Gold Price/Mining Equities Surge in New Year
The New Year has begun on a positive note, with both the gold price and mining equities gaining ground after what was a tumultuous 2014. The gold price and mining equities surged on the back of slightly negative factory data from the U.S., although other macroeconomic indicators, including housing and employment, were all generally positive for the week. Meanwhile, consumer prices in the Eurozone fell for the first time on an annualized basis in December, prompting the European Central Bank (ECB) to more carefully consider stimulus measures in the region. The week was also defined by the killing of 12 people, including journalists/cartoonists from a French magazine, which in the past has published Islamic satire that has resulted in numerous threats from various jihadist groups. In addition to gold, silver, platinum and palladium all gained for the week, closing at US$1,221 (↑2.6%), US$16.45 (↑4.2%), US$1,230 (↑2.3%), and US$802 (↑0.9%) per ounce respectively. With the exception of nickel, which gained 3.1% for the week, the other major base and industrial metals fell, with copper, lead and zinc finishing at US$2.80, US$0.84 and US$0.97 per pound respectively. The UxC Broker Average Price of uranium (BAP) fell further this week after its mid-Q4’14 surge, finishing at US$35.44 per pound U308 for the week. Finally, WTI crude fell below US$50 per barrel, continuing its fall from the latter part of last year, finishing at US$48.3 per barrel.
Here’s an overview of what’s in the Dig this week:
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[Christopher Columbus photo source]