On the macroeconomic front, the U.S. Labor Department reported that the U.S. inflation rate for the first six months of the year was 1.6%, which could mean the central bank will not be in a hurry to raise interest rates. The Dow Jones Industrial Average climbed 1.04% to 21,637.74 and the S&P 500 Index was up 1.41% to 2,459.27. Higher gold prices pushed up the Philadelphia Gold and Silver Index by 4.26% to finish the week at 80.80. WTI crude finished at US$47 a barrel, up 5.1% for the week.
Shares of intermediate gold producer Eldorado Gold were down a penny to US$2.41. The company reported July 10 that it had completed its acquisition of gold junior Integra Gold. Under a plan of arrangement unveiled on May 15, Integra shareholders collectively received about C$129 million in cash and 77 million Eldorado shares. Integra shareholders approved the deal at a special meeting on July 4 and Eldorado Gold received approval from British Columbia’s Supreme Court on July 7. Integra will continue as a wholly owned subsidiary of Eldorado Gold, which now has assets in Turkey, Greece, Romania, Serbia, Brazil and Quebec.
Seabridge Gold’s shares rose 1.9% to US$11. The company announced on July 10 that it had completed the surface sampling and geophysics it needed to select drill locations at its 100%-owned Iskut gold-copper project in northwestern British Columbia. The company said drilling will start soon and focus on the Quartz Rise target, which emerged from last year’s program. The company is planning two phases of core drilling totaling 8,500 metres to evaluate the potential for high-grade gold concentrations within the untested Quartz Rise lithocap. The project is 110 km northwest of Stewart, B.C., and 30 km by air from Seabridge’s KSM project, and Seabridge believes Iskut hosts district-scale porphyry-style mineral systems similar to KSM.
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