B2Gold up on higher-than-expected production

Gold is sidelining platinum and palladium and could hit $1 800/oz by Christmas, says UBS bullion bank precious metals strategist Dr Edel Tully, who describes the present as “an extremely exciting time” to be in precious metals. Tully expects gold to be in deficit in 2011 as a result of only moderate mine-supply growth, a lower level of recycling than in 2009 and the steady buying of gold by central banks.

Gold bullion prices set a new intraday record of $1,625 per ounce in Wednesday's Asian trade – 1.5% up on Friday's close – before easing back slightly after London opened. Stocks and commodities fell but US Treasury bonds were up, as the US Congress had to postpone a vote on the $14.2 trillion debt ceiling. Image of Johh Boehner, Speaker of the United States House of Representatives

While commodities ETFs - led by precious metals funds like the SPDR Gold Trust (GLD) and the iShares Silver Trust (SLV) - are hot, currency ETFs are even hotter. Flows into 38 U.S.-listed currency ETFs this year stood at $2.2 billion through last week, according to a new review of fund flows by ConvergEx Group.

Jayden Resources Inc., ("Jayden" or "the Company") (TSX:JDN) is pleased to announce assay results from the first 17 holes received from its planned 100 hole - 15,000 meter drilling program at Silver Coin. The drilling program is composed of approximately 80% infill and close offset holes, and 20% exploration holes outside of the current resource. The primary goal of the program is to upgrade the existing inferred resource to the measured and indicated categories. Drilling began in mid-May at the south end of the resource area and has been progressing to the north.

The tide of deaths of infants and young children from an outbreak of lead poisoning in Zamfara State, in North West Nigeria did not come like a thief in the night. The stage had been set for the tragic incident several years earlier. Increasing activities of illegal miners and improper processing of lead-contaminated gold ore within households in the community, were largely responsible for the high death toll. Image of an artisinal miner holding wolframite is from Julien Harneis. 

REX Minerals has forecast more copper from its Hillside project in SA, releasing a blueprint for a 12-year mine to almost rival Olympic Dam in size. "The conceptual study supports our view that Hillside is one of Australia's largest copper development opportunities," managing director Steven Olsen said.

Newmont Ahafo Mine at Kenyase, in the Asutifi District of the Brong Ahafo Region, has targeted to increase its annual gold production to 1.2 million ounces by the year 2014. The company has spent $22.3 million on its alternative livelihood programmes for 1,700 households and farmers, affected by its mining activities. Picture of traditional leaders supplied by the Newmont Ahafo Development Foundation.

The race to mine the seafloor took another step forward today. Diamond Fields International said it has completed the world's first NI 43-101 compliant resource estimate for its Atlantis II sea-floor deposit, located about 115 kilometres from Jeddah in the Red Sea. DFI has been exploring the deposit with joint venture partner Manafa International.

African Barrick Gold reported net income of $120 million, a 21% increase over H1 in 2010. The EPS was 29.3 cents. The EBITDA was $245 million, up 25%, and operational cash flow was $186 million, an increase of 18% on H1 2010. Cash costs for gold climbed 24% to $655 per ounce due to cost inflation and North Mara mine sequencing.