ORENINC INDEX – Monday, February 12th 2018
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Last week index score: 76.60 (Updated)
This week: 63.24
The Oreninc Index fell in the week ending February 9th, 2018, with the index declining to 63.24 from an updated 76.60 a week ago.
Boom! The Trump stock market miracle finally came to an end with a significant correction that saw the Dow Jones Industrial Average experience its biggest ever day loss on February 2nd—of 1,500 points at one stage—as it shed 7.0% in three days. This drop that was heard around the world and that triggered similar falls in Asian and European markets.
Theory says that dramatic falls in the stock market cause investors to seek safe haven investments such as gold but the gold price did not receive much of a boost, in fact it retracted too. Experts stated that in the eye of the storm everything goes by the wayside, to explain why gold didn’t strengthen, but they believe that gold’s day will come in the aftermath as the stock market correction.
On to the money: total fund raises announced fell to C$119.8 million, a two-week low, which included five brokered financings for C$85.0m, a two-week low, and two bought-deal financings for C$25.0m, also a two-week low. The average offer size grew to C$4.8 million, a five-week high, whilst the total number of financings fell to 25, a two-week low.
Gold continued its slide that began on January 24th when it was $1,358/oz to close at US$1,316/oz, down from US$1,333/oz a week ago. The van Eck managed GDXJ mirrored this decline and closed down at US$30.63 from US$32.29 last week. The index is down 10.25% so far in 2018. In similar fashion, the US Global Go Gold ETF continued downwards to close at US$11.57 from US$12.37 a week ago. It is down 11.7% so far in 2018. The SPDR GLD ETF saw more selling to close at 820.71 tonnes from 841.35 tonnes a week ago.
In other commodities, silver saw a sell off to close down at US$16.36/oz from US$16.59/oz a week ago. Copper also saw a decline to close at US$3.03/lb from US$3.18/lb last week. Oil was also pulled down by the general melee to close at US$59.20 a barrel from US$65.45 a barrel a week ago.
The Dow Jones Industrial Average continued its losing streak to close at 24,190 from 25,520 last week. Canada’s S&P/TSX Composite Index also saw a sharp decline to close down at 15,034 from 15,606 the previous week. The S&P/TSX Venture Composite Index bucked the trend and saw growth to close up at 813.39 from 811.68 last week.
Filo Mining (TSXV:FIL) announced a C$15 million bought deal and concurrent C$10 million private placement financing
Major Financing Openings:
Major Financing Closings:
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