ironyman thank you, the faster the shorts dive for cover the happieer they will be - :-))
Current gold price weakness is a buying opportunity before Fed's Powell speech on Thursday: TD Securities Anna Golubova Anna Golubova Tuesday August 25, 2020 10:46 Kitco NewsShare this article: Editor's Note: Get caught up in minutes with our speedy summary of today's must-read news stories and expert opinions that moved the precious metals and financial markets. Sign up here!
(Kitco News) Gold is consolidating ahead of the Federal Reserve Chair Jerome Powell’s keynote address at the virtual Jackson Hole Symposium on Thursday, says TD Securities. It is highly likely that Powell “pre-announce[s] the outcome of the Monetary Policy Framework Review, which suggests the formal adoption of average inflation targeting,” TD Securities strategists say. This major shift in monetary policy will be beneficial for gold, which is why current weakness is a good buying opportunity, the strategists add. “The average inflation targeting framework represents a massive shift in the macroeconomic template that should continue to support inflation-hedge assets. As financial repression continues to suppress real rates, we expect that capital will seek shelter in precious metals — which suggests further weakness in the complex represents a buying opportunity.”
By Anna Golubova For Kitco News
artman; Agreed!! Adding to the portfolio what a steal!!! :-))
Great Panther Mining positioned to post strong 2020 after record net income and operating cash flow in 2Q -
The group put the strong results down to the strong rise in the gold price and record output from its flagship Tucano mine in Brazil
Great Panther Mining Limited -
At the Tucano mine alone, output was a record 35,421 ounces in the quarter compared to 29,899 ounces in the same period last year -
Great Panther Mining Limited (TSE:GPR) (NYSEAMERICAN:GPL), the precious metals miner, posted a clutch of record numbers in its second quarter financials, despite the challenges posed by the coronavirus (COVID-19) pandemic, including a net income compared to a loss in the same period last year.
The group put the strong results down to the strong rise in the gold price and record output from its flagship Tucano mine in Brazil.
READ: Noble Capital says Great Panther Mining's 2Q production figures highlight "solid performance" at Tucano -
Net income for the three months to June 30 came in at a record US$8.5 million compared to a loss of US$5.7 million for the second quarter of 2019.
Mine operating earnings before non-cash items were a record US$35.8 million, up 233% on the figure of US$10.7 million a year ago.
Cash flow from operating activities came in at US$19.5 million, versus a loss of US$5.5 million in 2Q, 2019.
Revenue for the three months was US$67 million versus US$45.2 million a year ago, on consolidated gold production across all mines of 36,357 ounces (2Q 2019: 33, 461 ounces).
At Tucano alone, output was a record 35,421 ounces in the quarter compared to 29,899 ounces in the same period last year.
"The combination of a strong rise in the gold price and record production at our flagship Tucano mine, leading to a substantially lower AISC, drove a significant increase in cash flow from operating activities to a record $19.5 million for the second quarter of 2020," said Great Panther CEO Rob Henderson in a statement.
"This was an impressive result given the unprecedented challenges of managing COVID-19."
The firm operates the Tucano mine in Brazil and the Topia and the Guanajuato Mine Complex (GMC) in Mexico (where operations restarted in June).
Across the group, Great Panther expects to produce for full year 2020 between 146,000 and 158,000 gold equivalent ounces at all-in sustaining costs (AISC) in the range of US$1,150 to US$1,250 per gold ounce sold and is "well positioned" to deliver strong results.
"With the restart of the company's operations in Mexico in June, a strong increase in the price of silver and new records for the gold price since the end of the second quarter, Great Panther expects continued strong cash-flow generation in the third quarter," it added.
As at the end of June, the miner held cash and equivalents of US$60.2 million, an increase from US$37 million at the end of 2019.
Shares added over 7% in New York to US$0.97.
---Updates for share price---
Contact the author at giles@proactiveinvestors.com
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One-On-One with David Garofalo, Chairman Marshall Precious Metals Fund and Great Panther Mining 155 views•Aug 18, 2020
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David Garofalo, Chairman of Marshall Precious Metals Fund and Great Panther Mining and former President and CEO of Gordcorp, shares how the Newmont-Goldcorp deal transpired, his views on gold and bitcoin and what he would do if he could have a second career.
Great Panther Silver (GPL) Tops Q2 Earnings and Revenue Estimates Great Panther Silver (GPL) came out with quarterly earnings of $0.04 per share, beating the Zacks Consensus Estimate of $0.01 per share. This compares to loss of $0.02 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of 300%. A quarter ago, it was expected that this silver mining company would post a loss of $0.01 per share when it actually produced a loss of $0.02, delivering a surprise of -100%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
Great Panther, which belongs to the Zacks Mining - Silver industry, posted revenues of $67.03 million for the quarter ended June 2020, surpassing the Zacks Consensus Estimate by 3.47%. This compares to year-ago revenues of $45.28 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Great Panther shares have added about 78.4% since the beginning of the year versus the S&P 500's gain of 3%.
artman thank you - Very possible, may even be before Christmas!!! Q3 financials will have a major impact in delivering higher share prices once news released and Q4!!! GPL looking very positive!!
Ex. a fast comparison with ex... Kirkland Lake Gold Corp. and it had only one producing mine when it was @ a low $price and it has done very well - I felt it had more risk for mining - done in one of the deepest mines in Canada -
GPL/GPR have many more mines and @ this low $price :-)) - its a great gold & silver mines bargain opportunity - Imo!
Gold & Silver bulls starting to break out > ^ > ^ > ^
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