News

Gold tried to rise this week, with limited success, leaving the best gains to energy in its many forms,

Gold tried to rise this week, with limited success, leaving the best gains to energy in its many forms, led by oil but with lithium and other members of the battery-metal family (including copper) not far behind. Because so many Australian investors are exposed to gold it’s worth having a look at the changing dynamics of the gold market. These could put a floor under its price, which has dropped by 16% over the past nine months to latest trades at $US1738/oz.

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16th April 2021

Despite a softening in the gold price this year, BMO Capital Markets managing director of commodities research Colin Hamilton says the metal is holding up well (reports MiningNews).

Despite a softening in the gold price this year, BMO Capital Markets managing director of commodities research Colin Hamilton says the metal is holding up well (reports MiningNews). After peaking at over US$2000 an ounce in August 2020, gold has fallen as low as $1683/oz last month. It currently sits at about $1747/oz.

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Heavyweight global investment bank Goldman Sachs has upgraded its recommendation for mid-tier copper producer Sandfire Resources

Heavyweight global investment bank Goldman Sachs has upgraded its recommendation for mid-tier copper producer Sandfire Resources (ASX: SFR) from neutral to a BUY on the back of higher base metal forecasts, raising its price target to $7.60-a-share. The news prompted an immediate 6% lift in Sandfire shares yesterday to over $5.80, though still well short of the revised Goldman Sachs target.

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Brazil’s descent this week into a full-blown Covid-19 crisis should ensure ongoing super profits for Australia’s iron ore miners as the price of the steel-making material rises back above $US170 a tonne.

Brazil’s descent this week into a full-blown Covid-19 crisis should ensure ongoing super profits for Australia’s iron ore miners as the price of the steel-making material rises back above $US170 a tonne. The potential for continuing Brazilian supply shortfall, when combined with strong worldwide demand for steel, could easily see iron ore challenge last month’s near-record high of almost $US180/t. What’s happening in iron ore was not expected. Most investment banks had been forecasting a price fall as supply rose and Chinese steel demand peaked.

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A whiff of inflation, and the promise of low interest rates for longer, boosted gold this week, while the rush into battery metals picked up pace which makes it more essential than ever for investors to have exposure to “new energy” metals such as lithium

A whiff of inflation, and the promise of low interest rates for longer, boosted gold this week, while the rush into battery metals picked up pace which makes it more essential than ever for investors to have exposure to “new energy” metals such as lithium. Gold, which had been fading for much of the past six months, got a kick from news that the U.S. central bank will sit on official interest rates for another two years, even as its forecast for economic growth in 2021 rises from an already strong 4.2% to a Chinese-style 6.5%

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Nimble juniors lining up to test the new frontier in copper-gold exploration;

A bunch of junior explorers are as excited as junior explorers can be after the big time copper/gold potential of the Northern Territory’s Barkly region east of Tennant Creek was confirmed in a government-sponsored drilling program. The East Tennant region, as the boffins are calling it, is not quite an exploration hotspot just yet.

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Battery-grade lithium carbonate prices have increased 68% in the first two months of 2021 in China, while cobalt sulphate prices are up 56.1% year-to-date, according to Benchmark Mineral Intelligence (reports MiningNews).

Battery-grade lithium carbonate prices have increased 68% in the first two months of 2021 in China, while cobalt sulphate prices are up 56.1% year-to-date, according to Benchmark Mineral Intelligence (reports MiningNews). Benchmark said lithium carbonate had risen on the back of high battery demand, particularly for lithium iron phosphate (LFP) cathode, and a slower-than-anticipated transition to high nickel chemistries.

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Instability caused by last week’s rise in U.S. bond rates remained the dominant theme on financial markets this week with iron ore and copper the pick of the commodities sector while gold struggled to recover lost ground.

Instability caused by last week’s rise in U.S. bond rates remained the dominant theme on financial markets this week with iron ore and copper the pick of the commodities sector while gold struggled to recover lost ground. More of the same can be expected in future weeks until a clear picture emerges of the post-pandemic world and investors learn to live with the aftershocks of the wild ride on markets over the last 12-months.

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