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Gold loves chaos and should be hitting new highs, especially with inflation coming down and with it, two rate cuts likely before year’s end.
Last week index score: 31.64 (Updated)
This week: 28.24
Prospero Silver (TSXV: PSL) received final TSX Venture Exchange approval of the option to own agreement with and Exploraciones del Altiplano.
Avrupa Minerals (TSXV: AVU) provided an exploration update on its properties in Portugal and Kosovo.
Zinc One Resources (TSXV:Z) entered into an investor relations agreement with Monica Hamm, an investor relations professional with more than 20 years’ experience.
The Oreninc Index fell in the week ending October 6th, 2017 to 28.24 from a updated 31.64 the previous week.
Total fund raises announced increased slightly to C$37.0 million, a two-week high, which included one brokered financing for C$2.0 million, a two-week high, and no bought-deal financings. The average offer size increased to C$1.6 million, a two-week high, whilst the total number of financings announced fell to 23, a six-week low.
The gold price had another weak week and it continued its downward trend, although rebounding a tad at the end of the week to close at US$1,276/oz from US$1,279/oz the previous week. Gold is now up 11.3% since the start of the year. The van Eck managed GDXJ in contrast, was stable through most of the week and posted growth at the end and is now up 9.4% so far in 2017 to close the week at US$34.59. The recently launched US Global Go Gold ETF saw its first quarterly rebalance since its launch had a similar week to the GDXJ close at US$12.89 from US$12.66 last week. The SPDR GLD ETF saw some selling activity and inventories closed down at 854 tonnes from 864 tonnes the previous week.
In other commodities, silver remained below US$17/oz but closed the week with positive momentum to close at US$18.83/oz from US$16.65/oz a week ago. Copper saw a burst of growth and finished the week above the US$3/lb mark again to close at US$3.02/lb from US$2.95/lb a week ago. With metals prices showing signs of growth again, oil slid below the US$50 per barrel mark and with WTI closing at US$49.29 a barrel from US$51.57 last week.
The Dow Jones Industrial Average continued to set records and had a strong week to close at 22,773 from 22,405 last week. Canada’s S&P/TSX Composite Index also saw a strong week of growth and closed up at 15,728 from 15,634 the previous week. The S&P/TSX Venture Composite Index also saw growth to close at 788.32 from 781.23 the previous week.
Summary:
Financing Highlights
East Africa Metals (TSXV:EAM) opened a C$13.55 million offering on a strategic deal basis. Each unit includes half a warrant that expires in 24 months.
Major Financing Openings:
Major Financing Closings:
Company news
Prospero Silver (TSXV: PSL) received final TSX Venture Exchange approval of the option to own agreement with and Exploraciones del Altiplano.
Analysis
Prospero aims to discover world-class precious metal projects in the major mineral belts of Mexico and so adding to its exploration land package is part of its strategy as doing so enables the company to identify more exploration targets.
Avrupa Minerals (TSXV: AVU) provided an exploration update on its properties in Portugal and Kosovo.
Analysis
Project generator Avrupa continues to successfully work up and advance its multiple properties in Europe as well as bringing forward new properties to a JV-ready state with considerable news flow potential going forward.
Zinc One Resources (TSXV:Z) entered into an investor relations agreement with Monica Hamm, an investor relations professional with more than 20 years’ experience.
Analysis
The appointment of Hamm should see increased investor relations-related activity by the company and result in a broader-based communication of its story that may ultimately result in greater investor appetite for its stock.
