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Gold futures closed the week at $2,416.30, up $18.60 per ounce, or 0.78%. Gold stocks, as measured by the NYSE Arca Gold Miners Index, ended the week higher by 5.73%. The S&P/TSX Venture Index came in up 1.36%. The U.S. Trade-Weighted Dollar fell 0.75%.The best performing precious metal for the week was gold, up 0.78% after lagging the other precious metals last week. Uganda announced plans to start domestic gold purchases to build foreign exchange reserves.
Endeavour Silver reported preliminary silver production for the second quarter that missed the average analyst’s estimate. Preliminary silver production was 1.31 million ounces, which was below the estimate 1.38 million, according to Bloomberg. According to Stifel, G2 Goldfields represents the most exciting exploration-driven story they cover, with exploration success directly impacting share price performance. They highlight the discovery of 300,000 ounces of underground gold at 4.56 grams per ton already drilled at Ghanie, and they anticipate further drilling will yield similar results.According to Morgan Stanley, silver price-driven demand destruction may emerge.
is CEO and chief investment officer of U.S. Global Investors, Inc., a boutique investment advisory firm based in San Antonio that manages domestic and offshore funds specializing in the natural resources and emerging markets sectors. The company’s no-load mutual funds include the Global Resources Fund , the World Precious Minerals Fund and the Gold Shares Fund .
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