Haywood Heritage Moment: Coal mining has existed in Scotland since the 12th century. The development of the steam engine by James Watt in the 18th century began to increase demand for coal. Railway development in the 19th century increased demand for coal further and mines therefore had to be dug deeper. Source: Scottish Archive Network

Metals Plunge Further As Fed Meeting Sends U.S. Dollar Higher

Gold and other precious metals continued to fall this week, with gold in particular reacting to an unchanged outlook from the Federal Reserve; While the Fed reiterated its previous comments stating that interest rates would be kept low for some time, Yellen suggested that short-term interest rates may rise to higher levels (around 3.75%) by the end of 2017, sending the dollar higher. In addition, positive economic data during the week including a plunge in initial jobless claims for the week and positive manufacturing data all conspired to send the gold price lower to $1,217 per ounce as of Friday. Silver, platinum and palladium all fell during the week, finishing at $17.89 per ounce silver, $1,336 per ounce platinum and $811 per ounce palladium respectively on Friday. Markets were also jittery early in the week as Scotland held a referendum on whether to separate from the United Kingdom. After earlier polls indicated a clear majority favoured remaining with the U.K., polls conducted late last week and early this week indicated sentiment towards separation was gaining momentum. Eventually, the result came in at 55% against separation which eased market concerns. Economic news from China also continued to disappoint, with iron ore prices giving up all early-week gains to finish the week below last week’s close, while nickel, lead and zinc all fell during the week to $8.03 per pound nickel, $0.94 per pound lead and $1.03 per pound zinc on Friday. Uranium bucked the trend, continuing its rise over the last few weeks and finishing at $36.75 per pound.

Here's what is in the Dig this week:

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[Scotland castle photo source]