Oreninc index falls as precious metals continue to decline
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Last Week: 117.52
This week: 52.14
The Oreninc Index decreased in the trading week ending March 5th, 2021 to 52.14 from 117.52 a week ago as precious metals continue to decline.
On to the money: the aggregate financings announced decreased to $95.9 million, a 5-week low, with 3 new brokered financings and 2 new bought-deal financings announced. The average offer size decreased to $3.4 million, a 4-week low, and the number of financings decreased to 28.
Gold closed the week lower at $1,698/oz from $1,728/oz a week ago. The US dollar index closed higher at 91.98 from 90.88 a week ago.
The widely followed junior mining index, the VanEck managed GDXJ, closed the week down at $45.34 from $45.76 a week ago. HUI Arca Gold BUGS Index, which follows the major gold miners, closed the week higher at 261.89 from 250.16 last week.The SPDR GLD ETF inventory closed the week down at 1,069.26 tonnes, or 34.33 million ounces, from 1,093.54 tonnes last week.
In other commodities, Silver closed the week lower at $25.28/oz from $26.44/oz a week ago. Copper closed flat at $4.07/lb from $4.07/lb a week ago. Oil went higher as WTI closed down at $66.50 a barrel from $61.50 a barrel a week ago.
The Dow Jones Industrial Average closed up at 31,496 from 30,392 a week ago. Canada’s S&P/TSX Composite Index closed down at 18,380 from 18,060 the previous week. The S&P/TSX Venture Composite Index closed down at 918.36 from 1098.56 a week ago.
Major Financing Openings:
Major Financing Closings: