Newmont sells Éléonore mine in Quebec for $795m
The miner said the deal and other 2024 sales will raise $3.6 billion.
Another volatile week in the precious metals as the middle-east crisis expands and China raises rates again. This week’s economic and geo-political news has certainly sent both traders and investors toward the precious metals as a ‘safer haven” investment. The Chinese rate hike has sent a signal to investors that the historically high inflation in China has not been curbed and continues to accelerate. During inflationary times traditionally the precious metals do better than most other commodities.
The current situation in the middle-east is expanding to other countries Bahrain in particular as the success of the Egyptian protesters has given others hope in improving their lives. The Question in Egypt is who will replace Hosni Mubarak? As of this writing the Egyptian military has control of Egypt and The demonstrators in Tahrir square in protest the military dragging its feet on reform.
Some new wrinkles…
Today Yusuf al-Qaradawi, a leading Egyptian theologian delivered a political speech stating “Don’t let anyone steal this revolution from you – those hypocrites who will put on a new face that suits them”. “This revolution isn’t over, it has just started to build Egypt; guard your revolution”.
Also it has been reported that Iran has requested through the Egyptian Defense Ministry permission to send two of naval vessels through the Suez Canal for the first time in six years in order to train with Syria’s military; it is reported that Egypt is considering Iran’s request.
WEEKLY NEWS:
The military has promised to hold free and open elections within six months. However, the demonstrators are maintaining a prescience fearing that if they leave, the revolution may be over; many demonstrators thought there would be a swift election process and believe the six month waiting process may be excessive. There are still many unanswered questions in that region, and as a gold bug it certainly will have my attention. The SuMed pipeline is vital to the region and the flow of Crude oil; ANY disruption in the flow will send oil prices soaring, higher oil prices will send Gold and Silver prices higher as well.
It has been reported that Egypt’s military has appointed former Egyptian judge Tareq el-Bishri to lead an eight-member panel including sitting judges, a legal team, and Sobhi Saleh a former lawmaker and member of the banned Islamic group, the Muslim brotherhood. The panels has been selected to amend the constitution and enable more candidates to run for the countries Presidency, this will hopefully end the work strikes that threaten Egypt’s economy. Demonstrators are seeking a swift resolution here.
The uncertainty in the region has caused the price of the precious metals higher this week; it may be far from over….
MY SWING MUMBERS FOR Monday (GLOBEX) APRIL GOLD
Resistance # 2……………….$1398.00
Resistance # 1……………….$1394.00
Pivot …………………………….$1388.00
Support # 1……………………$1384.00
Support # 2……………………$1378.00
MARCH SILVER (GLOBEX)
Resistance # 2……………….$$33.52
Resistance # 1……………….$32.91
Pivot ……………………………$32.26
Support # 1…………………..$31.65
Support # 2…………………..$31.00
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