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

(IDEX Online) - Vladimir Putin's press secretary has dismissed G7 sanctions on Russian diamonds as "hardly news".Dmitry Peskov (pictured) told reporters that Russian companies had been preparing for introduction of Western sanctions against its diamonds that were announced last Wednesday (6 December)."The sanctions on diamonds are hardly news," he said, according to a report by Tass, the stat...Read More

Ever hear of a guy called J.D. Haltigan? Well, here's what he said:"We are at an inflection point, a threshold, where weak, brittle, effete personality structures are a threat to human civilization."He's right. But let's face it, those are the very structures that are running the country these days. "Toxic masculinity" is certainly not one of their character traits.So here we are now in a Second C...Read More

The November unemployment report came out this morning, reporting that the U.S. economy added 199,000 jobs last month.The consensus estimate was about 185,000, so it was a "beat." The unemployment rate was reduced to 3.7%, down from October's 3.9%.Of course, it's entirely possible that the numbers will be adjusted downward in the months ahead. But for now, we can call it good news.What does today'...Read More

(IDEX Online) - The G7 nations finally announced sanctions on Russian diamonds yesterday (6 December) as part of a series of new measures aimed at restricting funds for its war against Ukraine."We will introduce import restrictions on non-industrial diamonds, mined, processed, or produced in Russia, by January 1, 2024, followed by further phased restrictions on the import of Russian diamonds proce...Read More

The United States economy is enduring a phenomenon not witnessed since 1933 during the hellsent deeps of the Great Depression.Is it a frightful omen of lean times... a straw swaying in the wind... a looming menace?We do not know. Yet we hazard it rates an inquiry.An inquiry, incidentally, the mainstream financial press will not afford it.What is it? Answer anon.Let us first direct our gaze brief...Read More

(IDEX Online) - Prices of rough rubies have more than doubled in the last two years, said Gemfields as it announced results of its latest sealed-bid auctions.The UK-based colored gems miner achieved an average $290 per carat earlier this month, compared to $132 in December 2021.Gemfields sold all 97 lots of mixed-quality rough rubies from the Montepuez mine, in Mozambique, in a series of seven onl...Read More

(IDEX Online) - After eight months of consecutive decline, US watch and jewelry sales came within a whisker of positive growth in October.Year-on-year change for the month was -0.7 per cent, according to the latest Department of Commerce figures. That's the most encouraging performance since an increase of 2.2 per cent in February. Every other month since October 2022 has seen a contraction i...Read More

(IDEX Online) - A huge 133.03 carat fancy vivid yellow diamond sold yesterday (5 December) for $5.5m, above its pre-sale estimate of $4m to $5m, at Sotheby's New York.The gem, described as coming from "an important private collection", led the Hollywood-themed live Magnificent Jewels auction.The VS2 cushion modified brilliant-cut gem sold for $36,083 per carat. In its pre-sale analysis the Fa...Read More

(IDEX Online) - Signet Jewelers yesterday (5 December) announced a 12 per cent drop in Q3 revenue to $1.4bn, in line with its expectations.Bridal, which has historically accounted for almost half of Signet's sales  is still suffering the post-Covid lag, but the company is forecasting Q4 sales of $2.4bn to $2.6bn as holiday spending drives up revenue.In Q2 the company - which numbers Kay...Read More

Do you own a 401(k) retirement account? Do you own an Individual Retirement Account (IRA)?Gobs of Americans own either or both oftentimes both.Let us assume you are among them.How well have these retirement accounts done you these past 2 1/2 years?How much have they expanded your wealth?Here we refer not to nominal wealth but to "real wealth."That is, nominal wealth subtracted by the inflation...Read More

(IDEX Online) - De Beers is preparing to stockpile more unsold diamonds after this week's sight in Gaborone.It is expected to offer sightholders smaller allocations than usual, with rough prices showing no sign as yet of picking up, and to hold onto more stock as a result. "We build up stocks of those because we are confident that over time the diamond price will increase and we will be...Read More

(IDEX Online) - A jeweler from Denver, Colorado has been shot dead in what is understood to be the US's first industry homicide this year.Peter Damian Arguello was found deceased at his store, Peter Damian Fine Jewelry & Antiques, in Wheat Ridge, after what police say was a "possible armed robbery" on Wednesday 29 November.Officers found a red Chevy Silverado pickup truck, believed to be...Read More

Goldbugs, your time has come.Welcome to the Big Show!Gold futures have finally broken free of a choppy, four-year range to extend to new all-time highs.Today, I'll dig into gold's massive breakout. I'll show you how the move has developed, where gold's headed, and some important milestones to watch.But first, you need to see how choppy, post-pandemic trading has led to the biggest gold breakout we...Read More

(IDEX Online) - After more than 18 months of relentless decline, the IDEX Polished Price Index finally showed its first increase with a hike of 1.06 per cent in November. The industry could be witnessing the first green shoots of recovery. The holiday season is driving an increase in consumer demand, which is pushing prices up prices at last.India's voluntary ban on rough imports, an upstream...Read More

(IDEX Online) - Walmart has announced a huge expansion of its lab grown offering which will see them account for 30 per cent of the diamond fashion and bridal jewelry sold across its 2,800 US stores.Walmart is the second biggest-grossing jeweler in North America (after Signet) with total watch and jewelry sales of $3.38bn in 2022. Its lab grown sales have increased 600 percent year-on-year. I...Read More

(IDEX Online) - Sales of watches, jewelry, clocks and other luxury goods surged again in Hong Hong during October, driven largely by a huge post-Covid influx of tourists.Total spend for the category during the month was US$652m (HK$5.1bn), and increase of over 27 per cent on September, which in turn saw an increase of over 27 per cent on August. Figures since January show a 55 per cent increase ye...Read More

Are gold prices and interest rates joined at the hip? Based on recent market action, it would appear the answer is: yes.A major rally in gold is now underway. Gold moved from $1,831 per ounce on Oct. 6 to $2,091 per ounce on Dec. 1, a 14.1% rally in just eight weeks and a new all-time high price for gold.Gold has pulled back to $2,037 as of today, but that's not surprising given its previous surge...Read More

(IDEX Online) - Rio Tinto said it was delighted with the results of its first Beyond Rare Tender of polished pink and red diamonds from Argyle, in Australia, and yellow stones from Diavik, Canada, though it declined to reveal any prices.Sinead Kaufman, chief executive of Rio Tinto Minerals, said only that the results reflected the global demand for highly collectible natural colored diamonds.The f...Read More

As I'm sure you know by now, Henry Kissinger died last week at the age of 100. He leaves a complex legacy, which is certainly understandable because he operated in a complex geopolitical environment.But Henry Kissinger was a master strategist and political scientist. With his recent passing, I thought I'd retell the story of one of his most brilliant plans, and explain how it relates to the demise...Read More

(IDEX Online) - Star Diamond says it will acquire full ownership of the Fort a la Corne project being developed in Saskatchewan, Canada, after Rio Tinto agreed to transfer its 75 per cent interest.Rio Tinto says it is pulling out because its global exploration program is now firmly focused on metals and minerals to support the energy transition.The two companies have previously been tangled in leg...Read More