News - Prospector's Diary

A “blue wave” in US politics could become a “green wave” for Australian investors with early signs of a significant recovery developing in the battery metals sector of the stock market.

A “blue wave” in US politics could become a “green wave” for Australian investors with early signs of a significant recovery developing in the battery metals sector of the stock market. Despite another 11-days of campaigning before the US Presidential election on November 3, early bets are being placed on lithium, nickel and graphite miners in the hope that the Democrat contender, Joe Biden, defeats Donald Trump.

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A lot was said this week, mainly at the delayed Diggers & Dealers mining forum in Kalgoorlie, but not much changed, except for a smattering of encouraging discovery and project development news.

A lot was said this week, mainly at the delayed Diggers & Dealers mining forum in Kalgoorlie, but not much changed, except for a smattering of encouraging discovery and project development news. The hothouse atmosphere of the conference (in a 37-degree hothouse environment of Kalgoorlie at the start of summer) smothered the reality of nervous financial markets praying for an end to the Covid-19 pandemic and that other confidence sapping event, the U.S. Presidential election.

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1+1 really can equal 3, sometimes. Which is one way of looking at the proposed Northern Star + Saracen merger that has launched a fresh wave of interest in gold, with mergers and acquisitions (M&A) expected to take centre stage over the next 12-months.

1+1 really can equal 3, sometimes. Which is one way of looking at the proposed Northern Star + Saracen merger that has launched a fresh wave of interest in gold, with mergers and acquisitions (M&A) expected to take centre stage over the next 12-months. Investor reaction to the Northern Star + Saracen deal has been impressively positive at what is shaping as a delicate time in the gold-price cycle as some central banks switch from buying to selling.

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Gold took a peek above $US1900 an ounce in the aftermath of this week’s Trump v Biden presidential debate as financial markets started to price risks associated with increased volatility ahead of a possible change of government in the U.S.

Gold took a peek above $US1900 an ounce in the aftermath of this week’s Trump v Biden presidential debate as financial markets started to price risks associated with increased volatility ahead of a possible change of government in the U.S. Despite sliding back to around $US1893/oz to still be well short of the record $US2067/oz reached in early August, it is the return of an upward price trend which should have investors revisiting their exposure to gold. The gold recovery was not the only significant market news this week, with market-moving events which included:

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Winners were hard to find on most markets this week as multiple uncertainties bruised investor confidence but a dive into the detail revealed a surprising number of upward moves and equally surprising upbeat views from leading investment banks.

Winners were hard to find on most markets this week as multiple uncertainties bruised investor confidence but a dive into the detail revealed a surprising number of upward moves and equally surprising upbeat views from leading investment banks. Best in class was undoubtedly Chalice Gold Mines, which continued its stellar run as analysts and investors gained a greater insight into its emerging Julimar platinum group metals (PGM) discovery near Perth.

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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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