Mining News Sunday Roundup Nov 22

   Mining News Sunday Roundup Nov 22

Gold had a poor week again, as the positive covid-19 vaccine news seems to be outweighing the negative Biden election win negativity, for now at least. Investors have switched to risk on again.

The Bank of America reported $4 billion was withdrawn from gold funds last week, a record.

The Chinese are to introduce a copper futures contract denominated in Yuan. This is a direct challenge to the LME, and to the US dollar domination of the commodities sector.

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The Super Pit , in Western Australia, showing the surrounding towns of Kalgoorlie / Boulder and the sports stadium on the left hand side.

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Mining News Sunday Roundup Nov 22

Gold had a poor week again, as the positive covid-19 vaccine news seems to be outweighing the negative Biden election win negativity, for now at least. Investors have switched to risk on again.

The Bank of America reported $4 billion was withdrawn from gold funds last week, a record.

The Chinese are to introduce a copper futures contract denominated in Yuan. This is a direct challenge to the LME, and to the US dollar domination of the commodities sector.

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Watchlist stocks in the news this week.

Fosterville South (TSX.V: FSX) confirmed that the court had approved the spinout of their Avoca and Timor properties into a newco, Leviathan Gold. Leviathan will list on the TSX Venture in the near future.

Cornish Metals (TSX.V: CUSN) announced high grade tin and copper results from their United Downs project in Cornwall, UK. this deposit was found by serendipity, when Cornish Lithium were drilling for lithium and found tin and copper!

Colonial Coal (TSX.V: CAD) Were tipped by a respected Swiss private investor who recognises the disconnect between the asst value and the market cap. the price of coking coal continues to rise.

Bardoc Gold (ASX: BDC) Announced high grade gold drill intercepts from their drill campaign at the Sigma Lode, at their flagship Aphrodite project at the Bardoc Gold project located near Kalgoorlie in Western Australia.

American Creek (TSX.V: AMK) – Initiating coverage. Located in the ‘Golden Triangle’ of British Colombia, and with a 40,000 metre drill program, and an experienced geologist, this company has all the right ingredients.

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Precious Metals

Gold had another poor week falling $18 an ounce. This was mainly down to positive vaccine news. In the longer term a Biden presidency should bode well for gold. Silver was down a tad, and palladium rose on industrial demand.

Gold 1870
Silver 24.15
Palladium 2329

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Base Metals

Iron ore rose to a three month high, due to lower stocks at Chinese ports. Copper rose due to Chinese demand and a slightly weaker US dollar. Nickel rose due to lithium battery demand.

Copper 3.19
Nickel 7.12
Zinc 1.23
Iron Ore 124.3
Manganese 3.16
Coking Coal 178

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Precious Metal ETF’s

Surprisingly given the fall in the gold price, the GDX gold ETF was up, whereas the other three were down.

GDX 38.05
GDXJ 51.89
Sil 41.62
SILJ 14.07

 

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