This week in Precious Metals

This week in Precious Metals

  • The space race for mining metals from asteroids gans more focus (Platts)

The Luxembourg Government announced new measures to boost asteroid mining and the use of space resources, according to a statement from the country’s Ministry of the Economy on Feb. 3. The use of asteroids to mine for various resources was initially announced in 2012 by Planetary Resources. The Seattle-based company revealed that it planned to mine asteroids for raw materials, ranging from water to precious metals. According to Planetary Resources, a single 500-meter asteroid can contain the equivalent to all of the platinum group metals mined in history. So the mining space race begins where no man has mined before.

 

  • Gold rallies to three month highs, mining stocks get a lift (The Street)

Gold prices and mining stocks rallied Thursday, helped by a weaker dollar. Any dollar strength will put a crimp in the rally, but some say that $1,200 an ounce is optimistic for gold, despite its rally to three month highs.

 

  • Infographic: the world’s most famous case of deflation (Mining.com)

The Great Depression was the most severe economic depression ever experienced by the Western world and set the stage for the world’s most famous case of deflation. The resulting aftermath was so bad that economic policy since has been chiefly designed to prevent deflation at all costs.

 

  • Safe-haven demand will be ‘swing factor’ for gold in 2016 (The Street)

The London Bullion Market Association’s newly released 2016 survey shows that more and more analysts are bullish on gold. One forecaster, Will Adams, head of research for the U.K.-based firm, FastMarkets, says he is expecting gold to work in a range of $980-$1,222 in 2016. Adams forecasts the metal to trade in a range of $12.80-$17.40 with an average price of $16.20 an ounce.

By | 2016-02-08T16:18:06+00:00 February 8th, 2016|Economic News, Gold, Precious Metals|Comments Off on This week in Precious Metals

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