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Gold traders rushed to take profits after the strong rebound from March lows.

Wheaton Precious Metals Corp (LSE:WPM, TSX:WPM, NYSE:WPM) said it will acquire a gold and silver streaming interest in the Jervois Project in Australia from KGL Resources for $275 million, in a deal Jefferies analysts describe as highly attractive. The transaction, structured in staged payments, will see Wheaton purchase 75% of the gold and silver produced until cumulative deliveries reach 45,000 ounces of gold and…

Neils Christensen has a diploma in journalism from Lethbridge College and has more than a decade of reporting experience working for news organizations throughout Canada. His experiences include covering territorial and federal politics in Nunavut, Canada.

Gold prices have dropped sharply amid dollar strength tied to the Iran conflict, but mining stocks such as Newmont and Barrick Mining may offer leveraged upside if the metal rebounds.

Jim Wyckoff has spent over 25 years involved with the stock, financial and commodity markets. He was a financial journalist with the FWN newswire service for many years, including stints as a reporter on the rough-and-tumble commodity futures trading floors in Chicago and New York.