What a week it was. It all started with Gold and the miners running out of the gate on Monday and never looking back. For the week, Gold finished up just under 3% – closing yet again below the elusive resistance area of $1350 – $1375. Silver closed the week up a bit over 3%. The miners did even better, which is what you would expect them to do. Personal favorite Kirkland Lake Gold was up 8% while the Canadian listed was up just under 7%, hitting new all-time highs in the process. Wesdome Gold Mines, another personal favorite was up nearly 7% in USD terms while in Canadian Dollar terms it closed the week at just under a 5% gain. These gains came on top of what was an already strong performance the prior week. The big caps were impressive too, with Barrick Gold up 9% and Newmont up 8%.
While all of this was happening, the 121 Mining Investment Conference in New York City was in town. The event was held on Tuesday June 4th and culminated on Wednesday June 5th. This was my first time at this conference. Aside from all the networking, I enjoyed the 1×1 format, which is an environment that I thrive in. What was also impressive was the breadth of mining companies in attendance and the individuals sent to represent them. Want to extend my sincere thanks for the invitation and to all that made the event possible and successful.
Of all the mining companies I sat down with, I was most intrigued by Nighthawk Gold, Corvus Gold, Auryn Resources and MAG Silver. Each of them in my view offer a distinct investment proposition. I will be watching these companies more closely going forward and will look to stay on top and cover their respective stories. I currently do not have a position in any of them yet but may look to do so in the future.
In a few weeks, the John Tumazos Very Independent Research Conference in New Jersey will be held. Looking forward to that event as well.
Note: Next week the MVIS Global Junior Gold Mining Index Rebalance review is set for completion on June 14 with the announcement of its changes released after market closes. Implementation of such changes will take place on the market close on June 21.
That’s all for now.