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 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

Four-star General Ray Odierno retired from his position as U.S. Army chief of staff on Friday. Now, less than a week after mustering out, he's cashing in. The former general has taken a job as a senior adviser to the investment firm JPMorgan Chase.In a press release posted on JPMorgan's website on Thursday, the firm announced that Odierno is joining the company in "a senior advisory c...Read More

Four-star General Ray Odierno retired from his position as U.S. Army chief of staff on Friday. Now, less than a week after mustering out, he's cashing in. The former general has taken a job as a senior adviser to the investment firm JPMorgan Chase.In a press release posted on JPMorgan's website on Thursday, the firm announced that Odierno is joining the company in "a senior advisory c...Read More

We are becoming used to doing more of our banking online or on mobiles – in fact it has probably been some time since many of us actually set foot in a high street bank branch. This might lead you to conclude that the internet has shaken up or disrupted the banking sector.But actually banking hasn't even begun to be disrupted in the same way that the likes of Expedia, Betfair and Amazon...Read More

We are becoming used to doing more of our banking online or on mobiles – in fact it has probably been some time since many of us actually set foot in a high street bank branch. This might lead you to conclude that the internet has shaken up or disrupted the banking sector.But actually banking hasn't even begun to be disrupted in the same way that the likes of Expedia, Betfair and Amazon...Read More

Ohio voters will decide this fall whether to legalize marijuana in the Buckeye State for recreational and medical use.ResponsibleOhio's marijuana legalization constitutional amendment was certified Wednesday by the Ohio secretary of state. It will appear as Issue 3 on the statewide ballot for the general election on Nov. 3.If approved by voters, Ohio would be the fifth state to legalize mariju...Read More

Ohio voters will decide this fall whether to legalize marijuana in the Buckeye State for recreational and medical use.ResponsibleOhio's marijuana legalization constitutional amendment was certified Wednesday by the Ohio secretary of state. It will appear as Issue 3 on the statewide ballot for the general election on Nov. 3.If approved by voters, Ohio would be the fifth state to legalize mariju...Read More

Many local municipalities experience budgetary pressure. Rather than raise taxes or cut services in response, things that are often politically unpalatable, they turn to law enforcement and courts to make up the difference in tickets and fines. Some can also increase the number of finable offenses and stiffen the penalties.Officers, already disproportionately deployed and arrayed in so-called &quo...Read More

Many local municipalities experience budgetary pressure. Rather than raise taxes or cut services in response, things that are often politically unpalatable, they turn to law enforcement and courts to make up the difference in tickets and fines. Some can also increase the number of finable offenses and stiffen the penalties.Officers, already disproportionately deployed and arrayed in so-called &quo...Read More

The GOP establishment has been plotting to consign Donald Trump to the electoral scrap heap ever since he entered the race. The question we should ask is why.The GOP will say it's because he's a clown, he has no experience, he can't win, he's more a celebrity than a politician. This might all be true. But there's another big reason they'd rather not talk about.At the debate...Read More

The GOP establishment has been plotting to consign Donald Trump to the electoral scrap heap ever since he entered the race. The question we should ask is why.The GOP will say it's because he's a clown, he has no experience, he can't win, he's more a celebrity than a politician. This might all be true. But there's another big reason they'd rather not talk about.At the debate...Read More

Cejay Kim August 19, 2015 Category: Research No one wants to buy TSX Venture-listed companies. The numbers speak for themselves, from 2011 the total shares traded dropped from 64.5 billion to a measly 18.5 billion year-to-date. And the total value traded in those shares was down from C$42.5 billion to C$5.6 billion.You can thank the junior miners for that, who comprise 60% of the TSXV, or 1,154 of...Read More

Cejay Kim August 19, 2015 Category: Research No one wants to buy TSX Venture-listed companies. The numbers speak for themselves, from 2011 the total shares traded dropped from 64.5 billion to a measly 18.5 billion year-to-date. And the total value traded in those shares was down from C$42.5 billion to C$5.6 billion.You can thank the junior miners for that, who comprise 60% of the TSXV, or 1,154 of...Read More

Cejay Kim August 19, 2015 Category: Research No one wants to buy TSX Venture-listed companies. The numbers speak for themselves, from 2011 the total shares traded dropped from 64.5 billion to a measly 18.5 billion year-to-date. And the total value traded in those shares was down from C$42.5 billion to C$5.6 billion.You can thank the junior miners for that, who comprise 60% of the TSXV, or 1,154 of...Read More

Cejay Kim August 19, 2015 Category: Research No one wants to buy TSX Venture-listed companies. The numbers speak for themselves, from 2011 the total shares traded dropped from 64.5 billion to a measly 18.5 billion year-to-date. And the total value traded in those shares was down from C$42.5 billion to C$5.6 billion.You can thank the junior miners for that, who comprise 60% of the TSXV, or 1,154 of...Read More

Cejay Kim August 19, 2015 Category: Research No one wants to buy TSX Venture-listed companies. The numbers speak for themselves, from 2011 the total shares traded dropped from 64.5 billion to a measly 18.5 billion year-to-date. And the total value traded in those shares was down from C$42.5 billion to C$5.6 billion.You can thank the junior miners for that, who comprise 60% of the TSXV, or 1,154 of...Read More

The National Security Agency's ability to spy on vast quantities of Internet traffic passing through the United States has relied on its extraordinary, decades-long partnership with a single company: the telecom giant AT&T.While it has been long known that American telecommunications companies worked closely with the spy agency, newly disclosed N.S.A. documents show that the relationship...Read More

The National Security Agency's ability to spy on vast quantities of Internet traffic passing through the United States has relied on its extraordinary, decades-long partnership with a single company: the telecom giant AT&T.While it has been long known that American telecommunications companies worked closely with the spy agency, newly disclosed N.S.A. documents show that the relationship...Read More

Some of the earliest adopters of the digital currency Bitcoin were criminals, who have found it invaluable in online marketplaces for contraband and as payment extorted through lucrative "ransomware" that holds personal data hostage. A new Bitcoin-inspired technology that some investors believe will be much more useful and powerful may be set to unlock a new wave of criminal innovation.T...Read More