News

The “almost everything boom” roared on this week, led by palladium, which hit an all-time high of $US2899 an ounce, iron ore, which cracked a 10-year price ceiling at $US186 a tonne, and gold, which took a peek at $US1800/oz

The “almost everything boom” roared on this week, led by palladium, which hit an all-time high of $US2899 an ounce, iron ore, which cracked a 10-year price ceiling at $US186 a tonne, and gold, which took a peek at $US1800/oz -- and might be there by the time you read this. Soft commodities and financial markets are also booming. Wheat is trading at a seven-year high. Timber in the U.S. is at an all-time high, as are share prices on the New York Stock Exchange.

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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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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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Chalice Mining was worth more than $2 billion today (Wednesday) after a share price surge by the market darling explorer this week which boosted the riches of its chairman Tim Goyder by nearly $28 million (reports The West Australian).

Chalice Mining was worth more than $2 billion today (Wednesday) after a share price surge by the market darling explorer this week which boosted the riches of its chairman Tim Goyder by nearly $28 million (reports The West Australian). Shares in the company stacked on 7.5 per cent on Tuesday and a further 5.8 per cent on Wednesday to an all-time closing high of $6.21, giving it a market capitalisation of nearly $2.15b.

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Investors are scrambling to secure exposure to uranium amid growing evidence that the market is tightening rapidly, setting the scene for significant price rises (reports Stockhead).

Investors are scrambling to secure exposure to uranium amid growing evidence that the market is tightening rapidly, setting the scene for significant price rises (reports Stockhead). And now a new report from influential North American broker Sprott has named Boss Energy (ASX:BOE) as the “premier next-in-production uranium developer”. Boss increased its exposure to the uranium market substantially last week when it raised $60 million to buy a large uranium stockpile.

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WA Government coffers are set to reap further benefits of elevated iron ore prices for longer, according to global ratings agency S&P, which has upgraded its long-range forecast for WA’s powerhouse commodity (reports The West Australian).

WA Government coffers are set to reap further benefits of elevated iron ore prices for longer, according to global ratings agency S&P, which has upgraded its long-range forecast for WA’s powerhouse commodity (reports The West Australian). Investors in the Pilbara’s biggest iron ore players can also expect more bumper dividends after S&P on Friday increased its price assumptions for the steel-making ingredient from $US100 a tonne to $US130/t for the rest of the year. It also lifted its forecast for prices heading into 2022 from $US80/t to $US100/t.

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After a thorough review, RareX (ASX: REE) will begin a major drilling program later this month, which is designed to test a new geological model at its flagship Cummins Range rare earth element project in Western Australia’s Kimberly (reports Small Caps).

After a thorough review, RareX (ASX: REE) will begin a major drilling program later this month, which is designed to test a new geological model at its flagship Cummins Range rare earth element project in Western Australia’s Kimberly (reports Small Caps). The upcoming program will comprise up to 6,000m of reverse circulation and diamond drilling and will follow up on newly identified targets.

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It’s been a long time since uranium caught the eye of mainstream investors but in a shortened pre-Easter week when the price of almost everything else was trending down, it was time for the love-hate nuclear fuel to shine (or should that be glow!).

It’s been a long time since uranium caught the eye of mainstream investors but in a shortened pre-Easter week when the price of almost everything else was trending down, it was time for the love-hate nuclear fuel to shine (or should that be glow!). Second-tier investment banks and stockbrokers such as Shaw and Partners have been banging the uranium drum for several months with buy tips on most uranium explorers, including this week’s positive recommendation on Peninsula Energy, which has a promising U.S. project.

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