Gold price ahead of the Thanksgiving weekend
During this period, gold is usually just before forming a short-term top and starting the biggest decline within the final quarter of the year.
Last week index score: 58.72 (Updated)
This week: 30.62
LiCo Energy Metals (TSXV:LIC) began Phase I diamond drilling on its Teledyne and Glencore Bucke cobalt properties in Ontario.
The Oreninc Index fell in the week ending September 28th, 2017 to 30.62 from an updated 58.72 the previous week.
Total fund raises fell considerably to C$33.9 million, a two-week low, which included no brokered financings and no bought-deal financings. The average offer size also fell to C$1.3 million, a two-week low, whilst the total number of financings announced fell to 28, a two-week low.
With precious metals investors meeting at the Denver Gold Forum in Colorado Springs the past week, there was a workman-like feel to the meeting and a positive outlook on the precious metals space, with sleeves rolled-up to deal with the fits and starts of the gold price movement.
The gold price had an up-and-down week whilst it continued its downward trend in the past couple of weeks closing at US$1,279/oz from US$1,297/oz the previous week. Gold is now up 11.5% since the start of the year. The van Eck managed GDXJ fell in line with the gold price is now up 6.5% so far in 2017 to close the week at US$33.59. The recently launched US Global Go Gold ETF also had a negative week to close at US$12.66 from US$12.95 last week. The SPDR GLD ETF continued to add ounces and inventories closed up at 864 tonnes from 856 tonnes the previous week.
In other commodities, silver remained below US$17/oz and lost more ground to close at US$16.65/oz from US$16.99/oz a week ago. Copper continued to hold ground and finished the week with a modest gain as it closed at US$2.95/lb from US$2.94/lb a week ago. Whilst metals prices have faltered recently, oil has seen growth and continues over the US$50 per barrel mark, closing the week at US$51.57 per barrel from to US$50.66 last week.
The Dow Jones Industrial Average continues at near record levels to close at 22,405 from 22,349 last week. Canada’s S&P/TSX Composite Index saw strong growth and closed up at 15,634 from 15,545 the previous week. The S&P/TSX Venture Composite Index saw growth to close at 781.23 from 778.10 the previous week.
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Financing Highlights
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Company news
LiCo Energy Metals (TSXV:LIC) began Phase I diamond drilling on its Teledyne and Glencore Bucke cobalt properties in Ontario.
Confirmation of historical drilling results will provide a base for LiCo to then expand mineralisation and build a NI 43-101 compliant minerals resource estimate.
