Canada Goose
Haywood’s Heritage Moment: Canada is a leader in the international mining industry and its post secondary institutions are world class. Over 25 colleges and 9 universities in Canada offer mining programs ranging from certificates to PhD’s. Source: Mining Association of British Columbia

Markets Tapped Out on Lackluster Economic Data: As Mining Sentiment Softens

Mixed signals across multiple geopolitical forums, a building NATO response to the Ukraine Crisis, building ECB monetary stimulus of the Euro and tepid US economic data during the week have conspired to lead markets into the red for the week, and comes despite EU market indices initially running higher after the ECB announced reduction in key benchmark rates. Ukraine-Russian tensions continue to broaden their impact with waves of counter sanctions and pledges from EU nations building a NATO rapid reaction force. Going into the weekend, a cease-fire agreement between the Ukraine and Pro-Russian separatists appears to have been negotiated and is due to kick-off at 6 pm Friday night (local time). Mining equities have taken it on the chin this week as gold dropped close to 2% despite winning temporary support after the ECB announcement to cut benchmark rates and the release of weaker than expected US non-farm payroll data for August (142,000 vs 223,000). The Dow Jones finished down at 17,137 for the week, and the S&P500 closed at 2,008. The S&P/TSX Venture declined to 995 while the S&P/TSX closed down at 15,570. For commodities, nickel witnessed an increase to US$8.84 per pound on political grandstanding in the Philippines. Precious metals declined with gold trending lower, closing down 1.5% to US$1,267 with silver following in tow down to US$19.22 per ounce. Wrapping up the precious metals, platinum and palladium each finished the week at US$1,410 and US$889 per ounce respectively. Copper was down marginally to $3.17 per pound, while zinc was up marginally, finishing at $1.08 per pound..