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Gold Is Buoyant despite Falling Equity Markets (Continued from Prior Part) Gold rose significantly from the low in July
Gold rose on Friday, August 21 by 0.50% and touched the high of $1,167.90 per ounce. It’s almost a 7% rise from the five-year low of $1,073 per ounce that it touched in the July rout. The falling Asian markets, followed by the US markets, pushed investors away from the risky assets. It lured them into investing in a store of value assets. Gold’s safe-haven spirit seemed to be on a high.
Also, the unsure Fed moves from the Thursday meeting caused a loss of returns on dollar investments. The weakening dollar acts as a support for gold prices. We can see the performance of gold along with dollar in the above chart.
Other precious metals and miners
The turnaround from the direction that gold was headed during the last month has also supported silver prices. Silver fell marginally by 0.68% during the last trading month. Other precious metal counterparts like platinum rose ~3% and palladium fell ~2.60%.
Mining companies had a mixed performance during the last week. Companies like New Gold (NGD) and Pan America Silver (PAAS) rose on a five-day trailing basis. In contrast, companies like AngloGold Ashanti (AU) and GoldCorp (GG) fell on a five-day trailing basis. Together, these companies contribute ~13% to the Market Vectors Gold Miners ETF (GDX).
Global risk
Falling Chinese stocks followed by the other Asian countries like Japan, India and Singapore, coupled with weak US data increased the pressures regarding global growth. The rising uncertainty on the rate hike expectations and a probable delay due to the unfavourable outcome of the data could result in more market volatility. This could be positive for gold. For the first time since 2009, the hedge funds are having a net-long position in gold, according to the weekly data from the CFTC (Commodity Futures Trading Commission).
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Pan American Silver Corp.
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PRODUCTEUR |
CODE : PAAS |
ISIN : CA6979001089 |
CUSIP : 697900108 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Pan American Silver est une société de production minière d'argent basée au Canada. Pan American Silver est productrice d'argent, de cuivre, d'or, de plomb et de zinc au Mexique, au Perou, en Argentine et en Bolivie, en développement de projets d'argent et d'or au Mexique, et détient divers projets d'exploration au Mexique et en Argentine. Ses principaux projets en production sont QUIRUVILCA MINE, HUARON et MOROCOCHA au Perou, LA COLORADA, ALAMO DORADO, LLUVIA DE ORO et DOLORES MINE au Mexique, SAN VICENTE en Bolivie et MANANTIAL ESPEJO en Argentine, son principal projet en développement est LA PRECIOSA au Mexique et ses principaux projets en exploration sont ORO BLANCO, EL DURAZNO, SAN ANTONIO ORO BLANCO, SANTA LUCIA, REAL VIEJO, PLANCHAS DE PLATA, LA DURA, LA RESERVA / EL CORREO, LA VIRGINIA GOLD/SILVER, LA CRUZ et LA BOLSA au Mexique, FLAMINGO, ESPEJO, REGALO, NAVIDAD, CALCATREAU, HOG HEAVEN, WATERLOO et LOMA DE LA PLATA (NAVIDAD) en Argentine, RIVER VALLEY PGM au Canada et PICO MACHAY au Perou. Pan American Silver est cotée au Canada, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 3,1 milliards US$ (2,9 milliards €). La valeur de son action a atteint son plus bas niveau récent le 07 novembre 2008 à 10,01 US$, et son plus haut niveau récent le 12 septembre 2024 à 20,51 US$. Pan American Silver possède 153 176 265 actions en circulation. |