Der wie immer lesenswerte Wochenrückblick vom Haywood Mining Team.
The Dig – Haywood Mining Team’s week in review
Some believe that the reason policemen are nicknamed “cops” or “coppers” is to do with their uniforms which used to have copper buttons. Source: miningiq.com
Mining Equities Recover After Early-Week Slump
Metal prices were mostly down again for the week, with the exception of gold which bucked the trend, rising 1.2% to $1,239 per ounce as of Friday. Mining equities were down on Wednesday, with the TSX Composite and TSX Venture down as low as 13,732 and 772 respectively, before recovering to finish at 14,243 and 808 on Friday. The volatility has continued from the previous week; with concerns aver Chinese growth and Europe’s economic recovery, as well as an improving U.S. economy and stronger U.S. dollar contributing to the recent performance. Housing and employment data in the U.S. in particular continued to perform well, with MBA mortgage applications rising by 5.6% and initial jobless claims falling by a further 23,000 to 264,000, a 14-year low. For other precious metals, silver, platinum and palladium finished at $17.28, $1,260 and 754 per ounce respectively. Base metals also fell, with copper down 0.2% to $3.03 per pound, nickel down 4.3% to $7.09 per pound, lead down 1.9% to $0.91 per pound and zinc down 2.71% to $1.02 per pound. Iron ore (CFR China 62% Fe) finished slightly higher at just over $80 per tonne.
Here’s what’s in the Dig this week:
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