The Dig – Haywood Mining Team’s week in review

POSTED ON August 22, 2014 BY Haywood Mining Team
CATEGORY Haywood Securities,

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:

Click here for the full report.

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[Toronto Stock Exchange photo source]

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 →

gmark@haywood.com

Haywood Mining Team

gmark@haywood.com

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