Gold Prices Remain Stable as Economic Growth Continues Apace
NEW YORK, April 30, 2021 /PRNewswire/ -- Gold prices remained stable on Thursday after recent economic data indicated that the U.S. is in a strong recovery mode. According to the U.S. Gross Domestic Product, the country has witnessed an economic growth rate of 6.4% in the first quarter of 2021. Despite the best growth reading in decades, the data missed expectations; according to consensus figures, economists were expecting to see robust growth of 6.8%. "The increase in real GDP in the first quarter reflected increases in personal consumption expenditures (PCE), nonresidential fixed investment, federal government spending, residential fixed investment, and state and local government spending that were partly offset by decreases in private inventory investment and exports," the report said. Gold Mountain Mining Corp. (TSX-V: GMTN) (OTC: GMTNF), Coeur Mining, Inc. (NYSE: CDE), B2Gold Corp. (NYSE: BTG), Sandstorm Gold Ltd. (NYSE: SAND), Great Panther Mining Limited (NYSE: GPL)
In addition, the current presidential administration is expected to lay out its new economic plan, which would include trillions of dollars in spending. This week, President Biden held his address to Congress, discussing the American Infrastructure Plan, which proposes spending USD 2 Trillion to upgrade the nation's crumbling infrastructure. President Biden also highlighted that the plan would provide high-speed internet access for rural Americans, improve the power grid and develop green energy to combat climate change. "You can't have a better environment for gold. The government wants to spend more money and the central bank is going to keep interest rates low," Adam Button, Chief Currency Strategist at Forexlive.com, explained according to Kitco. "It is surprising that we don't see a bigger move in gold prices."
Gold Mountain Mining Corp. (TSX-V: GMTN) (OTCQB: GMTNF) just announced breaking news that, "it has received its Notice of Departure ("NoD") to begin mine construction at its 100% owned Elk Gold Project located near Merritt, BC. The Company anticipates construction to begin in May 2021 and is the first major operating catalyst to ore delivery in Q4 2021.
- On April 29, the Company received authorization from the Ministry of Mines to begin construction and upgrades required to put the mine back into production.
- This milestone is inline with the Company's Q2 forecast and is a major catalyst to preparing the site for ore mining and delivery.
- The Company has resolved the remaining Information Requests from the Ministry of Energy, Mines and Low Carbon Innovation ("EMLI") and the Ministry of Forests, Lands, Natural Resource Operations and Rural Development ("FLNROD").
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