Gold Surges After Disappointing Economic Reports

NEW YORK, Sept. 6, 2016 /CNW/ - Gold futures rebounded from two-month lows last week, after two different economic reports. The first revealed data indicating a fall in U.S. manufacturing activity, the second showed a slowdown in job growth for the month of August. Both reports pressured the dollar, pushing gold prices higher. Market Vectors Gold Miners ETF (NYSEARCA: GDX), Brazil Resources Inc. (BRI.V), Pretium Resources Inc. (PVG.TO), Franco Nevada Corp. (FNV.TO), Torex Gold Resources Inc. (TXG.TO)

According to the National Bureau of Labor Statistics, the U.S. economy added 151,000 jobs in August, falling short of analyst estimates for 180,000. The unemployment rate was unchanged at 4.9%, compared with expectations the unemployment rate will decline to 4.8%. Market Vectors Gold Miners ETF (NYSEARCA: GDX) surged up 7% for two days in a row. The ETF increased in value by almost 100% year to date.

Shares of Brazil Resources Inc. (TSX-V: BRI) jumped 20% after the disappointing economics data, and up roughly 514% year to date. Brazil Resources is 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. 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 Colombia.

Brazil Resources Inc. Chairman, Amir Adnani, commented: "We are very pleased to complete the acquisition of the Titiribi Project, which we anticipate will deliver significant value accretion to our shareholders. The Company continues to execute on its stated mandate to uncover opportunities and acquire quality gold assets."

Pretium Resources Inc. (TSX: PVG) is engaged in the acquisition, exploration and development of precious metal resource properties in the Americas. The Company's projects include Brucejack Project and the Snowfield Project, both of which are located in northwestern British Columbia. The company's shares are up approximately 112% from the beginning of the year.

Franco Nevada Corp. (TSX: FNV) a gold-focused royalty and stream company. The Company's additional interests are in platinum group metals and other resource assets. The Company operates in the segment of resource sector royalty/stream acquisitions and management activities. The company's shares have surged up roughly 70% year to date.

Torex Gold Resources Inc. (TSE: TXG) mainly focuses on exploration of and development in minerals generally in gold deposits. It holds 100% of the Morelos Gold Property which is roughly 29,000 hectares positioned in Guerrero State, Mexico. Within the area, it consists of the El Limón-Guajes Mine, which began their gold production December of last year, and the Media Luna Project, an advanced stage of exploration, with a remaining 75% uncharted. Shares were up 12% after the announcement of the economic reports and increased in value around 165% year to date.

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