Freeport-McMoRan Inc. paid $33 million to resolve claims brought against it by Congo state miner Gecamines over the sale of its majority stake in the Tenke copper mine to China Molybdenum Co Ltd, it said in a statement.
In yesterday’s alert, we wrote that the decline in the USD Index was likely a temporary phenomenon based on the investor’s needless overreaction—the USD reversed and more than erased this week’s decline.
Nothing beats performance for anyone in our industry. No matter how well liked or disliked, anyone in the investing industry is judged by performance. Making stock selections is a tough business and market timing is even tougher. This does not deter us, however, and we will share our views for 2017 by looking back at January 2016. This is the information originally given only to our paid members. There is a free list available through the website for those seeking a weekly perspective on all the markets. Our premium members receive not only analysis on resource companies, but intermediate timing calls as well.
The reality of peak gold production has recently been acknowledged by Bloomberg and some of the financial media. Yet the mainstream, non specialist financial media has yet to cover this important topic with obvious ramifications for the gold market and the gold price in the medium and long term.
On Nov. 10, soon after the election news had started to move markets, traders were looking for a pullback in GDX; a pullback to gap support. As December kicks off, GDX is looking to have, so far, found support at the gap fill, as you can see on the chart below.
Uranium companies are struggling with the weakness in the uranium market; priced below $20/lb, U3O8 is at levels not seen in well over a decade. But Energy Fuels recently announced two diversification plays that could help insulate it from low uranium prices, and analysts are applauding the news.
Precious metals expert Michael Ballanger assesses the gold-silver ratio and its ramifications for the market. I want to go on the record and state categorically that, in my opinion, technical analysis is of limited value when trying to predict the short-term movements of precious metals.
Quite a few rallies in the recent months were preceded by the mining stocks’ outperformance relative to gold and we just saw the same kind of phenomenon on Wednesday – GDX rallied while gold declined. Is the bottom in? Miners indeed moved higher yesterday, which was nothing unexpected. In yesterday’s alert we explained which technical phenomenon made it quite possible.