You are here
A whale is snapping up gold below $1,800, likely a government
By Eddie van der Walt
Bloomberg News
via Yahoo Finance, Sunnyvale, California
Wednesday, February 2, 2022
https://finance.yahoo.com/news/looks-whale-snapping-gold-bullion-124225535.html
Spot gold is again bobbing along near $1,800 an ounce, as it has been since mid-2020. The stickiness of that level, particularly as fundamentals turned more bearish, suggests there's a big buyer somewhere in these waters.
... Dispatch continues below ...
... ADVERTISEMENT ...
Asante Gold Announces Significant Gold Intercepts
From Its Near-Mine Exploration Drilling at the Bibiani Gold Mine
Company Announcement
via Globe Newswire and Yahoo Finance
Wednesday, December 15, 2021
VANCOUVER, British Columbia, Canada -- Asante Gold Corp. (CSE: ASE / FRANKFURT: 1A9/ U.S. OTC: ASGOF) announces significant gold intercepts from its ongoing near-mine exploration drill program at its Bibiani Gold Mine in Ghana.
Asante initiated the exploration program in late September 2021. This program includes extensive induced polarization and ground magnetic surveys across the entire lease, RC, and diamond drilling, plus a high-level structural geology review targeting near-mine areas with high potential for new discoveries. The program objective is to grow the resources to be included in our comprehensive mining plan being prepared for the second quarter of 2022, with plant startup scheduled for the third quarter of 2022.
The company is pleased to report early results from the Walsh Satellite pit:
-- WADD21-002: 18 meters @ 3.85 g/t Au from 141 meters, including 16 meters @ 4.22 g/t Au.
-- WADD21-005: 12 meters @ 4.41 g/t Au from 174 meters.
-- WADD21-004: 8 meters @ 4.8 g/t Au from 137 meters.
-- WADD21-007: 4 meters @ 7.49 g/t Au from 170 meters.
-- WADD21-010: 3 meters @ 5.17 g/t Au from 187 meters
-- WADD21-003: 3 meters @ 5.96 g/t Au from 140 meters; 3 meters @ 4.60 g/t Au from 160 meters.
The results confirm the extension and grade continuity of the mineralization beneath the current US$1,500 design shell. These recent assay results improve the existing deposit model and will support an update of the Walsh mineral resource estimate. We anticipate adding ounces to the existing resource. Follow-up drilling is continuing, focusing on deepening and extending the Walsh Pit to its economic limit. ...
... For the remainder of the announcement:
https://finance.yahoo.com/news/asante-gold-announces-significant-gold-145900306.html
Since breaking above the round number in July 2020, the gold price dipped below it 19 times on a closing basis, only to regain its footing. In the past year, the modeled value of gold, based on a regression study that includes the dollar, real rates, and exchanged-traded fund holdings, dropped nearly 10%. Yet the metal's price only fell around 2%. Clearly, there is a big buyer who considers the metal a long-term hold.
Such whale activity, which shows up neither in ETF holdings nor in futures positioning, would require a substantial buyer, accumulating in size in the London over-the-counter market. Yet vault holdings reported by the London Bullion Market Association, which include both ETF and some central bank-owned metal, show only a fractional increase in the year through December, from 307 million to 309 million troy ounces.
That would suggest that whoever is buying is able to buy in scale, leave little footprint in the market, and then take delivery and store the metal in secure, invisible vaults.
And that points strongly toward a sovereign buyer.
Central banks normally declare to the International Monetary Fund the amounts of metal they have on their books. But there are precedents where this has been done with some delay. Between 2009 and 2015, China reported no change in holdings, only to reveal that it had bought 53 million ounces of metal over the period.
* * *
Toast to a free gold market
with great GATA-label wine
Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.
Here's what the bottles look like:
http://www.gata.org/files/GATA-4-wine-bottles.jpg
Buyers can compose their case by choosing as many as four varietals from the list here:
http://www.gata.org/files/FayJWineryVarietals.jpg
GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?
To order a case of GATA-label wine, please e-mail Fay J Winery at bagman1236@aol.com.
* * *
Support GATA by purchasing
Stuart Englert's "Rigged"
"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --
-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net.
* * *
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
