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Initial claims for state unemployment benefits increased by 9,000 to a seasonally adjusted 221,000 for the week ended March 30, the Labor Department said Thursday. According to some analysts gold’s price action is not surprising; the precious metal is seeing some technical selling pressure after hitting a fresh all-time high of $2,324.80 an ounce.
The advance number for seasonally adjusted insured unemployment during the week ending March 23 was 1.791, a decrease of 19,000 from the previous week's revised.
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Gold Price Rally Spurs M&A Activity in Gold Mining IndustryGold price continues to set new all-time highs, with gold equities starting to get in on the action as M&A activity increases, says David Erfle, editor of Junior Miner Junky. On March 27, Alamos Gold (TSX:AGI) said it would acquire Argonaut Gold (TSX:AR), including Argonaut's Magino mine in Ontario. The addition of Magino is expected to increase Alamos' production by 25% and reduce its all-in sustaining costs by $100 per ounce. This acquisition is part of a trend of consolidation in the gold mining industry as companies seek to increase their reserves and reduce costs. The gold price rally and the potential for further increases have made gold mining companies attractive targets for mergers and acquisitions. As a result, we can expect to see more deals like this in the future.
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Alamos Gold signs deal for Argonaut Gold and its Magino mine in OntarioAlamos Gold Inc. has signed a deal to acquire Argonaut Gold Inc.'s Magino mine in Canada, while the company's assets in the United States and Mexico will be spun out to its existing shareholders.
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Alamos Gold acquires Argonaut Gold and the Magino Mine in Algoma RegionCreating of one of Canada’s largest and lowest cost gold mines
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Alamos Gold acquires Argonaut Gold and the Magino Mine in Algoma RegionCreating of one of Canada’s largest and lowest cost gold mines
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African gold miners shouldn't be judged on geopolitical risk alone - Allied Gold CEO Peter MarroneThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
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Gold SWOT: Gold’s consolidation after reaching record highs cloud be positive in the longer termThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
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