Mining Review 1st October 2023
A poor week for gold as “higher for longer” US rate predictions took their toll on the price, taking it down to the mid $1800s, and looking weak.
Westhaven announced good drill results at Shovelnose, Calidus reported increased production potential, and West Red Lake Gold rose on the back of a newsletter promotion.
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Madsen Mine in pristine condition, West Red Lake Gold Mines.
Mining Review 1st October 2023
A poor week for gold as “higher for longer” US rate predictions with increased bond yields and a strong US dollar took their toll on the price, taking it down around $60 to the mid $1800s, and still looking weak.
Unless the FED unexpectedly pivots, it does look as though gold will fall lower, higher bond yields have pushed the US dollar up to an 11 month high.
Turning to stocks, Westhaven announced good drill results at Shovelnose, Calidus reported increased production potential, and West Red Lake Gold rose on the back of a newsletter promotion.
Cyprium relisted after a few months suspension and the price immediately collapsed, due to a deeply discounted financing. This destroys the investment thesis for me, and we are no longer covering this stock.
News from our Watchlist is below,
Gold Road Maintains De Grey Shareholding
West Red Lake Gold Mines Stock Promotion
Calidus Resources Production Increase Potential
Westhaven Drills 17.61 g/t Gold Over 3.68 m
Market Data
Week on Week price movements
(US$ unless stated)
| Gold price in UK £ | 1517 | -3.62% |
| Gold | 1849 | -3.95% |
| Silver | 22.2 | -5.73% |
| Palladium | 1283 | 2.31% |
| Platinum | 912 | -2.04% |
| Rhodium | 4100 | 0.00% |
| Copper | 3.64 | -0.82% |
| Nickel | 8.47 | -1.51% |
| Zinc | 1.12 | 0.00% |
| Tin | 11.59 | -0.17% |
| Cobalt | 14.85 | 0.00% |
| Manganese | 2.77 | 0.73% |
| Lithium | 21033 | -1.26% |
| Uranium | 70 | 6.87% |
| Iron Ore | 119.1 | 0.85% |
| Coking Coal | 321 | -0.93% |
| Thermal coal | 161 | 0.63% |
| Magnesium | 3471 | -0.83% |
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If you need clarification of any information contained in this note, or have any questions, I will be delighted to assist – Please email andrew@city-investors-circle.com
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Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.
All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.
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Disclosure
At the time of writing the author holds shares in Gold Road Resources and Calidus Resources, but no shares in West Red Lake Gold Mines.