News - Prospector's Diary

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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A flood of cash and a hotly contested takeover were the highlights of a week which saw a significant shift in market action with more happening in boardrooms than in the field

A flood of cash and a hotly contested takeover were the highlights of a week which saw a significant shift in market action with more happening in boardrooms than in the field as prices for gold and iron ore headed for the ceiling, and beyond. Cardinal Resources, an Australian company operating in West Africa, has emerged as a target of competing bids from Chinese and Russian goldmining companies.

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Gold starred this week as it powered through the $US1800 an ounce price-ceiling, but it wasn’t alone.

Gold starred this week as it powered through the $US1800 an ounce price-ceiling, but it wasn’t alone. Copper and nickel marched higher, and that could mean that something more significant than a gold boom is underway. The forces driving gold, perhaps to a record high of more than $US2000/oz, are well understood: economic and political uncertainty flavoured with fear of an outbreak of double-digit inflation.

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No prize for guessing that gold was the top performing commodity in the first six months of 2020

No prize for guessing that gold was the top performing commodity in the first six months of 2020, up 17%, but there might be more to gain from picking the next winner and while it’s a long shot, there were more hints this week of a lithium revival. The rush into gold saw it reach $US1790 an ounce on Monday (with futures reaching $US1800/oz) before profit-takers moved in, providing a double-barreled lesson for investors, with the first being that events in the US are the key to the gold price and that the higher a commodity rises, the more sellers it attracts.

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One door shuts and another opens. That’s the best way to see this week’s change-over in commodity market sentiment

One door shuts and another opens. That’s the best way to see this week’s change-over in commodity market sentiment as iron ore started its inevitable decline after a spectacular 12-months to be replaced by strong demand and higher prices for copper, nickel and gold. The flip will not be immediate or universal but the trend is there for anyone to see, once you get past the latest outbreak of Covid-19 panic in the US and other parts of the world, including Australia’s own problem State, Victoria.

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“Greenlit” is the new description of gold, which traded this week between the tramlines of $US1710-and-$US1730 an ounce but could soon be heading for $US1900/oz as negative virus and geopolitical news dampened enthusiasm for rival assets

“Greenlit” is the new description of gold, which traded this week between the tramlines of $US1710-and-$US1730 an ounce but could soon be heading for $US1900/oz as negative virus and geopolitical news dampened enthusiasm for rival assets. Signs of a second wave of COVID-19 in China and the US destroyed confidence that the worst of the economy-sapping virus had passed.

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Just about everything else fell this week but gold reclaimed its star status with a rise of $US50 an ounce after a promise from the US central bank that there will be no increase in official interest rates for at least another two years

Just about everything else fell this week but gold reclaimed its star status with a rise of $US50 an ounce after a promise from the US central bank that there will be no increase in official interest rates for at least another two years. The problem with the no-rate increase comments from the Federal Reserve chairman Jay Powell is that while they might be good for gold, they reflect a downbeat outlook for US and global growth.

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Gold took a back seat to other commodities this week as investors decided that the Covid-19 pandemic is over and it’s time to make some money.

Gold took a back seat to other commodities this week as investors decided that the Covid-19 pandemic is over and it’s time to make some money. It might be stretching the point but one interpretation of recent events is that financial markets have “de-coupled” from politics and assorted health and public order concerns such as those seen in US unrest.

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14th - 15th Dec 2021

RRS 2021 Gold Coast Conference

In light of the continued escalation in the COVID-19 situation in Eastern Australia, we have made the decision to reschedule this year’s Resources Rising Stars Gold Coast Conference to Tuesday 14th

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