Fortuna Silver Mines is acquiring Roxgold. Fortuna shareholders will own 64% of the combined company. The price offered is a 42% premium to the pre-announcement price but is at 0.88x of NAV.
Gold still in a bear market rally until we can break and close above $1,783. Daily chart shows Thursday's wide range action. Bear trap? Odds are not high.
Central bank gold purchases are off to the worst start to the year since 2009. According to the World Gold Council, net changes in central bank reserve holdings for January and February were negative 16.7 metric tons.
