News - Prospector's Diary

A “rolling bottom” might sound like a medical condition but it’s actually one of the more encouraging signs of normality returning to financial markets

A “rolling bottom” might sound like a medical condition but it’s actually one of the more encouraging signs of normality returning to financial markets. First observers to spot the feature, also known as a “rounding bottom” on graphs which track the world’s economy, were analysts at the investment bank, Morgan Stanley. In a report on the health of global manufacturing, the end-market for Australia’s natural resource exports, the bank asked earlier this week: “Did April mark the bottom for manufacturing purchasing managers indices?”

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The road back to normality started this week as Covid-19 infections faded, but shrewd investors will be watching carefully for potholes while also recognising that the smoothest ride will be on a street paved with gold...

The road back to normality started this week as Covid-19 infections faded, but shrewd investors will be watching carefully for potholes while also recognising that the smoothest ride will be on a street paved with gold. Encouraging as the public health news might be, the reality is that the global economy has taken a fearsome pounding with a very real risk of regression into extended lockdowns and double-dip downturns for countries which rush their return.

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Gold and oil were the big movers on the market this week, albeit in different directions, with gold up, and said to be heading for $US3000 an ounce, and oil so far down that it went below zero in some futures contracts

Gold and oil were the big movers on the market this week, albeit in different directions, with gold up, and said to be heading for $US3000 an ounce, and oil so far down that it went below zero in some futures contracts. That gold-price tip wasn’t from a fly-by-night investment adviser. It came from the normally cautious Bank of America, which jacked-up its gold forecast by 50% from a long-standing forecast of $US2000/oz.

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Discovery and development news, plus a rare “speeding ticket”, were highlights of what has been one of the better weeks for Australian resources stocks since the coronavirus flattened confidence

Discovery and development news, plus a rare “speeding ticket”, were highlights of what has been one of the better weeks for Australian resources stocks since the coronavirus flattened confidence, with fingers crossed that the trend can continue. Chalice Gold led the way with a 50c (80%) rise to 99c after releasing fresh results from its Julimar nickel and palladium discovery near Perth, a find with the potential to become Australia’s first palladium mine.

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It’s a rare day when the closure, however temporary, of copper mines in Panama and Zambia means anything to Australian investors...

It’s a rare day when the closure, however temporary, of copper mines in Panama and Zambia means anything to Australian investors, but what happened in those countries this week is the latest example of how a supply cuts are helping support commodity and share prices. Both closures, the Cobre mine in Panama and Mopani in Zambia, were caused by concern about coronavirus infections as well as the low copper price, adding to a theme of outages and shortages, especially in the uranium sector, explored in this column last week.

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Outages, shortages and mine closures are emerging as an important price-moving factor in the resources sector, with uranium making a surprise return to the winner’s circle this week...

Outages, shortages and mine closures are emerging as an important price-moving factor in the resources sector, with uranium making a surprise return to the winner’s circle this week thanks to a major mine in Canada being mothballed for at least a month. While not in the same league as last year’s outage events in the Brazilian iron ore industry, which put a rocket under the iron ore price, the Covid-19-caused loss of uranium supply from Cameco’s Cigar Lake mine gave the nuclear fuel a 15% price boost.

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High-quality discovery news, successful capital raisings and confident buy tips have been rare commodities over the past month, but the past few days have seen signs of normality returning to a badly-bruised resources sector.

High-quality discovery news, successful capital raisings and confident buy tips have been rare commodities over the past month, but the past few days have seen signs of normality returning to a badly-bruised resources sector. It wasn’t all good news, it never is, with leading gold producer, Northern Star, suffering a “coronavirus-related” setback which rubbed the gloss off its share price.

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Volatility was the theme of last week’s edition of Prospector’s Diary, and boy did we all learn a lot about what that means this week

Volatility was the theme of last week’s edition of Prospector’s Diary, and boy did we all learn a lot about what that means this week, leading to the question of what’s next. In a word, drought, and the lessons investors can learn from farmers when they hit a dry patch. The first things farmers don’t do is panic because they know that in Australia drought is as natural as flood.

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