As the year closes, we’re taking a look back at our most popular gold news articles of 2024.
The gold mining industry in 2024 has been marked by turbulence and transformation, reflecting the sector’s resilience amid environmental challenges, regulatory shifts and fluctuating market conditions. The year has underscored the complexities of sustainable mining and its implications for communities and investors alike.
The value of gold rose significantly in 2024, with the gold price setting a long series of new all-time highs throughout the year.
As the year closes, we have revisited our most popular gold news stories from 2024, including updates on what has happened since the news broke.
The environmental fallout from the June incident has been severe, with cyanide contamination detected in local waterways and reports of fish deaths.
This culminated in an Ontario court approving receivership in August, with PricewaterhouseCoopers (PwC) becoming the receiver and manager of Victoria Gold’s assets. The firm is now overseeing cleanup operations.
Additionally, PwC has been granted expanded authority to sell non-core assets and appoint technical advisors, further solidifying its role in managing the aftermath of this environmental disaster.
The US investment bank projected raw materials would deliver a 15 percent return by year’s end, with particular optimism for gold and copper.
Analysts forecast gold prices to reach US$2,300 per ounce and copper to surpass US$10,000 per metric ton by the end of the year, supported by expected interest rate cuts in the US and Europe. Gold and copper, already performing strongly in Q1, went on to break through those targets in April and May respectively.
In the firm’s annual Gold Focus report, released in June, independent consultancy Metals Focus forecast an average gold price of US$2,250 per ounce in 2024, which would be a new record average price for the precious metal.
The report highlights key drivers for gold’s performance, including looming US debt issues, a contentious election season and uncertainty over China’s economic recovery.
Central bank demand, led by Turkey, China and India, remained robust, contributing to gold’s momentum. Geopolitical risks, particularly in the Middle East, also bolstered investor sentiment.
Ultimately, the average gold price in 2024 came in well above Metals Focus’ bullish forecast. As of December 30, 2024’s average closing price for spot gold is US$2,388.09, up by 26.5 percent over 2023’s average of US$1,943.
On July 8, 2024, we updated readers on the latest development on the theft of 400 kilograms of gold stolen from Toronto’s Pearson International Airport in April 2023.
At that time, Canadian police revealed they believed a significant portion of the gold had been smuggled to India and Dubai. Peel Region police identified these destinations as primary markets for illicit gold, where it can be melted down and re-enter the global supply chain.
The gold, valued at over C$20 million at the time of the theft, was part of a shipment from Zurich, Switzerland, destined for a Canadian refinery.
The heist has since been dubbed Canada’s largest gold theft and the sixth largest in the world.
The problem stemmed from a malfunction in the exchange’s limit up limit down (LULD) bands, which are designed to curb extreme market volatility by preventing trades outside predefined price ranges.
As a result, some stocks temporarily appeared to experience nearly 100 percent losses during morning trading. NYSE resolved the glitch and the companies were back to trading normally after a brief pause of about 30 minutes.
While it was resolved quickly, there has been fallout from the event, which saw stock traders placing buy orders at the rock-bottom prices during the trade pause that filled at the stock’s usual price or higher when trading resumed.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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