Oreninc index up as 2021 started volatile
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Last Week: 30.90
This week: 54.05
The Oreninc Index increased in the week ending January 8th, 2021 to 54.05 from 30.90 a week ago as 2021 started off very volatile for the precious metals.
The COVID-19 virus global death toll is approaching 1.93 million with almost 90 million cases reported worldwide. More and more countries are announcing a hard lockdown with increasing cases.
On to the money: the aggregate financings announced increased to $70.6 million, an 3-week high, with one new brokered financings and one new bought-deal financings announced. The average offer size decreased to $2.9 million, a 3-week high, while the number of financings remained at 24.
Gold closed the week lower at $1,844/oz from $1,895/oz a week ago. The US dollar index closed higher at 90.10 from 89.94 a week ago.
The widely followed junior mining index, the VanEck managed GDXJ, closed the week down at $53.66 from $54.24 a week ago. The index is now up 0.04% YTD. The HUI Arca Gold BUGS Index, which follows the major gold miners, closed the week higher at 302.48 from 299.64 last week. The SPDR GLD ETF inventory closed the week up at 1,182.11 tonnes, or 38.00 million ounces, from 1,170.74 tonnes last week.
In other commodities, Silver closed the week lower at $24.63/oz from $26.41/oz a week ago. Copper closed the week at $3.67/lb from $3.51/lb a week ago. Oil went down as WTI closed up at $52.24 a barrel from $48.52 a barrel a week ago.
The Dow Jones Industrial Average closed up at 31,087 from 30,606 a week ago. Canada’s S&P/TSX Composite Index closed up at 18,042 from 17,433 the previous week. The S&P/TSX Venture Composite Index closed up at 896.71 from 875.36 a week ago.
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