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The Weekly Dig
Haywood Mining Team
Brexit and U.S. Job Concerns Force Fed’s Hand
Prompting Market/Gild Price Jitters
§
As predicted, the U.S. Federal Reserve held
rates at 0.25 to 0.50% as concerns grow over the U.S. jobs market and Britain’s
referendum scheduled for next week that will decide whether the Country stays
in the Eurozone. The debate in Britain has intensified significantly as the day
of voting draws nearer, with the “leave” camp gaining significant ground in the
polls; one poll showed the Leave vote at 53% and the Remain vote at 47%, an 8
point swing on polls last week. The debate took a turn for the worse when a
British member of parliament was shot dead in the street on Thursday, resulting
in the suspension of campaigning for next week’s referendum. The likelihood of
a U.S. rate rise in 2016 diminished following comments by Janet Yellen and
other Federal Reserve officials - while the official outlook sees two rate
hikes in 2016, fewer Federal Reserve officials expect the central bank to raise
interest rates more than once this year, as policy makers gave a mixed picture
of a U.S. economy where growth is picking up and job gains are slowing. The price
of gold pierced the $1,300 per ounce level on Thursday and Friday following the
Fed’s announcement, before closing at $1,296 per ounce late on Friday.
Meanwhile, silver was up slightly (↑1%) finishing at $17.48, while platinum and
palladium both fell over 2% to finish at $971 and $535 per ounce respectively.
Base metal prices were volatile this week; copper and nickel finished up higher
at $2.06 and $4.09 per pound while lead and zinc were both lower at $0.76 and
$0.73 per pound respectively. Finally, both WTI crude and the UxC Weekly Spot
Price of uranium finished lower, closing at $48.03 per barrel and $25.94 per
pound respectively.
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