Mining Review 9th April 2023
It was a generally quiet week leading up to the Easter weekend on the company news front, but we still managed a few snippets, companies reporting included Gold Road Resources, Maple Gold, and Silver Tiger Metals.
City Investors Circle Mining Review 9th April 2023
Gold, and silver in particular, had a very strong week, whereas the industrial metals had a poor one, as global economic slowdown fears resurfaced (did they ever really go away?).
Gold held above the $2,000 level as banking concerns rumble on.
Owning some physical metal outside of the banking system looks a very strong bet at the moment. What is happening is that investors are withdrawing money from regional US banks, which are of the size that the governement will allow to fail and go under, and investing those funds in the ‘too large to fail banks’ that they believe the governement can’t, and won’t, allow to fail.
This is of course becoming a self fulfilling prophecy, and the larger banks are returning some of these funds back to the smaller ones to help capitalise them and prevent them from failing!
The whole banking system looks to be a shaky house of cards built on shifting sand, and one wonders how long before something significant breaks?
China announced further gold purchases in March, 18 tons may not seem a lot but they also keep all they produce, and they are the world’s biggest gold producer.
A Central Bank Digital Currency backed by gold is rumoured to be being planned by Russia and China, with the backing of the BRICS countries.
Companies on our watchlist in the news this week,
Neometals to Increase Holding in Vanadium Recovery Project
Maple Gold Reports Final Assay Results at Eagle
Gold Road Resources 3 Year Gruyere Mine Outlook
Silver Tiger Metals Intersects 2m of 1,156 g/t Silver Eq
Boab Metals New Corproate Presentation
Read more: http://www.city-investors-circle.com/archives/#ixzz7yHcN8PbF
Week on week price changes
(US$ unless stated)
|Gold price in UK £||1616||+1.06%|
|Au / Ag Ratio||80.55||-2.73%|
|10 yr Tbond (TNX)||3.288||-2.72%|
|2 yr T bond||3.88||+2.92%|
|US index (DXY)||102.1||-1.83%|
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