côté's capital expenditures. Project engineering at Côté is now 66% complete, as early works continue and permitting advances to enable construction activities. Looking to the fourth quarter, production will be underpinned by Essakane and by Saramacca's contribution to Rosebel. As reported Monday, we had a seismic event at Westwood, with all employees safely brought above ground. I would like to recognize our Westwood team for their safe and successful response to this event. The Westwood mill is expected to restart operations in the next few days while the underground mine operations remain suspended."

Great Panther Mining Limited (NYSE: GPL) announced on January 14th, its fourth quarter (Q4) and annual 2020 production results from its three 100% owned mines: Tucano in Brazil, and Topia and the Guanajuato Mine Complex (GMC) in Mexico. "We delivered on our 2020 production guidance and produced more gold last year than in 2019, despite the challenges of COVID-19.  Our teams in Brazil, Mexico, and Peru did a tremendous job prioritizing health and safety, while still achieving profitable production and executing our exploration programs," stated Rob Henderson, President and CEO. "The Mineral Reserve and Resource update for our flagship Tucano mine, announced in December, has allowed for an extension of the life of the Urucum and Taperaba pits, and the latest mine plan will see a transition to mining higher grades in 2022 and 2023. Exploration activity at Tucano in 2021 is planned to ramp up, with a focus on identifying regional opportunities, proving up the underground potential and expanding the existing open pits. In 2021, consolidated gold equivalent production from the Tucano, GMC and Topia mines is expected to be 135,000 to 150,000 Au eq oz."

Golden Star Resources Ltd. (NYSE: GSS) filed on March 1st, a National Instrument 43-101 technical report which includes a mineral reserve and resource update and a preliminary economic assessment of the potential expansion of the Southern Extension zone in the Wassa underground gold mine in Ghana. "In 2020, we focused on improving our geological confidence in the orebody through an extensive infill drilling program which has resulted in a significant increase in our measured resource and proven reserve. Converting the open pit reserve at Wassa to an underground reserve allows us to bring production from those areas forward with a lower upfront capital cost. Development of the Upper Mine will start to deliver production from 2023 and will provide a second decline access to the mine which can be incorporated into the long term mine design.

Subscribe Now! Watch us report LIVE
Follow us on Twitter for real time Financial News Updates:
Follow and talk to us on Instagram:
Facebook Like Us to receive live feeds:

About, a leading financial news informational web portal designed to provide the latest trends in Market News, Investing News, Personal Finance, Politics, Entertainment, in-depth broadcasts on Stock News, Market Analysis and Company Interviews. A pioneer in the financially driven digital space, video production and integration of social media, creates 100% unique original content. also provides financial news PR dissemination, branding, marketing and advertising for third parties for corporate news and original content through our unique media platform that includes Newswire Delivery, Digital Advertising, Social Media Relations, Video Production, Broadcasting, and Financial Publications.

Please Note: is not a financial advisory or advisor, investment advisor or broker-dealer and do not undertake any activities that would require such registration. The information provided on  (the 'Site') is either original financial news or paid advertisements provided [exclusively] by our affiliates (sponsored content),, a financial news media and marketing firm enters into media buys or service agreements with the companies which are the subject to the articles posted on the Site or other editorials for advertising such companies. has not been compensated directly by any of the companies mentioned here in this editorial unless mentioned otherwise. We are not an independent news media provider and therefore do not represent or warrant that the information posted on the Site is accurate, unbiased or complete. receives fees for producing and presenting high quality and sophisticated content on along with other financial news PR media services. does not offer any personal opinions, recommendations or bias commentary as we purely incorporate public market information along with financial and corporate news. only aggregates or regurgitates financial or corporate news through our unique financial newswire and media platform. For gold mountain mining corp. video production, filming editing, news reporting, financial and corporate news dissemination, has been compensated five thousand dollars by the company. Our fees may be either a flat cash sum or negotiated number of securities of the companies featured on this editorial or site, or a combination thereof. The securities are commonly paid in segments, of which a portion is received upon engagement and the balance is paid on or near the conclusion of the engagement. will always disclose any compensation in securities or cash payments for financial news PR advertising. does not undertake to update any of the information on the editorial or Site or continue to post information about any companies the information contained herein is not intended to be used as the basis for investment decisions and should not be considered as investment advice or a recommendation. The information contained herein is not an offer or solicitation to buy, hold or sell any security., members and affiliates are not responsible for any gains or losses that result from the opinions expressed on this editorial or Site, company profiles, quotations or in other materials or presentations that it publishes electronically or in print. Investors accept full responsibility for any and all of their investment decisions based on their own independent research and evaluation of their own investment goals, risk tolerance, and financial condition. By accessing this editorial and website and any pages thereof, you agree to be bound by the Terms of Use and Privacy Policy, as may be amended from time to time. None of the content issued by constitutes a recommendation for any investor to purchase, hold or sell any particular security, pursue a particular investment strategy or that any security is suitable for any investor. This publication is provided by Each investor is solely responsible for determining whether a particular security or investment strategy is suitable based on their objectives, other securities holdings, financial situation needs, and tax status. You agree to consult with your investment advisor, tax and legal consultant before making any investment decisions. We make no representations as to the completeness, accuracy or timeless of the material provided. All materials are subject to change without notice. Information is obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed. For our full disclaimer, disclosure and Terms of Use, please visit: .

Media Contact:

Cision View original content:


Data & News supplied by
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.