Oreninc index flat as gold & silver break out
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Last Week: 55.86 (Updated)
This week: 58.61
The Oreninc Index increased slightly in the trading week ending May 7th, 2021 to 58.61 from 55.86 a week ago with gold & silver breaking out.
On to the money: the aggregate financings announced decreased to $90.5 million, a 1-week low, with 3 new brokered financings and 1 new bought-deal financing announced. The average offer size increased to $2.9 million, a 2-week high, and the number of financings decreased to 31.
Gold closed the week higher at $1,831/oz from $1,768/oz a week ago. The US dollar index closed lower at 90.23 from 91.30 a week ago.
The widely followed junior mining index, the VanEck managed GDXJ, closed the week higher at $51.47 from $47.45 a week ago. HUI Arca Gold BUGS Index, which follows the major gold miners, closed the week higher at 301.72 from 285.61 last week.The SPDR GLD ETF inventory closed the week higher at 1,025.15 tonnes, or 32.59 million ounces, from 1,017.04 tonnes last week.
In other commodities, Silver closed the week lower at $27.40/oz from $25.19/oz a week ago. Copper closed up at $4.74/lb from $4.45/lb a week ago. Oil went higher as WTI closed up at $64.90 a barrel from $63.48 a barrel a week ago.
The Dow Jones Industrial Average closed up at 34,777 from 33,879 a week ago. Canada’s S&P/TSX Composite Index closed down up 19,472 from 19,102 the previous week. The S&P/TSX Venture Composite Index closed higher at 954.98 from 955.26 a week ago.
Major Financing Openings:
Major Financing Closings: