NEW YORK, Sept. 22, 2016 /CNW/ - The Federal Reserve did not surprise the market this Wednesday, leaving interest rates unchanged. Fed Chairwoman, Janet Yellen kept pushing the narrative that the economy is improving, and might be ready for a rate hike later this year. Some criticize the decision, claiming that the economy is already at a good condition for the Fed to act. In the meantime, the Fed's decision gave gold futures another reason to rally. Brazil Resources Inc. (BRI.V), Market Vectors Junior Gold Miners ETF (NYSEARCA: GDXJ), Market Vectors Gold Miners ETF (NYSEARCA: GDX), Barrick Gold Corporation (NYSE: ABX), Eldorado Gold Corp (NYSE: EGO)
Both Market Vectors Junior Gold Miners ETF (NYSEARCA: GDXJ) and the Market Vectors Gold Miners ETF (NYSEARCA: GDX) surged higher by 8% and 7% respectfully after the FOMC announcement.
Shares of Brazil Resources Inc. (TSX-V: BRI) continued to rise after the news, adding to an already impressive performance to the week. Shares of the company increased in value by more than 800 percent year-to-date. The company focuses on mineral exploration company with a focus on the acquisition, exploration and development of projects in Brazil, United States, Canada and other regions of the Americas.
Brazil Resources Inc. (BRI) On September 1st the company announced it has completed the acquisition of Sunward Investments Limited, which owns 100% of the Titiribi Gold-Copper Project, located in central Columbia. On September 14th the company then announced, the results of a National Instrument 43-101 ("NI 43-101") mineral resource estimate for Titiribi Gold-Copper Project (the "Titiribi Project" or the "Project") located in Antioquia Department, approximately 70 kilometres southwest of the city of Medellin, Colombia.
Brazil Resources Inc. (BRI) CEO, Garnet Dawson stated: "We are pleased to report this NI 43-101 resource estimate for the Cerro Vetas, Chisperos and NW Breccia, three of 9 mineralized porphyry-epithermal targets identified on the Titiribi Project. The inclusion of this resource estimate increases BRI's measured and indicated resource to 7.8 Moz gold (10.4 Moz gold equivalent) and our inferred resource to 10.3 Moz gold (12.6 Moz gold equivalent). In conjunction with advancing our existing project portfolio, the Company continues to evaluate resource-stage projects in the Americas for potential acquisition."
Barrick Gold Corporation (NYSE: ABX) shares jumped 8.6 percent after the FOMC statement, making the year-to-date increase in value stand on 153 percent. Earlier this month the company has announced plans to reduce costs and increase productivity through a partnership with Cisco Systems. The gold producer will incorporate digital technology in all aspects of its mining business.
Shares of Eldorado Gold Corp (NYSE: EGO) reacted to the FED with a more than 5.7% jump. In addition, recently the company was upgraded by Bank of America from an underperform rating to a buy rating. Bank of America Corp. currently has $5.00 price target on the stock.
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