| Gold Touched $1045.40 an Ounce, Waits for Fed’s Direction | |
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Gold Rises as European Central Bank Cuts Deposit Rate (Continued from Prior Part) Lowest level in six years
After sliding by almost 4.2% in a month’s time, gold reached a six-year low of $1045.40 an ounce. World stock markets dropped on Thursday, December 3, due to lower rate cuts by the ECB (European Central Bank). This fall bumped up precious metals, and gold rebounded by 0.70% that day. Investors are keeping an eye on the FOMC (Federal Open Market Committee) policy meeting coming up on December 15 and 16 for clues on gold’s direction.
Non-farm payroll data and the unemployment rate suggest that the Fed may hike the interest rate. The US dollar’s positive numbers make the liftoff even more certain, curbing the appeal of alternative investments such as gold and other precious metals.
Silver, platinum, and palladium have been following gold’s lead and are also being affected by the Fed’s liftoff decision. These three precious metals have lost 6.6%, 10.3%, and 12.4%, respectively, on a 30-day trailing basis.
Mining industry
The fall in precious metals impacts companies in the mining business such as First Majestic Silver (AG), Goldcorp (GG), and New Gold (NGD). These three stocks have lost 17.6%, 39.7%, and 44.9%, respectively, on a year-to-date basis, and together make up 10.4% of the Market Vectors Gold Miners ETF (GDX). Other ETFs that have retreated this year include the Market Vectors Junior Gold Miners ETF (GDXJ) and the ProShares Ultra Silver ETF (AGQ).
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New Gold Inc.
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PRODUCER |
CODE : NGD |
ISIN : CA6445351068 |
CUSIP : 644535106 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
New Gold is a gold producing company based in Canada. New Gold produces gold, copper, lead, silver and zinc in Australia and in Mexico, develops copper, gold and silver in Brazil, in Canada and in Chile, and holds various exploration projects in Canada. Its main assets in production are PEAK MINES in Australia and CERRO SAN PEDRO, MESQUITE and CERRO SAN PEDRO in Mexico, its main assets in development are AMAPARI in Brazil, NEW AFTON in Canada and EL MORRO in Chile and its main exploration properties are AJAX - PYTHON, BUCK CLAIMS, 3TS, SIZZLER, CC PROPERTY, VO PROPERTY, TAK PROPERTY, MOUSE MOUNTAIN, G-SOUTH, CHUBBY BEAR, LIBERTY BELL, BOULEVARD, BOUVETTE, WIT YUKON, RAM, SLATE FALLS, PROSPECTOR MOUNTAIN, MAYO, DAVIDSON, BLACKWATER, BOULDER CREEK, CAPOOSE, NATIONAL, CORRAL CANYON and RUDE CREEK in Canada and RIO FIGUEROA in Chile. New Gold is listed in Canada, in Germany and in United States of America. Its market capitalisation is US$ 1.0 billions as of today (€ 943.6 millions). Its stock quote reached its highest recent level on January 07, 2011 at US$ 9.99, and its lowest recent point on March 20, 2020 at US$ 0.39. New Gold has 575 460 032 shares outstanding. |