ORENINC INDEX – Monday, November 30th 2020
North America’s leading junior mining finance data provider
Last Week: 72.86
This week: 74.34
The Oreninc Index increased in the week ending November 27th, 2020 to 74.34 from 72.86 a week ago as the number of deals again increased.
The past week saw the annual Thanksgiving holiday in the US, a moment of reflection for many in what has been a challenging year.
The COVID-19 virus global death toll is approaching 1.5 million with almost 62 million cases reported worldwide. However, vaccine news continued to buoy stock markets at the expense of precious metals, which fell for a third consecutive week.
US president Donald Trump is slowly realising he lost the November election while president elect Joe Biden has been naming people to key posts of his administration, which takes office in January. The big question is whether or not there will be another round of fiscal stimulus before year end to cushion the economic impacts of the COVID-19 pandemic. And with the number of infections increasing again, whether or not there will be new restrictions which could restrict the economy.
On to the money: the aggregate financings announced increased to $187.8 million, a 14-week high, which included ten brokered financings for $50.5 million, a three-week low, and no bought deal financings. The average offer size increased to $4.6 million, a two-week high, while the number of financings increased to 41.
Gold took another hammering as it lost almost $100/oz as it closed down at $1,787/oz from $1,870/oz a week ago. The yellow metal is up 17.83 so far this year. The US dollar index softened as it closed down at 91.79 from 92.39 a week ago. The VanEck managed GDXJ closed down at $49.61 from $51.89 a week ago. The index is now up 17.39% so far this year. The HUI Arca Gold BUGS Index also closed down at 281.22 from 297.25 last week. The SPDR GLD ETF inventory closed the week down at 1,194.78 tonnes, or 38.41 million ounces, from 1,220.17 tonnestonnes last week.
In other commodities, Silver also fell as it closed the week down at $22.57/oz from $24.18/oz a week ago. Copper continued to strengthen as it closed up at $3.41/lb from $3.31/lb a week ago. Oil strengthened as WTI closed up at $45.53 a barrel from $42.42 a barrel a week ago.
The Dow Jones Industrial Average it closed up at 29,910 from 29,263 a week ago. Canada’s S&P/TSX Composite Index closed up at 17,396 from 17,019 the previous week. The S&P/TSX Venture Composite Index closed up at 749.20 from 740.45 a week ago.
Caldas Gold (TSX-V:CGC) commenced a private placement financing to raise $85 million.
Major Financing Openings
Major Financing Closings
America’s largest and highest-grade silver producer adding ... READ MORE
Alphamin Resources Corp. (TSX-V:AFM) (JSE AltX:APH) a producer of... READ MORE
Golden Shield Resources Corp. (CSE: GSRI) (Frankfurt: 4LE0) is pl... READ MORE
Argonaut Gold Inc. (TSX: AR) is pleased to announce it has closed... READ MORE
QC Copper and Gold Inc. (TSX-V: QCCU) (OTCQB: QCCUF) is pleased t... READ MORE
We acknowledge the [financial] support of the Government of Canada.