RSD Weekly Recap: U.S. Stock Bears Proven Wrong, Eyes on Yellen in Jackson Hole, Almadex Discovery
This is Gerardo Del Real with the Resource Stock Digest weekly recap.
U.S stock market bears continue to be proven wrong as all three major indexes saw record high closes last week.
The next few weeks will be interesting to watch as the focus shifts to comments from Fed Chair Janet Yellen at the Jackson Hole summit in Wyoming.
Gold meanwhile traded in the $1,355 an ounce range before a sharp midday reversal on Friday that took prices down to the $1,335/oz range. Silver did a similar about face and traded near the $20.14/oz. level before retreating approximately 1% to the $19.68 level. Platinum and palladium had similar declines on Friday of approximately 1% while copper traded down 2%.
Oil prices hit a three-week high at the $44 level and posted its largest weekly gain — approximately 6% — in over four months.
Almadex Minerals (TSX-V: AMZ)(OTC: AXDDF) caught the market’s attention this week when it announced a new copper-gold discovery at its Norte target which is part of the El Cobre project in Veracruz, Mexico.
Although it's early stage, the team at Almadex appears to be on to a significant gold-rich copper porphyry system.
The first hole drilled into that target returned 163.5 meters of 0.68 g/t gold and .29% copper including 43 meters of 1.61 g/t gold and 0.41% copper to 317 meters. I’ll be chatting about the discovery with Almadex CEO Morgan Poliquin this week.
It was a very busy week for Morgan Poliquin as Almaden Minerals (TSX: AMM)(NYSE: AAU) announced drilling news that is sure to put pressure on potential suitors looking at the project. On August 10 Almaden announced a high grade vein zone outside of the amended PEA.
We had the opportunity to chat with Morgan about the new results. You can listen to that interview by clicking clicking here. I’m excited to see the exploration drilling continue and continue to believe Almaden Minerals is a top takeout target.
In other important discovery news Gold Standard Ventures announced a game changing hole at its project in Nevada. The hole hit 126.2 M of 3.95 g/t Au. It’s near surface, oxidized and in the premier mining jurisdiction.
Nick Hodge, co-owner of this site, founder of Outsider Club and the man behind several successful advisory services such as Early Advantage, Like Minded People and Nick’s Notebook, shared a recent interview with Ian Stalker, CEO of K92 Mining (TSX-V: KNT)(OTC: KNTNF). You can read that excellent interview by clicking here.
As we approach September you can expect the news flow to pick up. We look forward to continue to bring you the most compelling voices stories, and news from the resource space. See you next week.