Oreninc index jumps as bought deals return
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Last Week: 44.82
This week: 70.47
The Oreninc Index jumped in the week ending November 13th, 2020 to 70.47 from 44.82 a week ago as bought deals returned.
The COVID-19 virus global death toll is more than 1.3 million with almost 54 million cases reported worldwide. There is news of a possible successful vaccine from Pfizer. The news could not be timelier as the number of people contracting the virus continues to grow. The US is now running at a daily rate of more than 100,000 new infections.
After many days of counting postal ballots, the Democratic US presidential candidate, Joe Biden, was pronounced the winner in several more states and was declared the winner of the presidential election.
The vaccine news saw the gold price take a big hit, losing nearly US$100 on the day, and it spent much of the week clawing back some of the lost ground. The current administration has yet to concede defeat however.
In the USA, weekly jobless claims fell 48,000 to 709,000, according to the US Labor Department. The four-week moving average for new claims fell to 755,250 and continuing jobless claims were 6.8 million during the week, down by 436,000 from the previous week.
On to the money: the aggregate financings announced increased to $131.76 million, an eight-week high, which included seven brokered financings for $104 million, a twelve-week high, and six bought deal financings for $69.73 million, an eight-week high. The average offer size increased to $4.7 million, a twelve-week high, while the number of financings remained at.
Gold closed down at $1,889/oz from $1,951/oz a week ago. The yellow metal is up 25.51 so far this year. The US dollar index strengthen as it closed up at 92.75 from 92.22 a week ago. The VanEck managed GDXJ closed down at $54.58 from $59.64 a week ago. The index is now up 29.15% so far this year. The HUI Arca Gold BUGS Index also closed down at 315.20 from 346.08 last week. The SPDR GLD ETF inventory closed the week down at 1,234.32 tonnes, or 39.68 million ounces, from 1,260.3 tonnes last week.
In other commodities, Silver fell as it closed the week down at $24.67/oz from $25.61/oz a week ago. Copper closed up at $3.18/lb from $3.15/lb a week ago. Oil strengthened as WTI closed up at $40.13 a barrel from $37.14 a barrel a week ago.
The Dow Jones Industrial Average it closed up at 29,479 from 28,323 a week ago. Canada’s S&P/TSX Composite Index also closed up at 16,675 from 16,282 the previous week. The S&P/TSX Venture Composite Index closed down at 736.37 from 742.29.
Skeena Resources (TSX:SKE) launched an overnight marketed public offering seeking $35 million.
Taseko Mines (TSX:TKO) opened a bought deal to raise US$23 million
Major Financing Openings
Major Financing Closings