INDUSTRY REPORT: Haywood Weekly Dig- 4th July 2014

POSTED ON July 04, 2014 BY Haywood Mining Team
CATEGORY Haywood Securities,

Gold Bounces As US Equities Hit New Highs on Better Jobs Data

Gold jumped to above $1,330 per ounce early in the week on softer than expected US economic data and the retraction of the ceasefire between the Ukrainian government and pro-Russian separatists, but the commodity softened to around $1,321 per ounce later in the week after better than expected ADP jobs data (281,000 new jobs) buoyed US markets to new highs (Dow Jones Industrial closed at a new all-time high of 17,068) ahead of the Independence Day long weekend. Separatist activity is the Ukraine and insurgent activity in Iraq continue to fan geopolitical uncertainty, as ceasefire negotiations pertaining to the eastern European country continue into the weekend. A week after negotiated wage agreements were sealed between mining companies and miners at South Africa’s platinum mines, platinum and palladium have moved to up $1,504 and $866 per ounce respectively. As of Friday afternoon, gold closed at $1,321 per ounce, while silver rose slightly to $21.20 per ounce. Copper continues its resurgence closing at $3.27 per pound for the week. Metallurgical coal benchmark price negotiations for Q3/14 come in at $120 per tonne (FOB Australia), as iron ore prices bounce from recent lows to $96.50 per tonne (CFR China).

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Haywood Mining Team

Canadian mining companies have been among the industry leaders, creating new exploration and development undertakings and drawing on their recognized production expertise to generate new opportunities. Our mining research team follows all segments of this sector, covering base and precious metal sectors for large and small-cap companies. Haywood's mining sector coverage also continually seeks opportunities in the dynamic Canadian junior market sector, one that has a rich culture in exploration and development. More →

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Haywood Mining Team

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