Precious Metals
Oil shines as OPEC cuts, gold eyes NFP
Oil rallies 10% this week amid OPEC+ cut Oil prices appear to have steadied after bursting higher over the last week in anticipation of and reaction to…
Oil rallies 10% this week amid OPEC+ cut
Oil prices appear to have steadied after bursting higher over the last week in anticipation of and reaction to the massive production cut announced by OPEC+ on Wednesday. Brent and WTI are more than 10% higher on the week after the alliance cut output targets by two million barrels per day.
While the net effect will be much smaller, maybe half or less, due to the inability of numerous members to actually hit previously agreed targets, it is still considerable. With Brent now firmly back in the $90-100 range, the group will likely be pleased with the outcome although substantial uncertainty remains over the economic outlook that could ensure prices remain highly volatile.
Gold steady ahead of the jobs report
Gold is trading relatively flat heading into the jobs report which is perhaps not too surprising. The yellow metal was enjoying a solid rebound up until the middle of the week when the mood changed. But it remains above $1,700 and now the focus is on whether the US can deliver another hot jobs report. If it does, gold could find itself out of favour and back below $1,700 again while a softer report, particularly on wages, and higher participation could help add to gains from earlier in the week.
Canadian Silver Co. Will See Big Changes in 2024
Source: Michael Ballanger 12/22/2023
Michael Ballanger of GGM Advisory Inc. takes a look at the current state of the market and shares on stock…
EGR options out Urban Berry project in Quebec to Harvest Gold – Richard Mills
2023.12.23
EGR Exploration Ltd. (TSXV: EGR) has moved from owner to shareholder at its Urban Berry project in Quebec, this week announcing it is optioning…
Crypto, Crude, & Crap Stocks Rally As Yield Curve Steepens, Rate-Cut Hopes Soar
Crypto, Crude, & Crap Stocks Rally As Yield Curve Steepens, Rate-Cut Hopes Soar
A weird week of macro data – strong jobless claims but…