Amid U.S. election uncertainty, gold prices are continuing to rise with spot gold increasing 0.4% to $2,745.29 per ounce following last week's record high of $2,790.15. Investors are concerned about a contested result and political tensions with polls showing a close race and analysts including Bart Melek from TD Securities suggest gold may perform well if Trump wins due to inflation concerns from potential tariffs.
Further, the Federal Reserve’s anticipated quarter-point rate cut on Thursday is also in focus, though it may not significantly impact gold prices. Similarly, a weaker U.S. dollar, which makes gold more attractive to foreign buyers, supported the metal’s rise. (Source: https://www.kitco.com/news/off-the-wire/2024-11-04/gold-rises-us-election-jitters-fed-policy-meeting-loom)
On track to producer over 100,000 ounces of gold equivalent per year starting in 2025 from its two mines, Luca Mining (LUCA.v LUCMF) has attracted significant attention as of late having recently commenced a major exploration drilling campaign at its near-term Tahuehueto Gold Mine.
Marking the first significant drill program at the mine in over a decade, the campaign is targeting the extension of the resource and has significant potential given the lack of historic drilling despite its near-term production potential.
With both Rick Rule and Jeff Clark having invested heavily in recent weeks, LUCA's strong position amid this market is clear.
For more information, refer to this deep dive: https://www.reddit.com/r/Canadapennystocks/comments/1gf2whs/reasons_for_strong_stock_performance_of_luca/
Posted on Behalf of Luca Mining Corp.