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The best performing precious metal for the week was gold, up 0.29%. According to Bloomberg, gold’s consolidation after climbing to a record high earlier this month should be positive for the metal in the longer term. Market participants will continue to focus on U.S. monetary policy and geopolitical tensions.
K92 Mining announced underground operations at the Kainantu Gold Mine in Papua New Guinea have been suspended following a non-industrial incident on March 10 that resulted in the death of an employee. The mill continued to process ore from existing stockpiles. RBC noted that while gold is up 13% over the last six months, and now up 70% over five years, EV/oz valuations for the precious metals explorers and developers they track continue to trend lower, now at an average $27 per ounce, down 40% from a peak of $46 per ounce in 2023 with gold 10% lower, and well off 2020 highs of over $80 per ounce with gold at similar levels.The three-week string of losses in the U.S.
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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