A multitude of factors affecting gold .First and foremost the talk of Fed's possible tapering of stimulus which we shall know about come wednesday's FOMC meeting minutes and how many members voiced concerns over current size of MBS and bond buying.secondly there's growing speculation the EZ distressed nations will sell their gold after cyprus bailout has set the precendence ,though they haven't sold their gold yet and unlikely they or any other nation will sell gold at current levels.we are talking about reserves in excess of 5k tonnes here,held by PIIGS nations.IMO this is all going to settle down in few months and would rather give fed more leeway to continue on stimulus given the state of recent data sets which still shows a bumpy way ahead.US government is running high deficits and in case of fed exit from bond market the government financing costs will reach unsustainable level.gold will remain a hedge against the inflationary measures taken up by central bankers worldwide and especially japan who is providing $75B in stimulus every month which has caused highest dollar rally in last 3 yrs.this is what is taking the gold down.the APAC region is already at the brink of currency wars and soon other nations including china are set to respond in competitive devaluation of their own.how can fed let the dollar appreciate then?
16 May '13
Never thought given the progress and cash generation we would see this level.
15 May '13
RE: strange day
well up 9% so far today. Hang on, this will come good eventually.
14 May '13
Any thoughts on what happened today ? We were up over 7 per cent at one point. No obvious signs as to why the drop. It's all a bit frustrating, but long term still looking good. GLA
7 May '13
http://www.proactiveinvestors.co.uk/companies/news/56592/update-patagonia-gold-chairman-ups-stake-after-progress-update-56592.html Carlos Miguens, chairman of Patagonia Gold (LON:PGD), has made a big show of faith in the company after its progress update on Tuesday morning. Miguens spent £910,000 buying 7mln Patagonia shares at 13p a pop, taking his share stake up to just over 125mln shares, equivalent to 14.62% of the company. Patagonia Gold revealed on Tuesday morning that its Lomada de Leiva project remains on track to start producing cash for the company in the second half of the year. Lomada is one of Patagonia’s four projects in Argentina that also includes the flagship Cap-Oeste project, the nearby COSE project, and the La Manchuria project. At Lomada, preparation works for the 200,000 tonne expansion of the existing trial heap leach pad have finished, construction of the first stage of the main heap leach pad is on schedule, while lining of the drainage dam and buttress sections is now in place with pipework installation underway. The mining fleet has also been delivered to site and commissioned, with all contractor equipment to be off site by the end of this month. Bill Humphries, Patagonia’s chief executive, said: "With the Lomada project funded to completion and set to provide free cash flow in the second half of 2013, Patagonia Gold can now focus on expanding its significant resource base of 1.88 million ounces of gold equivalent, concentrating on the highly prospective, high grade Cap-Oeste/COSE and La Manchuria deposits." At Cap-Oeste/COSE, drilling in the structural corridor between the two deposits has intersected wide zones of gold-silver mineralisation with drill-hole CSE-091 intersecting 66.6m at 2.04 grams per tonne (g/t) gold and 36.18 g/t silver. An update to the COSE resource to include the newly identified mineralisation is scheduled for completion in the final quarter of 2013. A pre-feasibility study at Cap-Oeste is set to commence in May 2013 led by Newfields Reno, Nevada US. At La Manchuria, drilling has recommenced with 4,000 metres of extension and exploration drilling scheduled for completion in this quarter. The Manchuria deposit is currently being re-evaluated as a potential bulk tonnage heap leach target.
7 May '13
Would be interesting to have Breacs take on the latest news missing him lately
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