Venezuelan President Nicolas Maduro might be a tad bit miffed after a British judge refused to hand control over of more than $US1bn ($1.45bn) in gold stored in London.
The court said giving Maduro control over the gold was unlawful as the UK recognised opposition leader Juan Guaido as the Latin American nation’s rightful leader.
Incidentally, this is the same view taken by the Australian government.
Maduro’s government is looking to sell Venezuela’s gold reserves to purchase the food and medical equipment it needs to battle the COVID-19 pandemic, while claiming that only it can ensure distribution of humanitarian relief and medical supplies.
>>Scroll down for the top small cap movers over the past week>>>
Adding just a little salt to the court decision wound, gold futures cracked the $US1,800 ($2,600) an ounce mark briefly in the middle of the week while spot prices are also making their way up.
Stockhead’s quick survey of analysts found strong support for further gold price appreciation, a forecast that has been supported by a Kitco News poll finding that 70 per cent of Wall Street professionals also see prices rising further.
Phoenix Futures and Options president Kevin Grady says that there is a clear floor in the market and investors are buying the dip.
Even reports that 4.8 million jobs were created in the US during the month of June failed to dampen enthusiasm for the precious metal.
Winners & Losers
Here’s how ASX gold stocks performed for the period June 26 – July 3 [intraday]:
Scroll or swipe to reveal table. Click headings to sort. Best viewed on a laptop:
| CODE | COMPANY NAME | 1 WEEK RETURN | 1 YEAR RETURN | PRICE [INTRADAY FRI] | MARKET CAP |
|---|---|---|---|---|---|
| KTA | KRAKATOA RESOURCES LTD | 97 | 200 | 0.067 | $ 9,843,750.00 |
| CY5 | CYGNUS GOLD LTD | 90 | 335 | 0.16 | $ 10,578,918.00 |
| KGM | KALNORTH GOLD MINES LTD | 83 | 83 | 0.011 | $ 6,259,680.50 |
| TAR | TARUGA MINERALS LTD | 78 | 51 | 0.035 | $ 15,621,394.00 |
| CDT | CASTLE MINERALS LTD | 75 | 180 | 0.015 | $ 4,281,544.00 |
| DTM | DART MINING NL | 72 | 55 | 0.155 | $ 10,119,479.00 |
| WWI | WEST WITS MINING LTD | 69 | 214 | 0.022 | $ 25,578,156.00 |
| VKA | VIKING MINES LTD | 67 | -9 | 0.01 | $ 2,196,025.00 |
| AAJ | ARUMA RESOURCES LTD | 67 | 67 | 0.005 | $ 4,107,069.50 |
| TMX | TERRAIN MINERALS LTD | 60 | 167 | 0.009 | $ 5,062,127.00 |
| LNY | LANEWAY RESOURCES LTD | 50 | -17 | 0.008 | $ 22,320,396.00 |
| ANL | AMANI GOLD LTD | 50 | -25 | 0.0015 | $ 10,251,745.00 |
| MTH | MITHRIL RESOURCES LTD | 47 | 317 | 0.027 | $ 38,286,508.00 |
| MKG | MAKO GOLD LTD | 44 | 37 | 0.125 | $ 12,996,981.00 |
| GML | GATEWAY MINING LTD | 43 | 67 | 0.02 | $ 28,131,936.00 |
| GSN | GREAT SOUTHERN MINING LTD | 41 | 338 | 0.135 | $ 59,173,888.00 |
| AUC | AUSGOLD LTD | 40 | 180 | 0.04 | $ 49,778,980.00 |
| CTO | CITIGOLD CORP LTD | 38 | 10 | 0.0055 | $ 13,005,866.00 |
| AYR | ALLOY RESOURCES LTD | 37 | 30 | 0.029 | $ 8,719,567.00 |
| GMN | GOLD MOUNTAIN LTD | 33 | 10 | 0.068 | $ 46,080,860.00 |
| ALY | ALCHEMY RESOURCES LTD | 33 | 127 | 0.033 | $ 12,662,060.00 |
| DHR | DARK HORSE RESOURCES LTD | 33 | -50 | 0.002 | $ 5,888,126.00 |
| MLS | METALS AUSTRALIA LTD | 33 | 0 | 0.002 | $ 6,414,705.50 |
| GNM | GREAT NORTHERN MINERALS LTD | 33 | 100 | 0.021 | $ 18,085,916.00 |
| PUA | PURE ALUMINA LTD | 31 | -30 | 0.022 | $ 7,599,743.50 |
| MOH | MOHO RESOURCES NL | 30 | 94 | 0.11 | $ 6,746,521.50 |
| TTM | TITAN MINERALS LTD | 29 | -47 | 0.105 | $ 79,421,280.00 |
| DGO | DGO GOLD LTD | 28 | 491 | 3.67 | $ 202,291,568.00 |
| GMR | GOLDEN RIM RESOURCES LTD | 27 | 27 | 0.015 | $ 18,931,982.00 |
| MEI | METEORIC RESOURCES NL | 27 | 75 | 0.041 | $ 46,789,944.00 |
| GBZ | GBM RESOURCES LTD | 27 | 153 | 0.1 | $ 19,409,540.00 |
| PRX | PRODIGY GOLD NL | 26 | -37 | 0.057 | $ 29,031,380.00 |
| STN | SATURN METALS LTD | 25 | 159 | 0.8 | $ 66,844,036.00 |
| MDI | MIDDLE ISLAND RESOURCES LTD | 22 | 450 | 0.022 | $ 47,075,808.00 |
| BAR | BARRA RESOURCES LTD | 21 | -23 | 0.017 | $ 9,544,252.00 |
| E2M | E2 METALS LTD | 21 | -15 | 0.17 | $ 20,496,562.00 |
| DEG | DE GREY MINING LTD | 21 | 1315 | 0.985 | $ 1,172,514,176.00 |
| NXM | NEXUS MINERALS LTD | 20 | 30 | 0.063 | $ 6,976,193.00 |
| GSM | GOLDEN STATE MINING LTD | 19 | 641 | 0.57 | $ 32,241,078.00 |
| KWR | KINGWEST RESOURCES LTD | 19 | 19 | 0.155 | $ 18,285,806.00 |
| HRN | HORIZON GOLD LIMITED | 19 | 151 | 0.44 | $ 33,673,472.00 |
| BNR | BULLETIN RESOURCES LTD | 19 | 453 | 0.084 | $ 14,164,153.00 |
| A1G | AFRICAN GOLD LTD | 18 | -16 | 0.13 | $ 7,553,000.00 |
| RED | RED 5 LTD | 18 | 35 | 0.23 | $ 450,534,432.00 |
| BC8 | BLACK CAT SYNDICATE LTD | 17 | 232 | 0.895 | $ 80,032,640.00 |
| KZR | KALAMAZOO RESOURCES LIMITED | 17 | 430 | 0.79 | $ 102,922,416.00 |
| AWV | ANOVA METALS LTD | 17 | 189 | 0.029 | $ 33,670,120.00 |
| MEU | MARMOTA LTD | 16 | 306 | 0.066 | $ 54,105,100.00 |
| HRZ | HORIZON MINERALS LTD | 16 | 31 | 0.13 | $ 56,621,900.00 |
| VAN | VANGO MINING LTD | 15 | -31 | 0.115 | $ 91,453,392.00 |
| AAR | ANGLO AUSTRALIAN RESOURCES | 14 | 139 | 0.16 | $ 72,351,856.00 |
| AQI | ALICANTO MINERALS LTD | 14 | 44 | 0.065 | $ 15,707,980.00 |
| AGS | ALLIANCE RESOURCES LTD | 13 | 99 | 0.17 | $ 30,311,014.00 |
| LEX | LEFROY EXPLORATION LTD | 13 | 0 | 0.215 | $ 20,097,348.00 |
| EVN | EVOLUTION MINING LTD | 13 | 44 | 6.03 | $ 10,260,572,160.00 |
| SAU | SOUTHERN GOLD LTD | 13 | 23 | 0.14 | $ 17,966,026.00 |
| GED | GOLDEN DEEPS LTD | 13 | -69 | 0.009 | $ 3,156,846.50 |
| SLZ | SULTAN RESOURCES LTD | 11 | 150 | 0.155 | $ 8,500,668.00 |
| WMX | WILUNA MINING CORP LTD | 11 | 23 | 1.53 | $ 142,402,864.00 |
| BYH | BRYAH RESOURCES LTD | 10 | -5 | 0.058 | $ 6,677,264.00 |
| TLM | TALISMAN MINING LTD | 10 | 100 | 0.175 | $ 32,659,968.00 |
| SVL | SILVER MINES LTD | 10 | 116 | 0.11 | $ 111,027,184.00 |
| CAI | CALIDUS RESOURCES LTD | 10 | 87 | 0.555 | $ 128,525,856.00 |
| NVA | NOVA MINERALS LTD | 10 | 171 | 0.055 | $ 62,611,708.00 |
| SLR | SILVER LAKE RESOURCES LTD | 10 | 83 | 2.24 | $ 1,953,253,888.00 |
| TIE | TIETTO MINERALS LTD | 9 | 231 | 0.535 | $ 190,815,488.00 |
| PRU | PERSEUS MINING LTD | 9 | 125 | 1.32 | $ 1,541,833,216.00 |
| AME | ALTO METALS LTD | 9 | 121 | 0.073 | $ 21,416,286.00 |
| SAR | SARACEN MINERAL HOLDINGS LTD | 9 | 58 | 5.725 | $ 6,220,872,192.00 |
| TSO | TESORO RESOURCES LTD | 9 | 87 | 0.075 | $ 34,480,128.00 |
| GOR | GOLD ROAD RESOURCES LTD | 8 | 62 | 1.73 | $ 1,482,317,568.00 |
| KRM | KINGSROSE MINING LTD | 8 | 20 | 0.041 | $ 30,660,308.00 |
| RSG | RESOLUTE MINING LTD | 8 | -9 | 1.195 | $ 1,339,934,720.00 |
| EMR | EMERALD RESOURCES NL | 7 | 40 | 0.57 | $ 288,119,008.00 |
| MLL | MALI LITHIUM LTD | 7 | -22 | 0.099 | $ 33,321,552.00 |
| HAW | HAWTHORN RESOURCES LTD | 7 | 192 | 0.155 | $ 50,027,340.00 |
| MCT | METALICITY LTD | 7 | 411 | 0.031 | $ 50,286,012.00 |
| MAU | MAGNETIC RESOURCES NL | 7 | 193 | 1.28 | $ 269,987,488.00 |
| OKR | OKAPI RESOURCES LTD | 7 | -11 | 0.16 | $ 5,766,858.50 |
| KCN | KINGSGATE CONSOLIDATED LTD | 6 | 55 | 0.42 | $ 93,883,768.00 |
| CMM | CAPRICORN METALS LTD | 6 | 310 | 1.83 | $ 596,412,672.00 |
| NUS | NUSANTARA RESOURCES LTD | 6 | 100 | 0.335 | $ 67,846,176.00 |
| NCM | NEWCREST MINING LTD | 6 | 5 | 33.01 | $ 26,546,819,072.00 |
| TRY | TROY RESOURCES LTD | 6 | 0 | 0.088 | $ 54,357,484.00 |
| BDC | BARDOC GOLD LTD | 6 | 59 | 0.088 | $ 124,218,640.00 |
| CWX | CARAWINE RESOURCES LTD | 6 | 91 | 0.19 | $ 14,681,085.00 |
| RRL | REGIS RESOURCES LTD | 6 | 7 | 5.47 | $ 2,794,992,640.00 |
| ARS | ALT RESOURCES LTD | 5 | 220 | 0.047 | $ 28,580,744.00 |
| NST | NORTHERN STAR RESOURCES LTD | 5 | 27 | 14.31 | $ 10,584,160,256.00 |
| ARM | AURORA MINERALS LTD | 5 | 91 | 0.021 | $ 4,685,331.50 |
| GUL | GULLEWA LTD | 5 | 221 | 0.09 | $ 14,601,200.00 |
| ERM | EMMERSON RESOURCES LTD | 5 | 10 | 0.11 | $ 44,609,656.00 |
| AOP | APOLLO CONSOLIDATED LTD | 5 | 41 | 0.335 | $ 93,510,720.00 |
| WGX | WESTGOLD RESOURCES LTD | 4 | 22 | 2.29 | $ 924,506,624.00 |
| RND | RAND MINING LTD | 4 | -36 | 2.08 | $ 125,108,832.00 |
| GBR | GREAT BOULDER RESOURCES LTD | 4 | -49 | 0.037 | $ 3,736,711.75 |
| MML | MEDUSA MINING LTD | 4 | 18 | 0.735 | $ 152,728,816.00 |
| TAM | TANAMI GOLD NL | 3 | 46 | 0.059 | $ 69,330,728.00 |
| ONX | ORMINEX LTD | 3 | -79 | 0.031 | $ 19,407,678.00 |
| SFM | SANTA FE MINERALS LTD | 3 | -35 | 0.062 | $ 4,514,765.00 |
| SBM | ST BARBARA LTD | 3 | 13 | 3.32 | $ 2,306,150,400.00 |
| BCN | BEACON MINERALS LTD | 3 | 30 | 0.04 | $ 117,365,752.00 |
| DCN | DACIAN GOLD LTD | 2 | 38 | 0.43 | $ 255,881,792.00 |
| NAG | NAGAMBIE RESOURCES LTD | 2 | 18 | 0.054 | $ 25,996,482.00 |
| VMC | VENUS METALS CORP LTD | 2 | 118 | 0.305 | $ 47,589,784.00 |
| CDV | CARDINAL RESOURCES LTD | 1 | 87 | 0.615 | $ 310,015,200.00 |
| ALK | ALKANE RESOURCES LTD | 0 | 194 | 1.245 | $ 725,041,664.00 |
| PGI | PANTERRA GOLD LTD | 0 | 150 | 0.05 | $ 10,342,507.00 |
| SMI | SANTANA MINERALS LTD | 0 | -33 | 0.002 | $ 5,367,891.00 |
| AVW | AVIRA RESOURCES LTD | 0 | 0 | 0.004 | $ 3,375,000.00 |
| BRB | BREAKER RESOURCES NL | 0 | -10 | 0.285 | $ 69,396,024.00 |
| MSR | MANAS RESOUCES LTD | 0 | 100 | 0.006 | $ 15,858,975.00 |
| SPX | SPECTRUM METALS LTD | 0 | 805 | 0.19 | |
| ADN | ANDROMEDA METALS LTD | 0 | 253 | 0.054 | $ 82,774,616.00 |
| MAT | MATSA RESOURCES LTD | 0 | 11 | 0.155 | $ 35,195,444.00 |
| OAU | ORA GOLD LTD | 0 | 36 | 0.018 | $ 11,480,952.00 |
| RML | RESOLUTION MINERALS LTD | 0 | 128 | 0.086 | $ 17,753,298.00 |
| TBR | TRIBUNE RESOURCES LTD | 0 | 27 | 7.03 | $ 363,079,104.00 |
| PDI | PREDICTIVE DISCOVERY LTD | -1 | 494 | 0.082 | $ 70,854,216.00 |
| RXL | ROX RESOURCES LTD | -1 | 486 | 0.083 | $ 169,073,584.00 |
| RGL | RIVERSGOLD LTD | -1 | 347 | 0.081 | $ 22,832,644.00 |
| RMS | RAMELIUS RESOURCES LTD | -1 | 166 | 2.03 | $ 1,607,879,168.00 |
| DGR | DGR GLOBAL LTD | -2 | -41 | 0.056 | $ 45,222,180.00 |
| ARL | ARDEA RESOURCES LTD | -2 | -12 | 0.28 | $ 32,257,620.00 |
| SKY | SKY METALS LTD | -2 | 483 | 0.2425 | $ 76,225,280.00 |
| CHN | CHALICE GOLD MINES LTD | -2 | 667 | 0.94 | $ 297,466,432.00 |
| BBX | BBX MINERALS LTD | -3 | -33 | 0.17 | $ 62,601,252.00 |
| ARV | ARTEMIS RESOURCES LTD | -3 | 103 | 0.064 | $ 66,164,448.00 |
| AMG | AUSMEX MINING GROUP LTD | -3 | -72 | 0.031 | $ 16,974,618.00 |
| DAU | DAMPIER GOLD LTD | -4 | 8 | 0.027 | $ 7,503,608.00 |
| CYL | CATALYST METALS LTD | -4 | 28 | 2.65 | $ 229,895,008.00 |
| HMX | HAMMER METALS LTD | -4 | 72 | 0.043 | $ 26,026,046.00 |
| GWR | GWR GROUP LTD | -5 | -56 | 0.061 | $ 16,555,254.00 |
| NES | NELSON RESOURCES LTD | -6 | 11 | 0.049 | $ 3,169,305.75 |
| NWM | NORWEST MINERALS LTD | -6 | -18 | 0.15 | $ 12,576,027.00 |
| FML | FOCUS MINERALS LTD | -6 | -8 | 0.23 | $ 42,945,912.00 |
| BRV | BIG RIVER GOLD LTD | -6 | 50 | 0.029 | $ 40,857,512.00 |
| WAF | WEST AFRICAN RESOURCES LTD | -7 | 177 | 0.9 | $ 796,097,728.00 |
| BGL | BELLEVUE GOLD LTD | -9 | 42 | 0.97 | $ 705,088,256.00 |
| TSC | TWENTY SEVEN CO LTD | -9 | 100 | 0.005 | $ 7,431,604.50 |
| OKU | OKLO RESOURCES LTD | -10 | 100 | 0.295 | $ 141,693,936.00 |
| SIH | SIHAYO GOLD LTD | -10 | 93 | 0.027 | $ 56,639,792.00 |
| CGN | CRATER GOLD MINING LTD | -10 | -31 | 0.01 | $ 11,047,463.00 |
| VRC | VOLT RESOURCES LTD | -22 | 17 | 0.02 | $ 37,976,736.00 |
| CXU | CAULDRON ENERGY LTD | -24 | -6 | 0.016 | $ 6,020,637.50 |
| DTR | DATELINE RESOURCES LTD | -25 | -40 | 0.002 | $ 12,315,117.00 |
| TNR | TORIAN RESOURCES LTD | -30 | 111 | 0.019 | $ 8,464,240.00 |
Small cap highlights:
Shares in Krakatoa Resources (ASX:KTA) soared on the back of last week’s reveal that it had unearthed results for historical shallow rotary air blast holes drilled north of the previously-producing Quartz Ridge mine near Bathurst, New South Wales.
The company noted that the results of up to 10m at 1.64 grams per tonne (g/t) gold were not tested by any subsequent exploration.
Krakatoa says Quartz Ridge comprises a line of historical workings with elevated prospectivity extending over 1.6km in length.
The company has now applied for approval to carry out a diamond drill program at the Turon project, which hosts the mine.
Shares in Castle Minerals (ASX:CDT) climbed after it recorded anomalous gold values of up to 88.9g/t during a reconnaissance sampling and mapping program ahead of maiden drilling at its Wanganui project near Meekatharra.
The Wanganui project presents an opportunity to extend shallow, open-pit mined oxide mineralisation down-plunge into fresh rock and to identify new deposits along strike, Castle says.
Fresh mineralised quartz vein material collected at the Main Lode South Pit returned gold mineralisation, confirming expectations the mineralisation will continue down-plunge.