Oreninc index up as aggregate financings increase
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Last Week: 54.36
This week: 60.93
The Oreninc Index increased in the trading week ending February 5th, 2021 to 60.93 from 54.36 a week ago as aggregate financings increase.
The initial spike in the price of silver was short-lived as it returned all its gains from Monday during the week. The demand for physical silver still persists as almost all bullion dealers have extended delivery times or are simply out of stock.
There were two notable silver related financings announced from Summa Silver and Blackrock Gold. For now, investors seem more interested in base metals as the sentiment for precious metals stays mixed.
On to the money: the aggregate financings announced increased to $97.8 million, a 2-week high, with 9 new brokered financings and 5 new bought-deal financings announced. The average offer size decreased to $2.6 million, a 2-week low, and the number of financings increased to 38.
Gold closed the week lower at $1,813/oz from $1,850/oz a week ago. The US dollar index closed higher at 91.54 from 90.58 a week ago.
The widely followed junior mining index, the VanEck managed GDXJ, closed the week up at $50.37 from $50.08 a week ago. HUI Arca Gold BUGS Index, which follows the major gold miners, closed the week higher at 286.63 from 283.63 last week. The SPDR GLD ETF inventory closed the week down at 1,156.51 tonnes, or 37.18 million ounces, from 1,160.13 tonnes last week.
In other commodities, Silver closed the week lower at $27.01/oz from $26.91/oz a week ago. Copper closed the week at $3.62/lb from $3.55/lb a week ago. Oil went higher as WTI closed down at $56.85 a barrel from $52.20 a barrel a week ago.
The Dow Jones Industrial Average closed up at 31,148 from 29,983 a week ago. Canada’s S&P/TSX Composite Index closed up at 18,135 from 17,837 the previous week. The S&P/TSX Venture Composite Index closed up at 1022.64 from 947.43 a week ago.
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