A New Gold Rush?
(Kitco News) - While the gold market has been pretty uneventful since the start of summer, you wouldn’t know it in Canada’s Yukon Territory.
Our editor Neils Christensen just returned from a week packed with mine tours and interviews from Canada’s great white North. Highlights include his interview with Ranj Pillai, the Minister of Energy & Mines for the Yukon government, who told Kitco News that the territory is ramping up BIG TIME capital expenditures for its resource industry.
Kitco contributor and mining expert David Erfle told Kitco News that companies operating in Yukon are “ready, willing, and able” to continue growing. Watch his interview with Neils to find out his top picks from the territory.
And if you were wondering….many of our hawk-eyed viewers were quick to point out what seemed like falling snowflakes in the videos but alas, it is summer in the Yukon and that is simply pollen floating around!
On to the gold front now. This week, Kitco News’ Anna Golubova reported that the recent sell-off in the commodities space was not “fundamentally warranted,” this according to the Bank of Montreal (BMO), which views gold as a “natural” defensive play if tensions between the U.S. and China escalate into a full-blown trade war.
“From a fundamental perspective, commodities are still in a good spot. We continue to revise higher our demand estimates for 2018, and the vast majority of commodities are trading out of the cost curve in an effort to attract additional supply to market,” BMO Capital Markets analysts wrote in their Q3 Commodity Price Update.
Yet the metal was not getting any reprieve this week. Gold hit a nearly 12-month low Thursday and silver notched a seven-month low. Gold and silver bulls need a good dose of bullish fundamental news, which has been absent from the marketplace in recent weeks.Ahead of the weekend August gold futures saw a bit of a reprieve as prices were last up $4.20 an ounce at $1,257.10. July Comex silver was last up $0.149 at $16.10 an ounce.
We hope you enjoy our curated pick of videos this week. Next week should be a quieter one with Canada Day on July 1 and the Fourth of July in the U.S.
Enjoy the long weekend!