ORENINC INDEX - Monday, February 25th 2019
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ORENINC is attending the PDAC March 3-6 in Toronto, Canada.
Last week index score: 43.47
This week: 67.52
Nexus Gold (TSXV:NXS) increased the size of a private placement financing due to strong investor interest.
The Oreninc Index fell in the week ending February 22nd, 2019 to 43.47 from an updated 67.52 as brokered deals returned to the market with metal prices continuing to show strength.
This coming week sees the BMO Metals and Mining conference in Florida, USA, one of the most important mining finance events on the calendar, before the exploration sector descends on Toronto, Canada en masse for the Prospectors and Developers Association Conference (PDAC).
Gold hit a ten-month high before pulling back when the minutes of the US Federal Reserve Open Market Committee were released indicating that it will not adopt as dovish a stance on monetary policy as previously thought. In the minutes, it said the US economy and its labor market remained strong, raising expectations that there could be another interest rate increase this year. Copper also broke through its range-bound holding pattern to the upside.
The crisis in Venezuela continues to intensify as the government of President Nicolas Maduro shut its borders to prevent humanitarian aid from entering the country.
US President Donald Trump continues to warm to China, suggesting that he may not increase tariffs further in March as trade talks between the world’s two most powerful economics continue. President Trump is also scheduled to meet North Korean counterpart and nuclear aspiring Kim Jong-un in Vietnam.
On to the money: total fund raises announced increased to C$127.2 million, a 22-week high, that included five brokered financings for C$68.5 million, a 27-week high, and two bought-deal financings for C$22.0 million, an 11-week high. The average offer size more than tripled to C$5.5 million, a 22-week high, whilst the number of financings fell to 23, a two-week low.
Gold closed the week up at US$1,329/oz from US$1,322 a week ago after hitting a mid-week high of US$1,340/oz. The yellow metal is up 3.66% this year. The US dollar index lost a bit of ground as it closed down at 96.50 from 96.90 last week. The van Eck managed GDXJ continued to gain as it closed up at US$33.86 from US$32.95 a week ago. The index is up 12.05% so far in 2019. The US Global Go Gold ETF also closed up at US$13.10 from US$12.51 last week. It is up 14.81% so far in 2019. The HUI Arca Gold BUGS Index also closed up at 174.43 from 167.91 last week. The SPDR GLD ETF continued to see inventory sell off as it closed down at 789.51 tonnes 793.03 tonnes a week ago.
In other commodities, silver increased to close up at US$15.92/oz from US$15.79 a week ago. Copper saw growth to break out from its recent range-bound performance to close up at US$2.94/lb from US$2.79/lb a week ago. Oil continued to increase as WTI closed up at US$57.26 a barrel from US$55.59 a barrel a week ago.
The Dow Jones Industrial Average continued to grow as it closed up at 26,031 from 25,883 last week. Canada’s S&P/TSX Composite Index also continued to grow as it closed up at 16,013 from 15,838 the previous week. And completing the trifecta of gains, the S&P/TSX Venture Composite Index closed up at 623.27 from 615.92 last week.
For full update visit: https://bit.ly/2Exvnxt
