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.
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.
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.
Copper is lower despite shortages at some warehouses including London, with reserves down to historical lows.
Uranium had a nice kick this week, but otherwise energy metals look unloved currently.
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.
All had a poor week despite gold only falling at the death on Friday evening.
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