Mining Review Sunday Update 17th October 2021

Mining Review Sunday Update 17th Oct. 2021

Copper and coal remain the key stories at the moment, as a shortage of supplies in both key commodities is driving their prices higher. Colonial Coal (TSX.V: CAD) rose to an all time high on the back of M & A speculation as a result.

Gold had a good week until Friday when US inflation numbers drove erased most of the week’s gains in a flash.

 

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Lefroy Exploration Drill crew

Lefroy Exploration Drill crew, Western Australia.

 

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Mining Review Sunday Update 17th Oct. 2021

Copper and coal remain the key stories at the moment, as a shortage of supplies in both key commodities is driving their prices higher.

Colonial Coal (TSX.V: CAD) rose to an all time high on the back of M & A speculation as a result of the record high steelmaking (coking) coal price.  With both coking and thermal coal scarce, if there ever was a time for Colonial Coal to receive a bid, it’s surely now?

Gold had a good week until Friday when US inflation numbers drove erased most of the week’s gains in a flash. US$1,000 is proving a resistance point currently, and the price is becoming rangebound.

Copper, uranium, and zinc all had strong weeks, despite the Chinese government looking to release more strategic reserves to try and calm price speculation.  LME copper reserves are very low, as are warehouses in Shanghai and other parts of the world.

 

 

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Stocks on our watchlist that reported news this week

 Fosterville South Drills Assays up to 238.1 g/t Gold

  Cabral Gold Expands the Gold-in-Oxide Blanket at MG

  Fiore Gold Achieves Record gold Production in Q4

  Canuc Resources San Javier Exploration Update

  ZEN Graphene Solutions Files Patent Applications

  Maple Gold Mines plan Drill Program at Eagle

 

 

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Precious Metals

Gold 1767 1%
Silver 23.32 3%
Palladium 2073 0%
Platinum 1060 4%
Rhodium 14100 10%

 

 

 

Base Metals

Copper 4.7 12%
Nickel 8.75 3%
Zinc 1.61 15%
Tin 17.18 5%

Copper shot up, 17% in two weeks due to very low LME stocks. We have to wait to see if any new stocks appear.  Zinc is also on a roll.

 

 

Energy Metals

Cobalt 24.98 4%
Manganese 2.91 -1%
Lithium 26911 1%
Uranium 47.25 15%

Uranium continues to be boosted by the Sprott Physical Investment Trust‘ purchase of spot uranium for storage. One wonders what will occur once their purchases cease?

 

 

Bulk Commodities

Iron Ore 121.3 3%
Coking Coal 370 -1%

Coking coal took a breather, but iron ore turned back upwards again after the recent crash. These two commodities that are normally moving in tandem, continue to move opposite to each other.

 

 

Mining ETF Indexes

GDX 32.52 6%
GDXJ 43.58 7%
Sil 38.63 7%
SILJ 13.12 8%
GLD 165.33 1%
GOEX 30.5 7%

A very healthy week for the mining related ETF’s, despite gold remaining level. This seems to be a reaction to the underperformance of the mining stocks recently.

 

 

Miscellaneous data

Au / Ag Ratio 76.76 -2%
10 yr Tbond 1.575 -2%
US  index (DXY) 93.95 0%
HUI 255.5 +6%

 

City Investors Circle Mining Review for the 17th October is complete

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