Mining Review Sunday Update 11th July
Gold has edged back up over $1,800 per ounce, as it tries to shrug off the mid June low of around $1760.
One major factor was a sharply lower US Bond yield, and a slightly weaker US dollar.
Mining Review Sunday Update 11th July 2021
The last week has proved positive for mining sector investors, as Gold has edged back up over $1,800 per ounce, as it tries to shrug off the mid June low of around $1,760.
One major factor was a sharply lower US Bond yield, and a slightly weaker US dollar. The FED seems to be trying to talk the 10 year Tbond yield down, and it seems to be working.
Summer is of course normally the doldrums for the stock markets, and gold, yet both are rising, as all that newly created money has to find a home.
As the summer progresses we can expect lots of drill results to come out, and Apollo consolidated, Ascot Resources, Los Cerros, and 03 Mining all reported positive news releases on the drill front last week, please see below. (Click on any item to see the full news release).
With gold stocks generally still suffering, and well off recent highs, this might turn out to be a prudent time to pick up shares whilst the companies are still unloved, in my opinion.
Stocks on our watchlist in the news this week
Ascot Resources – Intercepted high grade gold and silver west of the Premier Mill
Apollo Consolidated – Reported significant new gold intercepts whilst RC drilling at Lake Rebecca
Whilst gold was positive again this week, for some reason silver was negative, which is a bit strange. The PGM metals were also positive, making silver’s slight fall all the more bemusing.
Copper remained buoyant despite the Chine government releasing stocks from their strategic reserves to try and soften the price and prevent speculation.
Tin remains the best performing metal in 2021 so far.
Both commodities are back in sync this week, with coking coal rising a whopping 5% in a single week, which has helped Colonial Coal (TSX.V: CAD) reverse its recent downtrend with a quick 40% rise in price.
Some Chinese coking coal mines have been shut for safety inspections, but are opening again now so we will need to keep a close eye on the coal price in the coming weeks.
The Mining Review Sunday Update 11th July 2021 is complete.
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At the time of writing the author held shares in Los Cerros, Ascot Resources, Apollo Consolidated, 03 Mining, and Orla Mining.