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The price of gold soared to record highs during the second quarter of 2024, reaching US$2,450.05 on May 19. The historic gains were due to several factors including waning inflationary figures and speculation an improving economic outlook would cause the US Federal Reserve to begin cutting rates. Gold prices also saw continued momentum from central bank buying in April and slower outflows to Western ETFs. However, the gold price saw its biggest drop in two years at the beginning of June as a strong jobs report cut the likelihood of a September rate cut and the People’s Bank of China reported i...
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Gold has set records in nearly every currency this past year, and it smashed through Australian records on April 22 when it reached AU$3,638.01. The price has seen a pullback since that time but continues to trend near historical highs. As for gold's US dollar price, it hit an all-time high of US$2,450.05 on May 20. The meteoric gains of 2024 come on the back of several factors including continued purchases by Central Banks in Asia, an improving economic situation in the United States and continued geopolitical instability including the potential for regional escalation of tensions between Isr...
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The S&P/TSX Venture Composite Index (INDEXTSI:JX) lost 3.38 points last week to close at 570.71. Statistics Canada released its mining statistics for 2022 this past Thursday (June 20). The data shows that metal ore mining brought in C$39.11 billion to the economy for the year, an increase of around C$636.8 million from 2021. Leading the way were the base metals copper, nickel, lead and zinc with C$13.2 billion in combined revenue; nickel-copper ore mining headlined the section with revenue of C$7.23 billion. Its own category, iron ore mining brought in C$10.65 billion in revenue, while revenue...
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The S&P/TSX Venture Composite Index (INDEXTSI:JX) fell 14.16 points last week to close at 574.09. Markets saw a significant recovery this past Wednesday (June 12) following the release of the latest US consumer price index (CPI) data and the US Federal Reserve’s interest rate policy decision. The May CPI figures show a 0 percent change month-on-month and a 3.3 percent increase on an annual basis. Those are declines from April’s 0.3 percent monthly increase and 3.4 percent year-on-year figure. The improved inflation data wasn’t enough to sway the Fed, and after wrapping up its meeting it said i...
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The S&P/TSX Venture Composite Index (INDEXTSI:JX) declined 23.41 points last week to close at 588.25. Gold was under pressure following reports on Friday (June 7) that the People’s Bank of China paused purchases of gold in May, ending an 18 month spree. Central bank buying has provided critical support for gold in 2023 and 2024. In the first quarter of the year, China added 189 metric tons (MT) of the yellow metal to its reserves, but as gold sector expert Jan Nieuwenhuijs notes in a May 22 article, much of the Asian nation's buying has gone unreported. Gold saw additional losses on Friday as ...
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The S&P/TSX Venture Composite Index (INDEXTSI:JX) gained 3.71 points last week to close at 611.66. Statistics Canada released Q1 gross domestic product (GDP) numbers this past Friday (May 31). In the report, the agency said real GDP rose 0.4 percent quarter-over-quarter, up from 0.2 percent in the fourth quarter of 2023. A contributing factor was higher household spending on services, but growth was moderated by slower inventory accumulations. GDP for the mining, quarrying and oil and gas sector decreased by 0.5 percent in March, with a 3.9 percent decline in mining and quarrying, the biggest ...
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The S&P/TSX Venture Composite Index (INDEXTSI:JX) lost 7.22 points last week to close at 607.95. Statistics Canada released consumer price index (CPI) data this past Tuesday (May 21). In the report, the agency indicates that CPI rose 2.7 percent in April on a year-on-year basis, dropping from a 2.9 percent year-on-year uptick in March. Inflation has now declined for the fourth month in a row, improving odds for a June rate cut as CPI inches closer to the Bank of Canada’s 2 percent target. The Canadian dollar lost a quarter percent on the news to close the day at US$1.37. South of the border, t...
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The S&P/TSX Venture Composite Index (INDEXTSI:JX) gained 19.22 points last week to close at 615.17. Markets rose this past week as silver breached the US$30 per ounce mark for the first time in more than 10 years on Friday (May 17). Gold was also on the move, rising as high as US$2,418.04 per ounce the same day. Meanwhile, copper prices surged above US$10,000 per metric ton (MT) on Monday (May 13) on the London Metal Exchange. The latest US consumer price index data was released on Wednesday (May 15), and it shows that inflation was up 3.4 percent year-on-year in April, lower than readings see...
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The S&P/TSX Venture Composite Index (INDEXTSI:JX) gained 14.25 points last week to close at 595.95. One of the biggest news items this past week was Panama's presidential election, held on Sunday (May 5). Jose Raul Mulino secured 34 percent of the vote against five other candidates to become the country’s president. Mulino was a last-minute replacement after former President Ricardo Martinelli was barred from running due to a money laundering conviction. Mulino was minister of public security during Martinelli's presidency, which ended in 2014. The incoming president will replace outgoing Pres...
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The S&P/TSX Venture Composite Index (INDEXTSI:JX) lost 4.85 points last week to close at 581.7. This past Tuesday (April 30) and Wednesday (May 1) brought the latest meeting of the US Federal Reserve’s Federal Open Market Committee (FOMC). With recent data suggesting inflation has stalled and demand in the labor market has outstripped supply, the FOMC held interest rates at 5.25 to 5.5 percent, a level established in July 2023. In a statement, Fed Chair Jerome Powell said that, while increases were unlikely, the central bank still needed greater confidence that inflation was sustainably on its...
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