Mining Review Sunday Update 28th November 2021
This week has been a game of two halves for gold, starting with the weakness created by the confirmation that Biden has renewed Jerome Powell’s chair of the FED, and then the news of the new covid variant sent investors back into gold as a safe haven.
City Investors Circle – Mining Review Sunday Update 28th November 2021
This week has been a game of two halves for gold, starting with the weakness created by the confirmation that Biden has renewed Jerome Powell’s chairmanship of the FED, and then the news of the new covid variant sent investors back into gold as a safe haven.
Coking Coal is having a poor time after the recent high, sending Colonial Coal back down a tad as a result. Colonial has had a strong run so there was bound to be some profit taking, but the price remains strong.
The new covid variant is causing a panic, and it remains to be seen whether it kills the rise in base metal prices. Gold initially rose after the variant news came out, but fell back later in the day.
The takeover of Kirkland Lake by Agnico Eagle was completed.
Stocks on our watchlist in the news this week
(All figures are in US$)
A poor week all round, with gold and silver suffering due to Jerome Powell’s retention of his chairmanship of the FED, and the rest of the PGM’s because of lower car production due to the world shortage of semi-conductors.
Base metals enjoyed a positive week, and tin and nickel continued their strong rise during the last year.
The energy metals finally stirred into life after a brief hiatus. Cobalt outshone the rest, and lithium continues to rise on tight supply rumours.
After a few torrid weeks where its price has more than halved, iron ore finally rose back over the $100 mark. Coking coal continues its retreat from the highs, despite continued commentary suggesting shortages in China.
The City Investors Circle Mining Review Weekly Market Updated is concluded.
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