Things are looking good for Goldcorp. “Canadian bank CIBC sees Goldcorp Inc.’s 2014 gold production guidance as achievable and sector-leading after delivering on their 2013 production guidance, powered by a very strong fourth-quarter.,” reports Kitco.
“'(The) fourth quarter was by far the best quarter of 2013 with record output of 768,000 ounces, (approximately) 14% better than we expected,’ CIBC says. ‘2014 guidance reaffirms our existing expectations for sector-leading production growth and cost reductions in the coming year.'”
“Goldcorp expects to produce between 3 million and 3.15 million ounces of gold in 2014 as well as a 50% production rise by 2016, and CIBC believes both figures are achievable. CIBC also notes that Penasquito and Red Lake both performed well, while ‘the mine plan for Penasquito has been revised to trim unprofitable ounces, thereby enhancing early-life grades and profitability, supporting Goldcorp’s current carrying value for the mine.’”
In metal price news for precious metals…
With a 2.0 percent increase on Thursday, January 9, Indian silver was the biggest mover on the Global Precious Metals MMI®. US silver prices weakened by 1.6 percent. This marked the fifth day in a row of declining prices and the drop-off has accelerated since Friday, January 3. The price of Japanese silver fell 1.2 percent. Chinese silver ended the day after the 0.9 percent drop yesterday.
The price of Japanese gold bullion closed following a couple days of improvement, prices fell by 1.1 percent. The price of Indian gold bullion increased 1.0 percent. US gold bullion prices saw a 0.5 percent decline. The price of Chinese gold bullion declined 0.4 percent.
After a 0.3 percent increase, Chinese platinum bar finished the day. US platinum bar held its value on Thursday. The price of Japanese platinum bar steadied following two-days of increases.
The price of Japanese palladium bar finished the market day up 1.6 percent per gram. Weakening prices followed two days of improvement as the price of US palladium bar dropped 0.7 percent. The price of Chinese palladium bar held steady.