Mining Review 18th September 2022
The story of the week is the price of gold being beaten down by 2.45% to $1,674, due to an anticipated one percentage point rate hike in the USA in September.
Companies making news this week were American Creek Resources, Karora Resources, Neometals, and Silver Tiger Metals.
Mining Review 18th September 2022
The story of the week is the price of gold being beaten down by 2.45% to $1,674, due to an anticipated 1 percentage point rate hike in the USA in September. The strong dollar is the focus at the moment, and until the FED pivots, gold is going to be in weak, and of course, the miners and explorers.
Every time gold looks as though it’s recovering, the US make another interest rate announcement and down it goes again, almost as if were being manipulated downwards deliberately.
Silver had a very good week and stocks in the COMEX and LBMA vaults are reducing, although they still have plenty in store at the moment.
The London Metal Exchange faces a new lawsuit from a group of firms, including hedge fund AQR Capital Management, over its decision to cancel billions of dollars worth of trades, after the short squeeze in nickel forced the price to stratospheric levels, causing the LME to suspend trading and cancel trades to bail out a Chinese trader.
AQR, DRW Commodities LLC, Flow Traders BV, Capstone Investment Advisors LLC, and Winton Capital Management Ltd. have filed a commercial court claim in London against the LME, according to court records.
Companies on our watchlist making news this week
American Creek Resources, Karora Resources, Neometals, and Silver Tiger Metals.
American Creek and Karora both released good drilling news, yet the market took it in its stride and both stocks trod water, whereas in better times they would have shot up.
Please click on the links below to read the full news release.
Weekly price movements
All in US$
|Gold price in UK £||1466||-1.01%|
|Au / Ag Ratio||87.14||-5.29%|
|10 yr T bond (TNX)||3.455||5.02%|
|2 yr T bond||3.867||11.12%|
|US index (DXY)||109.67||0.61%|
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At the time of writing the author holds shares in American Creek, Karora Resources, and Silver Tiger Metals, bought in the market at the prevailing price on the days of purchase.