Which US presidential candidate does gold prefer?
Gold loves chaos and should be hitting new highs, especially with inflation coming down and with it, two rate cuts likely before year’s end.
Kirkland Lake Gold (TSX:KGI)(AIM:KGI) an operating and exploration gold mining company located in Ontario, Canada, announced on Monday that a seasonal forest fire that started on Sunday passed nearby the company’s property and mill, but that there was no damage to company assets.
However, a short section of the power line feeding the mill and the three shaft complex was damaged by the fire, the company said in a statement, and employees were evacuated. All production activities are halted until power is restored.
Shares in the company lost 1.6% on the London stock exchange on Monday. The Toronto bourse, where Kirkland Gold is valued at $723 million, was closed due to a public holiday.
Kirkland Lake Gold purchased the Macassa Mine and the 1,450 ton per day mill along with four former producing gold properties – Kirkland Lake, Teck-Hughes, Lake Shore and Wright Hargreaves – in December 2001. These properties, have historically produced approximately 22 million ounces of gold.
