While commodities ETFs - led by precious metals funds like the SPDR Gold Trust (GLD) and the iShares Silver Trust (SLV) - are hot, currency ETFs are even hotter. Flows into 38 U.S.-listed currency ETFs this year stood at $2.2 billion through last week, according to a new review of fund flows by ConvergEx Group.
Platinum Group Metals Mining News
The world’s fourth-largest platinum miner Aquarius Platinum increased its attributable production by 3% year-on-year to 114 260 platinum group metal (PGM) ounces, but CEO Stuart Murray said on Tuesday volumes from South African operations fell short of the company’s expectations. Challenging conditions at Kroondaal, Marikana and Everest mines negatively impacted on production, but Murray said operations were now moving towards normal production.
At the once-feared commodity trading arms of Goldman Sachs and Morgan Stanley, the pressure to do better in the second half of this year has never been more intense.
CDE have announced the addition of Pilot Crushtec to their global distributor network with responsibility for South Africaand sub-SaharanAfrica. Pilot Crushtec will promote the full range of CDE washing equipment including the Evowash sand washing plant, Prograde screens, M2500 mobile washing plant, Rotomax logwashers and Aquacycle thickeners.
PGM prices have been given a lift by the latest EU debt agreement but, while Europe remains a focus over the medium term, for now problems in major supplier, South Africa, are likely to come into focus.
Champion Bear Resources Ltd. (CVE:CBA) reports it has completed the private placement of 1,000,000 common shares of to Canadian Platinum Corp.
RIA Novosti reports that Norilsk Nickel has sold 8.06 percent of its shares to two offshore companies, Delmonico Group and Crelios Investment, for over $2.77 billion, the company said in documents obtained by RIA Novosti on Monday.
The value of mergers and acquisitions in the mining sector more than doubled to $96.3 billion in the first six months of the year and could top $200 billion for the whole of 2011 says a new research report. Canadian companies – both as acquirers and as the targets of buyers – dominated corporate finance activity in the first half shaking on more than a deal a day and at 325 deals accounting for almost two-thirds of all the metals and minerals transactions carried out around the world.
The platinum miner said it produced 1.2m ounces in the first half of the year and said it remained convinced it would reach its FY target, despite a tough start to the year.
Analysis suggests that the platinum surplus which reached 1 million ounces in 2010 is set to further rise this year, but palladium deficit seen as increasing and prices to rise.
When it comes to investing in precious metals, most investors tend to focus on gold and silver. With gold in the midst of a multi-year bull market, and trading at $1,600 and ounce, the yellow metal gets most of the media attention. Headlines like ‘Gold
Canada’s mining industry continues to rally from the recent global recession, with this year’s production currently exceeding that of 2010, reports government department Natural Resources Canada (NRCan).
What the heck happened to Stillwater Mining (SWC)? This company is the largest US miner of palladium and platinum. While many analysts are still predicting supply deficits for platinum and palladium, this stock totally collapsed earlier this month.
Time for picking up bargain gold stocks may be nearing a close but the key is to look for companies with great projects in mine-friendly jurisdictions, but more importantly, a management team that can get things done.
Financial markets — including commodities — surged after details from the highly-anticipated EU Summit were released. Germany's demand that private investors be a part of any Greek bailout, which will likely be considered a partial default by ratings agencies, seems to have been met.
Lonmin PLC (LMI.LN), the world's third largest primary platinum producer, Thursday said it expects to meet its annual platinum sales target, provided there are no work stoppages, and raised its annual unit cost guidance to reflect reduced output in previous quarters. The U.K.-listed, South African miner expects to sell 720,000 troy ounces of platinum in the financial year ending Sept. 30 and expects annual unit costs to rise 11%, up from a previously forecast 8%, due to production setbacks stemming from industrial action and six fatalities during the first six months of the financial year.
Prophecy Platinum's (TSX-V:NKL) rocket has yet to run out of fuel. Five days after it released a PGM-gold-nickel-copper resource its shareprice continued on a steep upward trajectory.
Thunder Bay-based Zenyatta Ventures has ended its dispute with Constance Lake First Nation after the leadership of the 1,470-strong community decided to no longer pursue a motion of injunction against the junior explorer in exchange for better co-operation and preferential job opportunities. Zenyatta can now advance its Albany project south of the so-called Ring of Fire in the James Bay lowlands where it is exploring for nickel and platinum group metals with a purported value in excess of $1 billion.
Strong metal and oil stocks lift the TSX Composite Index Tuesday as the loonie rallies on expectations of eventual rate hike.
FIX PREV FIX PLATINUM 1784.00 (1765.00) dlrs PALLADIUM 796.00 ( 786.00) dlrs per troy ounce
For the past week or two, the price of platinum at the NYMEX futures exchange has gone into repeated transient episodes of backwardation. As this author has explained in past articles, backwardation in a precious metal usually means that a shortage exists in the marketplace, and hidden momentum is building for a very strong upward movement.
The big talk these days is of the debt ceiling in the US having to be raised. The US is lucky they can do this unlike other countries such as Spain, Portugal, Greece, Ireland and others who need to be bailed out or pass huge austerity measures.
Commodities don’t all perform in the same way. In any given year, a particular commodity will go gangbusters and outperform the group.
In 2001 palladium reached $1,080/oz when gold was only $300/oz and platinum $715/oz. Three factors will help fuel palladium to surpass its 2001 high and well beyond says Market Oracle: Chinese auto production is expected to go from 18 million units in 2010 to a staggering 30 million vehicles by 2020. A vehicle's catalytic converter requires about 1/20th of a troy ounce of palladium and/or platinum and since platinum costs 124% more than palladium ($1,735 vs $776) it is reasonable to assume automobile manufactures will elect to use cheaper palladium. Secondly the looming palladium supply deficit and thirdly the exemplary success of pure palladium ETFs which already have over $1 billion in assets representing roughly 1.3 million oz of palladium taken off the market.
Shares in the platinum and precious metals mining company rose as much as 6.4% at the start of the session to an intraday high of $4.98 before the broad market soured during Fed Chairman Bernanke’s second day of testimony on Capitol Hill.