The past year was a difficult one overall for the metals, with the main standouts to the upside being a geopolitical risk-driven gain in gold, a China-driven rise in iron ore and a surge in uranium on broadening global support for nuclear power (Figure 1). A jump in global interest rates to near two-decade highs saw recession fears persist all year, and while one still did not actually eru...Read More

This year the post-global health crisis boom was brought to an end by a surge in inflation to forty-year highs, a major rise in global interest rates in an attempt to curb the rising prices and surging geopolitical risk after Russia's invasion of Ukraine. While precious metals held up reasonably well as markets turned to them as a risk hedge, by Q2/22 the higher interest rates put an end t...Read More

Chile is the world leader in copper production, at 28.5% of the total in 2020, and this looks set to continue, with the country having the largest global reserves, at 23.0% of total. It is also the global leader for molybdenum, which is often found along with copper, and is a major lithium player, holding 51.1% of global reserves. Read More

Newfoundland has become a gold exploration hotspot over the past few years, with the sector seeing some of its strongest activity ever. While the province remains a small contributor to Canadian gold production, it has a substantial mineral industry well supported by the government, focused on iron ore, copper and nickel, and the surge in exploration suggests that gold output from the...Read More

Nevada is the core of the U.S. gold output, accounting for by far the majority, at 75.4% on average for the past year. The state looks set to remain a dominant player in U.S. gold, as it accounts for 49% of total U.S. reserves, with Alaska slightly ahead with 51% of reserves, but just 8.6% of current production. The U.S. accounts for 6.1% of global gold output, making Nevada one of the largest gol...Read More

The Golden Triangle in northwestern British Columbia has historically been a major site of Canadian gold production, beginning as early as the mid 1800s. There was a wave of production in the 1990s which cooled as the gold price declined, but larger scale production resumed in 2017, and the area has seen surging exploration interest over the past year, given that the region has some of the largest...Read More

In this report we outline the Quebec gold mining industry, including its major producers, and a survey of many of the junior miners focused on the province. Quebec accounts for 34% of Canadian gold production (second to Ontario, with 44%) and remains a major focus for both producers and junior miners.Read More

Red Lake has been one of the most prolific gold mining districts in Canada and the world, with exploration having started in the 1920s, and production, which began in the 1930s, continuing to the present day. The district is known for the high grade of its gold, its infrastructure, and strong institutional support, given the long history of mining in the area.Read More

Free exchange Murder most foul When periods of economic growth come to an end, old age is rarely to blame ... In June America's economic expansion will be seven years old. That is practically geriatric: only three previous ones lasted longer. The record boom of the 1990s survived only ten years. It is tempting to look at that ten-year mark as something like the maximum lifespan of an expansion...Read More

The three biggest mistakes Hillary Clinton is making right now ... Democratic presidential frontrunner Hillary Clinton has been on a bit of a losing streak lately. She did pull out a technical victory in the Kentucky primary on Tuesday, but she lost the Oregon contest and simply cannot shake Democratic challenger Bernie Sanders. To make matters worse, her national poll numbers against Donald Trump...Read More

Free exchange Murder most foul When periods of economic growth come to an end, old age is rarely to blame ... In June America's economic expansion will be seven years old. That is practically geriatric: only three previous ones lasted longer. The record boom of the 1990s survived only ten years. It is tempting to look at that ten-year mark as something like the maximum lifespan of an expansion...Read More

The three biggest mistakes Hillary Clinton is making right now ... Democratic presidential frontrunner Hillary Clinton has been on a bit of a losing streak lately. She did pull out a technical victory in the Kentucky primary on Tuesday, but she lost the Oregon contest and simply cannot shake Democratic challenger Bernie Sanders. To make matters worse, her national poll numbers against Donald Trump...Read More

The price of copper in New York fell to its lowest level in more than three months on Thursday as fewer supply disruptions than expected and stockpiling in top consumer China translate to plentiful metal on offer.On the Comex market in New York July futures dipped to $2.0380 a pound (below $4,500 a tonne) in morning trade, down nearly 2% on the day and the lowest since February 12.After a brutal c...Read More

Here is a topic that has been covered intensively in the past, but we feel is due for a quick refresher. Prospect generation (PG) has been quite the buzzword since it was invented in the late 90s by resource veteran, Rick Rule. A concept born from two facts: mineral exploration is extremely capital intensive, and just 1 out of 3,000 mineralized anomalies became a mine.Thus, Rick combined the age o...Read More

In the current bull market, with more equity available, streaming and royalty companies continue to provide much needed revenue in the base metals and industrial materials sectors.By-product precious metals revenues in a base metals companies can trade at 5 - 7 times EBITDA and top tier companies at 15 - 20 times EBITDA. Gold equities are in the midst of a momentum trade having been under-owned an...Read More

World's number one heavy equipment manufacturer Caterpillar (NYSE:CAT) logged Thursday retail machines sales results for the first three month of the year, which were down 12% compared to the same period of 2015, making it the 41 straight month of sales declines.Results mark the 41 straight month of retail sales declines.Energy and transportation led the drop, down 34%. Resources industries sales...Read More

The Government Just Got More Powerful. (And That’s a Good Thing.) … Here's the most important legal principle that you've probably never heard of: If a regulation issued by a government agency turns out to be ambiguous, the agency, not the court, gets to resolve the ambiguity. It's called the Auer principle, after the 1997 Supreme Court decision that established it. ... Few people have...Read More

The Federal Reserve may be eying its next rate hike as soon as this summer. Evidence of a possible June rate hike came Wednesday when minutes from the Fed’s April meeting gave a more upbeat assessment of the U.S. economy. “Most participants judged that if incoming data were consistent with economic growth picking up in the second quarter…then it likely would be appropriate for th...Read More

Germany Is Very, Very Tired ... The overriding worry is that a vicious cycle has begun: As Germany gets ever more frustrated with Europe's inability to change, it gets ever less likely to lead, so the change it wants becomes ever less likely to happen. If Britain were to opt to leave and other countries threatened to hold referendums, then even the cautious Merkel might be forced to seize the mome...Read More

Zika virus could spread to Europe in coming months, says WHO ... The Zika virus is expected to spread in Europe within the next few months, the World Health Organisation has said, although it has classified the risk of an outbreak at low to moderate ... WHO Europe, which made the assessment, said the risk should not be underestimated. -GuardianWe've avoided writing about health catastrophes for...Read More

The Government Just Got More Powerful. (And That’s a Good Thing.) … Here's the most important legal principle that you've probably never heard of: If a regulation issued by a government agency turns out to be ambiguous, the agency, not the court, gets to resolve the ambiguity. It's called the Auer principle, after the 1997 Supreme Court decision that established it. ... Few people have...Read More

The Federal Reserve may be eying its next rate hike as soon as this summer. Evidence of a possible June rate hike came Wednesday when minutes from the Fed’s April meeting gave a more upbeat assessment of the U.S. economy. “Most participants judged that if incoming data were consistent with economic growth picking up in the second quarter…then it likely would be appropriate for th...Read More

Germany Is Very, Very Tired ... The overriding worry is that a vicious cycle has begun: As Germany gets ever more frustrated with Europe's inability to change, it gets ever less likely to lead, so the change it wants becomes ever less likely to happen. If Britain were to opt to leave and other countries threatened to hold referendums, then even the cautious Merkel might be forced to seize the mome...Read More

Zika virus could spread to Europe in coming months, says WHO ... The Zika virus is expected to spread in Europe within the next few months, the World Health Organisation has said, although it has classified the risk of an outbreak at low to moderate ... WHO Europe, which made the assessment, said the risk should not be underestimated. -GuardianWe've avoided writing about health catastrophes for...Read More

In November the magazine published an issue devoted to climate change. Susan Goldberg, editor since 2015, says that afterward she received a congratulatory note from [Rupert] Murdoch, saying he'd "gathered his family around" to read through the important issue. She says he's made only one editorial suggestion to her. "James is an environmentalist," Goldberg says. "He said, 'I wish we could do more...Read More

Vladimir Putin's America-Friendly Propaganda About Fighting Terror Just Suffered A Big Blow Putin tries to present himself as the best bet against ISIS. In reality, he's helped it thrive. - Huffington PostThe Pentagon is combating reports that the US military-industrial complex, specifically the Pentagon and CIA in concert with allies like Saudi Arabia, created and promoted ISIS.When Russia bega...Read More

Here’s Why the TSA Is So Terrible ... Dozens of people were stranded overnight when the long security lines caused people to miss their flights. Nor is this an anomaly. The problem is occurring all around the country at busy airports. - Bloomberg ViewWe've been writing about how Homeland Security is extorting passengers on behalf of the TSA PreCheck program.You can see our articles on t...Read More

First Came the Drudge Link. Then the Death Threats. Ann Ravel was a relatively unknown government official, until her words got featured on the Drudge Report. Soon, the trolls were screaming at her to drop dead. – Center for Public IntegrityIn this article, Ms. Ravel, a Commissioner on the Federal Election Commission (FEC), complains about the lack of civility that she experienced when she s...Read More