Yamana Gold comenzará la construcción de Cerro Moro antes de fin de año

La minera canadiense Yamana Gold –que opera la mina Gualcamayo en la provincia de San Juan- anunció los resultados correspondientes al Estudio de Factibilidad actualizado del proyecto Cerro Moro, localizado en la provincia de Santa Cruz. Este proyecto fue adquirido en agosto de 2012 con la compra de la mina junior Extorre Gold Mines. 

Los resultados más destacados del Estudio de Factibilidad incluyen:

•Producción anual de 0,15 Moz de oro equivalentes durante la vida útil de la mina

•Tasa de producción diaria de 700 toneladas

•Gastos de Capital inicial por US$126 millones 

•Durante los primeros tres años se desarrollarán pequeños open pits, a los que seguirá el desarrollo de áreas subterráneas

•La planta de procesos se construirá en dos fases: Fase 1 será para recuperar el metal proveniente de un concentrado de alta ley proveniente de técnicas de gravitación; y la Fase 2 –a partir del tercer año de operaciones- agregará técnicas de flotación para aumentar la recuperación

•El desarrollo subterráneo así como los Gastos de Capital de la Fase 2 serán financiados con los fondos provenientes de la operación 

•Continúan las tareas de ingeniería de detalle y predesarrollo, con la decisión para comenzar la construcción antes del final de 2014

•Con la decisión de iniciar la construcción a fines de 2014, la producción iniciaría en la primera mitad de 2016


Goldman Sachs ve el oro en 1.050 para fin de año

Gold will resume a decline as U.S. economic growth accelerates, according to Goldman Sachs Group Inc., which reiterated a forecast for the metal to end the year at $1,050 an ounce.

Bullion’s rally this year was spurred by poor U.S. data probably linked to the weather and rising tension in Ukraine, analysts led byJeffrey Currie wrote in a report, describing the reasons as transient. With the tapering of the Federal Reserve’s bond-buying program, U.S. economic releases will return as the driving force behind lower prices, he wrote.

Gold’s 12-year bull run ended in 2013 as the Fed prepared to reduce monthly bond-buying that fueled gains in asset prices while failing to stoke inflation. Prices rose 10 percent this year even as the Fed cut purchases, with Russia’s annexation of Crimea and mixed U.S. economic data boosting haven demand. Last year, Currie described gold as a “slam-dunk sell” for 2014.

“It would require a significant sustained slowdown in U.S. growth for us to revisit our expectation for lower gold prices over the next two years,” Currie wrote in the report, dated yesterday. “While further escalation in tensions could support gold prices, we expect a sequential acceleration in both U.S. and Chinese activity, and hence for gold prices to decline.”

Gold for immediate delivery traded 0.3 percent higher at $1,322.01 an ounce at 7:43 p.m. in Singapore, according to Bloomberg generic pricing, after the United Nations Security Council met to address the Ukraine crisis. Bullion last traded below $1,050 an ounce in February 2010.

Morgan Stanley

Bullion is the least preferred commodity among metals as prices resume a decline this year on the outlook for rising U.S. interest rates and low inflation expectations, Morgan Stanley said in a report on April 8. Average prices are expected to drop for the next four quarters, it said.

Stronger U.S. growth this year and next will help the world economy withstand weaker recoveries in emerging markets, according to the International Monetary Fund. The world’s largest economy will expand 2.8 percent this year and 3 percent in 2015, unchanged from forecasts in January, the IMF said in its World Economic Outlook report last week.

To contact the reporter on this story: Glenys Sim in Singapore atgsim4@bloomberg.net

Cina gold demand to rise, World Gold Council says

Gold barsChina’s demand for gold shows no sign of letting up. China’s demand for gold is set to rise by about 20% over the next few years, the World Gold Council has estimated, as the population becomes more wealthy.

The council estimates private sector demand for gold in China will rise to at least 1,350 tonnes by 2017.

Chinese customers bought 1,132 tonnes of gold last year, in jewellery as well as gold bars and coins for investment. The forecast comes as China becomes the world’s largest gold-consuming nation since last year, overtaking India.

The World Gold Council says China is at the “centre of the global gold eco-system”, as rapid urbanisation creates a rising middle class. Albert Cheng, from the World Gold Council, said: “The cultural affinity for gold runs deep in China and when this is combined with an increasingly affluent population and a supportive government, there is significant room for the market to grow even further.

“Whilst China faces important challenges as it seeks to sustain economic growth and liberalise its financial system, growth in personal incomes and the public’s pool of savings should support a medium term increase in the demand for gold, in both jewellery and investment.”

According to the council, consumers bought a record amount of gold last year, with Asia’s economic heavyweights China and India in the top two spots. In Western markets demand for the precious metal remained strong, particularly in the US, where people bought a lot of gold jewellery as well as gold bars and coins.

Citi: Investors ‘Taking Commodities More Seriously’ As Portfolio Diversifier

Monday April 14, 2014 11:45 AM Investors are returning to commodities, says Citi Research. Passive commodity index swap trading data for the first week of the second quarter suggest net inflows of $800 million amid roughly 1.7% total returns for both the Dow Jones-UBS and SPGSCI benchmarks, Citi says. Combined with listed commodity-linked exchange-traded funds, year-to-date total inflows are $5.8 billion, Citi says. While this represents only a 12% recovery of new investment money after $50 billion of net redemptions across the passive indexes in 2013, the data does suggest some stability for the asset class, which has rallied 8.5% compared to a 1.5% loss for U.S. equities in the year to date, Citi says. “Investors appear to be taking commodities more seriously as a portfolio diversifier as positive correlations with traditional asset markets have unwound and commodities have lost their tight negative correlation with the U.S. dollar,” Citi says. By Allen Sykora of Kitco News; asykora@kitco.com

INTL FCStone: Nickel Soars While Other Base Metals Subdued Monday April 14, 2014 9:18 AM

London Metal Exchange nickel prices have soared to their highest level in more than a year while the rest of the base-metals complex is quiet, says Edward Meir, commodities consultant with INTL FCStone. Three-month copper is down 0.1%; meanwhile, nickel was up $356, or $2.1%, to $17,756 a metric ton as of 9:10 a.m. EDT. Meir says an Indonesian ban on ore exports continues to push prices higher. “We are also finally seeing drawdowns in LME inventories, with nickel stocks now down by some 6,000 tons over the past month — their first sustained decline in almost two years,” Meir says. “More importantly, there are reports that some of the massive nickel ore inventories that have accumulated at Chinese ports are also being whittled lower.” The metal peaked at $17,917 a ton, its strongest level since February 2013. By Allen Sykora of Kitco News; asykora@kitco.com

 Morgan Stanley: Fed Minutes, Ukraine, Equities Boost Gold In April. Morgan Stanley: Fed Minutes, Ukraine, Equities Boost Gold In April Monday April 14, 2014 8:04 AM

With the early-Monday gains, Comex gold has risen on seven of 10 trading days so far in April. “Gold has rallied since the start of April as the Fed minutes (from a mid-March meeting) suggested U.S. interest rates will stay lower for longer and tensions in the Ukraine prompted some investors to head to safe-haven assets,” says Morgan Stanley. “Recent equity market volatility is also a likely driver, though we note on a net basis that metal has been flowing out of the ETFs (exchange-traded funds) for two weeks now, suggesting there may not be a lot of strength from the retail side of the investment.” As of 7:48 a.m. EDT, June gold was up $3.40 to $1,322.40 an ounce and peaked at $1,330.80, its strongest level since March 24. By Allen Sykora of Kitco News; asykora@kitco.com

Barclays: Risk Aversion Continues; Gold Rises Monday April 14, 2014 8:02 AM

A broad-based equity sell-off occurred over the last week, with this and Ukrainian geopolitical tensions adding to a stronger tone in gold prices overnight, says Barclays.  “The S&P 500 posted its sharpest two-day drop since June 2013, led by technology stocks and driven by disappointing initial earnings results,” Barclays says. “Risky assets remained out of favor in Asia today amid a lack of catalysts ahead of China’s Q1 GDP (first-quarter gross domestic product) report and March activity data. Equity indices fell and EM (emerging-market) Asia currencies weakened against the USD (dollar); however, given the holiday-shortened week, volumes were low. Lastly, a pickup in geopolitical risks over the weekend also triggered a safe-haven bid as reflected in stronger gold and USTs (U.S. Treasury securities), while oil prices continued to march higher.” By Allen Sykora of Kitco News; asykora@kitco.com


Tendencias en el mercado del oro

By Wallace Witkowski and Barbara Kollmeyer, MarketWatch. SAN FRANCISCO (MarketWatch) — Gold ceded gains from last week on Monday, dipping below the key $1,300-an-ounce level, as speculators moved out of long positions.

Gold for June delivery GCM4 +0.76%  settled down $5.20, or 0.4%, at $1,298 an ounce on the New York Mercantile Exchange. May silver SIK4 +0.69%  shed 4 cents, or 0.2%, to settle at $19.91 an ounce.

On Friday, gold took advantage of weakness in equity markets to finish the week above the $1,300 mark as U.S. jobs growth in March came in a bit below expectations. The weekly win follows two straight weeks of losses amid a bull charge in stocks.

“In this case, speculators had shorted gold over recent weeks (which is why the price overshot to the downside in the post-Crimea correction),” said Brien Lundin, editor of Gold Newsletter, in emailed comments.

“Rather than wait for the jobs number on Friday, specs moved in advance to cover their shorts, taking the money and running,” Lundin said. “This drove the price up before the jobs number was released, and the slight miss to the downside on the nonfarm payrolls report led other shorts to cover their bets as well.”

Outflows from exchange-traded funds, however, are placing pressure on gold, according to Commerzbank, which said ETFs saw outflows of 15.3 tons in the past week alone.

“Speculative financial investors have also continued to withdraw from gold: in the week to 1 April, they cut their net long positions for the second consecutive week to 91,500 contracts now – their lowest level in six weeks,” Commerzbank said.

 AFP/Getty Images

“Falling to the lowest levels since mid-February midweek, at $1,280/oz, gold was left exposed by the diminished safe-haven bid that drove it to its highest level since September 2013,” said Barclays analyst Gayle Berry, who added that the analysts expect the “downside cushion” on gold to soften, and the metal to average $1,250 an ounce in the second quarter.

Saxo Bank’s Ole Hansen said this quarter is usually a quiet one for gold, though things could be a bit different this time around, according to Kitco News .

“If you look at the overall quarter, (the second quarter) is historically a low period for gold. Even when we were in the bull market, there were some monthly corrections in April, May and June,” Hansen said. “We had a good move to the upside in March, but there is really not any major bullish news out there at the moment, which I think will put a limit on the upside.”

Elsewhere in metals trading, July platinum PLN4 +1.00%  gave up $23.10, or 1.6%, to settle at $1,427.80 an ounce, while June palladium PAM4 +1.02%  also lost $23.10, or 2.9%, to settle at $767.65 an ounce. High-grade copper for May deliver HGK4 +0.46% rose nearly 2 cents, or 0.6%, to settle at $3.04 a pound.

More must-read stories from MarketWatch:

That screeching sound is the market losing momentum

What ‘Game of Thrones’ can teach you about money

 Wallace Witkowski is a MarketWatch news editor in San Francisco. Follow him on Twitter @wmwitkowski.

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