SPDR Gold Trust (ETF) (NYSEARCA:GLD) has proved that it is an outperformer across the multi-assets, rising by more than 15% in the first quarter of the year when other assets reeled under pressure. The yellow metal’s ability to smoothly sail through the excessive volatile times has bent the investors’ psychology in its favour.
Best quarter in 30 years
During the early European hours, the Gold prices for June contract advanced 0.54% to $1,235.20. Any uptick from here will make the gold run-up as one of its best quarterly performance in last 30 years, revealed a Reuters report.
Ron William, a senior tactical & market timing strategist at the ECU Group, said that the metal could see some short-term pull back, but it still has room to soar higher from here over the long-term. According to William, the support levels of gold are at $1,288, after which it could run up to $1,488 or $1,500.
Kinross moves ahead with expansion
A day earlier, Kinross Gold Corporation (USA)(NYSE:KGC) confirmed that it has agreed to proceed with the first-phase expansion of its Tasiast gold mine, situated in North Africa. The expansion will involve $300 million and will boost the production by two-fold while providing cost-effectivity. Meanwhile, the gold miner is still contemplating whether it should go ahead with the second-phase expansion of Mauritania mine or not. The expansion costs associated with this mine has declined to $920 million now from $1.6 billion in 2014.
Other than this, Sandstorm Gold Ltd (NYSEMKT:SAND) has notified its shareholders about a total sale of 11,000 attributable gold equivalent ounces in the first quarter of the year. These ounces were sourced from 19 mines, whereas nearly 70% of those ounces were supplied by major and mid-tier mining companies.
Lastly, Comstock Mining Inc (NYSEMKT:LODE) has released the pricing details of its 10,500,000 common shares. The company has priced the offering at $0.35 per share, taking the total pricing to $3,500,000.