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Gold barrels into 2019 as growth concerns spur demand for haven -
Dec 31 2018 09:20 Jake Lloyd-Smith and Krystal Chia, Bloomberg

A nugget of gold

Gold is closing out 2018 on a strong note, with haven demand in the
ascendant amid volatile trading in global equities, rising concern
about the economic outlook and a drawn-out government shutdown in the
US.

Spot bullion is holding near a six-month high after topping $1 280 an
ounce, and the metal is set for the best monthly gain in almost two
years.
December’s rally has pared an annual decline, the first full-year loss
since 2015.

Gold gained ground this quarter as global equities plunged and doubts
stacked up among some investors about the pace of global growth in
2019.
The climb has been aided by a weakening of the dollar in December amid
expectations that the Federal Reserve will dial back the pace of rate
increases next year. That’s helped to boost holdings in gold-backed
exchange-traded funds.

"For gold prices, I think there is upside to be seen in 2019," Jingyi
Pan, market strategist at IG Asia Pte., told Bloomberg TV on Monday,
citing prospects for fewer tightening moves from the US central bank.
"It does look like one where we will see a slackening of expectations
in Fed hikes."

Spot gold hit $1 282.23 an ounce on Friday, the highest price since
June, and it’s up 4.8% this month, according to Bloomberg generic
pricing. It traded little-changed at $1 279.04 an ounce at 7:07.

Prices held their ground even after US President Donald Trump struck an
upbeat tone on his trade dispute with China, one of the lingering
threats to growth going into next year.
Trump and Chinese counterpart Xi Jinping spoke at length by phone
Saturday, with each expressing satisfaction.

A bullish breakout will take prices toward $1 309 in the current term,
according to Benjamin Lu, an analyst at Phillip Futures Pte.
Haven demand will "remain vigorous" in the first quarter on economic
and geopolitical concerns, he said.

Gold’s spot price recently rose above the 200-day moving average, and
the 50-day moving average may be on course to do the same in the coming
weeks.

Adding to the bulls’ case, data showed manufacturing in Asia’s top
economy shrank. China’s Purchasing Managers Index fell to 49.4 in
December, lower than expected and below the level of 50 that signals
contraction.

Among other precious metals, silver for immediate delivery was steady
after hitting $15.4031 an ounce, the highest level since August.
A rally of more than 8% this month has eroded an annual drop.
Platinum is set for a full-year fall, while palladium traded just below
a record hit earlier this month.

Gran Colombia Gold Adopts Shareholder Rights Plan
TORONTO, Jan. 03, 2019 (GLOBE NEWSWIRE) --

Gran Colombia Gold Corp. (TSX: GCM; OTCQX: TPRFF) announced today
that its Board of Directors has adopted a shareholder rights plan
agreement (the “Plan”).
The Plan is effective immediately and the Toronto Stock Exchange
(the “TSX”) has conditionally accepted notice for filing of the Plan,
subject to ratification by shareholders at Gran Colombia’s 2019
annual shareholder meeting, which is currently expected
to be held in June.

The Plan was not adopted in response to any specific proposal or
intention to acquire control of Gran Colombia.
The Board considered a number of factors and believes that adopting
the Plan will protect Gran Colombia's shareholders from unfair, abusive
or coercive take-over strategies and to ensure that all shareholders
have an equal opportunity to participate in any future take-over bid,
and to receive full and fair value for their common shares.
The Plan is similar to rights plans adopted in 2018 by other
Canadian companies that have been ratified by their shareholders.

Under the terms of the Plan, the rights issued will attach to and trade
with the common shares of Gran Colombia and no separate certificates
will be issued unless an event triggering these rights occurs.
The rights will not be triggered by the purchase of shares made
pursuant to a “Permitted Bid”, as defined in the Plan.
The rights will become exercisable only when a person, including any
party related to it, acquires or attempts to acquire 20% or more of
the Company’s outstanding common shares without complying with the
“Permitted Bid” provisions of the Plan or without approval of Gran
Colombia's Board of Directors.
Should such an acquisition occur or be announced, each right would,
upon exercise, entitle a rights holder, other than the acquiring person
and related persons, to purchase common shares at a significant
discount to the then current market price.

Under the Plan, a “Permitted Bid” is a bid made to all shareholders
which must be open for a minimum of 105 days (or such shorter period as
is permitted under applicable Canadian securities laws) and must
contain certain conditions, including that no shares will be taken up
and paid for unless 50% of the common shares that are held by
independent shareholders are tendered to the bid.

Upon ratification by shareholders and completion of certain other
requirements, the rights referred to in the Plan will be listed on the
TSX.
The rights will not appear on the TSX’s trading list as an entry
separate from Gran Colombia’s common shares.
If and when the rights become separable from the common shares, an
application to list the securities issuable upon exercise of such
rights will have to be made to the TSX.
If the Plan is not ratified by shareholders, it will be rescinded or
otherwise cancelled and be of no further effect immediately after such
shareholders’ meeting.
If ratified by the shareholders, the Plan shall be reconfirmed by the
shareholders at every third annual meeting.

To the best of the knowledge of the Company, no existing shareholder
currently owns greater than 20% of the outstanding common shares of
Gran Colombia.
A copy of the Shareholder Rights Plan will be available under Gran
Colombia’s profile on SEDAR at
http://www.sedar.com .

About Gran Colombia Gold Corp.

Gran Colombia is a Canadian-based mid-tier gold producer with its
primary focus in Colombia where it is currently the largest underground
gold and silver producer with several mines in operation at its
Segovia and Marmato Operations.
Gran Colombia is continuing to focus on exploration, expansion and
modernization activities at its high-grade Segovia Operations.

Additional information on Gran Colombia can be found on its website at
http://www.grancolombiagold.com
and by reviewing its profile on SEDAR at
http://www.sedar.com .

For Further Information, Contact:
Mike Davies
Chief Financial Officer
[phone]
[e-mail]




Golden Cross @ Gran Colombia Gold Corp. (TPRFF) (TSE:GCM)

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