Gold prices might be heading for another breakout after US jobless claims came in at 3.17 million last week, bringing the total to 33.5 million over the past seven weeks.

This is higher than the expected 3.05 million claims, though it is down from the previous week’s 3.85 million claims, underscoring the amount of damage the COVID-19 pandemic has inflicted on the US and other major world economies.

>>>Scroll down for the top small cap movers over the past week>>>

Further underscoring the weakness is the revelation that the US Treasury Department has borrowed just a hair under $US3 trillion ($4.6 trillion) to fund fiscal measures, almost six times its borrowing during the 2008 global financial crisis.

While stimulus spending is aimed at preventing a depression, it does not create productivity or boost investment, making gold look even more like a hedge, Kitco News quoted Pepperstone head of research Chris Weston as saying.

Spot gold is currently trading at $US1,715.60 per ounce, or about $2,625.57 in Australian dollar terms thanks to the currency exchange rate.

There has certainly been no shortage of predictions about where gold is heading and the consensus seems to be largely bullish.

Predictions of how far gold could go have ranged from the conservative to the downright outlandish — $US20,000 per ounce is a figure we are highly unlikely to see.

Read: Gold Digger: As explorers eye a golden payday, here’s 3 ways to help separate the winners from the washouts

USD (yellow) and AUD (orange) gold prices over the past month.

Winners & Losers

Here’s how ASX gold stocks performed for the period May 1 – May 8 [intraday]:

Scroll or swipe to reveal table. Click headings to sort. Best viewed on a laptop:

CODE NAME SHARE PRICE [Intraday May 1] 1 YEAR RETURN % 1 WEEK RETURN % MARKET CAP
AGS ALLIANCE RESOURCES LTD 0.21 128 128 $32,360,000.00
GED GOLDEN DEEPS LTD 0.011 -56 120 $ 3,647,911.25
E2M E2 METALS LTD 0.15 -35 88 $ 17,455,260.00
TAR TARUGA MINERALS LTD 0.015 -47 67 $ 4,543,487.50
CY5 CYGNUS GOLD LTD 0.055 12 53 $ 2,934,796.50
ARS ALT RESOURCES LTD 0.042 91 45 $ 17,615,154.00
MTH MITHRIL RESOURCES LTD 0.008 33 33 $ 4,413,503.00
GUL GULLEWA LTD 0.06 94 33 $ 9,307,386.00
NWM NORWEST MINERALS LTD 0.18 10 20 $ 15,091,232.00
MKG MAKO GOLD LTD 0.05 -46 19 $ 4,270,659.00
CXU CAULDRON ENERGY LTD 0.025 25 19 $ 9,407,246.00
NUS NUSANTARA RESOURCES LTD 0.26 63 18 $ 46,580,956.00
GNM GREAT NORTHERN MINERALS LTD 0.007 -65 17 $ 3,244,890.00
CDV CARDINAL RESOURCES LTD 0.43 12 15 $ 205,010,048.00
BDC BARDOC GOLD LTD 0.077 20 13 $ 107,470,064.00
WAF WEST AFRICAN RESOURCES LTD 0.82 173 13 $ 709,562,496.00
CYL CATALYST METALS LTD 3.06 66 12 $ 250,494,928.00
BAR BARRA RESOURCES LTD 0.019 -30 12 $ 11,930,315.00
AOP APOLLO CONSOLIDATED LTD 0.24 20 12 $ 64,582,940.00
AAR ANGLO AUSTRALIAN RESOURCES 0.15 95 11 $ 69,642,928.00
MEU MARMOTA LTD 0.042 163 11 $ 37,197,256.00
BRB BREAKER RESOURCES NL 0.22 -39 10 $ 50,890,416.00
CHN CHALICE GOLD MINES LTD 1.235 850 10 $ 346,207,840.00
HRN HORIZON GOLD LIMITED 0.24 60 9 $ 19,132,654.00
RND RAND MINING LTD 1.99 -11 9 $ 114,282,104.00
NVA NOVA MINERALS LTD 0.05 257 9 $ 54,344,344.00
PUA PURE ALUMINA LTD 0.013 -50 8 $ 3,104,651.50
BRV BIG RIVER GOLD LTD 0.026 30 8 $ 35,585,096.00
TIE TIETTO MINERALS LTD 0.345 138 8 $ 122,519,560.00
TBR TRIBUNE RESOURCES LTD 6.87 60 8 $ 395,220,576.00
BC8 BLACK CAT SYNDICATE LTD 0.425 118 6 $ 35,776,336.00
DCN DACIAN GOLD LTD 0.38 -66 6 $ 197,382,112.00
EVN EVOLUTION MINING LTD 5.38 75 5 $ 8,931,129,344.00
HMX HAMMER METALS LTD 0.023 -18 5 $ 12,294,278.00
WGX WESTGOLD RESOURCES LTD 2.15 60 4 $ 875,780,928.00
SFM SANTA FE MINERALS LTD 0.052 -47 4 $ 3,640,939.50
SAU SOUTHERN GOLD LTD 0.13 5 4 $ 12,651,007.00
HAW HAWTHORN RESOURCES LTD 0.13 136 4 $ 42,460,028.00
BGL BELLEVUE GOLD LTD 0.59 8 4 $ 416,051,552.00
KWR KINGWEST RESOURCES LTD 0.15 0 3 $ 17,066,752.00
LEX LEFROY EXPLORATION LTD 0.165 -18 3 $ 16,580,313.00
RRL REGIS RESOURCES LTD 4.64 7 3 $ 2,373,202,688.00
MML MEDUSA MINING LTD 0.7 89 3 $ 143,378,064.00
KRM KINGSROSE MINING LTD 0.035 -8 3 $ 26,280,264.00
DEG DE GREY MINING LTD 0.36 401 3 $ 414,500,928.00
NES NELSON RESOURCES LTD 0.039 -54 3 $ 1,848,761.63
RED RED 5 LTD 0.195 77 3 $ 285,625,568.00
MAU MAGNETIC RESOURCES NL 0.78 144 3 $ 158,960,160.00
PRU PERSEUS MINING LTD 0.99 128 3 $ 1,162,215,168.00
PRX PRODIGY GOLD NL 0.04 -52 3 $ 20,902,594.00
RMS RAMELIUS RESOURCES LTD 1.375 81 2 $ 1,042,212,544.00
GSN GREAT SOUTHERN MINING LTD 0.048 37 2 $ 16,030,197.00
FML FOCUS MINERALS LTD 0.25 0 2 $ 49,342,112.00
DTM DART MINING NL 0.06 -50 2 $ 3,789,546.50
RML RESOLUTION MINERALS LTD 0.064 19 2 $ 13,211,756.00
OKU OKLO RESOURCES LTD 0.325 63 2 $ 153,501,776.00
MLL MALI LITHIUM LTD 0.07 -62 1 $ 20,627,628.00
SLZ SULTAN RESOURCES LTD 0.076 36 1 $ 3,571,897.50
NCM NEWCREST MINING LTD 27.83 13 1 $ 23,156,631,552.00
NST NORTHERN STAR RESOURCES LTD 12.84 55 0 $ 9,546,629,120.00
AME ALTO METALS LTD 0.063 75 0 $ 18,189,174.00
BYH BRYAH RESOURCES LTD 0.028 -65 0 $ 2,824,467.50
OKR OKAPI RESOURCES LTD 0.13 4 0 $ 4,685,572.50
RGL RIVERSGOLD LTD 0.008 -67 0 $ 1,978,029.75
GMR GOLDEN RIM RESOURCES LTD 0.006 -45 0 $ 8,577,855.00
BCN BEACON MINERALS LTD 0.04 135 0 $ 114,353,304.00
LNY LANEWAY RESOURCES LTD 0.004 -64 0 $ 16,740,297.00
AWV ANOVA METALS LTD 0.008 -17 0 $ 5,972,479.50
MDI MIDDLE ISLAND RESOURCES LTD 0.012 140 0 $ 21,183,338.00
MSR MANAS RESOUCES LTD 0.003 0 0 $ 10,572,650.00
AUC AUSGOLD LTD 0.014 -13 0 $ 14,380,594.00
WWI WEST WITS MINING LTD 0.011 22 0 $ 10,312,841.00
SPX SPECTRUM METALS LTD 0.15 689 0 $ 223,279,856.00
BSR BASSARI RESOURCES LTD 0.013 -19 0 $ 31,040,814.00
NXM NEXUS MINERALS LTD 0.04 -18 0 $ 4,729,622.50
NAG NAGAMBIE RESOURCES LTD 0.051 2 0 $ 25,496,550.00
ERM EMMERSON RESOURCES LTD 0.09 27 0 $ 37,811,996.00
CDT CASTLE MINERALS LTD 0.007 17 0 $ 1,909,711.75
ANL AMANI GOLD LTD 0.002 0 0 $ 13,668,993.00
MLS METALS AUSTRALIA LTD 0.001 -33 0 $ 3,207,352.75
CGN CRATER GOLD MINING LTD 0.009 -36 0 $ 11,047,463.00
SMI SANTANA MINERALS LTD 0.003 0 0 $ 8,051,836.50
SAR SARACEN MINERAL HOLDINGS LTD 4.32 56 0 $ 4,775,517,696.00
RSG RESOLUTE MINING LTD 0.935 -15 -1 $ 1,002,001,088.00
HRZ HORIZON MINERALS LTD 0.079 -34 -1 $ 36,238,016.00
ALK ALKANE RESOURCES LTD 0.74 229 -1 $ 432,124,800.00
SBM ST BARBARA LTD 2.54 -14 -2 $ 1,778,829,440.00
EMR EMERALD RESOURCES NL 0.49 20 -2 $ 241,777,728.00
GMN GOLD MOUNTAIN LTD 0.049 -20 -2 $ 29,272,782.00
SLR SILVER LAKE RESOURCES LTD 1.905 166 -2 $ 1,671,703,808.00
TAM TANAMI GOLD NL 0.042 2 -2 $ 49,354,076.00
KCN KINGSGATE CONSOLIDATED LTD 0.395 49 -2 $ 89,359,248.00
GOR GOLD ROAD RESOURCES LTD 1.575 66 -2 $ 1,394,346,240.00
TRY TROY RESOURCES LTD 0.076 -16 -3 $ 47,404,784.00
GBR GREAT BOULDER RESOURCES LTD 0.033 -54 -3 $ 4,804,344.00
VAN VANGO MINING LTD 0.125 -22 -4 $ 96,975,656.00
RXL ROX RESOURCES LTD 0.025 150 -4 $ 34,990,732.00
DAU DAMPIER GOLD LTD 0.024 0 -4 $ 5,711,664.00
ADN ANDROMEDA METALS LTD 0.047 571 -4 $ 69,732,136.00
BNR BULLETIN RESOURCES LTD 0.046 171 -4 $ 8,964,654.00
DGR DGR GLOBAL LTD 0.065 -44 -4 $ 43,602,048.00
CWX CARAWINE RESOURCES LTD 0.205 64 -5 $ 16,226,463.00
AQI ALICANTO MINERALS LTD 0.077 166 -5 $ 20,268,362.00
VMC VENUS METALS CORP LTD 0.18 35 -5 $ 24,172,590.00
OAU ORA GOLD LTD 0.018 200 -5 $ 10,984,225.00
ARL ARDEA RESOURCES LTD 0.255 -27 -6 $ 29,911,610.00
KTA KRAKATOA RESOURCES LTD 0.031 11 -6 $ 6,562,500.00
GSM GOLDEN STATE MINING LTD 0.15 88 -6 $ 5,493,930.00
CAI CALIDUS RESOURCES LTD 0.3 15 -6 $ 64,414,220.00
SIH SIHAYO GOLD LTD 0.015 7 -6 $ 31,466,550.00
SVL SILVER MINES LTD 0.081 84 -7 $ 72,121,720.00
PGI PANTERRA GOLD LTD 0.026 44 -7 $ 5,463,966.00
TSC TWENTY SEVEN CO LTD 0.0065 63 -7 $ 10,404,246.00
CMM CAPRICORN METALS LTD 1.26 200 -8 $ 426,406,336.00
MAT MATSA RESOURCES LTD 0.115 -15 -8 $ 26,095,498.00
ALY ALCHEMY RESOURCES LTD 0.011 -24 -8 $ 6,055,768.00
A1G AFRICAN GOLD LTD 0.08 -58 -9 $ 5,112,800.00
BLK BLACKHAM RESOURCES LTD 0.01 -9 -9 $ 104,279,416.00
GWR GWR GROUP LTD 0.063 -30 -10 $ 15,281,773.00
TNR TORIAN RESOURCES LTD 0.017 42 -11 $ 6,706,448.00
MOH MOHO RESOURCES NL 0.067 -4 -11 $ 3,287,396.00
AMG AUSMEX MINING GROUP LTD 0.041 -63 -11 $ 21,342,132.00
AYR ALLOY RESOURCES LTD 0.015 -50 -12 $ 4,880,519.00
ARV ARTEMIS RESOURCES LTD 0.03 -27 -12 $ 32,048,404.00
TTM TITAN MINERALS LTD 0.052 -75 -12 $ 41,937,380.00
STN SATURN METALS LTD 0.375 67 -13 $ 33,667,072.00
PDI PREDICTIVE DISCOVERY LTD 0.061 510 -13 $ 37,364,112.00
DGO DGO GOLD LTD 1.8 157 -14 $ 82,312,984.00
VKA VIKING MINES LTD 0.006 -60 -14 $ 2,509,742.75
GBZ GBM RESOURCES LTD 0.079 58 -15 $ 18,003,050.00
TLM TALISMAN MINING LTD 0.075 -18 -17 $ 13,997,129.00
TMX TERRAIN MINERALS LTD 0.005 67 -17 $ 3,615,805.00
GML GATEWAY MINING LTD 0.01 -17 -17 $ 14,735,776.00
BBX BBX MINERALS LTD 0.091 -67 -17 $ 37,560,752.00
KGM KALNORTH GOLD MINES LTD 0.009 200 -18 $ 8,048,160.50
DHR DARK HORSE RESOURCES LTD 0.002 -60 -20 $ 6,210,990.50
ONX ORMINEX LTD 0.052 -57 -21 $ 28,033,312.00
ARM AURORA MINERALS LTD 0.011 51 -21 $ 2,811,198.75
CTO CITIGOLD CORP LTD 0.003 -40 -25 $ 7,263,519.50
AAJ ARUMA RESOURCES LTD 0.002 -67 -33 $ 2,128,241.75
DTR DATELINE RESOURCES LTD 0.001 -60 -50 $ 8,210,078.00
AVW AVIRA RESOURCES LTD 0.001 -67 -50 $ 2,250,000.00

 

Small cap highlights:

Alliance Resources’ (ASX:AGS) infill reverse circulation drilling has increased its geological confidence in the Weednanna gold deposit in South Australia.

Not hard when you get results of up to 2m at 154 grams per tonne (g/t) gold from a depth of just 15m at Shoot 10, which is looking increasingly likely to be a shallow, high-grade open pit in line with suggestions in the Weednanna scoping study.

Further drilling will be carried out in May to better define the extent of the gold mineralisation for estimation of a high-confidence measured resource.

The company plans to upgrade the gold and iron ore resource estimates for the deposit during the second half of 2020 and to commence feasibility study level assessments into its commercial viability.

Meanwhile, E2 Metals (ASX:E2M) has captured some market attention after holes drilled at its Conserrat project in March, before Argentina’s mandatory isolation measures kicked in, returned some noteworthy hits.

These included a top intersection of 8m at 7.64g/t and 216g/t silver from a depth of 76m within a broader 16m zone grading 3.9g/t gold and 123g/t silver.

Drilling has defined the mineralised structure over a 280m strike length and is open to the northwest.

Apollo Consolidated (ASX:AOP) is fattening up its war chest after agreeing to sell its minority interests in two Cote d’Ivoire gold assets to private equity firm Ibaera Capital for $US4.5m ($7m).

With $16.6m in the bank at the end of the March quarter, the company has more than $20m to focus on its Lake Rebecca gold project near Kalgoorlie, Western Australia.

Earlier this year, Apollo announced a pit-constrained maiden resource of just 1 million ounces of gold at the project.

Tietto Minerals (ASX:TIE) has uncovered more high-grade gold – including 5m at ~14g/t – in step out drilling aimed at expanding its flagship 2.2-million-ounce Abujar project in Côte d’Ivoire.

The explorer has now intersected gold another 100m below the existing resource at the Abujar‐Gludehi (AG) deposit down to 460m below surface.

Gold producer Red 5 (ASX:RED) has defined maiden resources of 112,000 ounces of contained gold and 81,300 ounces of contained gold for its Cerebus-Eclipse and Centauri satellite open pit deposits, respectively, at its King of the Hills project in Western Australia.

Red 5 expects the satellite deposits, which now have total resources of 308,200 ounces of gold, to be a key component of its mining strategy, providing potential complementary mill feed and cash flow during the early stages of the proposed stand-alone 4-million-tonne-per-annum processing operation.