Amaroq pours first gold at Nalunaq mine in Greenland
The pour took place on Wednesday, following approval of Phase 1 commissioning of the Nalunaq processing plant by the Greenlandic government.
Bloomberg reports that Goldman Sachs Group Inc. (GS) has released its 2012 forecast, which predicts that commodities may rally 15 percent in the next 12 months, foresees an “overweight” recommendation on raw materials and expects Brent crude to surge to highest level since 2008.
In contrast, JPMorgan Chase & Co cut commodities to “underweight” last week, quoting policy failures in the U.S. and crisis-hit Europe.
Commodities may gain as the global economy avoids recession next year and in 2013, analysts led by London-based Jeffrey Currie said in a report today. Brent, the benchmark used to price two-thirds of global oil supplies, may jump to $127.50 a barrel at the end of next year and $135 in 2013, it said.
…Data today showed manufacturing in China, the largest user of energy and base metals, shrank for the first time since February 2009.
