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Jim Letourneau's Blog

Investing, Technology, Travel, Geology, Music, Golf. I think that covers it.

Gold Financing Glut

GoldSeek.com lists some of the latest precious metal financings.

  • Newmont announced a $1.2 billion equity issue

  • Kinross Gold – $360 million

  • Silver Wheaton - $250 million

  • Red Back Mining - $150 million

  • Endeavour Financial - $100 million

  • Alamos Gold - $75 million


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We would add to that the closed financing by Central Fund of Canada for US$130 million. There have also been some major bullion purchases by the ETFs in 2009. CommodityOnline.com reports that in 24 2009 trading days, the major ETFs have taken up some $3.1 billion in 111 tonnes of gold.

While I'm as bullish as the next guy on gold (OK not GATA bullish), I think we're in the 7th inning of the current gold move.