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

Obama Calls for New Partnership With Africa … The streets were lined with people as President Obama's motorcade departed from the airport in Tanzania, on Monday … After receiving the most ecstatic welcome of his weeklong trip to Africa, President Obama on Monday called for a new partnership with the continent, one that would help sustain its recent run of tremendous economic growth...Read More

India turns down Snowden asylum request … India said Tuesday that it had refused an asylum request from fugitive US intelligence analyst Edward Snowden, joining Poland in publically rebuffing him as he seeks an exit from a Moscow airport. "Our embassy in Moscow did receive a communication dated 30 June from Mr Edward Snowden. That communication did contain a request for asylum," fo...Read More

7 killed in Afghan attack on NATO firm … Bombings and other violence have been on the rise in the Afghan capital in recent weeks … Militants blew up a suicide car bomb at the gate to a NATO compound Taliban took responsibility for attack 7 people killed, several wounded … Afghan militants armed with explosives and firearms attacked a NATO compound just outside of Kabul early Tues...Read More

Gold Rises Most in Nine Weeks as Physical Demand Climbs … Gold prices advanced the most in nine weeks as demand for coins, bars and jewelry rebounded following the record quarterly plunge. – BloombergDominant Social Theme: Gold is so 'last year.'Free-Market Analysis: The puzzling thing about the decline in the price of gold relative to dollars is that there is demand for the ph...Read More

Feldstein: Why Inflation Is Low … Why has quantitative easing coexisted with price stability in the United States? Or, as I often hear, "Why has the Federal Reserve's printing of so much money not caused higher inflation?" Inflation has certainly been very low. During the past five years, the consumer price index has increased at an annual rate of just 1.5%. The Fed's prefe...Read More

Mark Carney goes in to bat for Britain … Governor Mark Carney takes the Tube on his first day … Mark Carney started his first day at the Bank of England with a Tube ride on the central line and a slew of advice on how he might try to fix the British economy. – UK TelegraphDominant Social Theme: Mark Carney, the most brilliant central banker of his generation, takes the subway to...Read More

Historic Mistake Watch … When the Fed began its talk of "tapering" asset purchases, I warned that it might turn out to be a "historic mistake". I guess the historic bit is still up in the air; but the mistake aspect is now glaringly obvious. Bond prices have plunged, and the Fed's attempts to inform markets that they've got it all wrong have only modestly mitigate...Read More

Irish bankers 'hoodwinked' government over bailout, secret recordings show … Tape recordings suggest bankers 'hoodwinked' the government over the size of the bailout. A top banker with the financial institution that almost bankrupted Ireland boasted that he had picked the figure of €7bn (£5.9bn) they told the Irish government was needed to rescue the Anglo Irish Ba...Read More

Danny Alexander: Tories should not waste time on EU referendum laws as Ukip will 'come and go' … The Tories should not be wasting time on an EU Referendum Bil as "Ukip will come and Ukip will go", Danny Alexander, a senior Liberal Democrat minister, has suggested. Labour and Lib Dem MPs are expected to be encouraged to boycott the Tory EU referendum Bill. Mr Alexander, the...Read More

U.S. plays down reports of spying on EU, other allies … Nearly all national governments, not just the United States, use "lots of activities" to safeguard their interests and security, U.S. Secretary of State John Kerry said on Monday, responding for the first time to allegations that Washington spied on the European Union and other allies. – ReutersDominant Social Theme: Hor...Read More

Feldstein: Why Inflation Is Low … Why has quantitative easing coexisted with price stability in the United States? Or, as I often hear, "Why has the Federal Reserve's printing of so much money not caused higher inflation?" Inflation has certainly been very low. During the past five years, the consumer price index has increased at an annual rate of just 1.5%. The Fed's prefe...Read More

Mark Carney goes in to bat for Britain … Governor Mark Carney takes the Tube on his first day … Mark Carney started his first day at the Bank of England with a Tube ride on the central line and a slew of advice on how he might try to fix the British economy. – UK TelegraphDominant Social Theme: Mark Carney, the most brilliant central banker of his generation, takes the subway to...Read More

Historic Mistake Watch … When the Fed began its talk of "tapering" asset purchases, I warned that it might turn out to be a "historic mistake". I guess the historic bit is still up in the air; but the mistake aspect is now glaringly obvious. Bond prices have plunged, and the Fed's attempts to inform markets that they've got it all wrong have only modestly mitigate...Read More

Irish bankers 'hoodwinked' government over bailout, secret recordings show … Tape recordings suggest bankers 'hoodwinked' the government over the size of the bailout. A top banker with the financial institution that almost bankrupted Ireland boasted that he had picked the figure of €7bn (£5.9bn) they told the Irish government was needed to rescue the Anglo Irish Ba...Read More

Danny Alexander: Tories should not waste time on EU referendum laws as Ukip will 'come and go' … The Tories should not be wasting time on an EU Referendum Bil as "Ukip will come and Ukip will go", Danny Alexander, a senior Liberal Democrat minister, has suggested. Labour and Lib Dem MPs are expected to be encouraged to boycott the Tory EU referendum Bill. Mr Alexander, the...Read More

U.S. plays down reports of spying on EU, other allies … Nearly all national governments, not just the United States, use "lots of activities" to safeguard their interests and security, U.S. Secretary of State John Kerry said on Monday, responding for the first time to allegations that Washington spied on the European Union and other allies. – ReutersDominant Social Theme: Hor...Read More

Risk of 1937 relapse as Fed gives up fight against deflation … The US Federal Reserve has jumped the gun. It has mishandled its exit strategy from quantitative easing, triggering a global bond rout that it did not anticipate, and is struggling to control. That the Fed should tighten even as it cut its own growth and inflation forecasts for this year is a bizarre state of affairs … It h...Read More

Viva la Siesta Should Southern Europe Really Be More German? In the wake of the euro crisis, Southern Europeans have increasingly traded their traditions of leisure for more work and more consumption – often at Germany's prodding. As backlash sets in, this logic must be questioned. Europe is groaning under German hegemony, but that isn't something we in Germany like to hear. From the...Read More

When the Guardian and the Washington Post revealed details about the National Security Agency collecting phone data from telecommunications companies and U.S. government programs pulling in emails and photographs from internet businesses, suddenly "George Orwell" was leading the news. The British essayist predicted it all, commentators asserted, and the United States now seems straight o...Read More

Emerging, maturing, protesting markets … At the beginning of this year, Eurasia Group, the political risk firm I lead, released its top 10 risks of 2013. We forgot to put Pepsi-guzzling whistleblowers on the list, but we did give our top slot to increasing turmoil in "emerging markets." In a global economy that has become more reliant on countries whose economies are vulnerable to...Read More