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JP Morgan Just Issued Record Gold Forecast for 2024

Tuesday, August 01, 2023 10:18 AM | Baystreet via QuoteMedia

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JP Morgan Just Issued Record Gold Forecast for 2024

JP Morgan just forecast $2,000 gold prices by the end of 2023, and $2,175 by the fourth quarter of 2024, as noted by In fact, according to JP Morgan’s executive director of global commodities research, Greg Shearer, “there is even further upside potential for the yellow metal if the US economy falls into a recession. The deeper the recession, the more the Fed will have to cut interest rates, which is more supportive of gold.” That’s all positive news for gold stocks, including Calibre Mining Corp. (TSX: CXB) (OTCQX: CXBMF), Barrick Gold Corporation (NYSE: GOLD) (TSX: ABX) , Newmont Corporation (NYSE: NEM) (TSX: NGT) , Franco Nevada Corp. (NYSE: FNV) (TSX: FNV), and Royal Gold Inc. (NASDAQ: RGLD).

In addition, “according to the 2023 Central Bank Gold Reserve Survey released by the World Gold Council, 24% of central banks plan to add more gold to their reserves in the next 12 months. Seventy-one percent of central banks surveyed believe the overall level of global reserves will increase in the next 12 months. That was a 10-point increase over last year.”

Look at Calibre Mining Corp. (TSX: CXB) (OTCQX: CXBMF), For Example

Calibre is a multi-asset gold producer and after a record Q2 production of over 68kozs. The company is well positioned to deliver on full year production guidance of 250,000 to 275,000 ounces. Calibre also generated strong free cash flow, increasing the Company’s cash balance 32% over Q1 2023 to $77 million.

Further, Calibre Mining Corp. announced additional near surface, resource expansion drill results from its 2023 program at the Pan Gold Mine, located on the prolific Battle Mountain – Eureka gold trend in Nevada. Results at the Dynamite North and Palomino targets located immediately north and south of the current open pit operation, respectively, continue to expand zones with grades higher than Pan’s stated Mineral Resource grade of 0.4 g/t gold. These additional higher-grade results, in combination with the newly discovered Coyote target announced earlier this year , located south of the operation, continue to demonstrate the potential to increase resources, grade, and confidence around the Pan mine.

Highlights from the Palomino and Dynamite targets include:

Palomino Target

- 1.23 g/t Au over 38.1 metres including 2.97 g/t Au over 12.2 metres in Hole PR23-080;

- 0.87 g/t Au over 16.8 metres and 1.58 g/t Au over 21.3 metres including 2.56 g/t Au over 10.7 metres in Hole PR23-088;

- 1.13 g/t Au over 22.9 metres including 2.82 g/t Au over 4.6 metres in Hole PR23-056;

- 0.89 g/t Au over 54.9 metres including 1.17 g/t Au over 4.6 metres, 1.41 g/t Au over 9.1 metres and 1.19 g/t Au over 10.7 metres in Hole PR23-066;

- 1.26 g/t Au over 13.7 metres including 1.72 g/t Au over 9.1 metres and 1.07 g/t Au over 10.7 metres including 1.75 g/t Au over 4.6 metres in Hole PR23-076; and

- 0.59 g/t Au over 32.0 metres in Hole PR23-086.

Dynamite North Target

- 0.70 g/t Au over 18.3 metres and 0.79 g/t Au over 32 metres including 2.31 g/t Au over 6.1 metres and 1.21 g/t Au over 3.1 metres in Hole PR23-047;

- 0.54 g/t Au over 27.4 metres in Hole PR23-049; and

- 0.50 g/t Au over 91.4 metres in Hole PR23-050.

Note: All holes were drilled at angles of -45 to -90 degrees at azimuths designed to intersect targeted structures as nearly as possible to perpendicular when possible. Some drill holes and intercepts reported here did not cross mineralization perpendicularly, and do not represent exact ‘true widths.

Darren Hall, President, and Chief Executive Officer of Calibre stated : “Today’s highly encouraging drill results expand upon our Palomino target results announced on June 21, 2023 , and immediately surround the current open pit operations. We look forward to additional results as we continue to advance our discovery and resource expansion drill programs across the operation and mineral concessions where we have identified numerous highly prospective targets.”

Link 1 Figures

Link 2 Drilling Table

Other related developments from around the markets include:

Barrick Gold Corporation will release its Q2 2023 results on Tuesday, August 8, 2023. President and CEO Mark Bristow will host a live presentation of the results that day at 11:00 EDT, with an interactive webinar linked to a conference call. The company will release its preliminary production, sales and cost information for Q2 2023 on July 13, 2023.

Newmont Corporation announced second quarter 2023 results and declared a second quarter dividend of $0.40 per share. "In the second quarter, Newmont delivered $910 million in adjusted EBITDA with a disciplined approach to running a safe and sustainable mining business to generate long-term value. Our business is underpinned by the industry's strongest balance sheet and a global portfolio with the size and scale to make decisions that deliver on our strategy. We remain on track to achieve our full-year guidance, and I am proud of the prudent decisions made during the second quarter to safeguard our workforce, protect long-term value and position Newmont to deliver a strong performance in the second half of the year,” as noted by Tom Palmer, Newmont President and Chief Executive Officer.

Franco Nevada Corp. announced it will report its second quarter 2023 results as follows: Second quarter 2023 results release on August 8 after market close. Conference call and webcast on August 9 at 10 a.m. ET.

Royal Gold Inc. announced that its wholly owned subsidiary, RGLD Gold AG , sold approximately 53,700 gold equivalent ounces (GEOs) comprised of approximately 40,500 ounces of gold, 800,900 ounces of silver and 800 tonnes of copper related to its streaming agreements during the three-month period ended June 30, 2023 (the “second quarter”). The Company had approximately 17,100 ounces of gold, 331,300 ounces of silver, and 400 tonnes of copper in inventory at June 30, 2023. RGLD Gold AG’s average realized gold, silver and copper prices for the second quarter were $1,983 per ounce, $24.01 per ounce and $8,720 per tonne ($3.96 per pound), respectively. Cost of sales was approximately $436 per GEO for the second quarter. Cost of sales is specific to the Company’s streaming agreements and is the result of the Company’s purchase of gold, silver or copper for cash payments at a set contractual price, or a percentage of the prevailing market price of gold, silver or copper when purchased.

Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Winning Media is only compensated for its services in the form of cash-based compensation. Pursuant to an agreement Winning Media has been paid three thousand five hundred dollars for advertising and marketing services for Calibre Mining Corp. by Calibre Mining Corp. We own ZERO shares of Calibre Mining Corp. Please click here for disclaimer.


Ty Hoffer
Winning Media

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