- The Next Big Rush
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- β BHP Blackout
β BHP Blackout
PLUS: Gold Breakout
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π Here are the highlights
π§ BHP Blackout
π Gold Breakout
π¦ Uranium Supply Struggles
π Daily Commodity Prices
Source: TradingEconomics and Numerco.
π§ BHP Blackout
BHP's Olympic Dam copper mine in South Australia has halted operations due to power outages caused by severe electrical storms. The storms damaged multiple transmission towers, disrupting the power supply.
The mine, Australia's second-largest copper producer and producer of uranium, is now running minimal operations using backup generators. BHP is collaborating with ElectraNet to restore power and assess the impact. This incident mirrors a similar disruption in 2016 that significantly reduced copper output.
All eyes now turn to other players to see who steps up to fill the void, right?
π Gold Breakout
Gold surged past the $2,700 mark for the first time, driven by safe-haven demand amid escalating geopolitical tensions and expectations of further monetary easing. Spot gold reached an all-time high of $2,714 per ounce, gaining over 2% this week.
Rising uncertainty around the U.S. presidential elections and Middle East conflicts, particularly Hezbollah's escalations against Israel, has fueled investor interest in gold. Despite declining inflation and Treasury yields, gold has gained over 31% this year. Analysts predict resistance at $2,750 if the rally continues.
Is gold becoming a must-have asset in today's volatile market?
π° In Other News
π¦ Uranium Supply Struggles
Ortalyk has not met its 3Q2024 production guidance expected by the end of 2023. Also, recall that on August 1, 2024, KAP increased its guidance for 2024, perhaps also expecting higher Ortalyk production than planned in 2023. I repeat, #uranium supply is fragile
β Borja (@piterloskot82)
8:08 AM β’ Oct 18, 2024
How Are We Doing?Today's mining news was: |
Happy Speculating!
The Editor
DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.
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