TSX

Haywood Heritage Moment: The Toronto Stock Exchange currently accounts for around 90% of world mine financings and 73% of the total equity raised; there are more mining companies listed on the TSX than on any other exchange. Source: Ontario Mining Association

Gold Ignores Geopolitical Concerns – Drops On U.S. Economic Data

Despite the ongoing geopolitical issues in Iraq and Syria, Eastern Europe and Gaza, gold dropped well below the $1,300 per ounce mark during the week, finishing at $1,281 per ounce on Friday. The drop in gold price follows positive U.S. economic data during the week, which saw better-than-expected housing and employment data. Leading indicators were also better than expected, up 0.9% in July – economists had expected a 0.6% gain. The positive economic figures were somewhat tempered by Janet Yellen on Friday, who stated that employment figures, while positive, were misleading and that there were plenty of long-term unemployed workers and others stuck in part-time jobs. The world was shaken by the brutal killing of an American journalist, while fighting in Gaza escalated further, with 3 Hamas militants killed following airstrikes. In response, Hamas executed 18 Palestinians allegedly collaborating with Israel. Meanwhile, Russian trucks passed over the Ukrainian/Russian border on Friday despite not gaining approval from Ukrainian officials, in a move that was branded a “clear violation of the Ukrainian border.” North American markets were up for the week, with the Dow Jones, S&P500, S&P/TSX and S&P/TSX Venture indices each rising to 17,001, 1,988, 15,536 and 1,006 respectively. Precious metals were down over the week, with silver, platinum and palladium finishing at $19.47, $1,422 and $888 per ounce respectively. Base metals were up during the week, with copper gaining 3% during the week finishing at $3.22 per pound. Lead, zinc gained 2.14% and 3.55% respectively, finishing at $1.02 and $1.06 per pound respectively.

Here's what's in the Dig this week:

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[Toronto Stock Exchange photo source]