Gold is trading 0.13% lower heading into the European open but remains in a sideways pattern. Silver is 0.26% lower trading at just under $22/oz. In the rest of the commodities complex, copper (-0.72%) and spot WTI (-0.52%) are trading in the red.

EUROPE (June 9)  Scotgold Resources a U.K. Aim-listed miner reported record production for April and May from its Cononish gold mine in Scotland. The firm produced a combined 1,984 ounces of gold and 10,810 ounces of silver for the two months.

In addition to this, the company said it is on track to achieve the upper quartile and/or exceed its second-quarter output target of 2,600 - 3,200 ounces of gold.

Chief executive Phil Day said “We are pleased to report that April and May have delivered record profitable gold production, a trend we expect to continue in June and the rest of 2022, in line with our mine schedule,” 

“Crucially, as we continue to develop the mine and access areas to stop mine - cut and fill our mining visibility, mining efficiencies, gold grade definition and control further improve which places us in an ideal position to implement the processing plant and mine optimization plans to yield further growth.”

For April and May 2022, gold concentrate shipments totaled 226.6 dry metric tonnes with a sales value of GBP2.424 million.

Looking at the weekly chart below, the price has risen 7% in the last week. After some exuberance in 2020 the share price consolidated between 55.6 and 89.0 per share. If the good news continues the next resistance stands at the consolidation high. The all-time high is still some way off at 170 per share and the bulls would have a lot of work to do to get the price back to those kinds of zones but this week has been a good start. 

KITCO