Growing Number of Analysts See Gold Prices Rising 11.5% in 2021
April 21, 2021 at 08:50 AM EDT
Palm Beach, FL – April 21, 2021 – The pandemic has put Gold in play… again. Every world crisis the lustrous metal surges as a safe haven. Well, with vaccines being administered worldwide, the question is “Which way will gold go in 2021?” There are an unnumerable amount of articles, studies and experts all over the globe, each with his or her take, but there IS one such global expert with a pretty good record over time… and they are bullish about gold in 2021. At the beginning of each year the London Bullion Market Association (LBMA) polls a range of respected precious metals analysts in the large banks and independent consultancies for their forecasts for metal prices for the coming year. Historically, the LBMA forecast has been quite accurate. The forecast for 2021 says that: “According to the consensus outlook from analysts entering today’s precious metals price forecast competition from the London Bullion Market Association, the GOLD PRICE will average $1974 per ounce across 2021, a rise of 11.5% from 2020’s record-high annual average as mass vaccinations worldwide spur a strong economic recovery from the Covid pandemic but central banks and governments continue their unprecedented monetary and deficit-spending stimulus.” Active stocks in the mining markets this week include Leviathan Gold Ltd. (OTCPK: LVXFF) (TSX-V: LVX), Barrick Gold Corporation (NYSE: GOLD) (TSX: ABX), Kirkland Lake Gold Ltd. (NYSE: KL) (TSX: KL), Fosterville South Exploration Ltd. (OTCPK: FSXLF) (TSXV: FSX), Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM).
Twelve of the 32 analysts predict that gold will average $2000 or more across 2021. The median forecast for 2021 – with half of the forecasts above and half below – is $1965 per ounce. 2020’s annual average gold price beat the LBMA entrants’ consensus forecast of $1559 by 13.5%, the strongest beat in at least 15 years of the competition. This year’s highest gold price forecaster, Thorsten Polleit of German small-bar brand and retailer Degussa, is a first-time entrant to the LBMA competition. Leading the next most bullish forecast by almost $140, he predicts an annual average of $2300 in 2021, with a peak at $2680 and a low of $1750 per ounce, citing “the politically dictated lockdown crisis…artificially low interest rates…[and] unprecedented growth rates [in] the money supply.”
Leviathan Gold Ltd. (OTC Pink: LVXFF) (TSX-V: LVX.V) BREAKING NEWS: Leviathan Gold Reports initial results of Diamond Drilling at the Excelsior Prospect at its Avoca Project – Leviathan Gold Ltd. (“Leviathan”, the “Company”) is pleased to announce that further to its press release of February 18, 2021 in respect to the launch of drilling at the Avoca project (“Avoca”) in the Victorian goldfields, Australia, that results have been received for the initial three holes of this program.
The most prominent interval among results to date is 8.24 g/t Au over 6.63 meters from 161.95 meters, including 11.54 g/t over 1.83 meters and 82.1 g/t over 0.28 meters returned from hole EH003 drilled at the Excelsior Reef. This interval is believed to represent the down-dip continuation of mineralization observed in historic mine workings, and is characterized by intense quartz veining, visible gold, and enveloping sericitic alteration and base metal sulphides. On the basis of structural data gathered from EH003, as well as from other drill holes at Excelsior, a north-easterly plunging fabric – potentially representing the strike continuation of mineralization – is projected. This feature is presently the subject of further drill-testing. Additional drilling will also be required to determine the true thickness of mineralization.
Leviathan Gold Chief Executive Officer, Luke Norman, remarked: “We are very pleased that initial drilling at the Excelsior Reef has confirmed the presence of high-grade gold mineralization across multiple sample intervals, thereby demonstrating the strength and downward continuation of mineralization reported in historic mining records for this prospect, consistent with our initial targeting model. Structural information yielded by Leviathan’s work suggests the further continuation of mineralization to the north-east of the historic Excelsior mine workings, a ready target that is now the subject of drill-testing.”
A total of 1,876 meters in 11 holes have been drilled at Excelsior to date. Highlights of results to date are provided in Table 1, collar information in Table 2, and full results in Table 3. Photographs of mineralization in EH003 are shown in Figure 1, a plan of drilling in Figure 2, and a section through Excelsior in Figure 3. The balance of results is awaited and will be reported on in due course. Drilling at Excelsior forms part of a greater program of approximately 30,000 meters that Leviathan is currently deploying at Avoca and Timor. CONTINUED… Read this entire release along with charts and data for the Leviathan Gold news at: https://www.financialnewsmedia.com/news-lvx/
Other recent developments in the mining markets include:
Kirkland Lake Gold Ltd. (NYSE:KL) (TSX:KL) recently announced production results for the first quarter of 2021 (“Q1 2021”) of 302,847 ounces, which exceeded guidance for the quarter of 270,000 – 290,000 ounces. The strong results versus guidance largely resulted from higher than expected production at both Fosterville Mine (“Fosterville”) and Detour Lake Mine (“Detour Lake”) in March, with Fosterville benefiting from significant grade outperformance and Detour Lake achieving higher than planned grades and tonnes processed. Also during Q1 2021, the Macassa #4 Shaft project remained ahead of schedule with shaft sinking reaching the 5,000-foot level as at March 31, 2021 and the project remaining on track for completion in late 2022. All dollar amounts are expressed in U.S. dollars, unless otherwise stated.
In a press release dated December 10, 2020, the Company indicated that production in 2021 would be weighted to the second half of the year largely reflecting mine sequencing, with lower grades expected at all three cornerstone assets early in the year, particularly in the first quarter.
Fosterville South Exploration Ltd. (TSXV: FSX) (OTC: FSXLF) recently announced that it has re-commenced diamond drilling at its Golden Mountain project in Victoria, Australia. Drilling at Golden Mountain had been paused through the heat of the summer fire season. The new drilling campaign will follow on the 2020 drill success to drill deeper and further delineate the size and structure of this robust system.
Results from the initial drilling at Golden Mountain in 2020 included multiple strong gold assays, such as drill hole GMDH26 which recorded 5.8 metres at 18.4 g/t goldincluding 4.6 m at 22.68 g/t gold and drill hole GMDH28 which recorded 39.5 metres at 7.25 g/t gold including 10.6 m at 17.1 g/t gold and GMDH36 which recorded 28 metres at 10.2 g/t gold including 13 metres at 17.5 g/t gold and 11 m at 4.8 g/t gold and GMDH30 which recorded 27.6 metres at 6.7 g/t gold, including 8.0 metres at 11.9 g/t gold and GMDH 45, which recorded 55.1 metres at 3.06 g/t gold, including 15.9 metres at 6.93 g/t gold in the deepest hole drilled to date in the N-S zone. (see Fosterville South News Releases July 29, 2020, September 3, 2020, October 1, 2020 and December 18, 2020 for full details on these drill holes including collar locations, QA/QC, and true widths).
Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) recently reported preliminary Q1 sales of 1.09 million ounces of gold and 113 million pounds of copper, as well as preliminary Q1 production of 1.10 million ounces of gold and 93 million pounds of copper, in line with our plan. We remain on track to achieve 2021 guidance. The average market price for gold in Q1 was $1,794 per ounce, while the average market price for copper in Q1 was $3.86 per pound.
As expected, preliminary Q1 gold production was lower than Q4 2020 mainly due to mine sequencing at Carlin and Cortez as well as lower grades at Pueblo Viejo, in line with the mine and stockpile processing plan as the development of the expansion project advances. Lower grades and production from Tongon, consistent with the updated extension of the mine life to 2023, were offset by higher grades at Loulo-Gounkoto. As previously guided, the Company’s gold production in the second half of 2021 is expected to be higher than the first half. Accordingly, Q1 2021 gold cost of sales per ounce is expected to be slightly higher, total cash costs per ounce are expected to be 2 to 4% higher and all-in sustaining costs per ounce are expected to be 8 to 10% higher than Q4 2020.
Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) recently announced that it will host its 2021 Annual and Special Meeting of Shareholders (the “AGM”) virtually on Friday, April 30, 2021. In addition, the Company today announced the appointment of Leona Aglukkaq to the Company’s board of directors, the release of its first quarter 2021 results on Thursday, April 29, 2021, after normal trading hours, and the filing of a technical report for Canadian Malartic.
The Honourable Leona Aglukkaq, P.C., has been appointed to the Board of Directors effective as of March 11, 2021. Ms. Aglukkaq is a highly-experienced politician and government administrator from the Kitikmeot Region of Nunavut. She was first elected as a Member of Parliament in 2008 and, in 2009, became the first Inuk in Canadian history to be appointed to the Federal Cabinet (as Minister of Health). In addition to her Federal government experience, Ms. Aglukkaq has broad public government exposure, including international diplomatic experience as Chair of the Arctic Council (2012-2015). Most recently, Ms. Aglukkaq served on the board of directors of TMAC Resources Inc., until its acquisition by Agnico Eagle on February 2, 2021.
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