Mining Review Sunday Update 10th October

Another poor week for gold, until the US job numbers reported a big miss versus expectations, and then gold ended firmer slightly down from the previous week.

Colonial Coal rose again, as the price of coking coal remains at elevated levels amid reports that some Chinese power plants are burning coking coal due to a shortage of thermal coal.

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Mining Review Sunday Update 10th October

 

Another poor week for gold, until the US job numbers at the end of the week reported a big miss versus market expectations, and then gold ended firmer slightly down from the previous week.

Colonial Coal (TSX.V: CAD)  rose again, as the price of coking coal remains at elevated levels amid reports that some Chinese power plants are burning coking coal due to a shortage of thermal coal.

Tinka Resources (TSX.V: TK) reported high grade copper and gold after a drill campaign at their new Sylvia project, located close to their Ayawilca zinc discovery in Peru.

Maple Gold (TSX.V: MGM) reported bonanza grades from the final nine holes completed during the 10,217-metre winter drill campaign at the Douay Gold Project in Quebec, Canada.

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News from stocks on our watchlist

  Tinka Resources Finds High Grade Copper and Gold

  ZEN Graphene Solutions Finalizes Commercial Agreement with Trebor Rx

  Maple Gold Intersects Bonanza Grade Gold

  03 Mining Acquires 80% Interest of Centremaque

  Gold Road Resources Production and Guidance Update

  03 Mining Inc. Announces a 10% Share Buyback

 

 

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Market Data

 

Precious Metals

Gold	1757	0%
Silver	22.66	+1%
Palladium	2081	+12%
Platinum	1021	+5%
Rhodium	12850	-4%

Gold recovered at the end of the week because of the big miss on US job numbers, causing investors to doubt tapering and interest rate rises will occur anytime soon.

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Base metals

Copper	4.21	+3%
Nickel	8.5	+3%
Zinc	1.4	+2%
Tin	16.42	-1%

A decent week, although news of lower car production numbers deflated the expectations for this sector.

 

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Energy Metals

Cobalt	24.03	0%
Manganese	2.93	+2%
Lithium	26516	0%
Uranium	41.25	-4%

No excitement here I’m afraid.

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Bulk Commodities

Iron Ore	117.5	+1%
Coking Coal	373	+5%

Coking coal rose 5% on higher demand and supply issues. Indian steelmakers are feeling the pain and are looking to try and raise prices due to the rising price of coking coal, see HERE

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Precious metals ETF’s

GDX	30.67	+5%
GDXJ	40.78	+6%
Sil	36.13	+3%
SILJ	12.15	+3%
GLD	164.23	0%

A good month for PM stocks.

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Disclosure

The writer holds stocks in Colonial Coal, Gold Road Resources, Maple Gold, and 03 Mining, all bought in the market at the prevailing price on the day of purchase.

 

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