Base metals prices on the London Metal Exchange were collectively lower at the close of trading on Thursday February 7, with low volumes and limited buying interest due to the Lunar New Year public holiday in China, while the strength of the US dollar deterred investment.Aluminium futures continued to trade against positive fundamentals in the day's trading, falling below the support level of $1,9...Read More
GOLD So last night we broke my key 1308 level and therefore I cut my long Gold position...I still think Gold is a buy at lower levels...but it was obviously a turning point for me was the break of 1308...Now what...well the market has eased its overbought conditions that we saw up at 1326...and now we are at neutral levels...although still currently pointing lower... We do have support in the 1032...Read More
Comex copper prices rallied for the third straight session on Thursday February 7 with the market growing more optimistic on the red metal's prospects through the first quarter. The copper price for March settlement on the Comex division of the New York Mercantile Exchange gained 1.05 cents to $2.8470 per lb. Market activity remains stunted with Chinese participants sidelined due to the Lunar New...Read More
• The USD climbs to two-week tops and keeps exerting downward pressure. • US-China trade optimism further dampens the metal’s safe-haven demand. • Worries over slowing global economic growth might help limit deeper losses. Gold held on to its weaker tone through the early European trading session, albeit has managed to rec...Read More
Seaborne iron ore prices remained flat on Thursday February 7 on continued muted trading amid a week-long public holiday in China. MB 62% Fe Iron Ore Index: $85.53 per tonne cfr Qingdao, unchanged. MB 62% Fe Pilbara Blend Fines Index: $86.37 per tonne cfr Qingdao, unchanged. MB 62% Fe Iron Ore Index-Low Alumina: $87.32 per tonne cfr Qingdao, unchanged. MB 58% Fe Premium Index: $78.74 per tonne cfr...Read More
Published 23 Hours AgoUpdated7 Hours AgoReuters Getty ImagesGold prices edged higher on Thursday, helped by concerns over the U.S.-China trade dispute and its potential impact on global growth.Spot gold rose 0.33 percent to $1,310.08 an ounce at 1:10 p.m. ET after touching its lowest since Jan. 29 at $1,302.11.U.S. gold futures were down 0.05 percent at $1,313.80.CNBC reported U.S. President Dona...Read More
Gold is nearing a period of seasonal strength.Seasonal bias and seasonal trading are completely different.Modern statistics play a key role in assessing annual events.We have a seasonal trade coming in the April gold futures any day now. Our seasonal approach is a bit different than most in that we go beyond determining seasonal bias and create a thoroughly thought out trade, including a realistic...Read More
According to a new report by the World Gold Council, holdings in global gold-backed ETFs rose 72 tonnes in January to reach 2,513 tonnes (80.8m troy ounces), hitting the highest levels in nearly six years.In dollar terms net inflows in January equaled $3.1B with the value of gold held in ETF vaults reaching just shy of $107B by the end of the month, a 6% increase.January was the fourth consecut...Read More
Gold is valuable in uncertain times because it is scarce and cannot be manipulated like paper currency.GraniteShares Gold Trust, a relatively new gold ETF, offers investors a low cost way to own gold.Recent increases in this ETF's assets under management should address concerns that many investors have had concerning the liquidity of this ETF.Recent Fed dovishness bodes well for gold.Gold make...Read More
If, as they say, it is darkest just before the dawn, then surely for gold at least, the sun must be cresting the horizon now ? After seven disappointing years - in US dollars at least - it is hard to shake off some scepticism. That said, gold is showing vigour in no less than 72 currencies where it is at or close to an all-time high. Looking ahead - it is our view that gold is currently firing on...Read More
Shares in Calidus Resources (ASX:CAI) soared 25% Wednesday after the company increased the mineral resource at its Warrawoona gold project in Western Australia's Pilbara region by a whopping 75%.The new mineral resource estimate now sits at 21.2 million tonnes grading 1.83g/t gold for 1.25 million ounces.About 64% of the new resources is in the confident indicated category status, with the higher-...Read More
The Macro Perspective During the past few years there has been a good correlation between the Gold and CNH. The Chinese Yuan has been a good proxy for US Dollar relative performance and risk on / risk off flows. As the Dollar strengthens, USDCNH naturally rises and vice versa. Gold, being an asset primarily denominated in USD, tends to follow short-term USD moves very well. A rising Dollar will ca...Read More
Toronto's Troilus Gold Corp. is launching a 40,000-metre drill program at its 100% owned Troilus gold property near Chibougamau. Two phases are planned to de-risk and expand on the current resource report last November.Last year Troilus offered a resource estimate for both open pit and underground mineralization. There were 121.7 million indicated tonnes averaging 0.87 g/t gold and 0.086% copper,...Read More
Chilean state copper miner Codelco saw a 1.9 percent drop in its output in 2018, at 1.8 million tonnes, while production at the world's largest copper mine, Escondida, shot up 34 percent in the same year, Chile's copper commission said on Thursday.Codelco was affected by a natural decline in ore grades, an issue it is seeking to reverse with a major program of upgrades. Production at Escondida, co...Read More
In the first expansion drilling since 2015 on its Grasset deposit in the Abitibi greenstone belt of Quebec, Balmoral Resources has extended the known depth of the nickel, copper, cobalt and PGE deposit by several hundreds of metres.The junior explorer reported this week that Grasset's H1 zone has now been intersected for 1,140 metres along strike and from the bedrock surface to a depth of 775 metr...Read More
The number of people killed by a gas explosion in an unused coal mine in South Africa's eastern province of Mpumalanga has risen to six, and several others remain trapped, an official at the mine said on Thursday. The representative of the creditor protection team at the mine, Michael Elliot, said more than 20 people were still stuck underground at the mine in Middelburg and are presumed dead."As...Read More
Canada's Trilogy Metals (TSX, NYSE: TMQ) is upping the exploration budget for its projects in Northwest Alaska, after its partner Australia's South32 (ASX, LON:S32) agreed to equally fund a program along the Ambler volcanogenic massive sulphide (VMS) belt.Each company will contribute an additional $1 million for exploration at the Upper Kobuk Mineral Projects (UKMP), in addition to the $18....Read More
Shares in Canada's First Quantum Minerals (TSX:FM) were up after announcing that it has signed a new $2.7-billion term loan and revolving credit facility, replacing the existing $1.5 billion one.Underwritten by three core relationship banks, the loan can be increased to up to $3 billion before the end of year, the Vancouver-based miner said. It comprises a $1.5-billion term-loan facility and a $1...Read More
Following the review of historical data that indicate copper and silver grades are open in all directions at the Engels project in northern California, Crown Mining (TSXV: CWM) announced this week its decision to increase its land package in the area.In a press release, the Toronto-based company said that it has staked an additional 35 new federal mining claims adjacent to Engels, all of which are...Read More
Copper production in Democratic Republic of Congo, Africa's top producer, rose 12.9 percent in 2018 to 1.2 million tonnes, the Chamber of Commerce said in a presentation on Wednesday.Output of cobalt, a key component of electric car batteries, rose 43.8 percent to 106,439 tonnes, while gold production increased by 22.6 percent to 28,539 kg.(By Joe Bavier and Sofia Christensen; Editing by Louise He...Read More