43 min listen
Gold gets comfortable above $2,000 oz and a top 10 copper mine faces supply disruptions
Gold gets comfortable above $2,000 oz and a top 10 copper mine faces supply disruptions
ratings:
Length:
2 minutes
Released:
Nov 24, 2023
Format:
Podcast episode
Description
To end the week gold has spent much of the time trading above $2,000 a ounce, noted mining audiences manager Michael McCrae. On Friday McCrae recorded Kitco Roundtable. After the good CPI numbers earlier this month that may allow the Fed to stop hiking, gold has found room to rise. Notable economic number this week were the the S&P Global Flash U.S. manufacturing and services PMI. Manufacturing contracted while services expanded. Bottomline is that the numbers put the U.S. economy at neutral. Copper was up again this week, nearing the $3.80 lb point. Supply disruptions favored the metal, which segues to mining news. In mining news, First Quantum is facing supply disruptions and a looming court decision. Protestors in Panama are blocking supplies from reaching the mine. Without relief, the company warned that production could be halted. The mine also faces legal challenges. It's recently signed mining contract it signed with the government is being challenged in the supreme court. A decision is expected in the coming days or weeks. A majority of lawyers surveyed by Reuters saidthe Supreme Court is likely to rule against the company, citing a precedent.
Released:
Nov 24, 2023
Format:
Podcast episode
Titles in the series (100)
Why silver will shine bright in 2021: The good news about the development of a vaccine is hammering gold, said Kitco editor Neils Christensen. Christensen joined Mining Audiences Manager Michael McCrae and Marcel de Groot, co-founder and president of Pathway Capital, to record Kitco Roundtable podcast on Friday. by Kitco NEWS Roundtable