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CALEDONIA MINING CORPORATION PLC COM SHS NPV (DI)

Gold price closes in on 8-year high

Gold prices continued to rally on Monday, heading toward the highest since February 2012, after massive inflows into gold-backed ETFs in the US.

Gold for delivery in August, the most active contract on the Comex market in New York, touched a high of $1,779 an ounce, the highest since February 2012.

The World Gold Council reported that Friday saw a massive 27.3 tonnes (974,000 ounces worth more than $1.7 billion at today’s prices) inflow into gold-backed exchange traded funds (ETFs).

Caledonia Mining Corporation plc (LON:CMCL) is a profitable cash generative gold producer with a strong growth profile, Caledonia’s primary asset is the Blanket Mine in Zimbabwe which produced 54,512 ounces of gold in 2018 at an All in Sustaining Cost of $802/oz.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.