It’s been a tough couple of weeks for oil investors. With crude prices having descended back to near $40 per barrel, after making a run close to $50 in mid-August. And news over the weekend suggests things could get worse before they get better. That’s because of developments in one oil-exporting nation that’s been almost … Read more
Big day for nickel yesterday. With prices leaping nearly 20 cents on the day to near $4.60 per pound — marking a nearly 5% move in a matter of hours. And there was one major reason for the jump: more government turmoil for miners in the Philippines. As I’ve been discussing of late, the new … Read more
A very important issue just emerged in the oil and gas world. Driven by an investigation from some of the biggest prosecutors in America. Looking at how the world’s largest E&Ps value their in-ground oil and gas reserves. The Wall Street Journal broke the story yesterday that the U.S. Securities and Exchange Commission (SEC) is investigating Exxon’s reporting … Read more
The investment picture keeps getting bleaker for the world’s most hated commodity. Coal. This week saw another slew of investors officially back away from coal funding. Led by South Africa’s FutureGrowth — the country’s largest specialist fixed-income money manager. FutureGrowth said Tuesday that based on its investing principles it could no longer fund “dirty” coal … Read more
This week in Pierce Points: Peru got a new, $5 billion copper mine. Anglo American has reportedly approved construction of Quellaveco for July 2018. Sibanye Gold attacked organized crime. The company is the first South African miner aiming to be 100% free of illegal mining. China bought unprofitable natural gas. A joint venture is acquiring Chevron’s Bangladesh assets… which the major says don’t … Read more
Last month I wrote about soaring profits for resource companies working in Argentina. With local costs for such firms plunging following the devaluation of the Argentinean peso. And this week the government here confirmed this as one of the best crude markets going on the planet. That’s because of the oil price in the country. Which officials said … Read more
It’s been a wild year for India’s gold importers. With the government moving on a variety of initiatives to reduce shipments into the country — resulting in a 59% fall in imports for the fiscal year to date. And news this week suggests imports could be about to fall even further. Local press in India reported … Read more
The final 2016 stats are in from the world’s top gold-consuming nation, India. Showing that the past year was one of the bleakest on record for this critical bullion market. Local press quoted familiar persons as saying that India closed out 2016 with a very weak December gold market. During that month, shipments into the country reportedly … Read more
This week in Pierce Points: India gold prices hit all-time lows. Dealers are offering record discounts to spot prices as buyers remain absent from the market. Argentina courts blocked higher natgas prices. Judges said the government’s plan to raise rates must go through public consultation. China’s Silk Road Fund eyed gold mining. The $40 billion fund may bid for Glencore’s operations in … Read more
Peru’s Ministry of Energy & Mines said this week that national copper reserves took a massive 31% jump during the past year — rising to 107 million tonnes, from a previous 81 million tonnes. That’s enough to put Peru at 11% of total global copper reserves — just behind Australia’s 12%, and gaining on #1 Chile’s 29%. And news … Read more