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The best performing precious metal for the week was palladium, up 10.10%. Palladium surged after the U.S. asked G7 allies to consider sanctions on Russian exports of the metal. The Biden administration floated potential restrictions during a meeting of G-7 finance officials in Washington this week as it mulls fresh ways to squeeze President Vladimir Putin’s war efforts, according to Bloomberg.
RBC reports that Calibre Mining announced third-quarter 2024 gold sales of 46,100 ounces, falling short of both consensus estimates of 74,000 ounces and RBC’s own estimate of 76,500 ounces. Due to these lower-than-expected results, Calibre reduced its annual production guidance from 275,000–300,000 ounces to 230,000–240,000 ounces and raised its cost guidance. Production delays were attributed to adjustments needed for newly opened underground workings.
Shares in Chow Tai Fook, one of China’s biggest gold retailers, rose as much as 10% as Morgan Stanley noted the retailer’s sales were showing signs of recovery. Gold’s momentum in China had slowed such that domestic prices were trading at a discount to international prices. If this is a real change in sentiment for gold as proxied by jewelry-buying, this could be a renewed catalyst to take prices higher.
is CEO and chief investment officer of U.S. Global Investors, Inc., a boutique investment advisory firm based in San Antonio that manages domestic and offshore funds specializing in the natural resources and emerging markets sectors. The company’s no-load mutual funds include the Global Resources Fund , the World Precious Minerals Fund and the Gold Shares Fund .
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