S.African lobby group opposes parts of new draft mining charter

By Reuters

The Minerals Council South Africa, an industry lobby group, said on Sunday it does not support some elements in the latest draft of an industry charter, including a stipulation that one percent of core profit is paid to communities and employees.

South Africa plans to raise black ownership at permit-holding mining companies to 30 percent from 26 percent within five years, the draft showed on Friday.

But the Minerals Council, whose members include mining companies, said in a statement that the raised target was never agreed as a recommendation and is a surprise inclusion.

“The Minerals Council does not support this top up, as it prejudices existing rights holders that secured their rights on the basis of the 2004 and 2010 Charters,” it said.

The new draft charter extends to five years from one year the time that existing mining permit holders will have to meet the new black ownership requirement.

Other proposals in the charter include: new mining rights holders must pay one percent of core profit, or EBITDA, to employees and communities in circumstances where a dividend is not declared in any 12 month period.

This also, according to the lobby group, is a surprise addition and was not agreed upon as a recommendation.

On Friday it said it was against a requirement that 10 percent (a third of the 30 percent black ownership target) for new mining right applicants be granted for free to communities and qualifying employees, dubbed “free carry”.

The government and miners had been at loggerheads over a previous version of the charter, which the Chamber of Mines industry body, now Minerals Council, slammed as confusing and a threat to South Africa’s image with investors.

“The Minerals Council believes that much more work needs to be done to create a Mining Charter that promotes competitiveness, investment, growth and transformation for the growth and prosperity of South Africa,” it said.

Addressing the media on Sunday morning, mines minister Gwede Mantashe said in two weeks from now the department will host a summit to receive further input from stakeholders. The period to receive public comment closes on July 27.

“We are hoping that there won’t be too many changes proposed because we’ve engaged everybody in this process. But …we will listen,” Mantashe said.

Reporting by Nqobile Dludla; editing by Jason Neely.

The post S.African lobby group opposes parts of new draft mining charter appeared first on MINING.com.

…read more

From:: Mining.com

Almost half of deadly accidents in South Africa happened at Sibanye-Stillwater mines: Minister

By Valentina Ruiz Leotaud

South Africa’s Mineral Resources Minister Gwede Mantashe said on Sunday that 20 out of 45 mining deaths reported since the start of 2018 have taken place at Sibanye-Stillwater’s (JSE:SGL) (NYSE:SBGL) mining sites.

To date, #SibanyeStillwater operations are responsible for 20 of the 45 fatalities reported since the beginning of the year. It, therefore, cannot be business as usual in how the Regulator attends to this situation. There will be an update once the report is completed. pic.twitter.com/pE3KXA1tZg

— Gwede Mantashe (@GwedeMantashe1) June 17, 2018

At a press conference in Pretoria, Mantashe announced that the Mine Health and Safety Inspectorate is investigating and compiling a report on the precious metals producer with the idea of taking appropriate action.

“Mining is not about rocks‚ it is about people. Once you lose that‚ you think that mining is about rocks‚ it’s about minerals‚ it’s about prices‚ then you have lost the plot … If you ignore human beings‚ you’ll have no mining,” he said.

Earlier this week, five people died at Sibanye’s Kloof Ikamva gold project after they entered an abandoned section of the mine. This was just the latest in a series of fatal incidents at the companies’ South African operations, which have generated concern in the government and an uproar from the Association of Mineworkers and Construction Union, known as AMCU. Although it has acknowledged the accidents, the company says that AMCU only wants to hurt its reputation.

Nevertheless, according to Minister Mantashe, fatalities in the gold mining industry seem to be on the rise in South Africa and there are growing worries about the proportion that take place at Sibanye’s operations.

Mantashe’s pronouncement was made at a meeting aimed at discussing the country’s new Mining Charter. The government official said a 30-day period for public comments has just started and that once it ends, the law will be sent to cabinet for publication.

Among other things, the Charter stipulates that mining companies have five years to increase black economic empowerment ownership to 30 per cent‚ while black South Africans must constitute 50 per cent of board members‚ 20 per cent of whom must be black women.

Government will give credit for past black-empowerment deals even when the investors later sold their shares to whites or foreigners.

“Some people said that 30 per cent [ownership] is not substantial,” Mantashe said at the media briefing. “But if you convene to zero, where we were at the beginning, it is very substantial,” he added.

The post Almost half of deadly accidents in South Africa happened at Sibanye-Stillwater mines: Minister appeared first on MINING.com.

…read more

From:: Mining.com

Will 2018 Be A Repeat of 2002 Tariffs on Resource Heavy TSX, ASX and TSXV?


Tariffs are front and center right now in the markets, and during the 2002 steel tariffs, the steel tariffs were not good for the U.S. markets. The Dow Jones Industrial Average, S&P 500, and the NASDAQ were all down between 20-30% during the 2002 steel tariffs, before recovering, when tariffs ended in December 2003. With the US now imposing steel tariffs on Canada, Mexico, and the European Union. While exempting Australia, South Korea, Brazil, and Argentina. What does this mean for the Canadian stock markets, and what will happen to the Australian markets, if Australia gets hit with the steel tariffs? Both the TSX & ASX are heavily weighted to financials and materials, and both experienced huge housing booms over the past decade. Will gold be a safe haven for Canadian and Australian investors?

“I do think that this trade stuff is a negative. It is going to hurt sentiment. Its badly thought through. Its not strategic. There are legitimate complaints about trade. But this is not the way to go about it. And you see it in the volatility in the market” Jamie Dimon (Chairman & CEO of JPMogran Chase)  (Source CNBC)

2002 TARIFFS IMPACT ON CANADA TO THE S&P/TSX Composite & S&P/TSX Venture 

Even though Canada was exempt during the 2002 steel tariffs, S&P/TSX Composite fell by almost 30% during the US imposing the steel tariffs in 2002. The S&P/TSX Composite finished slightly positive by the time the tariffs were over. The S&P/TSX Venture Composite (Venture), Canada’s junior market, not only FELL less during the bear market but significantly outperformed by the end of the tariffs. The Venture was up by almost 50%. The sector rotation out of technology and into commodities had begun, and the Venture saw HUGE fund flows because of its heavily weighted in junior mining (gold stock, silver stocks, copper stocks, etc.) and junior oil & gas stocks. You had capital pull out of speculative tech stocks (Nortel Networks) and venture capital and put into high-risk commodity focused junior explorers, developers, and junior miners. The Venture is the largest venture capital space in the world to invest in small cap natural resource stocks, providing exposure to exploration, development, production, and mining services. If history repeats, then the TSX Venture is set to outperform the broader markets once again.

2002 TARIFFS IMPACT ON THE ASX 200?

The broader ASX 200 fell less than the Canadian and US markets during the 2002 US steel tariffs while the North American equities were selling off in the second half of 2002. The broader ASX Materials Index finished positive, just over 10% by the end of 2003We can see that even in Australia the sector rotation into materials had started to take place following tech burst. What was surprising, in 2002, was that both the ASX 200 bottomed in February 2003, posting modest negative returning during the trade situation. The ASX Materials in contrasts bottomed in September 2002. While only a few months into the US steel tariffs, the overall ASX Market continues to be up, with the ASX materials up but lagging the broader index ASX 200. Gold significantly outperformed the ASX, even when adjusting for currency appreciation.

WHAT IS DIFFERENT THIS TIME FOR CANADA?

Unlike the U.S Federal Reserve, that was decreasing rates, after September 11, only a few months prior to the steel tariffs, and the bursting of the tech bubble. In Canada, the Bank of Canada (BoC) raised its target four times over the same time period, by 125 BPS, from 2.25% to 3.5%. But it didn’t stop there. In July 2003, the tightening was over, and the target was reduced to 3.25%, then again to 3.00% Where the is Bank of Canada today? No change in its target yet since the US steel tariffs started and no reaction yet to them being implemented on Canada. But will they be forced to raise their targets?

The economic progress we have seen makes us more confident that higher interest rates will be warranted over time, although some monetary policy accommodation will still be needed,” Governor Poloz said. “We will continue to watch how households and the entire economy are reacting to higher interest rates. And we will be cautious in making future adjustments to monetary policy, guided by incoming data.”

Canadian households have built up about $2 trillion of debt, including $1.5 trillion of mortgage debt….a prolonged period of low interest rates that allowed borrowers to take out larger mortgages for the same payment size. This debt is now a vulnerability, both for the whole economy and for highly indebted households who will face increased debt-service costs when interest rates rise. “We are closely watching the vulnerability represented by this group and the debt they carry, and how it poses a risk to both the financial system and the economy,” Governor Poloz said.  – Bank of Canada

Canadian households continue to be significantly more leveraged than they were before the 2008 recession. But will the Bank of Canada raise rates? They may have no choice. Are household and businesses going to be able to handle inflation pressures they are already experiencing from rising gas prices? Brent crude hits its highest level since 2014. There is also the July 1st deadline of tariffs being added to US imports.

“The problem for the Bank of Canada is this. What do they really control? So, when we get the Bank of Canada press statement, what is it they do? They actually just have an influence on the overnight rate and the overnight rate you can say as sort of an impact to the very front end of the curve. But the reality is that the Canadian bond curve is 90% correlated to the US Treasury market. What are US Treasury yields doing? They’re back up. There’s nothing the Bank of Canada can do about that. US Treasury yields are backing up. We are importing a good part of that into Canada. Mortgages are ultimately priced off the bond curve. And so, look at what happened last week. Even just weeks after the Bank of Canada said we’re are on, maybe on hold indefinitely. Mortgage rates went up last week because of the importation of higher bond yields south of the border.

…. This is the shocking statistic. Normally conservative Canadians that historically really went and took out five-year mortgages. They didn’t want to take on refinancing risk. Half of the Canadian residential mortgages rollover in the next year. Almost half, the number if 47%. That shocking” – David Rosenberg (Source BNN Bloomberg)

WHAT IS DIFFERENT THIS TIME FOR AUSTRALIA?

The Reserve Bank of Australia (RBA) during the 2002 episode of tariffs, followed the similar path to the Bank of Canada by raising its cash target rate four times, by 100 BPS from 4.25% to 5.25%. But there were no reductions, only hikes, and holds. Where is the RBA now? The RBA has stayed the course by holding rates, but will it follow history and begin raising rates? What about the impending interest-only loans that need to be refinanced over the next three years? Will the RBA hold back from raising rates? Time will tell.

In Australia interest-only mortgages, which during “their recent peak, they accounted for almost 40 per cent of all mortgages. While interest-only loans have a role to play in Australian mortgage finance, their value has limits.” Will overseas funding costs that are impacted by the US increasing rate, rise well? Over the last 20 years to 30 June 2014 the correlation between Australian and US 10-year yields has been 0.84 measured over quarterly periods with a correlation of 0.71”Source: Franklin Templeton. While not the short-end of the curve, as we have seen recently with many emerging markets rising interest rates is becoming the new normal and Australia will have to raise the cash rate soon if the Fed keeps going.

IMPACT ON CAPITAL MARKETS IN CANADA & AUSTRALIA

Due to the tight correlation that Australian and Canadian rates have to US rates, we could see banks hike their mortgage rates higher if the US Fed continues to raise its target rate. We would also expect this would further put pressure on both of their housing markets and the capital markets if a broader sell-off takes hold because of the tariffs as had previously occurred in the 2002 tariffs. This may present opportunities for royalty stocks like to provide funding to the sector because capital markets funding through equity issuance and commercial lending from banks would dry up.

WINNERS FROM THE US 2002 STEEL TARIFFS

  • Gold was the clear winner in the US Steel Tariffs.
  • Canada’s TSX Venture Index was the clear index winner in terms of performance because it is heavily weighted in small-cap natural resource stocks in mining and oil & gas.
  • If history repeats, the tariffs may be the signal over a 1-2 year time period, the start of the rotation out of technology and into commodity assets, just like the 2002 US tariffs signaled the rotation into the 2000’s commodities boom.

The outlier remains how long will the US Federal Reserve continue to keep raising and removing liquidity until something breaks?

Get the exact checklist that Professionals use to find winning Gold mining producer stocks.
Apply this to any mining producer stock in under 30 minutes!

EPA to clean up wastewater at 26 Colorado mines

By Valentina Ruiz Leotaud

The U.S. Environmental Protection Agency is planning to dredge contaminated sediment from streambeds and dig ditches to divert water away from tainted rocks and soil, in an effort to clean up wastewater flowing from 26 old mines in southwestern Colorado.

According to the Associated Press, such efforts are part of an interim plan the EPA is advancing with the idea of keeping toxic heavy metals from flowing into rivers. The selected areas are known for presenting high levels of aluminum, cadmium, copper, iron, lead and/or zinc.

The EPA believes it is urgent to remove and control contaminants from identified campgrounds, mine waste piles, ponds and rivers because some of them are recreation sites where people could be particularly exposed to arsenic or lead.

While this $10-million plan is being executed, the agency will search for a more permanent solution under the Superfund program, which is supposed to cover 48 mining sites.

AP says that the cleanup was prompted by the famous 2015 wastewater spill at the ancient Gold King mine, where one of the EPA’s clean-up teams working at the site accidentally caused the spill of over 3 million gallons of toxic wastewater into a local river and its tributaries.

However, Gold King is not among the 26 sites chosen for interim work because a temporary treatment plant was installed two months after the spill and is cleaning up wastewater from the mine.

Besides the environmental purposes in its mandate, the EPA is pushing for mine site cleanups with the idea of having those places transformed into residential, industrial or commercial developments.

The post EPA to clean up wastewater at 26 Colorado mines appeared first on MINING.com.

…read more

From:: Mining.com

Landslide at Honduran mine kills four

By Valentina Ruiz Leotaud

The Honduran Fire Department informed that four people died, half of them women, and five were injured following a landslide at an artisanal gold mine in the town of El Retiro, 180 kilometres north of Tegucigalpa.

According to Reuters, the Fire Department said that the miners were covered in sand and stones while they were cleaning up the ore they had extracted from the mine to separate it from the gold.

The news agency reports that accidents like this are a common occurrence in the Olancho department, where farmers turn to illegal mining activities to survive in one of the top 30 poorest countries in the world. The region is also one of the most violent in the country.

The post Landslide at Honduran mine kills four appeared first on MINING.com.

…read more

From:: Mining.com

Mine workers must embrace technology to use it successfully

By Michael Allan McCrae

The best new technology workers are the people who embrace it, says Mark Fawcett, a Partner at IBM and leading the effort to take artifical intelligence services to mining companies.

Watson is IBM’s artificial intelligent service that helps businesses independently model large data sets more efficiently. IBM not only sells the technology but helps mining companies train and transition staff.

“The most important thing is a worker’s attitude,” said Fawcett in an interview with MINING.com in April discussing what workers will transition to .

“If a person understands that the technology can be a potentially differentiating, they’ll do exceptionally well. It’s just the ability of the worker to understand that the technology can help.”

The mining industry is a late-comer to AI adoption. IBM has worked in industries like aerospace, medicine and oil and gas but IBM’s mining business has increased and the company recently established an office in Calgary devoted to the industry.

Interview with Mark Fawcett is edited for clarity.

MINING.com: What is Watson?

Mark Fawcett: When people hear Watson everybody thinks of the Jeopardy game. We had an artificial intelligence program that went out, and Jeopardy was our grand unveiling. We took the two people that were all-time winners from Jeopardy and had them compete against the Watson computer. Watson won, so I guess it’s good for us. From that we tried to find an industry where Watson can play, so we got into the cancer field where we continue to be successful in terms of diagnosis and being able to provide alternate recommendations. We can actually go in and give a recommendation based upon an individual’s cancer attributes. Now we can transition into other fields like financials and mining.

MINING.com: What has the transition been like from medical into natural resources?

Mark Fawcett: It’s been fairly smooth, actually. It’s because everything revolves around analyzing and interpreting data. Now that we know how to bring in the data and can look for patterns, it’s been pretty seamless. The biggest challenge that we faced candidly is when we go into organizations – it’s the end of the operations people, or it’s the end of the geologists, or it’s the end of whichever we’re going after. Our system does not make the decision. The expert makes a decision whether it’s the geologist, operations person, whoever. But they make the decision with significantly better data, information, and recommended courses of actions.

MINING.com: Can you give me a vanilla implementation of how it might work, just so we understand how the system would work or what impact it would have?

Mark Fawcett: Let’s use the Goldcorp example. Every aspect of their data from their drill database test-set, their block models, anything that was related to drilling and exploration that a geologist used – we went and got all of their data and put it into what we call a Watson Data Platform, which normalized all the data. Once the system has access to it, our data scientists tell us what they’ll be using the data for so we can collaborate to build algorithms for querying the data. Then, we bring those results back to see if it’s what we’re looking for. It’s sort of like fine-tuning a car. You tune it up and then it goes back and does it again. That’s what we call learning. That’s what Watson is doing through the learning process. When we’re doing this, it goes back and it never forgets. What happens is the predictability and the reliability of the data increases with each iteration which is really exciting.

Then if you look to the future we’ve got a technology coming called Watson Debater. I think this is pretty exciting because what it does now is Watson will debate you on your decisions. Let’s say you’re a stock financial analyst and you believe that Google is going to go to three thousand dollars a share. Watson will go and pull the data that supports and doesn’t support your decision. It will challenge your decision based upon that data. Within the next year it’ll be here.

MINING.com: How does the regular user interface work? Is that something that IBM adjusts or is that something that Goldcorp is doing?

Mark Fawcett: I think because it’s relatively new, it’s something that that IBM does. But it’s not something that’s exclusive. The reason why we’re customizing the interface is because it’s fairly new and we have that expertise. But you’re seeing a lot of organizations, for example the financial sector and the insurance sector. They have the data scientists in their organizations today. You’ll see a data scientist within Goldcorp within the next year, and you’ll see data scientists start to proliferate because you’re going to need them in order to say, “Well maybe there’s something unique and I want to build an algorithm on that I can run!” And then they’ll go and do that on their own. So they’re relying on us today but I don’t think is something that they’ll put on us forever.

MINING.com: What is the artificial intelligence component of it?

Mark Fawcett: It’s looking for similarities and trends in the data. It’s looking for commonality and being able to look for patterns that that are repeatable, because if there’s this geological formation with a certain aspect to it, we know that potentially there’s gold out there. If we see the same pattern in a different area we’re exploring, there’s a high probability that it’s gold.

MINING.com: Can you talk about the learning process? How are the geologists working with Watson so Watson becomes smarter?

Mark Fawcett: Let’s say Watson finds a high probability that there’s gold in its model. What the geologist does is drill and determine if the results yield gold. Based upon those results, the model gets trained for accuracy and …read more

From:: Mining.com

The pay gap in Latin America is over $90K for nationals and expatriates

By Michael Allan McCrae

exploration manager pay gap costmine latin america two

The average annual pay for expatriate exploration manager working in Colombia is US$170,000 per year, while the same job for locals pays $76,100.

Data was compiled in CostMine’s 2014 International Compensation Guidelines for Mining Exploration.

Only in Chile was the pay trend reversed. The average annual salary for nationals was $133,800 compared to $130,500 for expatriates.

Exploration manager pay for expatriates was the highest in Venezuela at $176,400. In Ecuador and Suriname the pay was $143,300 and $124,300 respectively. There was no wage data for nationals.

Jennifer Leinart, Mining Intelligence analyst and vice president of CostMine, says there are more to labour costs than just the wage paid to workers.

“The cost of a company operating overseas can be substantial, especially if the country lacks infrastructure or a regulatory framework. That can depress wages paid to locals and drive up the salary paid to expatriates,” says Leinart.

“In addition, other expatriate expenses as relocation, housing and schools for families can substantially increase the overall costs. On the other hand, getting people with the appropriate expertise in a limited pool of local candidates often makes sense. Large wage gaps will often create tension, and, ultimately, the goal of any company should be to train and build the skills of local employees to minimize expatriate employment.”


If you are working in South America as an exploration manager, you can help us decide whether your salary is in line with what it should be. Complete the 2018 CostMine survey. Contact Krista at knoyes@infomine.com for more information.

Creative Commons image of pay parking sign courtesy of Ape K

The post The pay gap in Latin America is over $90K for nationals and expatriates appeared first on MINING.com.

…read more

From:: Mining.com

The Trouble With Being a Bear

By Brian Maher

This post The Trouble With Being a Bear appeared first on Daily Reckoning.

The frustrating thing about bears is that they make so much sense.

They heave forth every reason why stocks must collapse — all sound as a nut, all solid as oak.

Chapter, verse and letter, they’ll explain how the stock market is a classic bubble.

And how it has been inflated to preposterous dimensions by cheap credit.

P/E ratios haven’t been so high since the eve of the Crash of ’29, they’ll insist.

Market volatility has returned in 2018 — and history shows trouble is ahead, they’ll warn.

Or that today’s sub-4% unemployment is a level historically attained only at peaks of business cycles.

And that recession invariably follows.

Et cetera, et cetera. Et cetera, et cetera.

But despite their watertight logic and all the angels and saints…

The bears have been damnably, comedically, infamously… wrong.

Since 2009, the Dow Jones has continually thumbed its mocking nose at them…

First at 10,000, then 15,000, at 20,000… then 25,000.

Each point supposedly marked high tide — and each time the water rose.

We hesitate to name names… but our old colleague David Stockman is an example brilliantly in point.

David’s been wailing wolf for years now, ever announcing the immediate collapse of “bubble finance.”

His alarms freeze our blood… and raise our hair.

Do we read David because we enjoy tales that freeze the blood and raise the hair?

No — although admittedly, we do enjoy these things.

And for the same reasons people attend horror pictures… or ride in roller coasters.

But we read David’s writing because it has cold hard logic in it.

Nonetheless…

His grim forecasts have mostly been… off.

David is by no means alone, of course.

We often find bearish analyst John Hussman eminently sensible.

He explodes with facts and convincing reasons why collapse is around the next bend — or at least around the following bend.

But in 2010 he wrote that stocks were — if you can imagine:

“Overbought, overvalued, overbullish.”

Some 15,000 points later, are stocks still overbought, overvalued and overbullish?

A fellow could argue the case.

But he could have argued that very case in 2011… in 2015… in 2017.

And he would have missed a bull market for all time.

To be clear… it is not our purpose to bring anyone into ridicule.

Nor do we do exempt ourselves from razzing…

After Trump was elected in 2016, we cited evidence — clad in iron — that he faced a 100% chance of recession within his first year of office.

Why 100%?

Because every single president who has followed a two-term president suffered this fate.

The Daily Reckoning, dated 18 November, 2016:

Since 1910, the U.S. economy is either in recession or enters a recession within 12 months in every single instance at the end of a two-term presidency… effecting a 100% chance of recession for the new president…

Not every single election sees a recession, only every two-term incumbent change… Only two presidents in history did not see a recession, and they were inaugurated after single-term presidents.

Over 12 months have lapsed since Trump took up in the White House.

No recession befell him… breaking 107 years of presidential tradition.

The crow we had to munch was a dreadful dose.

But these past years have been enough to throw anybody off.

Due to central banks, markets well and truly wander in terra incognita.

Our co-founder Bill Bonner has also been deeply suspicious of this bull market.

But he has begun to question his own judgment of late.

Has the Fed figured it out?

Can smart-but stupid central bankers really engineer permanent prosperity?

“If so,” Bill laments:

We’re finished. We’re done. This is not a world we know. Up is down. Down is up. Time goes backward. Suckers are given better-than-even odds. And fools are reunited with their money.

If so… we will recant, insincerely, and slip off our little stage like a drop of rain off a windshield.

We don’t think Mr. Bonner expects he’ll have to recant… or slip off the stage like rain off a windshield.

Nor do we believe the bears will be forever laughed off.

All things good must end… including bull markets.

One day, however distant, there will likely be hell to pay…

And it won’t be the bears doing the paying…

But to see why the bull market could run much longer, read on. Veteran trader Alan Knuckman makes the case that stocks could go much higher and for much longer than you can imagine. How much higher? How much longer?

Regards,

Brian Maher
Managing editor, The Daily Reckoning

The post The Trouble With Being a Bear appeared first on Daily Reckoning.

…read more

From:: Daily Reckoning

Weekend Show – Sat 16 Jun, 2018

By Cory댊 Hour 2 – Tariffs, North Korea, and Trump’s Roll In It All

Download audio file (0616-KER-Politics-Hour-2.mp3)

KER Politics is back this week! The focus is on tariffs and the concept of free trade as well as the meeting between the US and North Korea. The question is asked just how responsible is Trump for it all…

  • Segment 1: Today we discuss the important political events which occurred this past week and we start with Harlan Ullman on the subject of North Korea.
  • Segment 2: Harlan and I discuss the international trade situation which many in America are critical of today.
  • Segment 3: We wrap up our conversation with Harlan Ullman and Big Al admits that he is not always the prettiest baby in the nursery.
  • Segment 4: We wrap up KER Politics with Larry Amernick.

Segment 1

Download audio file (0616-2-1-1.mp3)

Segment 2

Download audio file (0616-2-2-1.mp3)

Segment 3

Download audio file (0616-2-3-1.mp3)

Segment 4

Download audio file (0616-2-4-1.mp3)

…read more

From:: The Korelin Economic Report

Weekend Show – Sat 16 Jun, 2018

By Cory댊 Hour 1 – Central Bank Recap and Gold Weakness

Download audio file (0616-KER-Hour-1.mp3)

We all knew there was a lot of news that could move markets this week and we were not disappointing. The Fed, ECB and BoJ all released statements along with economic data out of the US and China. The takeaway from the markets was continued US equity and dollar strength and gold and silver weakness, all thanks to the drop on Friday.

On the first hour on this week’s show we focus on the importance of the central bank statements which were all on the hawkish bend and the drop in precious metals. The takeaway is very much don’t worry about the drop in gold and silver but understand it will be while before a major breakout occurs.

  • Segment 1: We kick off with a comprehensive recap of the Fed and ECB statements with Marc Chandler, Head of Global Currency Strategy at Brown Brothers Harriman.
  • Segment 2: Avi Gilburt shares his thoughts on the gold and silver sectors. We review the GLD, silver and GDX charts as well as a quick comment on the US markets.
  • Segment 3: John Kaiser provides his thoughts on the recent drill results out of Skeena Resources and a look at a zinc company he thinks is being ignored.
  • Segment 4: We wrap up the first hour with the President of the Mises Institute Jeff Deist with comments on the Fed and its Chairman Jerome Powell.

Exclusive Company Updates and News


Segment 1

Download audio file (0616-1-1-1.mp3)

Segment 2

Download audio file (0616-1-2-1.mp3)

Segment 3

Download audio file (0616-1-3-1.mp3)

Segment 4

Download audio file (0616-1-4-1.mp3)

…read more

From:: The Korelin Economic Report