Global financial wobbles reinforced the case for gold this week
Global financial wobbles reinforced the case for gold this week but the uncertainty factor caused by the US sharemarket shake-out put a dampener on most sectors of the market and only a handful of gold miners managed to post gains while just about everything else fell.
Surprise star of the week was Dacian Gold, a stock that some investors had written off weeks ago after operational problems at its Mt Morgans mine. It added 14c to $1.26, taking its gain since early June to 87c and putting it within sight of its pre-sell off price of $1.59.
Gold dominated financial markets and news flow this week as the world stumbled towards a significant economic slowdown
Gold dominated financial markets and news flow this week as the world stumbled towards a significant economic slowdown, but in the background were early signs of another metal on the move.
Nickel, which has been edging towards a price break-out for much of the year rallied strongly early yesterday, moving above $US7 a pound, and briefly trading at $US7.50/lb, its highest in more than four years, before settling around $US7.06/lb.
In early July, nickel was selling for $US5.30/lb which means that at its high point yesterday the metal had risen by more than 40% in two months.
The new field season in WA’s Paterson province has brought fresh exploration impetus, with Rio firing up 11 rigs
The new field season in WA’s Paterson province has brought fresh exploration impetus, with Rio firing up 11 rigs while nearby juniors Sipa and Antipa are planning holes of their own. Plus, Sandfire-backed White Rock offers investors two projects for the price of one.
Exploration in Western Australia’s remote Paterson province is heating up as was expected following Rio Tinto’s belated confirmation in February that its Winu copper-gold discovery was indeed something special.
Rare earths and potash returned to the winner’s circle this week as the first whiff of a correction wafted across the gold and iron ore sectors
Rare earths and potash returned to the winner’s circle this week as the first whiff of a correction wafted across the gold and iron ore sectors, while two industry leaders, BHP and Rio Tinto, paid a heavy price for annoying their supporters.
On a “follow-the-money” basis, it was hard to overlook the flow of funds into two emerging rare earth companies, Arafura and Northern Minerals, which attracted $30 million and $23.2 million respectively to advance their projects.
Plus, Liontown morphing into lithium city as new research report says the hot stock is just warming up
It is wrong to think that it has been a case of total gloom and doom for lithium equities since January.
The sector is down by 50%-plus on fears of over-supply well in to the 2020s and operational shortcomings at the newer operations.
It has not mattered that one by one, the world’s biggest auto groups have been pinning their futures to the electric vehicle revolution.
In a global market in which two million EV units were sold last year, VW reckons it will do five million units itself in 2025. Same with Toyota, and others have been chiming in.
Plus, soaring gold price triggers big bounce in Millennium shares
There were many factors behind the 2017 Pilbara conglomerate gold bubble.
But what really pumped up things was one of the great mining promotional events of our time.
The September 2017 event was orchestrated by the lead company in the bubble, Canada’s Novo Resources Corp (TSX-V:NVO).
Novo organised what’s known in the TV game as a live cross from the Denver Gold Forum to its Purdy’s Reward conglomerate project near Karratha in the Pilbara, a 50:50 joint venture with the ASX-listed Artemis (ARV).
Load up with gold and head for the hills or rush into industrial metals and oil
Load up with gold and head for the hills or rush into industrial metals and oil. That seems to be your choice from Monday, when a new financial year kicks off and we’ll know whether Trump and Xi shook hands and smiled – or not!
The handshake the world wants to see could occur today or tomorrow when Chinese President Xi Jinping is expected to have a face-to-face meeting with US President, Donald Trump at the G20 summit in the Japanese city of Osaka.