ORENINC INDEX – Monday, March 26th 2018
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Last week index score: 52.33 (updated)
This week: 26.70
Before diving into our financing and Oreninc Index section, we would like to inform you that we have added some exceptional new content to our website and YouTube channel in recent days. We have conducted several interviews with the likes of David Erfle, Mickey Fulp, Gwen Preston, John Kaiser, Brent Cook, Joe Mazumdar and Jayant Bhandari during PDAC 2018, discussing the overall market sentiment, financing environment and much more. We have also filmed Joe and Brent from Exploration Insights talking rocks and geology with Trey Wasser of Ely Gold, Kevin Heather of Regulus Resources and Morgan Poliquin of Almadex Minerals.
Also, stay tuned for over 50 CEO Elevator pitches as we are uploading them to YouTube and Oreninc.com.
Now, back to business!
The Oreninc Index fell in the week ending March 23rd, 2018 to 26.70 from an updated 52.33 a week ago as financings once again dried to a trickle.
The week was full of news that was generally positive for gold led by the US Federal Reserve’s latest monetary policy decision that confirmed the long-expected interest rate increase, but more importantly, the Fed indicated that it will only make three rate increases this year. Gold surged on this news, putting in one of its strongest weeks for nearly two years.
This news was compounded by action on the geopolitical front as US president Donald Trump announced a US$50-60 billion trade tariff package aimed squarely at China, causing fears that a trade would could result.
On to the money: total fund raises announced more than halved to C$33.7 million, a two-week low, which included one brokered financing for a paltry C$0.7m, an eleven-week low, and no bought-deal financings. The average offer size fell to C$1.5 million, a two-week low.
A strong week for gold saw the yellow metal close up at US$1,347/oz from US$1,314/oz a week ago. Gold is now up 3.42% this year. Meanwhile, the US dollar index closed down at 89.44 from 90.23 a week ago. The van Eck managed GDXJ also closed up at US$32.78 from US$31.41 last week. The index is down 3.96% so far in 2018. The US Global Go Gold ETF also jumped to close up at US$12.74 from US$12.44 from a week ago. It is down 2.11% so far in 2018. The HUI Arca Gold BUGS Index put in growth to close up at 176.86 from 171.16 last week. The SPDR GLD ETF continued to add ounces to close at 850.54 tonnes from 840.22 tonnes a week ago.
In other commodities, the silver rebounded and closed up at US$16.56/oz from US$16.33/oz a week ago. Copper bucked the positive metals trend with a negative week to close down at US$2.99/lb from US$3.10/lb last week. Meanwhile, oil put in a strong week and closed up at US$65.88 a barrel from US$62.34 a barrel a week ago.
The Dow Jones Industrial Average took a hit from president Trump’s China tariffs announcement, shedding more than 1,000 points to close down at 23,533 from 24,946 last week. Likewise, Canada’s S&P/TSX Composite Index took a nose dive to close down at 15,223 from 15,711 the previous week. The S&P/TSX Venture Composite Index also closed down at 817.80 from 833.67 last week.
IDM Mining (TSX:IDM) opened a C$4.35 million non-brokered private placement offering on a best efforts basis.
Major Financing Openings:
Major Financing Closings:
MAS Gold Corp. (TSX-V: MAS) is pleased to announce the closing of... READ MORE
Golden Arrow Resources Corporation (TSX-V: GRG) (FSE: G6A) (OTCQ... READ MORE
NorZinc Ltd. (TSX: NZC) (OTCQB: NORZF) is pleased to announce the... READ MORE
Enduro Metals Corporation (TSX-V: ENDR) (OTCQB: ENDMF) is pleased... READ MORE
Eloro Resources Ltd. (TSX-V: ELO) (OTCQX: ELRRF) (FSE: P2QM) is p... READ MORE
We acknowledge the [financial] support of the Government of Canada.