Gold has broken its downtrend after breaking through the $1,750-$1,760/oz. level with follow-through this week. Silver also broke out of a short-term downtrend when it broke $26/oz. and is currently hovering right around that level.
3,000 m reverse circulation program is designed to step along strike and down dip from the Phase 1 drill intercepts to expand the shallow, broad, bulk tonnage gold-silver mineralization discovered.
"With the surplus capacity at our Libertad mill we are now turning our attention to EBP, which represents an excellent opportunity to develop another new high-grade ‘Mining Spoke’, delivering potential lower cost production increases and extending processing life at Libertad.”
Gold and Silver had a good week on the back of higher CPI inflation data and a marginal fall in the 10yr yields. The lack of follow-through on Friday among the gold stocks, which could portend a retracement in the near term.
The gold miners’ stocks remain undervalued, strong buys fundamentally. Their stock prices are too low relative to both underlying corporate profitability and prevailing gold prices.
