The AOCE and WB have moderate overall forecasts for the metals in 2025 inline with IMF forecasts for a decline in economic growth and inflation, although we see the probability of a stagflationary scenario as still reasonably high.Read More

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

90,609,000: Americans Not in Labor Force Climbs to Another Record … The number of Americans who are 16 years or older and who have decided not to participate in the nation's labor force has climbed to a record 90,609,000 in September, according to data released today by the Bureau of Labor Statistics. The BLS counts a person as participating in the labor force if they are 16 years or old...Read More

A chance to reshape the Federal Reserve … In the coming months, President Barack Obama will have the opportunity to make over the Federal Reserve Board of Governors and put his stamp on the U.S. central bank for years to come. Along with naming a new chairman, he will be able to fill as many as four seats on the seven-member board. The question is whether Obama will use his picks as an oppor...Read More

90,609,000: Americans Not in Labor Force Climbs to Another Record … The number of Americans who are 16 years or older and who have decided not to participate in the nation's labor force has climbed to a record 90,609,000 in September, according to data released today by the Bureau of Labor Statistics. The BLS counts a person as participating in the labor force if they are 16 years or old...Read More

A chance to reshape the Federal Reserve … In the coming months, President Barack Obama will have the opportunity to make over the Federal Reserve Board of Governors and put his stamp on the U.S. central bank for years to come. Along with naming a new chairman, he will be able to fill as many as four seats on the seven-member board. The question is whether Obama will use his picks as an oppor...Read More

Why is the liquidity trap? Credit where credit is due; Paul Krugman anticipated this where many others did not … Since late 2007 the monetary base has risen more than 300 percent, while GDP and consumer prices have risen less than 20 percent. And no, the disconnect is not all due to the 0.25 percent interest rate the Fed pays on reserves. The bottleneck remains, as it has for most of the pas...Read More

Are the Swiss having second thoughts about capitalism? … Top managers getting huge salaries must now deal with direct democracy … The extraordinary series of political initiatives on pay rates which are being put to Swiss voters is the sign of a rank-and-file "rebellion" against fat-cat salaries for top managers … The shock-waves after the carrying of the popular initia...Read More

Why is the liquidity trap? Credit where credit is due; Paul Krugman anticipated this where many others did not … Since late 2007 the monetary base has risen more than 300 percent, while GDP and consumer prices have risen less than 20 percent. And no, the disconnect is not all due to the 0.25 percent interest rate the Fed pays on reserves. The bottleneck remains, as it has for most of the pas...Read More

Are the Swiss having second thoughts about capitalism? … Top managers getting huge salaries must now deal with direct democracy … The extraordinary series of political initiatives on pay rates which are being put to Swiss voters is the sign of a rank-and-file "rebellion" against fat-cat salaries for top managers … The shock-waves after the carrying of the popular initia...Read More

Economic recovery proves QE working, says Paul Tucker … Outgoing deputy governor of the Bank of England says the UK's economic recovery is evidence that quantitative easing is finally working … Although Mr Tucker said it was still too early to say whether the economy had reached "escape velocity", his comments come ahead of new GDP figures which are expected to show growt...Read More

Sebelius on the Run … The HHS Secretary refuses to testify about ObamaCare's rollout. The Affordable Care Act's botched rollout has stunned its media cheering section, and it even seems to have surprised the law's architects. The problems run much deeper than even critics expected, and whatever federal officials, White House aides and outside contractors are doing to fix them isn...Read More

Economic recovery proves QE working, says Paul Tucker … Outgoing deputy governor of the Bank of England says the UK's economic recovery is evidence that quantitative easing is finally working … Although Mr Tucker said it was still too early to say whether the economy had reached "escape velocity", his comments come ahead of new GDP figures which are expected to show growt...Read More

Sebelius on the Run … The HHS Secretary refuses to testify about ObamaCare's rollout. The Affordable Care Act's botched rollout has stunned its media cheering section, and it even seems to have surprised the law's architects. The problems run much deeper than even critics expected, and whatever federal officials, White House aides and outside contractors are doing to fix them isn...Read More

Problems with scientific research How science goes wrong Scientific research has changed the world. Now it needs to change itself … A SIMPLE idea underpins science: "trust, but verify". Results should always be subject to challenge from experiment. That simple but powerful idea has generated a vast body of knowledge. Since its birth in the 17th century, modern science has changed t...Read More

Analysis: Washington budget battle may delay Fed taper until 2014 … The Federal Reserve may have to wait until early next year before it sees sufficient strength in the U.S. economy to begin scaling back its bond-buying stimulus, after a destructive Washington budget battle that may take a bite out of growth. Complicating the Fed's task, a 16-day government shutdown choked off the flow o...Read More

Problems with scientific research How science goes wrong Scientific research has changed the world. Now it needs to change itself … A SIMPLE idea underpins science: "trust, but verify". Results should always be subject to challenge from experiment. That simple but powerful idea has generated a vast body of knowledge. Since its birth in the 17th century, modern science has changed t...Read More

Analysis: Washington budget battle may delay Fed taper until 2014 … The Federal Reserve may have to wait until early next year before it sees sufficient strength in the U.S. economy to begin scaling back its bond-buying stimulus, after a destructive Washington budget battle that may take a bite out of growth. Complicating the Fed's task, a 16-day government shutdown choked off the flow o...Read More

Congress announces deal to end government shutdown, avoid US default … The deal would extend US borrowing authority until February 7; US Treasury would have ability to extend borrowing capacity … The US Congress settled on a deal to reopen the federal government and avoid default on America's debt just hours before the Treasury Department would have lost its authority to borrow mon...Read More

Why Pierre Omidyar decided to join forces with Glenn Greenwald for a new venture in news … Yesterday word leaked out that Glenn Greenwald would be leaving the Guardian to help create some new thing backed by Pierre Omidyar, the founder of eBay. I just got off the phone with Omidyar. So I can report more details about what the new thing is and how it came to be. Here's the story he told m...Read More

Congress announces deal to end government shutdown, avoid US default … The deal would extend US borrowing authority until February 7; US Treasury would have ability to extend borrowing capacity … The US Congress settled on a deal to reopen the federal government and avoid default on America's debt just hours before the Treasury Department would have lost its authority to borrow mon...Read More

Why Pierre Omidyar decided to join forces with Glenn Greenwald for a new venture in news … Yesterday word leaked out that Glenn Greenwald would be leaving the Guardian to help create some new thing backed by Pierre Omidyar, the founder of eBay. I just got off the phone with Omidyar. So I can report more details about what the new thing is and how it came to be. Here's the story he told m...Read More