Canadian precious metals developer New Pacific Metals Corp. (NEWP.US) closed up 7.59% on Friday, reaching $1.70, with year-to-date gains of 44%. On the news front, Federal Reserve Chairman Powell adopted a notably dovish stance at the Jackson Hole symposium on Friday, opening the door for a September rate cut. Traders' expectations for a Fed rate cut in September increased from 75% to 90%. Boosted by Powell's remarks, COMEX gold futures and the Philadelphia Gold and Silver Index both closed higher. UBS expects momentum from the United States to drive gold's rally into next year, with the bank raising its gold price target for the end of June next year by $200 to $3,700 per ounce. It's worth noting that as a Canadian exploration and development company, the firm focuses on investment, exploration, and development of precious metals deposits in South and North America. Additionally, the company's mining operations in Bolivia include the Carangas silver-gold mine, flagship project Silver Sand silver mine, and Silverstrike silver-gold mine. The country is recently facing a new presidential transition, with a new political party that may implement more open and liberal market policies for mineral resources coming to power, which could be more favorable for the medium to long-term prospects of lithium and silver.
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