To receive updates on ag commodities in your inbox, subscribe to the free newsletter Agricultural Commodities Focus.Cotton prices have retreated in recent weeks, reflecting an easing of concerns about exportable supplies and uncertainty regarding Chinese import demand in the upco
FXEmpire.com -
Market Overview
Oil prices increased, driven by improved economic prospects in China and wildfire threats in Alberta. Chinese inflation data for April indicate
Nick Hodge, publisher at Digest Publishing, shared his latest thoughts on gold, silver, copper and uranium. Speaking first about the yellow metal, he said he sees it maintaining its bullish edge. "Gold is starting to check technical milestones. It's checking technical boxes that tell broader, more generalist investors that gold is emerging from a bear market, and it starts to beget or attract capital simply because it's going up," Hodge explained. While silver is currently lagging behind gold, it's starting to move based on a shift in perspective. "What's happened is that silver is being treated now as more of a precious metal than an industrial metal," Hodge explained during the interview. "Before it was trading sideways to down with copper, and now that gold has caught a bid, silver is doing what it's typically done in the past — it's being treated more as a precious metal."Looking over to copper, he said while its supply/demand fundamentals have been strong for some time, prices are now moving because a recession hasn't materialized in the US. Meanwhile, other countries are coming out of recessions. One way Hodge is playing copper is with the iShares Copper and Metals Mining ETF (NASDAQ:ICOP). In closing, he touched on uranium, saying he remains bullish as the commodity consolidates after a quick run. "Commodities move in cycles ... and I think that it's going to be a cascading or a wave effect," he said. "We talked about how investors are bored with uranium right now because they're more intrigued with gold and copper. Well you're going to see that copper will do its thing for a little bit and then it'll spill over into silver and platinum-group metals and then back into uranium. I think that with higher inflation for longer and then with relatively stagnant growth it's a good environment for commodities across the board to move higher. And they're just going to do so in independent cycles." Watch the interview above for more of Hodge's thoughts on gold, silver, copper and uranium. Don't forget to follow us @INN_Resource for real-time updates!Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
FXEmpire.com - Following a drop below Friday’s low earlier in Monday’s session, natural gas rallied to a new trend high, generating a bullish outside day. In addition, last week’s high was exceeded. If today’s close is above last week’s high of 2.34, another bullish clue will be
FXEmpire.com - Natural Gas
Natural Gas 130524 Daily Chart
Natural gas tests new highs as the rebound continues. Strong demand forom LNG exports provides additional support to prices.
FXEmpire.com - Gold
Gold 130524 Daily Chart
Gold pulls back as traders take profits after the recent rebound. Falling Treasury yields did not provide support to gold markets.
Following the discovery of assay result inconsistencies at its Wawa gold project, Red Pine Exploration (TSXV:RPX,OTCQB:RDEXF) disclosed on May 10 that 532 out of approximately 98,000 assay results in its database appear to have been manipulated since it took ownership of the asset in 2014.An internal investigation has revealed that the assay result inconsistencies were caused by the actions of the company's former CEO, Quentin Yarie. The discrepancies were first reported by Red Pine on May 1. Yarie is alleged to have manipulated certain assay results received from Activation Laboratories, subsequently disseminating them for various purposes, including resource modeling and public disclosure.The Wawa gold project, which is situated in Northern Ontario and is the company’s flagship operation, covers over 7,000 hectares and is home to several past-producing mines with historic production of 120,000 ounces of gold. The company's share price plunged on May 1, dropping to C$0.08 from the previous day's close of C$0.21. While it saw a slight recovery over the next two weeks, rising as high as C$0.12, it sank again on May 10 to C$0.09.
Chart via Google Finance. Red Pine Exploration stock chart, April 15 to May 13. According to Red Pine, assay result mismatches occurred during two periods: 2014 to 2019 and 2019 to 2024. In the 2014 to 2019 period, both the Surluga and Minto deposits at Wawa were affected. The company's May 10 release notes that while no material losses are anticipated from Surluga's indicated resource, it estimates a reduction of 39,500 to 54,000 ounces from its inferred resource. In terms of Minto, Red Pine said it estimates a loss of 8,000 to 12,000 ounces from its indicated resource and a decrease of 16,000 to 20,000 ounces in its inferred resource. The company has emphasized that these numbers are its own internal estimates and have not been verified by an independent qualified person. Investigations into the 2019 to 2024 period are ongoing, although Red Pine said it hopes to provide an update in a press release before the market opens on Wednesday (May 15). A conference call is planned for that day at 10:00 a.m. EDT. WSP Global, a consulting and engineering firm, has been appointed by the company to oversee an independent verification of all assay certificates from 2014 to the present. Red Pine has also informed the Ontario Securities Commission about the issue, and is looking into possible legal remedies moving forward.
Don't forget to follow us @INN_Resource for real-time updates!Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Major fertilizer producer Nutrien (TSX:NTR,NYSE:NTR) shared its first quarter results on May 8, reporting net earnings of US$165 million for the period, down 71 percent year-on-year. Adjusted EBITDA came in at US$1.1 billion, a 26 percent year-on-year decline, while Nutrien recorded adjusted net earnings per share of US$0.46, a fall of 50 percent over the same timeframe. The company said the decreases came on the back of lower net fertilizer selling prices, but pointed to strong demand for crop inputs. It is seeing strong potash demand in North America, as well as Southeast Asia, where lower inventory levels are supporting buying. Nutrien also pointed to strong Q1 potash imports from China. Nutrien's four operating segments are Nutrien Ag Solutions, potash, nitrogen and phosphate. The company highlighted Ag Solutions' adjusted first quarter EBITDA of US$77 million, saying it was propelled by higher gross margins for crop nutrients and crop protection products, which make up a surging market in the North American region.The potash segment's adjusted EBITDA declined slightly to US$530 million in Q1. However, Nutrien was able to increase potash production and reduce controllable cash costs per metric ton through advancements in mine automation.Meanwhile, adjusted EBITDA for the nitrogen segment sank to US$464 million. The company said selling prices for all major nitrogen products were lower during the first quarter, offsetting higher sales volumes and lower natural gas prices. President and CEO Ken Seitz underscored the company's ability to meet customer needs amid shifting market conditions, commenting, “Our results highlighted the capabilities of our flexible, low-cost production assets and downstream distribution network to efficiently supply our customers’ needs.”He added, “We expect growth in retail earnings and fertilizer sales volumes compared to the prior year and have maintained our 2024 guidance ranges. Our focus remains on strengthening our capability to serve growers and enhancing our core businesses to improve the quality of our earnings and free cash flow." In the release, Nutrien also reaffirmed its commitment to prioritizing the safety and wellbeing of its employees following an incident at its Saskatchewan mine last March during which a worker sustained injuries.Don't forget to follow us @INN_Resource for real-time updates!Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
FXEmpire.com - Natural Gas Technical Analysis
The natural gas markets have rallied just a little bit during the trading session here on Monday and at this point in time, it looks like the $2 level underneath is going to continue to be an attractive support level.
FXEmpire.com - Natural Gas Futures Decline: Bearish Signals Emerge
Technical Adjustment:
Natural gas futures took a downward turn, influenced by signs of a potential bearish trend, notably highlighted by a closing price reversal top last Friday. This movement is largely seen as a
Peabody Energy Corp (Symbol: BTU) has been named as the ''Top Dividend Stock of the S&P Metals and Mining Select Industry Index'', according to Dividend Channel, which published its most recent ''DividendRank'' report. The report noted that among the components of the S&am
FXEmpire.com -
Market Overview
Oil prices dropped this week, reflecting weak fuel demand and comments from U.S. Federal Reserve officials that reduced hopes for imminent inte
FXEmpire.com - Market Overview
Natural gas futures closed lower on Friday but marked a strong week overall, buoyed by decreasing production levels and robust demand linked to liquefied natural gas (LNG) exports. This positive momentum allowed natural gas to secure gains for the s
Gold and silver prices were on the move this week, with the former rising above US$2,370 per ounce on Friday (May 10), and the latter hitting US$28.67 per ounce that same day. Both pulled back slightly to finish. Market participants continue to digest the US Federal Reserve's decision to leave interest rates unchanged, and a recent Gallup poll shows that persistent inflation is affecting the public's faith in Chair Jerome Powell. While 39 percent of US adults have a “great deal” or a “fair amount” of confidence that he will do the right thing for the economy, that's up only 3 percent from a year ago, when Powell was taking heat for rising prices. Confidence in Powell is much higher among Democrats than Republicans at 56 percent vs. 30 percent.Across the pond, all eyes were on the Bank of England, which like the Fed held rates steady at its latest meeting; however, officials seem relatively confident that inflation is being reined in, with rate cuts possible in June.CME Group's (NASDAQ:CME) FedWatch tool shows the Fed is expected to leave rates unchanged at its June and July meetings, with a 50.3 percent likelihood of a cut in September. The next consumer price index reading is due on May 15.
Bullet briefing — South Koreans buy gold, Argentum loses silver claim
South Korean retail investors snap up goldSouth Koreans are eager to get their hands on gold, and retailers are delivering. Since April, the country's largest convenience store chain has been selling miniature gold bars weighing between 0.1 and 1.87 grams, and they're flying off the shelves — 1 gram bars reportedly sold out within two days, with people in their 30s being strong buyers.Another chain, called GS25, is even selling gold wafers from vending machines.If you've been following gold demand trends, this story out of South Korea will likely sound familiar. It's similar to the "gold beans" spree that swept China earlier this year, and it's also in the same vein as Costco's (NASDAQ:COST) foray into gold sales. While the experts I've spoken with have emphasized that buying gold in such small denominations generally isn't cost effective, they've been encouraged to see wider demographics take an interest in gold.Argentum loses salvaged silver claimArgentum Exploration, a company owned by GB News investor Sir Paul Marshall, has lost a legal battle with South Africa over 2,364 salvaged silver bars worth an estimated US$42 million.Back in 2017, Argentum recovered the silver from a WWII-era shipwreck in the Indian Ocean. It launched a claim for salvage, but South Africa said it was the rightful owner — the metal was sold to the country by India for use in South African and Egyptian coins, but the vessel transporting it was sunk by Japanese torpedoes. Although South Africa didn't ask Argentum to retrieve the metal, several courts have now ruled against Argentum, making South Africa immune to its claim. The parties reportedly came to a private agreement prior to the judgment.
Want more YouTube content? Check out our expert market commentary playlist, which features interviews with key figures in the resource space. If there's someone you'd like to see us interview, please send an email to cmcleod@investingnews.com.And don't forget to follow us @INN_Resource for real-time updates!Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Gold and silver prices were on the move this week, with the former rising above US$2,370 per ounce on Friday (May 10), and the latter hitting US$28.67 per ounce that same day. Both pulled back slightly to finish. Market participants continue to digest the US Federal Reserve's decision to leave interest rates unchanged, and a recent Gallup poll shows that persistent inflation is affecting the public's faith in Chair Jerome Powell. While 39 percent of US adults have a “great deal” or a “fair amount” of confidence that he will do the right thing for the economy, that's up only 3 percent from a year ago, when Powell was taking heat for rising prices. Confidence in Powell is much higher among Democrats than Republicans at 56 percent vs. 30 percent.Across the pond, all eyes were on the Bank of England, which like the Fed held rates steady at its latest meeting; however, officials seem relatively confident that inflation is being reined in, with rate cuts possible in June.CME Group's (NASDAQ:CME) FedWatch tool shows the Fed is expected to leave rates unchanged at its June and July meetings, with a 50.3 percent likelihood of a cut in September. The next consumer price index reading is due on May 15.
Bullet briefing — South Koreans buy gold, Argentum loses silver claim
South Korean retail investors snap up goldSouth Koreans are eager to get their hands on gold, and retailers are delivering. Since April, the country's largest convenience store chain has been selling miniature gold bars weighing between 0.1 and 1.87 grams, and they're flying off the shelves — 1 gram bars reportedly sold out within two days, with people in their 30s being strong buyers.Another chain, called GS25, is even selling gold wafers from vending machines.If you've been following gold demand trends, this story out of South Korea will likely sound familiar. It's similar to the "gold beans" spree that swept China earlier this year, and it's also in the same vein as Costco's (NASDAQ:COST) foray into gold sales. While the experts I've spoken with have emphasized that buying gold in such small denominations generally isn't cost effective, they've been encouraged to see wider demographics take an interest in gold.Argentum loses salvaged silver claimArgentum Exploration, a company owned by GB News investor Sir Paul Marshall, has lost a legal battle with South Africa over 2,364 salvaged silver bars worth an estimated US$42 million.Back in 2017, Argentum recovered the silver from a WWII-era shipwreck in the Indian Ocean. It launched a claim for salvage, but South Africa said it was the rightful owner — the metal was sold to the country by India for use in South African and Egyptian coins, but the vessel transporting it was sunk by Japanese torpedoes. Although South Africa didn't ask Argentum to retrieve the metal, several courts have now ruled against Argentum, making South Africa immune to its claim. The parties reportedly came to a private agreement prior to the judgment.
Want more YouTube content? Check out our expert market commentary playlist, which features interviews with key figures in the resource space. If there's someone you'd like to see us interview, please send an email to cmcleod@investingnews.com.And don't forget to follow us @INN_Resource for real-time updates!Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
FXEmpire.com - Natural gas rises to a new trend high before hitting resistance at 2.34, the high for the day. It sold off from there intraday and is trading near the lows of the day at the time of this writing. Today’s high was a little shy of the next potential resistance zone,
FXEmpire.com - Gold
Gold 100524 Daily Chart
Gold tested new highs despite rising Treasury yields. Demand for gold stays strong as traders bet that central banks will keep buying gold for reserves.
In a bid aimed at fortifying Australia's position as a global leader in critical minerals and renewable energy, the Albanese government has announced a 10 year, AU$566.1 million investment into critical minerals exploration. “There is no nation on earth better placed than Australia to achieve our goal of moving toward a clean energy future,” remarked Prime Minister Anthony Albanese in a Wednesday (May 8) press release. “This investment highlights my Government’s commitment to building a secure and sustainable future for all Australians. By investing significantly in geoscience, we can boost our progress towards net zero,” he added.The funding will be channelled into delivering essential data, maps and tools for the resource industry in order to aid in the identification of new mineral deposits and energy sources.Geoscience Australia, a government agency, will spearhead the effort to deploy top geoscientists to fully map Australian resources and chart a course for future exploration endeavours.The investment will also fund Resourcing Australia’s Prosperity for 35 years, and will extend its mapping efforts to offshore areas for the first time, identifying sites for carbon capture and storage, as well as clean hydrogen projects. “The Albanese Government has put the resources industry at the heart of its policy making because it knows a strong resources sector means a strong Australia,” said Madeleine King, minister for resources.“The Albanese Government has put the resources industry at the heart of its policy making because it knows a strong resources sector means a strong Australia,” she further commented.The initiative aims to stimulate exploration activity across Australia, where 65 companies are already exploring across 569 tenements, covering over 290,000 square kilometres of the country. Deloitte Access Economics estimates that existing public pre-competitive geoscience has supported AU$76 billion of value added to the Australian economy and 80,000 full-time equivalent jobs in the 2021/2022 period alone.
AMEC welcomes Australian resource sector funds
In its own press release, the Association of Mining and Exploration Companies (AMEC) welcomed the Albanese government's AU$566.1 million investment in the country's resource sector. “We are delighted to see the Federal Government re-invest in the critical and highly successful program, extending it out to the end of the decade,” said AMEC Chief Executive Warren Pearce. “Some 80 per cent of Australia is unexplored. This program has the potential to open new mineral jurisdictions and unlock immense new mineral wealth for Australia.”In its federal budget submission for the 2024/2025 period, AMEC outlined three key priorities: the expansion of the Exploring for the Future Program, the retention of the Diesel Fuel Credit and the introduction of a 10 percent production tax credit. Two out of three of those points have now been achieved.
Australia’s critical minerals future
The Australian government identified 31 resource commodities as critical minerals in its February 2024 list.The selections were made based on the country’s geological potential and global technology needs, particularly those of key partner countries like the US, the European Union, India, Japan, South Korea and the UK.Australia's government is also keeping a close eye on increasing global demand for key resources. In 2022, the nation maintained its position as the world's leading lithium producer, contributing 52 percent of global production.Additionally, it ranked among the top five producers for cobalt, manganese ore, rare earths, rutile, tantalum and zircon.To meet growing demand, Australia's resource industry has ramped up exploration and resource definition efforts. Economic inventories for 13 critical minerals saw notable increases in 2022, including manganese, platinum-group elements, rare earths and nickel, among others.Looking ahead, the country remains committed to supporting the development of its critical minerals sector, with ongoing initiatives to identify and advance new projects.
Don't forget to follow us @INN_Australia for real-time updates!Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.