News - Prospector's Diary

Gold tried to rise this week, with limited success, leaving the best gains to energy in its many forms,

Gold tried to rise this week, with limited success, leaving the best gains to energy in its many forms, led by oil but with lithium and other members of the battery-metal family (including copper) not far behind. Because so many Australian investors are exposed to gold it’s worth having a look at the changing dynamics of the gold market. These could put a floor under its price, which has dropped by 16% over the past nine months to latest trades at $US1738/oz.

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Brazil’s descent this week into a full-blown Covid-19 crisis should ensure ongoing super profits for Australia’s iron ore miners as the price of the steel-making material rises back above $US170 a tonne.

Brazil’s descent this week into a full-blown Covid-19 crisis should ensure ongoing super profits for Australia’s iron ore miners as the price of the steel-making material rises back above $US170 a tonne. The potential for continuing Brazilian supply shortfall, when combined with strong worldwide demand for steel, could easily see iron ore challenge last month’s near-record high of almost $US180/t. What’s happening in iron ore was not expected. Most investment banks had been forecasting a price fall as supply rose and Chinese steel demand peaked.

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It’s been a long time since uranium caught the eye of mainstream investors but in a shortened pre-Easter week when the price of almost everything else was trending down, it was time for the love-hate nuclear fuel to shine (or should that be glow!).

It’s been a long time since uranium caught the eye of mainstream investors but in a shortened pre-Easter week when the price of almost everything else was trending down, it was time for the love-hate nuclear fuel to shine (or should that be glow!). Second-tier investment banks and stockbrokers such as Shaw and Partners have been banging the uranium drum for several months with buy tips on most uranium explorers, including this week’s positive recommendation on Peninsula Energy, which has a promising U.S. project.

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Gold regained some of its appeal this week as the global economic growth story hit a rocky patch best illustrated by images of a fully-loaded container ship blocking the Suez Canal – a metaphor of how the broader economic picture has taken a turn for the

Gold regained some of its appeal this week as the global economic growth story hit a rocky patch best illustrated by images of a fully-loaded container ship blocking the Suez Canal – a metaphor of how the broader economic picture has taken a turn for the worse. Whether it has been threats from the European Union to withhold Covid-19 vaccine from export or a series of confidence-sapping surprises in a number of commodity markets, the score by last night was gold 1, rest of the market nil.

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A whiff of inflation, and the promise of low interest rates for longer, boosted gold this week, while the rush into battery metals picked up pace which makes it more essential than ever for investors to have exposure to “new energy” metals such as lithium

A whiff of inflation, and the promise of low interest rates for longer, boosted gold this week, while the rush into battery metals picked up pace which makes it more essential than ever for investors to have exposure to “new energy” metals such as lithium. Gold, which had been fading for much of the past six months, got a kick from news that the U.S. central bank will sit on official interest rates for another two years, even as its forecast for economic growth in 2021 rises from an already strong 4.2% to a Chinese-style 6.5%

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Gold enjoyed a relief rally this week as the U.S. prepared to pump an extra $US1.9 trillion of paper money into the system

Gold enjoyed a relief rally this week as the U.S. prepared to pump an extra $US1.9 trillion of paper money into the system, but the bigger picture of rising interest rates and the potential for faster global growth kept the focus on copper and other industrial materials, including oil. It wasn’t all plain sailing for industrial materials. It never is, as investors exposed to nickel discovered when China delivered a supply surprise. Iron ore also suffered a setback courtesy of events in China which point to a cutback in steel production.

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Instability caused by last week’s rise in U.S. bond rates remained the dominant theme on financial markets this week with iron ore and copper the pick of the commodities sector while gold struggled to recover lost ground.

Instability caused by last week’s rise in U.S. bond rates remained the dominant theme on financial markets this week with iron ore and copper the pick of the commodities sector while gold struggled to recover lost ground. More of the same can be expected in future weeks until a clear picture emerges of the post-pandemic world and investors learn to live with the aftershocks of the wild ride on markets over the last 12-months.

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Feeding frenzy or supercycle? That is the question which dominated the thinking of seasoned market watchers this week as everything (well, almost everything) went up and the rotation out of precious metals into industrial commodities gathered pace.

Feeding frenzy or supercycle? That is the question which dominated the thinking of seasoned market watchers this week as everything (well, almost everything) went up and the rotation out of precious metals into industrial commodities gathered pace. Management moves, often seen at this stage of a sea-change in the commodity sector, also caught the eye of investors, especially the planned shift of Northern Star’s executive chairman, Bill Beament, for something smaller and presumably more fun.

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