ILZSG Offers Lead and Zinc Forecasts

The International Lead and Zinc Study Group (ILZSG) held its 60th session in Lisbon, Portugal, during October, which included a meeting of the group’s statistical and forecasting committee to review the current levels of world supply and demand for lead and zinc and the outlook for 2016. The ILZSG forecasts were prepared before Glencore’s announcement to cut zinc production by 500,000 metric tons (mt) and contained lead mine production by 100,000 mt (See Leading Developments, p. 5).

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Fear Factor Pushes Gold Higher and Copper Lower

By Steve Fiscor, Editor-in-Chief

Gold moved higher from $1,088/oz to nearly $1,134/oz during August as investors sought relief from a global slump in stock prices. The Dow Jones Industrial Average swung back and forth more than 1,000 points before settling down 6% for the month. The market activity, brought about as oil declined below $40/barrel (bbl) and the Chinese devalued its currency, could cause the U.S. Federal Reserve to rethink a hike in interest rates.

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Analysis Reveals Divergence Between Copper and Gold Miners

Following the recent announcement by the Chinese central bank of a seemingly underwhelming 57% increase in gold reserves, the gold price plunged to below $1,100/oz amid a broader commodities sell-off. Data from Wood Mackenzie suggest these price levels put approximately 10% of gold miners in loss-making territory. However, this price drop only exacerbates a trend, which gold miners have been tackling for some time, as highlighted by Wood Mackenzie in a new analysis of gold and copper miners.

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