News - Prospector's Diary

Australian gold bugs will forever remember June 20, 2019, as the day when the local gold price cracked the once unimaginable $2000 an ounce barrier

Australian gold bugs will forever remember June 20, 2019, as the day when the local gold price cracked the once unimaginable $2000 an ounce barrier – while showing every indication of going higher. The effect on gold stocks was electric, despite ample evidence that the $2000/oz mark had been in sight all years thanks to the combination of the China v US trade war and falling US interest rates.

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Good news in iron ore, gold and rare earths couldn’t spark investor enthusiasm in a week when most interest seemed to be in the negative effects of the China v US trade war

Good news in iron ore, gold and rare earths couldn’t spark investor enthusiasm in a week when most interest seemed to be in the negative effects of the China v US trade war and adjusting portfolios ahead the end of the financial year. So much negative sentiment might reasonably have been expected to have helped gold stocks move up further than they did, especially given the strong flow of funds into physical gold and exchange-traded funds.

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If Charles Dickens had not coined the expression “it was the best of times, it was the worst of times” in the opening lines to his epic Tale of Two Cities about 160 years ago

If Charles Dickens had not coined the expression “it was the best of times, it was the worst of times” in the opening lines to his epic Tale of Two Cities about 160 years ago, it would be a good way of describing events this week in the Australian gold sector. On the one hand, gold hit an all-time record of more than $A1900 an ounce, while on the other hand, three local gold miners suffered self-inflicted wounds that decimated their share prices.

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Rare earth stocks woke with a jolt this week

Rare earth stocks woke with a jolt this week, for the same reason iron ore stocks have been on fire. Both sectors are winners from the increasingly dangerous trade war which has pitted the US against China. The iron ore rally is well understood. It’s an event driven by a supply squeeze courtesy of problems in Brazil and demand-pull courtesy of China stimulating its economy to offset declining exports to the US.

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Battery-metal news livened up the Australian market in a week dominated by post-election analysis

Battery-metal news livened up the Australian market in a week dominated by post-election analysis, high iron ore prices, the return of coal to the winner’s circle and the first worrying signs that Dr Copper might be catching a trade-war cold. Five battery-linked events, two in lithium and one in each of graphite, rare earths and nickel, served as a reminder that battery-metals remain a sector with significant growth potential for Australian investors.

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The dead hand of Australian politics took a firm grip of the stock market

The dead hand of Australian politics took a firm grip of the stock market in the days before Saturday’s election despite abundant evidence that a number of sectors appear poised to move up sharply, led by gold, oil, iron ore and nickel. Gold and oil are the stand out opportunities as the Middle East heads towards a US v Iran showdown, potentially with severe implications for oil and LNG shipping movements along the world’s energy highway, the Persian Gulf.

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Lithium returned as a market driver this week through a combination of discovery news

Lithium returned as a market driver this week through a combination of discovery news and the potential for further takeover developments, eclipsing continued strength in iron ore and signs of a gold revival as international affairs took a turn for the worse. The big news was a possible second bidder entering the race for control of Kidman Resources, the lithium stock in the sights of industrial conglomerate, Wesfarmers.

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Battery metals, after a six-month sabbatical, surged back to the top of the mining-sector league table this week

Battery metals, after a six-month sabbatical, surged back to the top of the mining-sector league table this week thanks to a high-priced takeover bid from Wesfarmers for lithium project developer, Kidman Resources, and a plan to re-open the mothballed Ravensthorpe nickel project. Both moves demonstrated a return of confidence in battery metals and for the overall health of the broader market for minerals and metals.

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Upcoming Events

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4th - 5th Jun 2019

Gold Coast Conference

The 2019 Resources Rising Stars Conference was held on Tuesday 4 and Wednesday 5 June 2019 at the scenic RACV Royal Pines Resort on the Gold Coast. 

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