Mining Review Sunday Update 21st November 2021

Mining Review Sunday Update 21st November 2021

Colonial Coal is surging again after the publication of a positive Canaccord Research report.

Ascot Gold is also climbing as some in the media speculate they could be the next takeover target.

A higher US dollar sent precious metal and commodities prices lower on Friday, turning what had been a good week into a negative one at the death.

 

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Cornish Metals South Crofty sunset

Cornish-Metals-South-Crofty-sunset-By kind permission of Greg-Martin-Cornwall-Live

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City Investors Circle – Mining Review Sunday Update 21st November 2021

Colonial Coal is surging again after the publication of a positive Canaccord Research report, highlighting the potential of the stock at current coking (steelmaking) coal prices.

Ascot Gold is also climbing, as some in the media speculate they could be the next takeover target. It’s easy to see why they may be a target, but I personally hope they stay as they are, as I feel they have more to offer their shareholders, such as myself.

A higher US dollar sent precious metal and commodities prices lower on Friday, turning a good week into a negative.

What a pity the US dollar rose as gold and silver were on for a positive week before the late dollar rise.  Still we have higher inflation figures to help carry the gold price higher, with the current US CPI causing forecasters to price in three interest rate rises in 2022, rather than two as previously calculated.

The second London mining conference since covid started was well attended last week, the first day was as busy as always, the second noticeably less so, with many diehards showing signs of fatigue after two hard days of meetings and networking by mid afternoon.

It was good to connect with old friends and connections after nearly two years, let’s hope the rising UK covid numbers don’t wipe out Mines and Money in December.

 

Stocks on our watchlist making news this week.

 Zentek Announces C$32.5 Million financing deals

 Radisson Mining Agrees a C$5 m Private Placement

 Orla Mining – Camino Rojo Construction on Track and Budget

 Colonial Coal – New Research Report by Canaccord

 Minera Alamos Price Weak as Osisko Sell Down

 The Global Mining Finance Conference was Buzzing

 

 

Market Data

 

Precious metals

Gold 1846 -1%
Silver 24.64 -2%
Palladium 2110 0%
Platinum 1086 0%
Rhodium 14350 0%

A poor end to the week for gold and silver, which were up for the week until Friday’s trading session, when the US dollar rose as  investors speculated the US would increase interest rates in the near term

Russia added to their gold stocks this week.

 

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Base Metals

Copper 4.4 -2%
Nickel 9 -1%
Zinc 1.5 +1%
Tin 17.76 0%

Copper is lower despite shortages at some warehouses including London, with reserves down to historical lows.

 

 

Energy Metals

Cobalt 26.85 0%
Manganese 3.43 -1%
Lithium 28274 +1%
Uranium 47.25 +7%

Uranium had a nice kick this week, but otherwise energy metals look unloved currently.

 

Bulk commodities

Iron Ore 86.2 -4% -29% 90
Coking Coal 311 -7% -16% 333

Iron Ore and coking coal are both down as a result of Chinese government production and pollution curbs, although the electrical supply situation is improving now, which will bring some production back online.

China is trying to curb pollution ahead of the Winter Olympics to be held early next year.

 

 

ETF’s

GDX 33.67 -3%
GDXJ 45.92 -4%
Sil 40.06 -4%
SILJ 13.75 -5%
GOEX 32.32 -4%
GLD 172.61 -1%

All had a poor week despite gold only falling at the death on Friday evening.

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