Investors Await a Potential Rebound in Gold Production
- FinancialBuzz.com News Commentary
NEW YORK, March 5, 2021 /PRNewswire/ -- Markets tumbled Thursday after U.S. Federal Reserve Chair Jerome Powell reiterated a previous narrative to keep credit flowing until Americans are back to work. Some see this as a direct rebuttal of investors who have openly doubted that the Fed can stick to that plan after the pandemic. According to a report by Reuters, with vaccines rolling out and the government fiscal taps open, "there is good reason to think we will make more progress soon" toward the Fed's goals of maximum employment and 2% sustained inflation, Powell told a Wall Street Journal forum. Yet, a major factor to consider is the anticipated gold miners' production rebound in 2021. Kitco reports that the top 20 gold miners are projected to lose about 5% of their total 2020 gold output primarily due to the pandemic and related restrictions. However, in 2021, gold production is likely to rebound. "Based upon mid-point outlook projections, production will be ~6% more than a revised," post guidance for 2020. Exploits Discovery Corp. (CSE: NFLD) (OTC: RNRRF), IAMGOLD Corporation (NYSE: IAG), Gold Resource Corporation (NYSE: GORO), B2Gold Corp. (NYSE: BTG), Kinross Gold Corporation (NYSE: KGC)
In addition to the pandemic and its economic implications, various recent technological innovations have had an impact on gold demand as well. Certain financial services, through which gold can be purchased, have shared recent developments designed to make gold trading easier and more accessible to a wider demographic. For example, the British-based Glint Pay Services announced a new peer-to-peer payment service which allows users to send various amounts of gold directly to each other, all within the company's app. "Glint's P2P technology enables gold, trusted globally, to be used as money in electronic payments beyond the existing fiat money system; it frees us all from the whims of government-issued currencies," said Glint CEO and founder Jason Cozens.
Exploits Discovery Corp. (CSE: NFLD) (OTCQB: RNRRF) announced earlier this week that, "the Company has submitted drill permit applications for 4,500 metres of drilling at the Little Joanna and Quinlan Vein prospects within the Dog Bay Gold Project, Newfoundland.
- Exploits has planned and submitted diamond drilling applications for 18 holes totaling a length of 4,500 metres across the Little Joanna Veins and Quinlan Veins prospects.
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