The Dig - Wochen-Rückblick vom Haywood Mining Team

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The Weekly Dig

Haywood Mining Team

Interest Rates Held Steady as Markets Undergo Late-Week Rally

§  Key interest rate decisions from both the Bank of Canada and European Central Bank this week perhaps reflected the ongoing turmoil in global markets, despite expectations from some quarters that the BOC would lower rates further below its current rate of 0.5%. The decision in Canada came on the back of further weakening of the Canadian dollar, which ironically rallied 3.8% on Wednesday’s low against the U.S. dollar, and expectations of a stimulus-heavy federal budget later in the year. A similar tone was set in Europe this week, with the ECB leaving rates on hold as its president hinted that fresh stimulus into the Eurozone may be implemented in March. Draghi acknowledged growing uncertainty about the economy as he said the central bank would review its policy in March – sooner than many investors were expecting. The week saw oil hit fresh new lows, with WTI crude falling as low as $27.98 per barrel during intra-day trading on Wednesday before rebounding sharply later in the week as a severe snow storm approached the east coast and comments made by Saudi Arabia that prices lower than $30 per barrel for oil were “irrational”. WTI rose 5.5% for the week to finish at $32.20 per barrel. Metals were up overall for the week; gold pierced the $1,100 per ounce mark before settling at $1,099 per ounce on Friday, while silver (↑0.75%), platinum (↑0.3%) and palladium (↑5%) were also up, finishing at $14.04, $832 and $497 per ounce respectively. Base metals experienced a reprieve this week, with copper (↑2.7%), nickel (↑3.6%), lead (↑2.5%) and zinc (↑2.7%) finishing at $2.00, $3.93, $0.74 and $0.68 per pound respectively. The UxC Broker Average Price (BAP) of uranium finished slightly lower at $34.75 per pound.

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