Costco has become a surprising player in the gold market, with bullion flying off its shelves as gold prices hit record highs. Offering one-ounce 24-karat gold bars at prices below traditional precious metals dealers, the retail giant provides its members with a convenient and affordable way to invest in gold.
In September 2023, Costco executives revealed that the company sold more than $100 million worth of gold bars in its fiscal first quarter. With added benefits like cash rewards for executive members and discounted premiums on gold, Costco is making bullion accessible to more people. While sales volumes may not influence global gold prices, this trend shows growing retail interest in gold as a hedge against inflation and economic uncertainty.
HSBC recently raised its gold price forecasts, citing geopolitical risks, monetary easing, and fiscal imbalances. The 2024 forecast increased to $2,395 per ounce, with 2025 at $2,625. Central banks and safe-haven demand continue to drive gold prices, but HSBC notes that the rally may be overstretched.
While Australia’s Fosterville Mine has made headlines for its high-grade gold production, New Zealand boasts an even more staggering figure, having historically produced 40 million ounces of gold. Now, the country is poised for a resurgence, with companies like RUA GOLD Inc. (TSXV:RUA) (OTC:NZAUF) developing high-potential gold properties in the region.
RUA GOLD Taps Into the Reefton Goldfield’s Rich Heritage
RUA GOLD Inc. (TSXV:RUA) (OTC:NZAUF), a prominent player in New Zealand’s gold exploration landscape, has secured a commanding position in one of the country’s richest gold regions: the Reefton Goldfield.
Located on the South Island, the Reefton Goldfield is steeped in mining history, having produced more than 2 million ounces of high-grade gold during its peak and boasting historic grades ranging from 9 to 49 grams per tonne. The region has long attracted explorers and miners due to the richness of its ore bodies and the favorable geology that makes it conducive to modern exploration techniques.
After announcing the acquisition of Siren Gold’s assets in July, RUA GOLD will become the dominant player in the prolific region with exploration permits for approximately 120,000 hectares, which is equivalent to roughly 20 times the size of Manhattan, offering vast untapped potential.
RUA GOLD’s exploration efforts in the Reefton Goldfield are focused on both historical mining sites and unexplored areas with high potential for new discoveries. The company is committed to utilizing advanced geological, geophysical, and geochemical techniques to identify new targets.
The company’s primary focus in Reefton is to expand upon the legacy of gold mining by tapping into underexplored areas that have the potential for significant new gold deposits. The area’s mineralization system is complex but highly promising, and RUA GOLD’s leadership team has extensive experience in working with similar deposits worldwide.
RUA GOLD Inc. (TSXV:RUA) (OTC:NZAUF) just announced it is ramping up exploration efforts at the Reefton Goldfield property by adding a second diamond drill rig to accelerate activity in the historically rich Capleston vein system—the highest-grade producer in the region’s history.
Drilling on the Reform lode, a previously untapped vein at Capleston’s southern end, hit a rich 1-meter gold intercept grading 24 g/t just 33 meters below the surface, followed by another meter at 2.5 g/t. Soil sampling in the area further revealed anomalies with gold content reaching up to 32 g/t, signaling strong potential for rapid development.
At the nearby Murray Creek, RUA GOLD completed its first drill hole at the Victoria lode, confirming underground workings at a depth of 343.8 meters. A second hole is now underway, targeting unmined sections around 350 meters in an area with significant historical importance.
These developments are part of RUA GOLD’s larger drilling campaign, which focuses on high-priority targets in historic districts, including Crushington, Capleston, and Caledonian. Historically, the Capleston Group produced 134,927 ounces of gold at an average grade of 49.1g/t, with the Welcome-Hopeful vein being the most significant contributor.
With a seasoned team of geologists and a strategic approach to exploration, RUA GOLD Inc. (TSXV:RUA) (OTC:NZAUF) is poised to unlock the next phase of gold production in this historically prolific region.
Click on this link to learn more about RUA GOLD Inc. (TSXV:RUA) (OTC:NZAUF).
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