23 min listen
Gold falls to earth and platinum miners cut costs
Gold falls to earth and platinum miners cut costs
ratings:
Length:
3 minutes
Released:
Dec 9, 2023
Format:
Podcast episode
Description
On Friday gold prices fell on strong job numbers from the U.S., noted mining audiences manager Michael McCrae. On Friday McCrae recorded Kitco Roundtable. Friday was jobs day. The U.S. economy created 199,000 jobs last month, beating expectations. At the same time, the unemployment rate dropped to 3.7%, down from 3.9% in October.The strong economy implied that the Fed is further away from easing. On the news gold prices hit a two-week low and silver a three-week.According to some analysts, Monday's rally and subsequent selloff was not helpful for gold's long-term price action. In mining news depressed platinum prices have forced miners to lay off workers. Anglo American is preparing to freeze spending on growth and widen job cuts in South Africa. Reuters reports that the miner is preparing to mothball some high-cost platinum mines. Last week Sibanye-Stillwater, the other major platinum producer, said it was cutting about 100 employees and 187 contract workers at its Stillwater West mine in MontanaPlatinum prices have declined 11% for the year.
Released:
Dec 9, 2023
Format:
Podcast episode
Titles in the series (100)
Spotted! Recent junior M&A activity that could turn into a sector wave: Australian M&A is heating up amongst the early-stage development companies, which could portend bigger deals worldwide, said Peter Akerley, CEO of Erdene Resources. On Friday Akerley recorded Kitco Roundtable podcast with correspondent Paul Harris; editor Neils Christensen; and mining audiences manager, Michael McCrae. by Kitco NEWS Roundtable