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

Central Bankers Weren't Meant to Be Heroes … The U.S. recovery is starting to look halfway respectable. Europe's economies, meanwhile, face the risk of a third recession in seven years. There's a lesson in that contrast: Good economic policy means never having to ask your central bank to be a hero … Sadly … heroic central bankers are all too likely to remain in demand...Read More

Prosecute Torturers and Their Bosses … Since the day President Obama took office, he has failed to bring to justice anyone responsible for the torture of terrorism suspects — an official government program conceived and carried out in the years after the attacks of Sept. 11, 2001. He did allow his Justice Department to investigate the C.I.A.'s destruction of videotapes of torture s...Read More

Central Bankers Weren't Meant to Be Heroes … The U.S. recovery is starting to look halfway respectable. Europe's economies, meanwhile, face the risk of a third recession in seven years. There's a lesson in that contrast: Good economic policy means never having to ask your central bank to be a hero … Sadly … heroic central bankers are all too likely to remain in demand...Read More

Prosecute Torturers and Their Bosses … Since the day President Obama took office, he has failed to bring to justice anyone responsible for the torture of terrorism suspects — an official government program conceived and carried out in the years after the attacks of Sept. 11, 2001. He did allow his Justice Department to investigate the C.I.A.'s destruction of videotapes of torture s...Read More

Investigators Said to Seek No Penalty for C.I.A.'s Computer Search … A panel investigating the Central Intelligence Agency's search of a computer network used by staff members of the Senate Intelligence Committee who were looking into the C.I.A.'s use of torture will recommend against punishing anyone involved in the episode, according to current and former government officials....Read More

Colombia Is One Of Latin America's Most Promising New Tech Hubs … Ten years ago, the idea that Colombia would become a burgeoning hub for any dynamic industry beyond its notorious drug trade would have struck most observers as far-fetched. As recently as the turn of the century, conventional wisdom had it that the tropical, Andean nation was on the verge of becoming a failed state. Fast...Read More

Investigators Said to Seek No Penalty for C.I.A.'s Computer Search … A panel investigating the Central Intelligence Agency's search of a computer network used by staff members of the Senate Intelligence Committee who were looking into the C.I.A.'s use of torture will recommend against punishing anyone involved in the episode, according to current and former government officials....Read More

Colombia Is One Of Latin America's Most Promising New Tech Hubs … Ten years ago, the idea that Colombia would become a burgeoning hub for any dynamic industry beyond its notorious drug trade would have struck most observers as far-fetched. As recently as the turn of the century, conventional wisdom had it that the tropical, Andean nation was on the verge of becoming a failed state. Fast...Read More

US stocks leap after Fed signals patience on rates … U.S. stocks surged on Thursday, extending Wall Street's best day of the year, after the Federal Reserve said it would be patient in increasing interest rates. Equities came off session highs, however, as oil turned lower. – CNBCDominant Social Theme: Things are looking really good for the dollar and US stocks. Who expected this,...Read More

Maybe There's No Such Thing as a Business Cycle … Is the U.S. economy's current expansion past its sell-by date? Will we soon go back to the employment levels we had before 2008, or did the recession do lasting damage? Macroeconomists wrestle with these questions, but usually without much success. To understand why it's so hard to predict business cycles, you need to realize that...Read More

US stocks leap after Fed signals patience on rates … U.S. stocks surged on Thursday, extending Wall Street's best day of the year, after the Federal Reserve said it would be patient in increasing interest rates. Equities came off session highs, however, as oil turned lower. – CNBCDominant Social Theme: Things are looking really good for the dollar and US stocks. Who expected this,...Read More

Maybe There's No Such Thing as a Business Cycle … Is the U.S. economy's current expansion past its sell-by date? Will we soon go back to the employment levels we had before 2008, or did the recession do lasting damage? Macroeconomists wrestle with these questions, but usually without much success. To understand why it's so hard to predict business cycles, you need to realize that...Read More

Frothy.com … A new tech bubble seems to be inflating. But when it pops, it should cause less damage than the dotcom crash of 2000 … In December, 15 years ago the dotcom crash was a few weeks away. Veterans of that fiasco may notice some familiar warning signs this festive season … Janet Yellen, the head of the Federal Reserve, has warned that social-media firms are overvalued&mda...Read More

Deflation Stalks the Globe … Crude oil trading at less than $60 a barrel for the first time in five years means lower gasoline prices and more money in consumer's pockets, right? And the knock-on effect of driving down consumer prices is great for everyone, correct? And the global economy needs all the help it can get as it drags itself out of recession, so what's not to love about l...Read More

Frothy.com … A new tech bubble seems to be inflating. But when it pops, it should cause less damage than the dotcom crash of 2000 … In December, 15 years ago the dotcom crash was a few weeks away. Veterans of that fiasco may notice some familiar warning signs this festive season … Janet Yellen, the head of the Federal Reserve, has warned that social-media firms are overvalued&mda...Read More

Deflation Stalks the Globe … Crude oil trading at less than $60 a barrel for the first time in five years means lower gasoline prices and more money in consumer's pockets, right? And the knock-on effect of driving down consumer prices is great for everyone, correct? And the global economy needs all the help it can get as it drags itself out of recession, so what's not to love about l...Read More

Russia's Problems Are Everyone's Problems … "Cyprus with nukes." That's how someone, maybe me, referred to Russia in an IM conversation this morning. It's not really a fair comparison; Russia is a vast country loaded with natural resources, not a tiny island banking haven. But it does express a very real fear: that the world is about to experience a major financial...Read More

EXCLUSIVE: New York Mag's Boy Genius Investor Made It All Up … In an exclusive Observer interview, Mohammed Islam, said to have investment returns of $72 million as a hs senior, admits he invented the whole story … It's been a tough month for fact-checking. After the Rolling Stone campus rape story unraveled, readers of all publications can be forgiven for questioning the proce...Read More

Russia's Problems Are Everyone's Problems … "Cyprus with nukes." That's how someone, maybe me, referred to Russia in an IM conversation this morning. It's not really a fair comparison; Russia is a vast country loaded with natural resources, not a tiny island banking haven. But it does express a very real fear: that the world is about to experience a major financial...Read More

EXCLUSIVE: New York Mag's Boy Genius Investor Made It All Up … In an exclusive Observer interview, Mohammed Islam, said to have investment returns of $72 million as a hs senior, admits he invented the whole story … It's been a tough month for fact-checking. After the Rolling Stone campus rape story unraveled, readers of all publications can be forgiven for questioning the proce...Read More