ORENINC INDEX – Monday, February 1st, 2021
North America’s leading junior mining finance data provider
Last Week: 116.32 (Updated)
This week: 54.36
The Oreninc Index increased in the week ending January 26th, 2021 to 54.36 from 116.32 (updated) a week ago as average offer size falls.
The COVID-19 virus global death toll surpassed 2.2 million with almost 103 million cases reported worldwide.
This morning spot silver price climbed as much as 11%, briefly hitting $30.03 to register its highest level since 2013. The sharp move higher reflected the biggest move for silver futures since at least 2013 and extended gains for silver and silver-related equities late last week.
The spike in demand for silver appears to be related to retail traders in the Reddit forum WallStreetBets, which has helped drive trading activity in heavily shorted stocks like GameStop and AMC Entertainment in recent weeks.
Keep an eye on next week’s index to see if the silver mining stocks will try to raise additional capital at these elevated silver prices.
On to the money: the aggregate financings announced increased to $281 million, a 23-week high, with 14 new brokered financings and 13 new bought-deal financings announced. The average offer size increased to $7 million, a 123-week high, and the number of financings increased to 40.
Gold closed the week lower at $1,850/oz from $1,856/oz a week ago. The US dollar index closed higher at 90.58 from 90.24 a week ago.
The widely followed junior mining index, the VanEck managed GDXJ, closed the week down at $50.08 from $50.34 a week ago. HUI Arca Gold BUGS Index, which follows the major gold miners, closed the week lower at 283.63 from 288.84 last week. The SPDR GLD ETF inventory closed the week down at 1,160.13 tonnes, or 37.29 million ounces, from 1,173.25 tonnes last week.
In other commodities, Silver closed the week higher at $26.91/oz from $25.55/oz a week ago. Copper closed the week at $3.55/lb from $3.62/lb a week ago. Oil went down as WTI closed down at $52.20 a barrel from $52.27 a barrel a week ago.
The Dow Jones Industrial Average closed down at 29,982 from 30,996 a week ago. Canada’s S&P/TSX Composite Index closed down at 17,337 from 17,845 the previous week. The S&P/TSX Venture Composite Index closed up at 947.43 from 908.00 a week ago.
Major Financing Openings:
Major Financing Closings:
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