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Repent at Leisure.

It is ever tempting, when writing a weekly such as this, to get ahead by compiling some of the stock items early. Yet at your peril do you attempt to summarise the week on a Friday morning. We did that with Precious and came unstuck. You might have read: “Gold, the pack leader, shows no sign of an upward break out above $1200 nor yet a desire to fall much below”.

Well, the London pm fix was $1164, which could be taken as a downside breakout. Purists go for $1175 as a sort of Rubicon. Nor is gold alone on the slopes. Platinum, too, obliged, though not to the same extent as silver with a 6% drop into $16 territory, a far cry from the $40-30 of recent years. Keeping the precious company are iron ore, now below $80/t and selected minors, particularly the titanium minerals. Perhaps the base metals hold firm because of a degree of producer restraint, not to be seen in the others. As we note further, the China effect is beginning to bite. We had grown used to and become comfortable, on the world’s now largest economy pumping out a 10% annual GDP uplift for a decade. Now they speak of 6%. That is still handsome for the biggest consumer of just about everything bar oil, but the miners geared up for double digit growth indefinitely.

Here timing creeps in….  To read the rest, sign up for a free trial subscription.

Latest Table of Contents
Leader Repent at Leisure
Major Shares In a surplus market, it is all about positioning.
Small & Medium Caps Mostly red ink, but celery and chilli feature
Bulk Minerals Iron ore below $80.  Fight on.
Exchange Traded Metals Nickel in the spotlight and pointing upwards.
Precious Metals Behind the near $70 gold price fall.
Minor Metals Continued weakening, particularly the titanium ores.
Exchange Rates QE:  Us out, Japan in.  Dollar marches on.
Energy Lochinvar:  a coking coal project in today’s market.
Gemstones The diamond oligarchs stir.
Countries China continues its march into Africa.
And Now Some Things…. The art of obituary writing.  Mining the moon.