Last Tuesday's near-vertical decline happened far too quickly for a bottom to have formed. Once the overbought conditions are resolved...by Michael Ballanger via Streetwise ReportsIn watching the travesty of disinformation, misinformation and moral hazard formation ongoing in the global financial markets, I am immediately reminded of a case study from my university days of which I was a part, the...Read More
RAPAPORT... Alrosa will enable long-term clients to refuse all their supply allocations at this month's contract sale, continuing the policy it introduced in July."We should admit that we are at the very beginning of the market recovery, which is still [tempered] by a number of external factors, including travel restrictions," Alrosa deputy CEO Evgeny Agureev said in a statement Tuesday. "To...Read More
RAPAPORT... A US court overturned a $21 million judgment previously awarded to Tiffany & Co. in its ongoing case against Costco Wholesale Corporation over use of the jeweler's name to describe generic engagement rings.A lower-court judge erred in finding Costco liable for using the name "Tiffany" on its displays, a federal appeals court ruled Monday in a 3-0 decision. The court believed "reaso...Read More
RAPAPORT... Pandora believes the challenging market will continue through the end of 2020 amid a resurgence in coronavirus cases in key business locations."[The second quarter of] 2020 will not be forgotten anytime soon," said Pandora CEO Alexander Lacik. "Covid-19 has changed our societies and challenged global brands around the world. The pandemic may leave a lasting effect on consumer behavior....Read More
RAPAPORT... Singapore-based SK Jewellery Group reported a sharp drop in earnings during the first half of 2020 as store closures and other restrictions implemented during the coronavirus pandemic impacted sales. Net profit fell 81% to SGD 514,000 ($376,256) as revenue slid 44% to SGD 39.8 million ($29.1 million) during the period ending June 30. The jewelry retailer experienced similar steep...Read More
(IDEX Online) - Tiffany has lost the latest round of its seven-year trademark battle with the warehouse club giant Costco.The New York-based jeweler has been challenging its sale of generic diamond engagement rings bearing the "Tiffany" name.Tiffany & Co was awarded $21m in damages in 2013 after a US district judge ruled that Costco had acted in bad faith by using its name to describe setting...Read More
(IDEX Online) - Pandora posted a second-quarter loss of $27.9m and warned that recent surges in COVID-19 infections would continue to stall its recovery.By contrast, the Danish jewelry retail giant, best known for its charm bracelets, made a Q2 profit of $84.3m in 2019.The pandemic forced the closure of 90 per cent of its 7,300 outlets and in Q1 of 2020 saw the company report a $3.5m loss. Revenue...Read More
(IDEX Online) - Alrosa will again permit zero buyouts at its August tender, in the face of continued weak demand, it said today.The Russian state-owned miner adopted the same policy last month, when rough sales plunged to just $22.7m.Buyers will have the option of visiting Alrosa's office in person this month, travel restrictions permitting, or viewing goods online.The miner maintains a price...Read More
(IDEX Online) - Indian gem and jewelry manufacturers will "meet" international buyers online as their Buyer-Seller Meet goes virtual for the first time.Organizers GJEPC say the event, using high-end cameras to showcase goods, will "give buyers an experience better than the real one".The usual live event, with face-to-face meetings, has been canceled because of the COVID-19 pandemic.The GJEPC is ex...Read More
(IDEX Online) - A number of extremely rare purple diamonds have been unearthed at the Ellendale field in Western Australia.Junior miner India Bore Diamond Holdings found fancy yellow diamonds at a large alluvial deposit, but tests by the Delta Diamond Laboratory, in Perth, revealed that many featured a highly rare and attractive purple fluorescence under ultraviolet light (see picture).Ellendale f...Read More
There are numerous crosscurrents running through the markets this morning, Tuesday August 18, with the base metals mainly firmer and gold rebounding strongly, while equity markets were mixed and the dollar continued to weaken.* Broader US equity markets were weaker this morning following Monday's poor US manufacturing data and rising mortgage delinquencies, but the Nasdaq established a fresh recor...Read More
S&P 500 Index moved above 3393.52 to an all-time high extending an intermediate uptrend.Frontier iShares (FM) moved above $24.69 extending an intermediate uptrend. JD Inc. (JD), a NASDAQ 100 stock moved above $69.18 to an all-time high extending an intermediate uptrend. Pre-opening Comments for Tuesday August 18thU.S. equity index futures were higher this morning. S&P 500 futures were up 6...Read More
Warren Buffett has never been a big fan of gold. At Berkshire Hathaway's annual general meeting in 2005, the billionaire investor said the precious metal "would be way down on my list as a store of value" and "I would much prefer owning a hundred acres of land near Nebraska, or an apartment house, or an index fund." And while that response to an investor's question is now fifteen years old - his v...Read More
Corvus Gold (TSX: KOR; NASDAQ: KOR) has released the results of 10 holes completed at its Mother Lode project in Nevada. The drill program has expanded the Central Intrusive (CIZ), Upper Oxide and North targets, and returned higher than expected grades from the Main zone sulphide unit.Drill highlights from the Central Intrusive include 29 metres of 2.21 grams gold per tonne starting at 468 metres;...Read More
U.S.-based Odyssey Marine Exploration hasn't given up its intentions to move forward with a phosphate seabed mining project in Mexico's Exclusive Economic Zone (EEZ), despite two permit rejections.The Florida-based company, through its Mexican subsidiary Exploraciones Oce??nicas, aims to dredge phosphate sands from one of the American continent's biggest deposits of the fertilizer.The asset, locat...Read More
Silver One Resources (TSXV: SVE; US-OTC: SLVRF) has released an updated resource estimate for the heap leach pads at its Candelaria project, 209 km southeast of Reno, Nevada.Indicated resources stand at 22.2 million tonnes, grading 42.1 grams silver per tonne (based on fire assay grades), and contain 30 million oz. silver, with an additional 11.5 million inferred tonnes, at 41.8 grams silver per t...Read More
Americas Gold and Silver (TSX: USA) has announced drill results from two holes at its Galena complex in the Silver Valley of northwest Idaho, 3 km west of Wallace in Shoshone County. The Galena Complex consists of the operating Galena mine, the Galena processing plant, the Coeur mine, and the Coeur processing plant, both of which are on care and maintenance, and the Caladay exploration project.Dri...Read More
This week marks the 200th episode of The Northern Miner Podcast with a double-header extravaganza featuring Canadian Mining Journal news editor Magda Gardner and B2Gold president and CEO Clive Johnson. Magda discusses the surprising intricacies of compiling a list of Canada's top 40 mining companies, while in our Thought Leadership segment, Clive describes how he helped take B2Gold from an idea to...Read More
BHP (NYSE: BHP; LSE: BHP), the world's largest miner, will decide whether to go ahead with its long-delayed multi-billion dollar Jansen potash project in Canada by mid-2021, about a decade after completing a feasibility study on the operation.The company had planned to make an investment decision in February 2021, but delays relating to the completion of shafts have pushed out the date by a few mo...Read More
Last year, when Australia-based major Newcrest Mining announced it would buy a 70% interest in Imperial Metals' Red Chris mine, CEO Sandeep Biswas called BC a tier-one jurisdiction.Read More