COVID-19 was NOT the news headline of the year

Gold's run is having limited benefit for gold miners, noted mining audiences manager Michael McCrae.

On Saturday, McCrae recorded Kitco Roundtable.

After an impressive seven-day rally, which pushed prices to an all-time high of $2,203, the gold market could see some consolidation in the near term, writes editor Neils Christensen. Profit taking and the lack of any near term catalysts could dampen gold's run going forward.

Gold's run has had muted impact upon gold equities. Although gold companies are up 9% this month, they are still down for the year and more than half their all time high early last decade.

According to a report by Reuters, the Romanian government said on Friday it won an arbitrage trial filed by Canada's Gabriel Resources (GBU.V). The company planned to build Europe's largest open pit gold mine in the western Romanian town of Rosia Montana.

Gabriel Resources had sought at least $4.4 billion in damages from Romania.

Both copper and gold were higher this week with signs that the Fed may be easing as soon as June.

On Saturday mining audiences manager Michael McCrae recorded Kitco Roundtable with correspondent Paul Harris.

Gold recovered after tumbling mid week due to a hotter than expected CPI number, noted mining audiences manager Michael McCrae.

On Saturday McCrae and Kitco correspondent Paul Harris recorded Kitco Roundtable.

On Tuesday the Labor Statistics said that its Consumer Price Index rose 0.3% in January, higher than the Consensus forecasts of 0.2% increase. Markets tumbled and gold dropped below the 2000 level.

The week started with a tragic mine accident in Turkey. SSR Mining suspended production at its Copler mine after a landslide resulted in at least nine miners missing.

New Gold announced a big production update this week, noted mining audiences manager Michael McCrae.

On Saturday, McCrae recorded Kitco Roundtable with correspondent Paul Harris.

New Gold reported that consolidated gold production is expected to increase by approximately 35% from 2023 to 410,000 to 460,000 ounces in 2026 driven by increasing production profiles at both Rainy River and New Afton as growth projects are completed in the near-term. The company still sold off in a down market for gold miners, off 6% for the week to $1.58 a share.

New Gold is a Canadian-focused intermediate mining Company with a portfolio of two core producing assets in Canada, the Rainy River gold mine and the New Afton copper-gold mine.

The other precious metal, silver, shows promise. According to Christopher Vecchio, Head of Futures & Forex at Tastylive.com, the metal is near a year low. It also does well during periods of volatility. The U.S. is heading into an election year. The congress is also setting up for a budget fight.

Metals traded lower end of week when jobs data came in stronger than expected, noted mining audiences manager Michael McCrae.

On Saturday McCrae recorded Kitco Roundtable with Kitco correspondent Paul Harris.

On Friday jobs data showed the U.S. economy created a whopping 353,000 jobs last month, significantly beating expectations. Markets see only a 20% chance of a rate cut in March, and they have pared back expectations for a rate cut in May.

Copper spiked mid-week, nearing $4 pound to settle back where it started, due to the strong job's number. Gold finished the week near the 2050 level, mostly flat for the week.

In mining news British Columbia's Nisga'a Nation is establishing Canada's largest majority Indigenous-owned public company. The new royalty company includes mining heavy hitter Frank Giustra, who will be strategic advisor to the newly-formed Nations Royalty.

The copper market is setting up nicely and prices for the metal should head higher, noted Kitco correspondent Paul Harris.

On Monday Harris, mining audiences manager Michael McCrae and Soar Financial CEO Kai Hoffmann recorded Kitco Roundtable at the Vancouver Resource Investment Conference.

Harris noted that copper supply is starting to dwindle, while energy transition is increasing demand.

The three panelists also noted the downbeat mood at the first major mining show of 2024, as resource companies hope to turn the page on a mostly forgettable 2023.

A Chinese miner made a large investment into a Latin American copper developer, noted Kitco correspondent Paul Harris.

On Saturday Harris and mining audiences manager Michael McCrae recorded Kitco Roundtable.

Earlier this week Solaris Resources announced a $130 million strategic investment by Zijin Mining Group. Solaris is advancing its Warintza project, a high-grade open pit copper resource in Ecuador.

McCrae noted that both gold and copper were under pressure due to a hawkish turn by the Federal Reserve.

Uranium leaped to a new high, noted mining audiences manager Michael McCrae.

On Saturday McCrae and Kitco correspondent Paul Harris recorded Kitco Roundtable.

Uranium traded as high as $100 this week according to pricing data provider UxC. The metal is has tripled in the past two years. Uranium was propelled higher when mining giant Kazatomprom announced a production shortfall of the metal due to lack of sulphuric acid needed for production.

Gold has had a solid year, overcoming the Fed's higher interest rate regime, noted mining audiences manager Michael McCrae.

On Friday McCrae recorded Kitco Roundtable.

Spot gold managed to finish the final trading day of 2023 in the 2060 range, up about $200 from the start of the year.

In mining news top ten gold miner, Agnico Eagle (NYSE: AEM), announced today it was investing $23.12 million in Canada Nickel Company (TSXV: CNC). Agnico will own about 12% of the Ontario-focused, early-stage nickel company.

On Friday gold prices fell on strong job numbers from the U.S., noted mining audiences manager Michael McCrae.

On Friday McCrae recorded Kitco Roundtable.

Friday was jobs day. The U.S. economy created 199,000 jobs last month, beating expectations. At the same time, the unemployment rate dropped to 3.7%, down from 3.9% in October.

The strong economy implied that the Fed is further away from easing. On the news gold prices hit a two-week low and silver a three-week.

According to some analysts, Monday's rally and subsequent selloff was not helpful for gold's long-term price action.

In mining news depressed platinum prices have forced miners to lay off workers.

Anglo American is preparing to freeze spending on growth and widen job cuts in South Africa. Reuters reports that the miner is preparing to mothball some high-cost platinum mines.

Last week Sibanye-Stillwater, the other major platinum producer, said it was cutting about 100 employees and 187 contract workers at its Stillwater West mine in Montana

Platinum prices have declined 11% for the year.