Sabre Gold Mines Corp (SGLDF)

[goldenpolarbear]

Gold dips in volatile trade as rush for cash overshadows
stimulus efforts
"... “When panic strikes people liquidate everything that isn’t perfectly liquid ... when sentiment steadies a bit the whole thing goes the other way,” said DailyFx currency strategist Ilya Spivak.

“Yesterday was a big ‘liquidation on’ day, and now we’re seeing a ‘liquidation off’ correction.”

The dollar was at a three-year high hit in the previous session, while bonds plunged and stocks struggled to find their footing as the fears of the pandemic continue to eclipse stimulus measures launched by governments and central banks around the world.

The ECB launched a 750 billion euro ($818 billion) emergency bond purchase programme on Wednesday to push down borrowing costs in a bloc struggling with the economic fallout of the virus.

The Japanese government is expected to lay out economic packages, while Germany’s Chancellor urged its citizens to adhere to rules aimed at reducing social contact.

The U.S. Senate overwhelmingly passed legislation providing billions of dollars to limit the damage from the outbreak through free testing, paid sick leave and expanded safety-net spending.

“Bullion owners in any form, physical, paper or scrap, will probably continue to liquidate in order to boost capital levels, the more protracted the COVID-19 global lockdown extends,” Stephen Innes, chief market strategist at AxiCorp, said in a note.

Holdings of the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, fell 0.66% to 923.69 tonnes on Wednesday.


https://www.cnbc.com/2020/03/19/gold-markets-ecb-coronavirus-pandemic-in-focus.html

https://www.mining-journal.com/events-coverage/news/1381976/sprotts-chequebook-is-out

"... MOSCOW, March 18 (Reuters) - Canada’s Kinross Gold Corp has isolated its Kupol mine in Russia’s Far East after two workers were hospitalised with suspected coronavirus infections in the biggest mining lockdown since the outbreak of the disease in December last year.

The plant, which has the capacity to produce 4,500 tonnes of ore a day, is continuing to operate on schedule, but its output is not being shipped, a spokesman said.

Air links to the remote mine, located in the Chukotka region, 400 km (248.55 miles) northwest of the city of Anadyr, have been suspended and its winter road route, a snow and ice overland connection, has been closed off...."


https://www.reuters.com/article/health-coronavirus-russia-kinross/canadas-kinross-gold-mine-in-russia-on-lockdown-after-coronavirus-suspected-idUSL8N2BB92N

https://kerrmines.com/