GOLD SWOT: Gold continues to set new record highs

The best-performing precious metal for the week was platinum, up 6.68%, followed by palladium up 4.82%. China raised its gold holdings for the 17th consecutive month at record prices, while India also added to its gold holdings. China Asset Management Co.

Calibre Mining reported preliminary first quarter production results with consolidated gold output of 61.8K ounces as production came in sequentially lower compared to consensus at 67,000 ounces. Quarterly production represents approximately 21.5% of full-year guidance at mid-point and emphasizes an H2 weighted production year, according to Stifel.

Bank of America Technical Strategist Paul Ciana highlights a bullish pattern formation and trend line breakout, that suggests silver is positioned to catch up to gold by rallying to the 2021 highs just above $30/ounce, with additional upside potential to the 61.8% retracement at $35.23/ounce.Equinox Gold reports that persistent heavy rains have caused a displacement of material in two locations in the south wall of the Piaba pit at its Aurizona mine in Brazil.

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