Posts Tagged ‘financing’

Gold Financing Glut

Tuesday, February 10th, 2009

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.

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