Mining Review Sunday Update 13th February
The media is talking up the potential for a war in the Ukraine and an imminent Russian invasion, and that is driving gold and oil prices upwards.
Gold was up 3% week on week, and silver an impressive 5%. Naturally many gold and silver juniors had a good week as a result. […]
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Gold in drill core from Beta Hunt mine, Karora Resources, Western Australia
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City Investors Circle Mining Review Sunday Update 13th February
The media is talking up the potential for a war in the Ukraine and an imminent Russian invasion, and that is driving gold and oil prices upwards.
Gold was up 3% week on week, and silver an impressive 5%. Naturally many gold and silver juniors had a good week as a result. Gold was helped by rising US inflation as much as Ukraine tensions
The dollar also rose on increased interest rate speculation, perm any one of many different speculations as to the number of rises rumoured throughout the media. I still insist there is a limit as to how high rates can go as their level effects government borrowing costs.
Barrick Gold reported depletion after mining of +150% in 2021, after a few years of falling reserves, a positive sign.
Chaarat Gold are experiencing hard times trying to raise the capex for their mine in the Kyrgyz Republic, due to the fact that the state have taken the Kumtor Gold Mine from Centerra Gold, who have no choice but to negotiate a settlement.
Obviously that action has caused potential financiers to lose faith in the Kyrgyz Republic, and who can blame them? They have acted in bad faith in my opinion, and deserve the negative publicity they have received. Sadly none of this is the fault of Chaarat’s shareholders (nor Centerra’s either for that matter), yes as always it is the shareholders who will suffer.
For this reason I am very choosy about the jurisdictions I invest in.
Stocks on our watchlist in the news this week;
Cabral Gold Drills 23.8m @ 5.5 g/t gold at Cuiú Cuiú, Tapajos, Brazil
Calidus Resources commits to a renewable micro grid at the Warrawoona Gold Project
O3 Mining Reported 96% Gold Recoveries at Marban
American Creek JV Partner CEO Ken Konkin interview
Karora Resources Beta Hunt Shear Zone extended
Argosy Minerals Is on Schedule For Production in H2 2022
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Market data
In US$
Precious metals
| Gold | 1859 | 3% |
| Silver | 23.62 | 5% |
| Palladium | 2316 | 1% |
| Platinum | 1031 | 0% |
| Rhodium | 18350 | 9% |
Gold and silver were boosted by rising US inflation figures, and ongoing Ukrainian war tension.
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Base Metals
| Copper | 4.64 | 5% |
| Nickel | 10.91 | 4% |
| Zinc | 1.7 | 4% |
| Tin | 20.16 | 2% |
Tin was boosted by threats of an Indonesian export ban.
Copper stocks are alarmingly low, although Shanghai received a new stock on Friday, possibly Chinese government reserve being released.
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Energy Metals
| Cobalt | 31.96 | 0% |
| Manganese | 3.38 | -1% |
| Lithium | 60911 | 7% |
| Uranium | 43.6 | -1% |
Lithium continues to rise exponentially as prices in China rise due to increased EV battery demand.
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Bulk commodities
| Iron Ore | 153 | 6% |
| Coking Coal | 398 | -3% |
| Magnesium | 7003 | 1% |
Iron ore demand from China is increasing at the same time as supply from Australia is struggling to keep pace.
The Chinese government are taking action to curb the price of coking coal after the recent rise to all time highs.
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ETF’s
| GDX | 32.43 | 7% |
| GDXJ | 41.42 | 8% |
| Sil | 35.19 | 8% |
| SILJ | 12.4 | 11% |
| GOEX | 28.9 | 7% |
| GLD | 173.81 | 3% |
| COPX | 40.78 | 7% |
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