A year ago, The Fed increased rates the 1st time in 9.5years-One day later gold bottomed and soon it was off to the races. Why? Likely because everyone who cared about rates had already factored in at least one rate increase. So when The Fed actually raised rates, all it did was eliminate a bit of uncertainty.
Does anyone think gold hasn't already factored in a rate increase this week? Maybe history will repeat, and gold will bottom.
Sorry, but I'd be very disappointed if Barrick took us out today for a 30 or 40% premium at this level. No, I'm with Frank in Investor Relations, who last week wrote:
While recent price drops are always unnerving the company is in the best shape it’s been since inception:
• It now owns 100% of the Red Hill property,
• Has approx. C$17.0 million in the bank,
• Now has a full complement of top geological talent,
• And has a second deposit possibility in the recent Avocado discovery.
The company is excited about the future.
Read more at https://www.stockhouse.com/companies/bullboard/v.nug/nulegacy-gold-corporation?postid=25569575#U274qBBOgTEi5X4g.99
Credit, Taylor Dart.