Fear Factor Pushes Gold Higher and Copper Lower

By Steve Fiscor, Editor-in-Chief

Gold moved higher from $1,088/oz to nearly $1,134/oz during August as investors sought relief from a global slump in stock prices. The Dow Jones Industrial Average swung back and forth more than 1,000 points before settling down 6% for the month. The market activity, brought about as oil declined below $40/barrel (bbl) and the Chinese devalued its currency, could cause the U.S. Federal Reserve to rethink a hike in interest rates.

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Analysis Reveals Divergence Between Copper and Gold Miners

Following the recent announcement by the Chinese central bank of a seemingly underwhelming 57% increase in gold reserves, the gold price plunged to below $1,100/oz amid a broader commodities sell-off. Data from Wood Mackenzie suggest these price levels put approximately 10% of gold miners in loss-making territory. However, this price drop only exacerbates a trend, which gold miners have been tackling for some time, as highlighted by Wood Mackenzie in a new analysis of gold and copper miners.

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PCS Pursues Potash Producer

By Steve Fiscor, Editor-in-Chief

During late June, Canada’s Potash Corp. of Saskatchewan (PCS), the largest potash producer, made an offer to acquire Germany’s K+S, the world’s largest salt producer and the No. 6 potash producer. K+S said the process was ongoing and it is currently assessing available options.

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