News - Prospector's Diary

Most metal prices, including gold, crept higher during the week but the big news in the Australian resources sector could be found in a strong flow of discovery and development news

Most metal prices, including gold, crept higher during the week but the big news in the Australian resources sector could be found in a strong flow of discovery and development news, supported up by a flood of fresh capital. If there was a weakness it was in iron ore where a chorus of investment banks are forecasting one last solid quarter before a long downhill slide which will take the steel-making material back from this week’s peak of $US130 a tonne to below $US90/t.

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Gold faded after a solid start to the week thanks largely to a stronger US dollar but as that was happening, more evidence emerged of renewed interest in copper and other commodities.

Gold faded after a solid start to the week thanks largely to a stronger US dollar but as that was happening, more evidence emerged of renewed interest in copper and other commodities. A series of events highlighted what could be the start of a significant rotation of capital with the raw materials sector challenging the dominance of technology and finance.

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Interest rates lower for longer. Inflation higher for longer. That’s what the U.S. central bank wants, and it’s an unwise investor who bets against the most powerful bank in the world.

Interest rates lower for longer. Inflation higher for longer. That’s what the U.S. central bank wants, and it’s an unwise investor who bets against the most powerful bank in the world. Details of what could be a significant change in Federal Reserve policy will become clearer over the next few days but a glimpse of what might be coming could be seen on Australian markets ahead of a key speech by the bank’s chairman, Jerome Powell.

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Volatility ruled financial markets this week with gold’s roller-coaster ride a perfect example of what to expect for the rest of the year.

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Gold’s overdue price correction hit the wallets of investors this week and bruised a few egos, but while that predictable event was occurring something more remarkable was happening in iron ore

Gold’s overdue price correction hit the wallets of investors this week and bruised a few egos, but while that predictable event was occurring something more remarkable was happening in iron ore, where a seven-year boom might have started. The 9.3% fall in gold from a peak $US2068 an ounce last week to a low of $US1875/oz on Wednesday has been blamed on multiple factors, ranging from Russia’s claim to have developed a successful Covid-19 vaccine, to signs of an improvement in the U.S. economy, which could point to a stronger U.S. dollar.

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The bulls ran wild this week, driving gold and iron ore to fresh highs while trampling on anyone with a bearish view such as that aired last week by Macquarie Bank, which warned that the gold price was looking stretched.

The bulls ran wild this week, driving gold and iron ore to fresh highs while trampling on anyone with a bearish view such as that aired last week by Macquarie Bank, which warned that the gold price was looking stretched. FOMO (fear of missing out) has become an important factor (if not THE factor) in what’s happening as less experienced traders are drawn into commodity markets, though there are genuine reasons for supporting an argument that the market might be stronger for longer.

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Profit-takers dictated activity in the red-hot gold sector this week as the first warning bell was rung about “stretched” share prices, even as the underlying metal built on its record run and reached out towards the magic mark of $US2000 an ounce.

Profit-takers dictated activity in the red-hot gold sector this week as the first warning bell was rung about “stretched” share prices, even as the underlying metal built on its record run and reached out towards the magic mark of $US2000 an ounce. Macquarie Bank, the biggest gold bull in the Australian financial sector, warned that gold had entered “overshoot” territory after its 16.5% rise in seven weeks, from $US1680/oz on June 5 to its latest price of $US1958/oz, which is down slightly on the record $US1981/oz reached on Tuesday.

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Silver, the poor-man’s gold, set the pace this week as investors accelerated their flight to safety

Silver, the poor-man’s gold, set the pace this week as investors accelerated their flight to safety, driven by concern about Covid-19’s ongoing economic damage and the potential for a powerful return of inflation, which can damage the value of financial assets such as cash. Since the middle of last month, silver has risen by 35% to $US23.14 an ounce, easily outstripping gold’s 9% rise over the same time to a nine-year high of $US1868/oz as the value of the US dollar continued to slide and some US interest rates went deeper into negative territory.

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