RSD Weekly Recap: Revival Gold (TSX-V: RVG), Abacus Mining & Exploration (TSX-V: AME)
This is Gerardo Del Real with the Resource Stock Digest weekly recap.
Gold pulled back, closing at $1,320 for a weekly loss of 2%.
Silver was also down, losing 2.5% and closing at $17.55 an ounce.
The dollar gained 0.6% for the week, closing at 91.85.
Copper pulled back as anticipated, losing 3% and closing at $2.93/lb. I expect a good end to the 3rd quarter and a robust 4th quarter for copper. This pullback is a healthy one and one I’m using to buy the better junior copper explorers in the space.
Platinum lost nearly 4%, closing at $968 an ounce.
Palladium closed down 1.5%, closing at $915 an ounce.
Oil closed at $49.83 for a weekly gain of 4.7%.
Zinc closed near the 1.38/lb. level, gaining a cent. Like copper, I expect a strong close out to end the year.
Lastly uranium closed relatively flat once again at $20.50/lb.
I’ve been at the Beaver Creek Precious Metals Summit for the past several days. The amount of interest from the mid-tiers and majors in the junior explorers is interesting.
In past years juniors would request meetings only to be brushed off. This year it's the juniors being courted and I expect to see mid-tiers and majors taking new equity interest in quality juniors over the next few months.
With September come conferences and with conferences comes news. Revival Gold (TSX-V: RVG) announced a game-changing transaction by acquiring the past producing Beartrack mine.
I had a chance to speak with CEO Hugh Agro about the deal, what it means for the company and the next steps.
I also had the chance to speak with Abacus Mining & Exploration (TSX-V: AME) CEO Michael McInnis about the work being done to get Willow ready for drilling and the status of the large copper-gold Ajax project, which is expected to receive a permitting decision by the end of the year.
Abacus is among my favorite copper-gold juniors in the space and presents a very compelling risk-reward proposition.
That’s all for this week. From Beaver Creek, this is Gerardo Del Real with the Resource Stock Digest weekly recap.