A 15% fall in the nickel price from $US7 a pound to $US6/lb over the past two months has not endeared the metal to every investor but there is a gathering of the rich and famous in the nickel sector that is becoming hard, and perhaps unwise, to ignore as big bets are placed on its revival.
Political turmoil clouded financial markets this week but through the fog could be seen several emerging trends, one of which was a currency-led gold-price revival and another was a fresh step backwards by the once-booming iron ore sector.
Alexander Downer is best known as a former Australian foreign minister, but his latest claim to fame is an ability to back a winner in a downbeat mining sector thanks to a ride hitched on the remarkable revival of uranium.
Gold was missing in action during this week’s big mining event, the annual Diggers & Dealers forum in Australia’s gold capital, Kalgoorlie, but that might not be for much longer as gold’s traditional price drivers return.
He won’t be there, but the shadow of Donald Trump will loom over next week’s Diggers and Dealers forum in Kalgoorlie with falling metal prices caused by his trade war with China likely to dampen optimism at the event, as they have on financial markets this week.