After breaching the US$1,800 per ounce mark last week, the gold price trended down this week.
The yellow metal fell from about US$1,782 at the start of the period to just under US$1,750 at the time of this writing on Friday (August 19) afternoon, reaching its lowest level so far in August.
Attention has been directed at the latest US Federal Reserve meeting minutes, which cover the central bank’s late-July meeting. Minutes are always carefully scrutinized by market watchers, and that’s especially true right now with interest rates and high levels of inflation still top of mind for investors.
However, the takeaways from the latest document are fairly murky — while officials suggested that they will eventually need to slow the pace of rate hikes, they left the door open for another large increase in September.
The next Fed meeting is scheduled to run from September 20 to 21, but commentary from the central bank is also expected to emerge from its meeting in Jackson Hole, Wyoming, which will take place at the end of next week.
With the Fed’s next interest rate steps in mind, we asked our Twitter followers this week how much they think the central bank will hike in September. By the time voting closed, most respondents said they anticipate a 50 basis point rise; that would be lower than last month’s 75 basis points.
UEC emerges victorious from UEX bidding war
To recap, UEC made an offer for UEX in mid-June, and Denison put in a competing proposal on July 28. The companies then went back and forth with updated arrangements as they each tried to offer a better deal.
The battle for UEX now seems to have come to a close, with the company announcing on August 16 that its shareholders have approved UEC’s latest offer. UEX shareholders will receive 0.09 of one UEC common share for each of their UEX shares, which UEX said implies consideration of about C$0.497 per UEX share.
“The Arrangement Resolution was passed with approval by 90.79% of votes cast by UEX Shareholders at the Meeting in person or by proxy and by 91.60% of votes cast by UEX shareholders, option holders and restricted share unitholders voting together as a single class at the Meeting in person or by proxy” — UEX
This excitement has come against a backdrop of flatter prices for uranium, which has spent most of the summer months trading below US$50 per pound. However, optimism remains high among market watchers — Lobo Tiggre of IndependentSpeculator.com recently told me it remains his highest-confidence thesis for 2022.
Want more YouTube content? Check out our YouTube playlist At Home With INN, which features interviews with experts in the resource space. If there’s someone you’d like to see us interview, please send an email to firstname.lastname@example.org.
And don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
From Your Site Articles
Related Articles Around the Web
Image and article originally from investingnews.com. Read the original article here.