Last week index score: 36.21 (updated)
This week: 52.74
The Oreninc Index rose in the week ending May 18th, 2018 to 52.74 from an updated 36.21 a week ago despite good falling below US$1,300/oz.
Gold finally gave way and fell below the US$1,300/oz level to hit a year-to-date low as the US dollar continued to strengthen, the US ten-year treasury hit a 3% yield and economic data continued to show positive results.
US dollar strength is overpowering geopolitical risk concerns which continue to swirl around: the past week saw the US open its new embassy in Israel in Jerusalem. The ceremony was attended by president Trump’s daughter, Ivanka and provoked mass protests by Palestinians during which Israeli security forces killed dozens.
President Trump’s blunt, hard ball approach to issues also threatened to derail the possibility of talks with North Korean leader Kim Jong-Un after the US carried out extensive war air exercises with South Korea.
On to the money: total fund raises announced increased to C$81.7 million, a two-week low, which included five brokered financings for C$50.5 million, a nine-week high and two bought deal financings for C$20.0 million, a one-week high. The average offer size grew to C$3.5 million, a two-week low and the number of financings grew to 23, a two-week high.
Gold fell to US$1,293/oz from US$1,319/oz a week ago after hitting a low of US$1,285/oz. Gold is now down 0.75% this year. The US dollar index increased again and closed up at 93.63 from 92.54 a week ago. The van Eck managed GDXJ suffered as a result closing down at US$32.84 from US$33.85 last week. The index is down 3.78% so far in 2018. The US Global Go Gold ETF also fell to US$12.98 from US$13.35 a week ago. It is now down 0.23% so far in 2018. The HUI Arca Gold BUGS Index closed down at 177.75 from 182.24 last week. The SPDR GLD ETF again saw sales to close its inventory at 855.28 tonnes from 857.64 tonnes a week ago.
In other commodities, silver also gave up ground to close down at US$16.44/oz from US$16.66/oz a week ago. Likewise, copper closed down at US$3.06/lb from US$3.11/lb last week. Oil continued to post gains to close up at US$71.28 a barrel from US$70.51 a barrel a week ago.
The Dow Jones Industrial Average again saw losses to close down at 24,715 from 24,831 last week. Canada’s S&P/TSX Composite Index continued to see growth to close up at 16,162 from 15,983 the previous week. The S&P/TSX Venture Composite Index also closed up at 786.39 from 782.92 last week.
Canadian Zinc (TSX: CZN) entered into an equity financing agreement with RCF VI to purchase 100 million shares @ C$0.20 for gross proceeds of $20 million.
Major Financing Openings:
Major Financing Closings:
Oreninc.com is North America’s leading provider of relevant financing information in the junior commodities space. Since 2011, the company has been keeping track of financings in the junior mining as well as oil and gas space. Logging all relevant deal and company information into its proprietary database, called the Oreninc Deal Log, Oreninc quickly became the go-to website in the mining financing space for investors, analysts, fund managers and company executives alike.
The Oreninc Deal Log keeps track of over 1,400 companies, bringing transparency to an otherwise impenetrable jungle of information. The goal is to increase the visibility of transactions and to show financings activity in a digestible format. Through its daily logging activities, Oreninc is in a position to pinpoint momentum changes in the markets, identify which commodities are trending and which projects are currently receiving funding.
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