As 2024 comes to a close, we reflect on the year’s most impactful gold news stories, which highlight both the resilience and challenges faced by the gold mining sector, and the dramatic rise in gold prices.
Victoria Gold Receivership After Heap Leach Pad Failure at Eagle Gold Mine
Victoria Gold’s plunge into receivership following a heap leach pad failure at its Eagle Gold Mine in Yukon dominated the gold news cycle in 2024. The environmental disaster, which led to cyanide contamination and fish deaths, sparked legal action from both the Na-Cho Nyäk Dun First Nation and the Yukon government. In August, an Ontario court appointed PricewaterhouseCoopers (PwC) to manage the company’s assets and oversee cleanup efforts. In December, the court approved an additional US$55 million to fund environmental mitigation, bringing the total to US$105 million.
Goldman Sachs Bullish on Gold and Copper in 2024
Goldman Sachs’ optimistic outlook for commodities in 2024, including gold, drew significant attention. The bank projected gold to reach US$2,300 per ounce by year-end, driven by strong demand and expected interest rate cuts. As the year progressed, gold exceeded these predictions, reaching US$2,788 per ounce by October. Goldman Sachs revised its target for gold to US$2,700 by early 2025, with the forecast for gold to hit US$3,000 per ounce by year’s end. Despite market volatility, the bank’s bullish position continued to influence market sentiment.
Metals Focus: Gold Price to Average US$2,250 in 2024, Setting New Record
In its June report, Metals Focus predicted an average gold price of US$2,250 per ounce in 2024, citing central bank demand and geopolitical risks. Gold surpassed this forecast, hitting 39 all-time highs and closing December 2024 at an average of US$2,388 per ounce, a 26.5% increase from 2023. This performance reflected the strong structural demand for gold, particularly from Turkey, China, and India.
Gold from Canada’s Biggest Heist Smuggled to India and Dubai
The theft of 400 kilograms of gold from Toronto’s Pearson International Airport in 2023 continued to make headlines in 2024. Canadian authorities revealed that much of the stolen gold had been smuggled to India and Dubai, where it was likely melted down and re-entered the global market. The heist, valued at over C$20 million, is Canada’s largest gold theft and the sixth largest globally. Nine arrests were made, and the legal fallout between Air Canada and Brink’s, the transit company, over the loss continued into 2024.
NYSE Resolves Glitch That Caused 99% Drops in Barrick Gold Stock
A technical glitch on the New York Stock Exchange in June 2024 temporarily showed extreme losses in the stock prices of several companies, including Barrick Gold. The malfunction in the exchange’s price bands caused some stocks to appear as though they had lost nearly 100% of their value. Although the issue was resolved within 30 minutes, the glitch led to significant trading losses, with some traders purchasing stocks at deeply discounted prices, including Barrick Gold shares, which caused a US$48 million loss for Interactive Brokers.
These stories reflect the volatility and complexity of the gold market in 2024, from environmental disasters and regulatory challenges to significant financial forecasts and market fluctuations. As gold prices continue to rise, these developments will likely shape the sector’s future in 2025 and beyond.
Related topics:
- India Surpasses China in Gold Purchases, Buying 51% More in Three Months
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- Gold (XAU) Daily Forecast: Double-Top at $2,790 May Limit Further Gains
