It seems that choosing GDXJ to shortthe PMs was a good decision – juniors closed the day at new 2021 lows. Will ourprofits only grow from now on?Gold’s yesterday’s intraday attempt torally was not bullish. On the contrary, it was what usually happens rightbefore a big slide. Especially given the USDX’s breakout.Let’s start with the latter. Yesterday there was a second...Read More

Powell admits that inflation is well above the Fed’s target, but he still considers it transitory. Gold increased in response – only to fall again.Last week, Powell testified before Congress. On the one hand, Powell admitted in a way that inflation had reached a level higher than expected and is above the level accepted by the Fed in the longer run:Inflation has increased notably and w...Read More

Since the origin of the Federal Reserve in 1913 the US dollar has lost ninety-nine percent of its purchasing power.Not coincidentally, but in direct reflection of the dollar’s loss in purchasing power, the price of gold has multiplied one hundred fold from $20.67 oz to $2060 oz as of August 2020. The chart (source) below shows the ever-increasing price of gold over the past century…...Read More

RAPAPORT... The Plumb Club, an alliance of suppliers to the jewelry, diamond and watch industries, has elected Sam Sandberg of A.Jaffe as its president.Sandberg will succeed Michael Lerche of Goldstar Jewellery, who has stood down after serving the maximum term of three years but will remain on the board, The Plumb Club said last week. Roger Forman of Marathon Company will leave his position as tr...Read More

RAPAPORT... The Diamond Dealers Club of South Africa has elected Molefi Letsiki to serve a three-year term as chairman.Letsiki, the owner of Molefi Letsiki Diamonds, was elected at the diamond exchange's 18th annual general meeting, which took place virtually on July 22, Letsiki told Rapaport News last week. Prior to taking over from Lionel Noach, Letsiki served as deputy chairman to both Noach an...Read More

RAPAPORT... Lucara Diamond Corp. has unearthed a 393.5-carat diamond from its Karowe mine in Botswana, the seventh over 300 carats this year.The miner recovered the gem-quality, white, type IIa diamond from the site's south lobe M/PK(S) area, known for its large, valuable rough, it said last week. The company also found a 156.2-carat, high-quality rough from the same production run. Of the se...Read More

(IDEX Online) - A lawyer in Pakistan is urging the government to retrieve the iconic Koh-i-Noor diamond from Britain.It's the latest of many twists in the history of the 105.6-ct Type IIa D-color gem, which has been the center-piece of Queen Elizabeth's crown since her coronation in 1953.Ownership of the stone is a matter of bitter debate, with India, Pakistan, Iran, and Afghanistan all...Read More

(IDEX Online) - De Beers founder Cecil Rhodes is to blame for 20,000 African deaths, says a leading Oxford University academic.Prof William Beinart says Rhodes was a "more brutal figure than previously thought" after researching his life for the commission appointed by Oriel College to consider whether a controversial statue should be removed. He held the "Rhodes Chair of Race Relations" from...Read More

(IDEX Online) - There was a slight overall increase, with more activity among rounds, some larger goods in particular, than fancies. Prices for rounds were up overall during July, but it was finely balanced. One-carats (1.00-1.24-cts) saw only a small handful of price changes, with more increases than decreases. 1.50-1.99-cts and 3.00-3.99-cts were busier, with plenty of price rises and no fa...Read More

The illegal mining of gold from Colombia's rivers and waterways is on the rise, according to a report from the United Nations Office on Drugs and Crime published on Tuesday.Read full newsRead More

UNESCO names Romanian ancient gold mine settlement a world heritage siteRead full newsRead More

As the economic recovery comes into question via the rise of the Delta variant, investors may be on edge. And rightly so. Looking for undervalued stocks is one such way to gain an edge on the market as well as gain defensiveness.These three stocks are some of the best value picks on the TSX today. Let’s dive in!Top undervalued stocks: Alimentation Couche-TardI’ve been pounding the tabl...Read More

The Canadian government is continuing to support its mining industry with millions of dollars in new investments.Last month Canada's Minister of Innovation, Science, and Industry announced a CAD$40 million investment in the Centre for Excellence in Mining Innovation Inc. (CEMI).The money will be used to create a national initiative to "modernize mining and improve its productivity and environmenta...Read More

Here are five Fastmarkets stories you might have missed on Monday August 2 that are worth another look.The rapid spread of Covid-19 infections in at least eight major cities in China is casting doubt on the recovery of steel demand in the country for the rest of 2021, market sources said.Four unions representing...Read More

The price of lead reached a new year-to-date peak of $2,412.50 per tonne on Monday August 2, while nickel and copper faltered in trading on the London Metal Exchange.Lead's three-month price was at its highest on Monday for 37 months, since July 2, 2018. The metal's price was up by 0.8% from its price last Friday, hitting $2,402 per tonne at the close of trading. It had risen by 5.5% last month.Eu...Read More

Glencore has purchased a 9.99% stake in junior mining company Hot Chili for A$14.4 million ($10.62 million), the latter said on Monday August 2.The agreement gives Hot Chili, which is listed on the Australian Securities Exchange and operates assets in Chile, the financing to complete a feasibility study for...Read More

Jack ChanPosted Aug 2, 2021Gold sector as represented by $HUI is now on amajor SELL signal.Long-term signals can last for months and are more suitable for investors.Short-term is on BUY signal.Short-term signals can last for days and weeks and are more suitable for traders. Speculation is now in bear market values.COT data suggests overall lower prices. Our ratio is on BUY signal.USD has a confirm...Read More

Hydrometallurgy company Hellenic Minerals has completed the construction of a nickel sulfate hexahydrate facility in Cyprus, paving the way for initial production there.The plant in Skouriotissa, about 30km west of the island nation's capital, Nicosia, is thought to be on the site of the world's oldest copper mine. It was expected to reach output of 44,000 tonnes per year of laterite ore, containi...Read More

Glencore has purchased a 9.99% stake in junior mining company Hot Chili for A$14.4 million ($10.62 million), the latter said on Monday August 2.The agreement gives Hot Chili, which is listed on the Australian Securities Exchange and operates assets in Chile, the financing to complete a feasibility study for...Read More

Zinc and lead concentrate treatment charges (TCs) rose toward the end of July due to more mined tonnage hitting the market and pushing terms higher.Fastmarkets' assessment of zinc spot concentrate TC, cif China was $78-90 per tonne on Friday July 30, up from $75-88 per tonne three weeks earlier, and its highest level since last October.Terms have gradually increased since Chinese smelters took ext...Read More