Copper has been on the rise since March, fetching more than $7,100/t, but the rally will end soon according to a report by Macquarie Capital titled “10 things we hate about copper – or why we reiterate a short in 2H.” The price of copper is highly correlated with economic growth and earlier this week… Continue Reading
Peter Koven of the Financial Post reminds us why he is one of the best mining reporters, distilling Cameco’s Cigar Lake uranium mine, one of the most complicated and significant mining operations on earth, down to a succinct 61 second video. Watch it over at FP’s site, or read the transcription below. “The cigar lake… Continue Reading
The vast majority of gold miner charts share a familiar chart pattern that has been forming during the last year, the head & shoulders bottom: Click to enlarge GDX Weekly This pattern is now at a crucial inflection point which could be resolved within the next week. In addition to the bullish seasonal period we are… Continue Reading
I’ve been obsessing over this Coal chart for the last few months watching this healthy consolidation take shape. I first pointed out this development in March, and although we were up a few percentage points since then, it wasn’t really until last week that we finally got going. The bigger the base, the stronger the breakout tends to… Continue Reading
I am very excited to announce something that I’ve been working on behind the scenes over the past couple of months, in fact I’ve been working for several years on it. Back in 2009 I met Joe Martin, founder of Cambridge House International, the junior mining conference company, and he very generously started bringing me… Continue Reading
Copper is testing important support/resistance near the $3.20 level: Click to enlarge And there is ample reason to believe that this could be an attractive long entry point as we move deeper into the back half of the year: With commercial inventory at a 2-year low and declining amid a strong pick up in demand, the… Continue Reading
Gold has continued its trend of inflicting maximum pain upon market participants who attempt to jump aboard seemingly nascent trends in the precious metal. Just as gold futures speculators reached their largest net long position in more than a year, gold suffered a false breakout above resistance near $1330: Click to enlarge Source: Barchart.com False… Continue Reading
Sentiment in the thermal coal market is nearly as poor as it gets right now. The mood has been further dampened this week by price cutting from Chinese coal producers. With sellers slashing prices in an attempt to clear out inventory. That’s led to an almost complete loss of appetite for imports into China. With… Continue Reading
Some market related observations: One of the key drivers of the recent bull run in equities has been corporate stock buybacks. Buybacks have drastically slowed in recent months….http://www.marketwatch.com/story/another-sign-the-bull-market-is-nearing-its-end-2014-07-09 Gold is back to a crucial area of support ($1300-$1307) after suffering a false breakout last week Portugal’s 2nd largest bank, Espirito Santa, is just the cusp of… Continue Reading
A new uranium exploration junior is about to start trading, and the CEO has a lot of experience with exploration promotions. The company is Westham Resources Corp, about to be renamed Roughrider Exploration Limited, which has an option to earn up to an 85% interest in in Kivalliq’s “Genesis” uranium project in Saskatchewan’s Athacasca Basin, not far… Continue Reading
After consolidating between $1310 and $1330 for the past three weeks gold has posted an impressive upside breakout this morning: Click to enlarge August Gold Futures (4-hour) August Gold Futures (15-minute) The big nut to crack still lies in the $1400 area, which represents the neckline of the large inverse head & shoulders bottom: … Continue Reading
Two potentially big stories for gold are unfolding right now. In disparate parts of the globe. First in terms of gold supply. In the world’s fifth-largest bullion producer: Peru. Reports late last week from the Peruvian government show another notable decline in monthly gold output. With production for May falling 24.6% compared to the year-ago… Continue Reading
Or at least, so it appears. Potentially bringing to a close one of the most dramatic sagas recently in global resource markets. The company is Freeport-McMoRan. And the problems are in Indonesia–where the firm has been fighting a government ban on the export of copper concentrate. Indonesian officials had officially outlawed shipments of non-unpgraded copper… Continue Reading
It’s a typical morning, no different than any other. You wake up, drive to the office and look to slowly ease yourself into your day with a cup of coffee. You begin to work your way through the zillions of emails that have amassed overnight when you are summoned into the corner office. You walk… Continue Reading
After an early swoon gold miners closed at session highs as they continue to form a formidable looking bullish flag pattern: Click to enlarge One might have thought that a blowout jobs report would have dealt a severe blow to gold and gold mining stocks. However, after an early sell-off both recovered impressively with gold… Continue Reading
