Kitco NEWS Roundtable

Another excellent week for copper and gold

Gold jumped another 5% this week with June gold futures hitting $2,350 an ounce. On Saturday mining audiences manager Michael McCrae recorded Kitco Roundtable. Copper was also on fire, which were up 4.6% for the week to close above $4.20. The copper miners are up 20% year to date and trading at a 52 week high. Gold miners are up just 10% year to date, according to the GDX. U.S. job growth blew past expectations in March and wages increased at a steady clip. However the strong job numb...

Interest rate cuts should favor gold and Calibre Mining announces $100 million financing

Metals could get a lift with the Fed signaling that it wants to cut interest rates, note mining audiences manager Michael McCrae. On Saturday McCrae recorded Kitco Roundtable. Gold ended the week flat with spot at $2165.The metal did spike mid-week. The Federal Reserve has given the all-clear to gold after signaling it still wants to cut interest rates three-times this year, even as inflation remains above the 2% target. In mining news Calibre Mining (TSX: CXB) announced a C$100 million b...

Copper pops and Lithium America closes $2.2 billion financing from the US government

Copper gained nearly 6% this week to trade above $4 pound, noted mining audiences manager Michael McCrae. On Saturday McCrae recorded Kitco Roundtable. Copper got a boost with news that potentially less metal will be available. According to Reuters, China announced that it was cutting production at some loss-making copper smelters. Copper bulls see years of low prices along with diminishing production as a good sign for the metal when the energy transition theme fully kicks in.  The li...

Gold hits an all-time high and Gabriel Resources loses $4.4 billion damage claim

Gold's run is having limited benefit for gold miners, noted mining audiences manager Michael McCrae. On Saturday, McCrae recorded Kitco Roundtable. After an impressive seven-day rally, which pushed prices to an all-time high of $2,203, the gold market could see some consolidation in the near term, writes editor Neils Christensen. Profit taking and the lack of any near term catalysts could dampen gold's run going forward. Gold's run has had muted impact upon gold equities. Although gold...

Metals get a lift from the Fed

Both copper and gold were higher this week with signs that the Fed may be easing as soon as June. On Saturday mining audiences manager Michael McCrae recorded Kitco Roundtable with correspondent Paul Harris.

Gold is buffeted by CPI, and a massive landslide in Turkey traps miners

Gold recovered after tumbling mid week due to a hotter than expected CPI number, noted mining audiences manager Michael McCrae. On Saturday McCrae and Kitco correspondent Paul Harris recorded Kitco Roundtable. On Tuesday the Labor Statistics said that its Consumer Price Index rose 0.3% in January, higher than the Consensus forecasts of 0.2% increase. Markets tumbled and gold dropped below the 2000 level. The week started with a tragic mine accident in Turkey. SSR Mining suspended produc...

Why 2024 may suit silver, and production jumps at New Gold

New Gold announced a big production update this week, noted mining audiences manager Michael McCrae. On Saturday, McCrae recorded Kitco Roundtable with correspondent Paul Harris. New Gold reported that consolidated gold production is expected to increase by approximately 35% from 2023 to 410,000 to 460,000 ounces in 2026 driven by increasing production profiles at both Rainy River and New Afton as growth projects are completed in the near-term. The company still sold off in a down market ...

Strong jobs data hurts metals and a First Nations group in B.C. forms a royalty company

Metals traded lower end of week when jobs data came in stronger than expected, noted mining audiences manager Michael McCrae. On Saturday McCrae recorded Kitco Roundtable with Kitco correspondent Paul Harris. On Friday jobs data showed the U.S. economy created a whopping 353,000 jobs last month, significantly beating expectations. Markets see only a 20% chance of a rate cut in March, and they have pared back expectations for a rate cut in May. Copper spiked mid-week, nearing $4 pound to...

Copper comes into focus

The copper market is setting up nicely and prices for the metal should head higher, noted Kitco correspondent Paul Harris. On Monday Harris, mining audiences manager Michael McCrae and Soar Financial CEO Kai Hoffmann recorded Kitco Roundtable at the Vancouver Resource Investment Conference. Harris noted that copper supply is starting to dwindle, while energy transition is increasing demand. The three panelists also noted the downbeat mood at the first major mining show of 2024, as reso...

Copper sector heats up and the Fed narrows gold's trading range

A Chinese miner made a large investment into a Latin American copper developer, noted Kitco correspondent Paul Harris. On Saturday Harris and mining audiences manager Michael McCrae recorded Kitco Roundtable. Earlier this week Solaris Resources announced a $130 million strategic investment by Zijin Mining Group. Solaris is advancing its Warintza project, a high-grade open pit copper resource in Ecuador. McCrae noted that both gold and copper were under pressure due to a hawkish turn by...

The uranium party continues

Uranium leaped to a new high, noted mining audiences manager Michael McCrae. On Saturday McCrae and Kitco correspondent Paul Harris recorded Kitco Roundtable. Uranium traded as high as $100 this week according to pricing data provider UxC. The metal is has tripled in the past two years. Uranium was propelled higher when mining giant Kazatomprom announced a production shortfall of the metal due to lack of sulphuric acid needed for production.

Gold has a solid year, and Agnico Eagle makes a surprise nickel investment

Gold has had a solid year, overcoming the Fed's higher interest rate regime, noted mining audiences manager Michael McCrae. On Friday McCrae recorded Kitco Roundtable. Spot gold managed to finish the final trading day of 2023 in the 2060 range, up about $200 from the start of the year. In mining news top ten gold miner, Agnico Eagle (NYSE: AEM), announced today it was investing $23.12 million in Canada Nickel Company (TSXV: CNC). Agnico will own about 12% of the Ontario-focused, early-...

Gold falls to earth and platinum miners cut costs

On Friday gold prices fell on strong job numbers from the U.S., noted mining audiences manager Michael McCrae. On Friday McCrae recorded Kitco Roundtable. Friday was jobs day. The U.S. economy created 199,000 jobs last month, beating expectations. At the same time, the unemployment rate dropped to 3.7%, down from 3.9% in October. The strong economy implied that the Fed is further away from easing. On the news gold prices hit a two-week low and silver a three-week. According to some ana...

Gold hits an all-time high, and First Quantum stops operations in Panama

Gold finally hit a record high, and the copper markets had a big supply shock, said mining audiences manager Michael McCrae. On Friday McCrae recorded Kitco Roundtable. February gold futures last traded at $2,091.90 an ounce, up more than 4% from last Friday's close. Gold's previous record was at $2,089.20 in August 2020, wrote Kitco editor Neils Christensen. Gold is seeing renewed buying momentum as markets continue to price in a potential rate cut as early as March. The precious metal...

The Metals, Money, and Markets Weekly December 1, 2023: Time Waits For No One

Gold gets comfortable above $2,000 oz and a top 10 copper mine faces supply disruptions

To end the week gold has spent much of the time trading above $2,000 a ounce, noted mining audiences manager Michael McCrae. On Friday McCrae recorded Kitco Roundtable. After the good CPI numbers earlier this month that may allow the Fed to stop hiking, gold has found room to rise. Notable economic number this week were the the S&P Global Flash U.S. manufacturing and services PMI. Manufacturing contracted while services expanded. Bottomline is that the numbers put the U.S. economy a...

Markets turn a corner and Teck makes a deal

Commodities and markets were up this week off the good consumer price index report, which came in below market expectations, noted mining audiences manager Michael McCrae. On Saturday McCrae recorded Kitco Roundtable. The GDX, a index of gold miners, was up 5% on the week. The S&P was up half that amount. Gold added about $40 for the week to end at the 1980s range. Mid-week consumer price index report was below Wall Street estimates, which sparked a major rally on Wall Street. The core...

Powell talks down commodities and De Beers paints gloomy picture for diamonds

Commodities traded down this week after the Federal Reserve Chair Jerome Powell made hawkish remarks at a news conference. On Sunday mining audiences manager Michael McCrae recorded Kitco Roundtable. Powell warned markets that although inflation has come down from last year’s 40-year highs, the Fed still has work to do. He said that the central bank is not “confident” that it has inflation under control enough to shift its current tightening bias, according to reporting by editor Neils C...

Gold can't hold 2,000, Ero Copper and Vale make a deal

Gold is deferring a break higher, noted mining audiences manager Michael McCrae. On Saturday McCrae recorded Kitco Roundtable with correspondent Paul Harris. Key economic news this week was the jobs report. Non-farm payrolls number come in at up 150,000 versus market expectations of 170,000. The report fell into the camp of the U.S. monetary policy doves, who want the Federal Reserve to stop raising interest rates. Gold was helped but not much. Spot gold finished the week at $1,998 ounce....

The Fed will likely pause and Atlantic Lithium receives its permits

A Fed rate-hike pause at next week's FOMC meeting is likely, noted mining audiences manager Michael McCrae. On Friday McCrae recorded Kitco Roundtable with correspondent Paul Harris. Also noted during Roundtable was Piedmont Lithium and partner Atlantic Lithium obtaining permits for the Ewoyaa project in Ghana.

Why precious metal prices are up and QC Copper & Gold focuses on critical minerals in Quebec

War worries and a possible end to Fed tightening are some of the reasons gold is rebounding, noted mining audiences manager Michael McCrae. On Friday McCrae recorded Kitco Roundtable with correspondent Paul Harris and QC Copper & Gold CEO Stephen Stewart. The gold price has been on an unstoppable move higher when war fears entered the marketplace last week, that according to Kitco contributor David Erfle. Despite the U.S. 10-year bond yield rising to 5%, the safe-haven metal has risen fr...

Gold and oil trade higher and EMX Royalty's David Cole sees a bright future for copper

The set up for copper looks good, said EMX Royalty CEO David Cole. On Friday Cole recorded Kitco Roundtable with mining audiences manager Michael McCrae. With the Federal Reserve looking to be near the end of its tightening cycle and geopolitical concerns, the vice-grip that monetary policy has exerted on gold through most of 2023 is starting to weaken, giving the market room to run. After hitting a seven-month low a week ago, the precious metal is seeing its best weekly gains since mid...

Jobs data jolts commodities and battery metal sector stays busy

Many commodities were routed in October, noted mining audiences manager Michael McCrae. On Friday McCrae recorded Kitco Roundtable with Kitco correspondent Paul Harris. Gold prices dropped to a fresh seven months below after data showed that the us economy created 336,000 jobs last month, significantly beating the market's expectations. However, according to some analysts, disappointing wage growth and an unchanged unemployment rate gives the federal reserve room to leave rates on change...

Gold drops and gigafactory to be built in Quebec

During the last week of September, gold suffered its second largest monthly decline of 2023 with only February having a greater devaluation of gold futures, noted mining audiences manager Michael McCrae. On Saturday McCrae recorded Kitco Roundtable. The precious metal droped 5%, nearly $100. According to Kitco contributor Gary Wagner, the root cause the Federal Reserve including a major revision that was announced at last week’s September FOMC meeting. In mining news, battery metal inve...

Gold miners’ margins are going to be squeezed

Due to travel schedules, we reprised an interview with Exploration Insights’ Joe Mazumdar. Mazumdar spoke to Kitco in mid-September at the Precious Metals Summit 2023 in Beaver Creek, Colorado. Mazumdar is editor and analyst of Exploration Insights. Brent Cook, who is founder of Exploration Insights, also joined the interview.

'The joy has gone out of it' - unending bear market is grinding down gold miners

There is a big disconnect between gold prices and gold miners, noted panelists on Kitco Roundtable. On Friday mining audiences manager Michael McCrae, Kitco Correspondent Paul Harris and David Erfle with the juniorminerjunky.com recorded Roundtable at the Precious Metal Summit in Beaver Creek, Colorado. During the first quarter of the year, gold futures traded above $2,000. Since then, the metal has mostly traded within a healthy band of $1,900 to $2,000. Yet, the gold mining index, the ...

One commodity is surging, but it's not a metal

While gold and copper slipped 1% and 3.5% respectively this week, oil is gaining, noted mining audiences manager Michael McCrae. On Saturday McCrae recorded Kitco Roundtable with correspondent Paul Harris. Copper prices dropped 3.5% this week to finish at the low $3.70 level. Gold trended downward this week, with prices falling around 1% after the Labor Day holiday finishing the week at $1,919 an ounce. But oil is surging. On Tuesday Brent crude saw $90 a barrel for the first time since...

Base metals are up, and battery tech sees significant investor interest

Base metals are trading higher due to China's efforts to shore up its struggling property sector, noted mining audiences manager Michael McCrae. On Friday, McCrae recorded Kitco Roundtable with correspondent Paul Harris and Srini Godavarthy, the CEO of Li-Metal. China is issuing directives to prop up its property sector, such as easing borrowing rules to aid homebuyers. Other measures included lowering the existing mortgage rate for first-home buyers and the down payment ratio in some citi...

The Fed stays hawkish and it's decision time in Beijing

All eyes were on the Jackson Hole meeting in Wyoming, noted mining audiences manager Michael McCrae. On Friday McCrae recorded Kitco Roundtable with correspondent Paul Harris and Stillwater Critical Minerals' CEO Michael Rowley. Stillwater Critical Minerals (TSX.V: PGE | OTCQB: PGEZF) is a Canadian mineral exploration company focused on its flagship Stillwater West Ni-PGE-Cu-Co + Au project in the Stillwater mining district of Montana, U.S. 2023 drilling is currently underway. In the spr...

Metals trade down on China worries and Ford makes big battery investment in Canada

Metals are sliding due to recession worries, higher for longer rates and China concerns, noted mining audiences manager Michael McCrae.   On Friday McCrae recorded Kitco Roundtable with correspondent Paul Harris.     China is the story that is dominating commodity markets. A handful of large Chinese property development companies are under stress. Today Evergrande announced it filed for bankruptcy protection in the US. Earlier this week China's largest private real estate developer Count...

The market rewards exploration success, says Miles Thompson

Gold's tepid response to job numbers and Albemarle's outlook is rosy

Gold did not get much of bounce from the favorable job numbers, noted mining audiences manager Michael McCrae.   On Friday McCrae recorded Kitco Roundtable with Kitco correspondent Paul Harris.   U.S. nonfarm payrolls rose by 187,000 last month, according to the Bureau of Labor Statistics, which released the numbers on Friday. The monthly figure was below the market consensus estimates of 205,000. The gold market didn't react much. December gold futures last traded at $1,970 an ounce, rou...

Gold market seeks clarity and lower commodity prices hit base metal miners

The gold market is seeking direction, noted Kitco's mining audience manager Michael McCrae.  On Friday McCrae recorded Kitco Roundtable with Kitco correspondent Paul Harris.  McCrae noted that the big news this week was the  Federal Reserve pushing interest rates to a 22-year high on Wednesday. The Fed resumed its hikes from last month's pause. The big data point this week was core Personal Consumption Expenditures price index increased 0.2% last month, compared to May's increase of 0.3%. ...

Gold fizzles, and signs of bullishness in mining - equipment sales

Gold approached $2,000 earlier this week but then fizzled as the upcoming Fed hike weighed, noted mining audiences manager Michael McCrae.  On Friday McCrae recorded Kitco Roundtable.  The Fed skipped a raise in June. There were signs that the Fed is winning its inflation battle with favorable data about jobs and inflation, but the Fed will not be deterred. Analysts say that The Fed is almost certain to hike its policy rate by 25bp to between 5.25% and 5.50% at next week's FOMC meeting.   ...

A big CPI number buoys markets, and copper has a good week

A good inflation report pushed the gold market to a three-week high, with prices holding solidly above $1,950 an ounce, and sentiment turning bullish, noted mining audiences manager Michael McCrae.  On Saturday McCrae recorded Kitco Roundtable.  Roundtable covered the lift in metal prices due to good inflation numbers. The Consumer Price Index dropped to 3%. The Producer Price Index for final demand rose 0.1%. Economists surveyed by Dow Jones were expecting an increase in the PPI of 0.2%. ...

Lithium companies' funding advantage

Lithium companies enjoy a funding advantage, noted Bradda Head Lithium CEO Charles FitzRoy.     On Friday FitzRoy recorded Kitco Roundtable with mining audiences manager Michael McCrae.     Bradda Head is advancing projects in Arizona and Nevada.     With energy transition underway and governments supporting critical mineral businesses, FitzRoy noted that lithium companies have more options to raise money to continue their work.     "There's a lot of support around funding," said Fit...

Robert Friedland on copper and a lousy end to the quarter

Robert Friedland warned about a coming copper crunch due to increasing demand and dropping supply, noted Kitco correspondent Paul Harris.   On Friday Harris recorded Kitco Roundtable with mining audiences manager Michael McCrae.  The bleak picture for gold stocks was also covered. Gold is seeing its worst month since February as markets shift expectations, pricing in a nearly 100% chance of a rate hike in July.  After kicking off the month above $1,980 an ounce, gold finished June at the ...

Gold drops on hawkish Fed and Chinese EV sales are super-charged

Gold ended its worst week since February as the Federal Reserve's outlook of two more rate hikes weighed on the precious metal. But some analysts don't see the macro picture supporting that hawkish view. On Saturday mining audiences manager recorded Kitco Roundtable.  The gold market was down around $40 on the week, with August Comex gold futures last trading around the $1,930 level. China unveiled on Wednesday a 520 billion yuan ($72.3 billion) package of tax breaks over four years for e...

Gold's path is uncertain, and lithium deals abound

Gold could make a decisive move either up or down next week, noted mining audiences manager Michael McCrae.   On Friday McCrae recorded Kitco Roundtable.   The gold market has been steady so far in June, trading between $1,940 and just under $2,000 an ounce, writes Kitco reporter Anna Golubova. But after weeks of sideways price action, gold could be ready for a significant move in either direction with gold retesting the $1,880 level or getting back up to around $2,000. In lithium news De...

Forest fires in Quebec and can miners be taught to be better communicators?

Unprecedented forest fires in Quebec forced shut downs at several mining operations in the province, noted Kitco correspondent Paul Harris.  On Friday Harris recorded Kitco Roundtable with mining audiences manager Michael McCrae and CEO and Co-founder of VRIFY, Steve de Jong.  Unseasonably warm weather resulted in over 150 active fires in Quebec. The plight of the province gained international attention when smoke from the fire enveloped New York City in a deep haze.  Several miners, deve...

Gold trades lower and Ford announces a spate of lithium deals

Gold dropped end of week after less than rosy economic data was released, noted mining audiences manager Michael McCrae.  On Friday McCrae recorded Kitco Roundtable with correspondent Paul Harris.  The U.S. annual core Personal Consumption Expenditures price index came in at 4.7% in April versus the consensus forecast of 4.6%. The U.S. central bank favors this gauge because the core inflation strips out volatile food and energy prices. Gold fell following the data release, with June Comex ...

SQM to invest $1.2 billion despite Chile's plans to tighten grip on sector

Lithium giant SQM plans to keep investing despite Chile's plan to exert more control.  On Friday mining audiences manager Michael McCrae and  Melissa ‘Mel’ Sanderson, President North America at American Rare Earths recorded Kitco Roundtable.  American Rare Earths is developing its 100% owned magnet metals projects, Halleck Creek in Wyoming and La Paz in Arizona.  Sanderson talked supply and demand in the rare earth sector. 

Abitibi Royalties' Ian Ball returns with a new company

Despite a tough market for precious metal exploration companies, Canadian Gold interim president and CEO Ian Ball said he has a plan to attract investors.   On Friday correspondent Paul Harris hosted Kitco Roundtable with Ball and Rob McEwen, chairman and chief owner of McEwen Mining.   Canadian Gold is a Toronto-based mineral exploration and development company whose objective is to expand the high-grade gold resource at the past producing Tartan Mine, located in Flin Flon, Manitoba. The ...

'We don't have any competition right now' - Kai Hoffmann on gold investing

During past precious metal run ups, gold investing was competing against rotations into cannabis or crypto, argued Soar Financial CEO Kai Hoffmann, but during this cycle the metal has the stage to itself.   On Friday Hoffmann recorded Kitco Roundtable with Kitco correspondent Paul Harris and mining audiences manager Michael McCrae. The podcast was recorded at Hoffmann's Deutsche Goldmesse show in Frankfurt, Germany.     Gold hit an all-time high last week. Silver has also been at near ye...

Uncertainty still looms over Chile's lithium industry

  After Chile's President Gabriel Boric announced a nationalization plan for his country's lithium sector, miners are still striving to understand what the ruling means, noted Fastmarkets William Adams.    On Friday Adams recorded Kitco Roundtable with mining audiences manager Michael McCrae and correspondent Paul Harris. Adams is head of battery metals research at Fastmarkets.    Last week lithium miners dropped on news that Chile plans to nationalize its lithium sector, the world's se...

Lithium's three headwinds: substitution, price drop and demand weakness

Despite lithium prices halving in 2023, Battery Materials Review Managing Editor Matt Fernley is optimistic about the metal.     On Friday Fernley recorded Kitco Roundtable with mining audiences manager Michael McCrae.     This decade lithium went on a stellar run, trading up 10x versus historical levels, but in 2023 the metal took it on the chin. In 2023 Benchmark Mineral Intelligence estimates that lithium prices have been cut in half. Fernley is sanguine.     "It is just a reasonabl...

Base metal sector sees big shake up

While gold M&A has dominated resource headlines, the focus turned to base metals this week.   On Friday Kitco correspondent and mining audiences manager Michael McCrae recording Kitco Roundtable.   Glencore made an unsolicited $22.5 billion bid for Teck. So far Teck has fended off Glencore's advances.   The other M&A deal in the base metal side of the business was Hudbay Minerals (NYSE: HBM) and Copper Mountain Mining (TSX: CMMC). On Thursday the two announced that they were combining in ...

A week of mega deals in mining

The surprise bid by Glencore for Teck was covered on Kitco Roundtable, recorded on Friday.   The week started with Glencore making an unsolicited $23 billion bid for Teck, which Teck rebuffed.   Also this week Pan American Silver, Agnico Eagle wrapped up their $4.8 billion deal to acquire Yamana Gold. Agnico Eagle now owns 100% of Canadian Malartic. The company's production in the Abitibi gold belt is forecast to be approximately 1.9 million ounces to 2.1 million ounces of gold per year th...

'The riskiest assets on the planet' - Rick Rule on when to bet on gold stocks

While precious metal prices have been relatively high this year, it could be too early to leap into junior gold stocks, said Rick Rule, president and CEO of Rule Investment Media.   On Friday Rule recorded Kitco Roundtable with Kitco correspodent Paul Harris and mining audiences manager Michael McCrae.   Gold gained $150 in March — its best month since July 2020, noted Kitco's Anna Golubova. Analysts are seeing markets contradicting the Fed's messaging, and gold may have lots more upside...

What's good for gold is also good for copper

The same news that drove gold higher this week also gave copper a lift, noted mining audiences manager Michael McCrae.   On Thursday McCrae recorded Kitco Roundtable with correspondent Paul Harris. Gold started off the week strong due to wobbles in the banking sector. Credit Suisse, the European banking giant, was taken over by UBS on the weekend.   The markets then turned to the Fed and its rate hike. The Federal Reserve raised its main interest rate by a quarter-point, but the Fed also ...