In the latest update to the Rick's Picks home page, I've revised an interest rate forecast for the 30-year bond to better sit down for this 0.73%. This is an implied recession/depression away from the current 1.60%, so you may want to jot the new number down. I got a wake-up call on this from my friend Doug Behnfield, whose name will be familiar to anyone who has followed Rick's Picks for...Read More
Steve St. Angelo, SRSrocco Report The Fed injected a record amount of liquidity this morning via its Repo Market Operation to supply dealers in the interbank market. While investors may be reassured by the huge 1293 point rally on the Dow yesterday, the global contagion and its impact are just beginning. Don't be surprised to see a 40-50% correction in the Dow Jones over the next month. I'...Read More
By: Ira EpsteinFed hasn't done anything like this since 2008. The 50 basis point cut was 100% priced in this month by the market. So the Fed used some of its bullets and now..Read More
Reduction in interest rate differential (after the Federal reserve interest rate cut of 0.50%) has resulted in US dollar index falling and gold/silver prices rising. Copper and crude oil are firm on hopes that negative economic impact will be short lived. All monetary measures will be useless in the very short term by central banks if the corona virus infects more and more people worldwide. Last...Read More
RAPAPORT... Botswana's economic growth slowed last year due to lower rough production, further aggravated by weakness in its diamond-manufacturing sector, the nation's central bank said last week.Gross domestic product (GDP) increased 3.7% in the 12 months to September 2019, compared with a 5% rise in the previous year. The main factor was sluggish diamond-mining output, which increased 2.1%,...Read More
RAPAPORT... Group revenue at Watches of Switzerland increased in the third fiscal quarter amid strong holiday sales in the UK and US markets.Sales rose 13% year on year to GBP 257.9 million ($329.8 million) in the three months ending January 26, as several brands showed double-digit growth, the company said last week. Like-for-like sales increased 7% during the period, with UK online sales gr...Read More
RAPAPORT... De Beers' rough-diamond sales declined 28% year on year to $355 million in February as the coronavirus hit demand.Many sightholders took up the miner's offer to delay buying goods destined for China, sources in the rough market told Rapaport News. The company let clients reject certain 1- to 2-carat rough diamonds and reschedule those purchases for later in the year.The coronaviru...Read More
RAPAPORT... The JCK Las Vegas and Luxury shows will take place as planned, their organizer has confirmed, allaying fears the coronavirus would jeopardize the events."At this time of global concern, Reed Exhibitions and Reed Jewelry Group are closely monitoring developments related to the COVID-19 virus," said Sarin Bachmann, Reed Jewelry Group's vice president for the shows, in a statement Tu...Read More
RAPAPORT... Gem Diamonds has recovered a white diamond weighing 114 carats at its Let??eng mine in Lesotho, the second stone over 100 carats the miner has found this year, it said Tuesday.The company unearthed the "high-quality" D-color stone on Monday. The discovery follows that of a 183-carat, white, type IIa diamond last month. Berenberg investment bank estimated that stone would fetch in...Read More
(IDEX Online) - De Beers has blamed coronavirus for a significant drop in sales of rough diamonds at its latest sight, held in Botswana last week. The provisional figure for Cycle 2 is $355m, down from $551m at January's sight (Cycle 1) and the lowest since Cycle 8 of last year. The company allowed a number of deferrals from sightholders, especially for smaller stones, under 1-carat, that wou...Read More
PERTH (miningweekly.com) – Diamond miner Lucapa Diamond Company will raise some A$2.8-million in a share placement to sophisticated and professional investors to advance exploration work at its Lulo kimberlite project, in Angola.The company on Wednesday said that it would issue more than 25.8-million shares, at a price of 11c each, under its existing placement capacity.AdvertisementThe issue...Read More
(IDEX Online) - JCK Las Vegas, the biggest jewelry show in North America, is to go ahead as scheduled, say organizers.The announcement follows a series of cancelations in Hong Kong because of coronavirus, and the news last week that Baselword will not take place this year.JCK Las Vegas attracts over 30,000 of the world's most influential industry professionals, almost a quarter of them from o...Read More
Cardinal heading down familiar gold roadSPONSOREDcardinal resourcesIt said a previous gold-only result of 252m at 1.27g/t increased 18.9% to 1.51g/t gold-equivalent when silver and copper mineralisation were incorporated.Read More
Cardinal heading down familiar gold roadSPONSOREDcardinal resourcesSarama right in the middle of big exploration, corporate build-upSPONSOREDsarama resources Exore excels in Cote d'IvoireSPONSOREDexore resourcesFinancing risks can be managedSPONSOREDLong recognised as a threat to Chile's all-important copper mining industry, the challenge of supplying water to some of the driest locations on t...Read More
Artemis all set thanks to unique approachSPONSOREDartemis resourcesThe attack was believed to be by members of the Free Papua Organisation's military unit, the West Papua Liberation Army.It follows another reported fatal clash in late February.Artemis all set thanks to unique approachSPONSOREDartemis resourcesA spokesman for mine owner PT Freeport Indonesia (PT-FI) Riza Pratama told Associated Pre...Read More
Broader markets are mixed this morning, Wednesday March 4, with markets in Asia generally weaker, while the London Metal Exchange base metals and western equities are recovering after having taken fright from the United States Federal Reserve’s rate cut on Tuesday. The US central bank’s emergency 50-basis-point rate cut led the Dow Jones Industrial Average (DJIA) to close down by 2.94% o...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 61 points in pre-opening trade.The Canadian Dollar is up 0.18 to U.S.74.88 cents prior to an announcement at 10:00 AM EST by the Bank of Canada on interest rate policy. Consensus is that the Bank of Canada will reduce its overnight lending rate to major Canadian Banks by at least 0.25% to 1.50%.Hewlett Packard Enterpri...Read More
The capital markets sessions are among the most popular events at the Prospectors and Developers Association of Canada's annual convention. For the fifth year in a row, investment bankers came together to discuss the main themes and key issues facing the mining industry - from raising capital to attracting back the generalist investor to the demands of ESG. Anthony Vaccaro, publisher of The Northe...Read More
The economics team at Bank of America has cut its 2020 global growth forecast to 2.8% "while also factoring in a mini recession.""Logistics and supply chains remain an issue, without normalisation, multipliers from fiscal/monetary stimulus would be low," Bank of America said in a March 3 research note.The outbreak of the coronavirus - now called Covid-19 - has had a "pronounced impact." For mined...Read More
Days after announcing a $110-million all-share acquisition of Balmoral Resources (TSX: BAR) to expand the Fenelon project in Quebec, Wallbridge Mining (TSX: WM) has released drill results from its portion of Fenelon, which expand the mineralized zones and suggest additional mineralization in the hangingwall.The high-grade portion of the Tabasco zone has now been traced over 500 metres of strike...Read More