The AOCE and WB have moderate overall forecasts for the metals in 2025 inline with IMF forecasts for a decline in economic growth and inflation, although we see the probability of a stagflationary scenario as still reasonably high.Read More

The past year was a difficult one overall for the metals, with the main standouts to the upside being a geopolitical risk-driven gain in gold, a China-driven rise in iron ore and a surge in uranium on broadening global support for nuclear power (Figure 1). A jump in global interest rates to near two-decade highs saw recession fears persist all year, and while one still did not actually eru...Read More

This year the post-global health crisis boom was brought to an end by a surge in inflation to forty-year highs, a major rise in global interest rates in an attempt to curb the rising prices and surging geopolitical risk after Russia's invasion of Ukraine. While precious metals held up reasonably well as markets turned to them as a risk hedge, by Q2/22 the higher interest rates put an end t...Read More

Chile is the world leader in copper production, at 28.5% of the total in 2020, and this looks set to continue, with the country having the largest global reserves, at 23.0% of total. It is also the global leader for molybdenum, which is often found along with copper, and is a major lithium player, holding 51.1% of global reserves. Read More

Newfoundland has become a gold exploration hotspot over the past few years, with the sector seeing some of its strongest activity ever. While the province remains a small contributor to Canadian gold production, it has a substantial mineral industry well supported by the government, focused on iron ore, copper and nickel, and the surge in exploration suggests that gold output from the...Read More

Nevada is the core of the U.S. gold output, accounting for by far the majority, at 75.4% on average for the past year. The state looks set to remain a dominant player in U.S. gold, as it accounts for 49% of total U.S. reserves, with Alaska slightly ahead with 51% of reserves, but just 8.6% of current production. The U.S. accounts for 6.1% of global gold output, making Nevada one of the largest gol...Read More

The Golden Triangle in northwestern British Columbia has historically been a major site of Canadian gold production, beginning as early as the mid 1800s. There was a wave of production in the 1990s which cooled as the gold price declined, but larger scale production resumed in 2017, and the area has seen surging exploration interest over the past year, given that the region has some of the largest...Read More

In this report we outline the Quebec gold mining industry, including its major producers, and a survey of many of the junior miners focused on the province. Quebec accounts for 34% of Canadian gold production (second to Ontario, with 44%) and remains a major focus for both producers and junior miners.Read More

Red Lake has been one of the most prolific gold mining districts in Canada and the world, with exploration having started in the 1920s, and production, which began in the 1930s, continuing to the present day. The district is known for the high grade of its gold, its infrastructure, and strong institutional support, given the long history of mining in the area.Read More

Cejay Kim September 3, 2015 Category: Research Since the 1950s, the S&P 500 has experienced ten bull markets and nine bear markets. The average length of a bull market has been 282 weeks, with the bear markets averaging 67 weeks.The most prolific bull market occurred during December 4, 1987 to March 24, 2000, when the S&P returned 549% over 642 weeks. To put that into perspective, the curr...Read More

Cejay Kim September 3, 2015 Category: Research Since the 1950s, the S&P 500 has experienced ten bull markets and nine bear markets. The average length of a bull market has been 282 weeks, with the bear markets averaging 67 weeks.The most prolific bull market occurred during December 4, 1987 to March 24, 2000, when the S&P returned 549% over 642 weeks. To put that into perspective, the curr...Read More

Cejay Kim September 3, 2015 Category: Research Since the 1950s, the S&P 500 has experienced ten bull markets and nine bear markets. The average length of a bull market has been 282 weeks, with the bear markets averaging 67 weeks.The most prolific bull market occurred during December 4, 1987 to March 24, 2000, when the S&P returned 549% over 642 weeks. To put that into perspective, the curr...Read More

Cejay Kim September 3, 2015 Category: Research Since the 1950s, the S&P 500 has experienced ten bull markets and nine bear markets. The average length of a bull market has been 282 weeks, with the bear markets averaging 67 weeks.The most prolific bull market occurred during December 4, 1987 to March 24, 2000, when the S&P returned 549% over 642 weeks. To put that into perspective, the curr...Read More

In the popular imagination, the work of scientists is marked by a series of "Eureka!" moments. But most science is not about glorious flashes of insight. Instead, its humble aim is to be less wrong about the theories that govern our understanding of the universe.The best way to judge new theories, then, is the old adage of "trust, but verify." In recent decades, however, this s...Read More

In the popular imagination, the work of scientists is marked by a series of "Eureka!" moments. But most science is not about glorious flashes of insight. Instead, its humble aim is to be less wrong about the theories that govern our understanding of the universe.The best way to judge new theories, then, is the old adage of "trust, but verify." In recent decades, however, this s...Read More

It is now legal for law enforcement in North Dakota to fly drones armed with everything from Tasers to tear gas thanks to a last-minute push by a pro-police lobbyist.With all the concern over the militarization of police in the past year, no one noticed that the state became the first in the union to allow police to equip drones with "less than lethal" weapons. House Bill 1328 wasn't...Read More

It is now legal for law enforcement in North Dakota to fly drones armed with everything from Tasers to tear gas thanks to a last-minute push by a pro-police lobbyist.With all the concern over the militarization of police in the past year, no one noticed that the state became the first in the union to allow police to equip drones with "less than lethal" weapons. House Bill 1328 wasn't...Read More

In July 2013, GCHQ, Britain's equivalent of the U.S. National Security Agency, forced journalists at the London headquarters of The Guardian to completely obliterate the memory of the computers on which they kept copies of top-secret documents provided to them by former NSA contractor and whistleblower Edward Snowden.However, in its attempt to destroy information, GCHQ also revealed intriguing...Read More

In July 2013, GCHQ, Britain's equivalent of the U.S. National Security Agency, forced journalists at the London headquarters of The Guardian to completely obliterate the memory of the computers on which they kept copies of top-secret documents provided to them by former NSA contractor and whistleblower Edward Snowden.However, in its attempt to destroy information, GCHQ also revealed intriguing...Read More

It has come to this: The GOP, formerly the party of Lincoln and ostensibly the party of liberty and limited government, is being defined by clamors for a mass roundup and deportation of millions of human beings. To will an end is to will the means for the end, so the Republican clamors are also for the requisite expansion of government's size and coercive powers.Most of Donald Trump's norm...Read More

It has come to this: The GOP, formerly the party of Lincoln and ostensibly the party of liberty and limited government, is being defined by clamors for a mass roundup and deportation of millions of human beings. To will an end is to will the means for the end, so the Republican clamors are also for the requisite expansion of government's size and coercive powers.Most of Donald Trump's norm...Read More

Remember the 4th Amendment? We hear it's making a comeback. Back in May, we had a story about another court explaining to the government that, contrary to popular belief within Homeland Security, the 4th Amendment does still apply at the border, and thus Border Patrol can't just take someone's laptop without a warrant.The case involved a guy named Jae Shik Kim, who the government suspe...Read More

Remember the 4th Amendment? We hear it's making a comeback. Back in May, we had a story about another court explaining to the government that, contrary to popular belief within Homeland Security, the 4th Amendment does still apply at the border, and thus Border Patrol can't just take someone's laptop without a warrant.The case involved a guy named Jae Shik Kim, who the government suspe...Read More

Two women in Saudi Arabia made history last week when they became the country's first registered female voters, according to local media."The participation of the Saudi women in the municipal elections as voters and candidates was a dream for us," Jamal al-Saadi, one of the women who registered, told the Saudi Gazette. She added: "I was quite ready for this day."A handful o...Read More

Two women in Saudi Arabia made history last week when they became the country's first registered female voters, according to local media."The participation of the Saudi women in the municipal elections as voters and candidates was a dream for us," Jamal al-Saadi, one of the women who registered, told the Saudi Gazette. She added: "I was quite ready for this day."A handful o...Read More

Cejay Kim August 26, 2015 Category: Research 1.The divergence between commodities and the S&P 500 is at an all-time high. The recent flash crash of the S&P 500 suggests that we are nearing a closing of the gap.2.We continue to update this chart and wonder just how much longer this bear can last. The TSX Venture has now almost hit the record low it achieved during the 2008-2009 Financial Cr...Read More

Cejay Kim August 26, 2015 Category: Research 1.The divergence between commodities and the S&P 500 is at an all-time high. The recent flash crash of the S&P 500 suggests that we are nearing a closing of the gap.2.We continue to update this chart and wonder just how much longer this bear can last. The TSX Venture has now almost hit the record low it achieved during the 2008-2009 Financial Cr...Read More

Cejay Kim August 26, 2015 Category: Research 1.The divergence between commodities and the S&P 500 is at an all-time high. The recent flash crash of the S&P 500 suggests that we are nearing a closing of the gap.2.We continue to update this chart and wonder just how much longer this bear can last. The TSX Venture has now almost hit the record low it achieved during the 2008-2009 Financial Cr...Read More

Cejay Kim August 26, 2015 Category: Research 1.The divergence between commodities and the S&P 500 is at an all-time high. The recent flash crash of the S&P 500 suggests that we are nearing a closing of the gap.2.We continue to update this chart and wonder just how much longer this bear can last. The TSX Venture has now almost hit the record low it achieved during the 2008-2009 Financial Cr...Read More