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

The dollar has been extremely strong over the past two years. This persistent dollar strength has been a mystery to many. After all, the dollar's problems are well known.The ratio of government debt to GDP for the United States is at a record high approaching 130% (a prudent level is considered 30%, and anything over 90% is a headwind to any economic growth at all).The U.S. is running multitrillio...Read More

The same old story that's hoodwinked investors since the dawn of time... You've heard of a sucker rally...But what about a sucker breakdown?We might have just witnessed one asinvestors jettisoned their stocks last week just before a huge snapback move that began with frantic short-covering rallies and could end with an epic melt-up into the holidays.Here's how it all started...It was looking ble...Read More

(IDEX Online) - Debswana's rough diamond sales fell by more than 21 per cent in the first nine months of this year, according to the Bank of Botswana. Weak global demand saw revenue fall from $3.578bn for the same period in 2022 to $2.811bn. Debswana, a joint venture between De Beers and the Botswana government, produced 24.1m carats last year and is the biggest contributor to the De Beers Gr...Read More

(IDEX Online) - US watch and jewelry sales declined again for an eighth consecutive month during September.But the drop was among the lowest we have seen of late, according to the latest Department of Commerce figures.For the third month in a row, sales have shown slight signs of improvement, up from -4.0 per cent to -2.3 per cent and now -2.0 per cent.Consumer spending is gradually picking up in...Read More

Another bank bites the dust!Citizens Bank was a small bank in Iowa with about $66 million in assets. Its loan portfolio consisted largely of commercial and industrial loans.Well, this past Friday the Federal Deposit Insurance Corporation (FDIC) announced that Citizens Bank had failed due to significant hidden loan losses totaling about $15 million.Because Citizens Bank was not a member of FDIC, th...Read More

(IDEX Online) - De Beers has averted the threat of strike action by agreeing a five-year pay deal with the National Union of Mineworkers (NUM).A walkout by a third of the workforce - around 1,500 NUM members - would have hit production at the Venetia mine, which accounts for 40 per cent of De Beers' output in South Africa. The NUM was demanding a 9 per cent wage increase, against De Beer...Read More

(IDEX Online) - Lucapa has recovered the third largest diamond ever from Lulo, Angola, since the mine opened  in January 2015.The 208 carat Type IIa gem is the second +100-ct diamond in under a month, and the 39th in the lifetime of the deposit.The largest recovery at the Lulo alluvial mine - which commands the highest price per carat for alluvial diamonds in the world - was a 404 carat Type...Read More

(IDEX Online) - Stargems has become the first tender house to sign up for traceability technology by Sarine that quickly registers large parcels of diamonds.The Dubai-based business is using the AutoScan Plus software, which inegrates with Sarine's Diamond Journey to track every move a diamond makes.Sarine describes it as a game-changing way of registering rough diamonds at source with minima...Read More

(IDEX Online) - There were signs of a slowdown in the 18-month long decline of polished diamonds prices during October.The Index fell by 1.60 per cent, compared to just over 3 per cent in September, which was the single biggest monthly drop of the current crisis.Price drops through October were gradual, and showed none of the volatility of the previous month.The supply of rough is c...Read More

If we’re limited to our income, there’s only so much we can spend on consumption and servicing existing debts, and invest/save to build capital/future income.If we have access to the miraculous elixir of credit, we can expand our spending/investing by borrowing more money. This boosts our consumption and perhaps our investing, but it also increases our debt service the interest that...Read More

This past Tuesday, I offered the following forecast of what would happen at the FOMC meeting this week:On Wednesday, the Fed will leave its target rate for fed funds unchanged. That decision will keep the federal funds target at 5.50% as set at the July 26, 2023, meeting. Over the course of [13] FOMC meetings beginning March 16, 2022, I've been correct in all of my forecasts including the "skipped...Read More

Is a common refrain in certain economic circles:"We need to reform the Federal Reserve."We are told this should be done or that should be done.This will make it more efficient, that will make it more transparent.And perhaps even it would.Yet we take a dim view of most "reform." The reason is simple as Sam and clear as gin.Reform is an ax that rarely strikes the root. That is often by design.It is...Read More

On personal errand we recently infiltrated the "elite" Georgetown precinct of Washington, D.C.Georgetown is the site of the infamous Washington "cocktail party" the very symbol of insular and corrupt Washington.Our travels took us past a store that sold books. We maintain a peculiar and likely irrational interest in books.And so we ordered an immediate stop... to take a look.Displayed upon a tab...Read More

(IDEX Online) - The pearl necklace worn by Audrey Hepburn in the 1953 movie Roman Holiday is to be auctioned by Christie's Geneva in an online sale that opens tomorrow (3 November).The British actress, who later starred in Breakfast at Tiffany's (1961), wore simple, single-strand pearl necklaces as a signature part of her look.Her jewelry collection was a testament to her philosophy that...Read More

I've lived in Italy for 19 months and still can't speak Italian fluently.My six-year-old son, Micah, speaks excellent Italian, and his friends' parents, my peers, are more than happy to ignore me and talk with him.It saves me a job.But to improve, I started translating words and phrases I often use. It's a common strategy to improve speaking ability.A few Fridays ago, I stood in Piazza San Secondo...Read More

(IDEX Online) - The Israel Diamond Exchange (IDE) is urging US diamantaires to show their support during a four-day sales event in New York.It says it has suffered a "significant drop in activity" since the war began in Gaza, following Hamas's massacre of 1,400 people on 7 October.IDE is calling on diamond traders across the US to show their support for the Israeli industry and stock up on go...Read More

(IDEX Online) - Russia's finance ministry has hit out at G7 plans to sanction its diamonds, claiming it will discredit and undermine the existing Kimberley Process (KP).In a strongly-worded letter it claims Western countries, the G7 and the EU will deliberately distort the global rough diamond market if they implement their own regulations, which could, it warns "lead to increased social unre...Read More

(IDEX Online) - Two workers have been accused of stealing $670,000 of diamonds from their employer in Mumbai, India.They are alleged to have helped themselves to gems they were showing to clients.The owner of JB & Brothers, which has an office at the Bharat Diamond Bourse, Bandra-Kurla Complex, filed a complaint with the police after discovering the alleged fraud.Officers are looking out for t...Read More

(IDEX Online) - There were swathes of price drops during October, especially among rounds. Indian manufacturers are being urged to support a voluntary ban on rough purchases (15 October to 15 December).Alrosa halted all rough sales during September and October, and Okavango, Botswana's state-owned diamond company, announced last week that it was doing likewise, cancelling its November auction...Read More

(IDEX Online) - Almost three quarters (74 per cent) of Chinese consumers believe natural diamonds are more valuable than lab growns according to research for Chow Tai Fook.The jewelry group, which has over 7,200 outlets, says natural diamonds will continue to dominate the market, thanks to consumer demand.It has just published its first Jewellery Consumer Trends Report, based on a survey of 5,000...Read More