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Futures Slide After Disappointing JPMorgan Earnings, Tech Rout Worsens

Futures Slide After Disappointing JPMorgan Earnings, Tech Rout Worsens

After trading flat for much of the overnight session, S&P futures…

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This article was originally published by Zero Hedge

Futures Slide After Disappointing JPMorgan Earnings, Tech Rout Worsens

After trading flat for much of the overnight session, S&P futures slumped to session lows shortly after JPM reported earnings that disappointed the market (see our full write up here) and were last trading down 30 points or 0.64%, with Dow futures down 0.3% and Nasdaq futures taking on even more water as the “sell tech” trade was back with a bang. Treasury yields rose 3bps to 1.74% and the dollar reversed an overnight loss. The VIX jumped above 20 and was last seen around 21.

The Nasdaq 100 fell to the lowest in almost three months yesterday as tech came under pressure after Fed Governor Lael Brainard said officials could boost rates as early as March. It looks like the selling will continue today.

“Market sentiment has been shaken by concerns over the prospect of imminent Fed tightening along with record global Covid-19 infection rates, but we don’t expect either of these factors to end the equity rally,” said UBS Wealth Management CIO Mark Haefele in a note. “The fourth-quarter U.S. earnings season, which started this week, could turn investor attention back to strong fundamentals.”

JPMorgan shares dropped in premarket trading after revenues and EPS beat thanks to a $1.8 billion reserve release while FICC trading revenue missed expectations even as its dealmakers posted their best quarter ever and Chief Executive Officer Jamie Dimon gave an upbeat assessment of prospects for growth. Wells Fargo advanced after reporting higher-than-estimated revenue. BlackRock Inc. became the first public asset manager to hit $10 trillion in assets, propelled by a surge in fourth-quarter flows into its exchange-traded funds. Here are some of the other notable pre-movers today:

  • U.S.-listed casino stocks with operations in Macau rise after the announcement of much-anticipated changes to the local casino law aimed at tightening government oversight on the world’s largest gaming market. Las Vegas Sands (LVS US) +6.6%; Melco Resorts (MLCO US) +5.5%; Wynn Resorts (WYNN US) +5.6%.
  • Apple (AAPL US) shares are up in U.S. premarket trading after Piper Sandler raises its target for the stock, saying that Apple’s set-up for 2022 is favorable. Broker adds that the tech giant’s venture into health-care and automotive markets are the next catalysts to drive the stock to a $4 trillion market cap and beyond.
  • NextPlay Technologies (NXTP US) shares jump 19% in U.S. premarket trading after giving an update for fiscal 3Q 2022 late yesterday.
  • Domino’s Pizza (DPZ US) is cut to equal-weight from overweight at Morgan Stanley, while Chipotle is upgraded to overweight from equal-weight amid a “mixed” view on restaurant stocks into 2022.
  • Amicus Therapeutics (FOLD US) advanced in postmarket trading after being upgraded to outperform from market perform at SVB Leerink, which cited the potential of a treatment for Pompe disease, should it be approved.
  • Spirit Realty dropped 4% postmarket after launching a share sale via Morgan Stanley and BofA Securities.

European equities traded poorly and followed the drop in Asia, with most sectors trading lower, weighed down once again by a soft tech sector. Euro Stoxx 50 is down 0.8%, most major indexes dropped over 1% before rising off the lows. Oil & gas is the best Stoxx 600 performer with crude trading well. European technology stocks as well as pandemic winners are leading declines after a U.S. selloff in tech shares resumed Thursday as Federal Reserve officials signaled their intention to combat inflation aggressively.  European chipmakers are down in early trading Friday: ASM International -3.5% at 9.17 a.m. CET, Infineon -0.9%, ASML -2.9%, STMicroelectronics -2.3%. Meanwhile, energy and automakers outperformed. Utilities were also in focus as French nuclear energy producer Electricite de France SA (EDF) plunged by a record as the French government confirmed plans to force it to sell more power at a steep discount to protect households from surging wholesale electricity prices, a move that could cost the state-controlled utility 7.7 billion euros ($8.8 billion) at Thursday’s market prices.

There was some good news: a majority of strategists still see the rally in European equities continuing this year. The Stoxx Europe 600 Index will rise about 5.2% to 511 index points by the end of 2022 from Wednesday’s close, according to the average of 19 forecasts in a Bloomberg survey. Equity funds once more led inflows among asset classes in the week through Jan. 12, as investors reduced cash holdings, according to BofA and EPFR Global data.

Earlier in the session, Asian stocks slid as investors offloaded technology shares on growing speculation the Federal Reserve will raise interest rates in March.  The MSCI Asia Pacific Index fell as much as 1.3% before paring losses to 0.7% in afternoon trading. Alibaba, Keyence and Sony Group were among the largest contributors to the benchmark’s slide. The Hang Seng Tech Index, which tracks China’s biggest tech firms, closed down 0.5%. Electronics makers also dragged down indexes in Japan and South Korea, with benchmarks in both nations leading the region’s drop. China’s CSI 300 Index closed at its lowest since November 2020. Asian stocks have been whipsawed this year by remarks from Fed officials as investors try to gauge the timing and scope of the anticipated interest rate hikes. The renewed weakness on Friday was triggered by comments from Fed Governor Lael Brainard, who said officials could boost rates as early as March to ensure that price pressures are brought under control. “This kind of hawkishness and a rush for rate hikes is, of course, a minus for share prices,” said Ayako Sera, a market strategist at Sumitomo Mitsui Trust Bank in Tokyo. If the Fed were to increase rates in March, “investors will want to make sure the economy remains strong despite the monetary tightening before making their move,” Sera added.  With Friday’s moves, Asia’s benchmark is set to pare its weekly gain to about 1.6%, which would still be its best weekly performance since October.    In Japan, sentiment worsened as Tokyo raised its Covid alert to the second-highest of four levels as virus cases surged. South Korea’s Kospi was also weighed down as the central bank increased its policy rate for the third time in just five months

In rates, Treasuries pared declines with stock index futures under pressure as U.S. day begins. Yields beyond the 2-year reached session highs inside Thursday’s ranges amid a global government bond selloff. Treasury yields are cheaper by 3bp to 4bp across the curve with 10- year yields around 1.7274%, fading a bigger loss earlier and slightly underperforming bunds and gilts. Asia session featured speculation about tighter global monetary policy. IG dollar issuance slate empty so far and expected to remain light ahead of U.S. holiday weekend with markets closed Monday; four names priced $3.8b Thursday.

In FX, the Bloomberg dollar spot is little changed around worst levels for the week, while NOK, JPY and CAD top the G-10 scoreboard. The yen advanced, and is set for its largest weekly advance in more than a year as speculation about a shift in the Bank of Japan’s policy spurred a further unwinding of dollar longs. The five-year Japanese government bond yield climbed to a six-year high. The volatility term structure in dollar-yen shifted higher Friday and inverted. The euro was little changed around $1.1460 and European sovereign bond yields rose, with the core underperforming the periphery. Norway’s krone and the Canadian dollar advanced as oil prices rose, with Brent trading above $85 per barrel, while the Australian and New Zealand dollars were the worst performers. The pound extended its longest winning streak in nearly two months as the U.K. economy surpassed its pre-pandemic size in November for the first time. Sweden’s krona inched down, shrugging off data showing that the nation’s inflation rate rose to the highest level in 28 years

In commodities, crude futures rally with WTI recovering to Wednesday’s best levels near $83 and Brent putting in fresh highs near $85.40. Spot gold is little changed a brief retest of the week’s highs, trading near $1,823/oz. Base metals are mixed: LME nickel adds about 2% extending its recent surge; copper holds a narrow range in the red

Looking at the day ahead now, data releases include US retail sales, industrial production and capacity utilisation for December, along with the University of Michigan’s preliminary consumer sentiment index for January and the UK’s GDP for November. Central bank speakers include ECB President Lagarde and New York Fed President Williams. Lastly, earnings releases include Citigroup, JPMorgan Chase, Wells Fargo and BlackRock.

Market Snapshot

  • S&P 500 futures up 0.3% to 4,667.00
  • STOXX Europe 600 down 0.5% to 483.71
  • MXAP down 0.8% to 195.28
  • MXAPJ down 0.5% to 639.13
  • Nikkei down 1.3% to 28,124.28
  • Topix down 1.4% to 1,977.66
  • Hang Seng Index down 0.2% to 24,383.32
  • Shanghai Composite down 1.0% to 3,521.26
  • Sensex up 0.1% to 61,320.31
  • Australia S&P/ASX 200 down 1.1% to 7,393.86
  • Kospi down 1.4% to 2,921.92
  • German 10Y yield little changed at -0.08%
  • Euro up 0.1% to $1.1467
  • Brent Futures up 0.8% to $85.16/bbl
  • Gold spot up 0.1% to $1,823.97
  • U.S. Dollar Index little changed at 94.73

Top Overnight News from Bloomberg

  • Federal Reserve Governor Christopher Waller said that three interest-rate increases this year was a “good baseline” but there may be fewer or even as many as five moves, depending on inflation
  • The U.K. and the European Union agreed to intensify post-Brexit negotiations over Northern Ireland, as Foreign Secretary Liz Truss led the British side for the first time in a meeting at her official country residence
  • Germany’s economy contracted by as much as 1% in the final quarter of 2021 as the emergence of the coronavirus’s omicron strain added to drags on output from supply snarls and the fastest inflation in three decades
  • Japan’s Government Pension Investment Fund, the world’s largest, may mull investing in Chinese government bonds if the market situation improves, GPIF President Masataka Miyazono says at a press conference in Tokyo
  • Ukraine said a cyberattack brought down the websites of several government agencies for hours. Authorities didn’t immediately comment on the source of the outage, which comes as tensions with Russia surge over its troop buildup near the border
  • Russia won’t wait “endlessly” for a security deal with NATO and progress depends on the U.S., Foreign Minister Sergei Lavrov said Friday, keeping up pressure after a week of high-level talks with the West failed to yield noticeable progress
  • Turkey’s newly appointed finance chief said the country’s inflation will peak months earlier and at a level far lower than predicted by top Wall Street banks
  • The global pressures driving inflation higher represent a “major change in trends” and will keep price growth high for the foreseeable future, Bank of Russia Governor Elvira Nabiullina said
  • North Korea appears to have fired two ballistic missiles into waters off its east coast– in what could be its third rocket-volley test in less than 10 days — hours after issuing a fresh warning to the Biden administration

A more detailed look at global markets courtesy of Newsquawk

Asian equity markets weakened amid headwinds from the US where all major indices declined led by losses in tech and consumer discretionary amid a slew of hawkish Fed speak, while mixed Chinese trade data added to the cautiousness in the region. ASX 200 (-1.1%) traded lower as tech and consumer stocks mirrored the underperformance of stateside peers and with nearly all industries on the back foot aside from utilities and gold miners. Nikkei 225 (-1.3%) briefly gave up the 28k level amid a firmer currency and source reports that BoJ policy makers are said to debate how soon they can begin signalling a rate hike. In terms of the notable movers, Fast Retailing was the biggest gainer after it reported a record Q1 net, followed by Seven & I Holdings which also benefitted post-earnings, while Hitachi Construction was at the other end of the spectrum after news that parent Hitachi will offload half its majority stake. KOSPI (-1.4%) eventually underperformed after the Bank of Korea hiked rates by 25bps for a third time in the current tightening cycle to 1.25%, as expected. BoK also noted that CPI is to stay in the 3% range for a while and BoK Governor Lee made it clear that rates will continue to be adjusted which has fuelled speculation of similar action at next month’s meeting. Hang Seng (-0.2%) and Shanghai Comp. (-1.0%) were also pressured with participants digesting the latest trade figures which showed weaker than expected Imports although Exports topped estimates. Nonetheless, the downside was somewhat limited amid ongoing expectations for PBoC easing to support the economy as the Fed moves closer towards a rate lift off and with some encouragement after Evergrande averted its first onshore debt default whereby bondholders approved a six-month postponement of bond redemption and coupon payments. Finally, 10yr JGBs retreated beneath the 151.00 level following the source report that suggested debate within the BoJ on how soon a rate increase can be signalled which could occur ahead of the 2% price target, while this coincided with an increase in the 5yr yield to a 6-year high and a weaker than previous 20yr JGB auction.

Top Asian News

  • Chinese Developer R&F Downgraded to Restricted Default by Fitch
  • Macau Cuts Casino License Tenure, Caps Float as Controls Tighten
  • Inflation Irks Asia as Japan Yields Hit Six-Year High, BOK Hikes
  • China Builders’ Dollar Bonds Slump Further; Logan, KWG Lead

The major cash equity indices in Europe remain subdued but off worst levels (Euro Stoxx 50 -0.7%; Stoxx 600 -0.6%) as the downbeat APAC mood reverberated into the region amid a slew of hawkish Fed speak, while the mixed Chinese trade data added to the concerns of a slowdown ahead of next week’s GDP metrics. Newsflow had overall been quiet during the European session ahead of the start of US earnings season, but geopolitical tensions remain hot on the radar after North Korea fired its third missile of the year (albeit landing outside Japan’s EEZ), whilst Russia closed all communication channels with the EU and exerted some time-pressure on Washington with regards to Moscow’s security demands. Back to trade, a divergence is seen between Europe and the US as the former catches up to the late accelerated sell-off on Wall Street yesterday; US equity futures have been consolidating with mild broad-based gains seen across the ES (+0.2%), YM (+0.2%), NQ (+0.2%) whilst the RTY (Unch) narrowly lags. Delving into Europe, the UK’s FTSE 100 (-0.1%) is cushioned by gains across its Oil & Gas and Financial sectors as crude oil prices and yields clamber off intraday lows, whilst the SMI (-0.3%) sees some losses countered by its heavyweight healthcare sector. Sectors in Europe are mostly in the red with a slight defensive tilt, although Oil & Gas stands as the top gainer and the only sector in the green. The downside meanwhile sees Tech following a similar sectorial underperformance seen on Wall Street and APAC overnight. In terms of individual movers, DAX-heavyweight SAP (-0.3%) conforms to the losses across tech after initially rising as a result of upgraded guidance and the announcement of a share buyback programme of up to EUR 1bln. The most notable mover of the day has been EDF (-17.5%) as the Co. withdrew guidance after noting the impact of new French price cap measures is forecast to be around EUR 8.4bln on FY22 EBITDA.

Top European News

  • EDF Slumps by Most on Record on Hit From Price Cap
  • U.K. Economy Surpasses Pre-Pandemic Size With November Surge
  • German Recovery Lags Rest of Europe on Supply Snarls, Inflation
  • HSBC Markets Chief Georges Elhedery To Take Six-Month Sabbatical

In FX, another lower low off a lower high does not bode well for the index and Buck more broadly, but some technicians will be encouraged by the fact that chart supports in the form of a Fib retracement and 100 DMA have only been breached briefly. Meanwhile, Friday may provide the Greenback with a prop via pre-weekend position squaring and US data could lend a hand if upbeat or better than expected at the very least. For now, the DXY is restrained between 94.887-626 confines, with the upside capped by a major trendline that falls just below 95.000 around 94.980, and the Dollar also hampered by pressure emanating outside the basket from the likes of the Yuan, crude oil and other commodities.

  • CAD/JPY/GBP – The Loonie has reclaimed 1.2500+ status in line with a rebound in WTI towards Usd 83/brl, but still faces stiff trendline resistance vs its US counterpart at 1.2451 and probably conscious that several multi-billion option expiries roll off either side of the 1.2500 level today. Conversely, the Yen has cleared the psychological 114.00 hurdle with some fundamental impetus coming from hawkish BoJ source reports contending that policy-setters are contemplating how soon the Bank can telegraph a rate hike that is likely to be delivered prior to inflation reaching its 2% target. Elsewhere, Sterling remains elevated above 1.3700, though unable to scale 1.3750 even with tailwinds from stronger than forecast UK GDP and IP or a narrower than feared trade gap amidst ongoing political uncertainty.
  • CHF/EUR/NZD/AUD – All narrowly divergent and contained against their US rival, with the Franc straddling 0.9100 and Euro holding within a 1.1483-51 range and immersed in hefty option expiry interest spanning 1.1395 to 1.1485 (see 7.01GMT post on the Headline Feed for details). On the flip-side, the Aussie and Kiwi have both lost a bit more momentum after probing 0.7300 and approaching 0.6900 respectively yesterday, and Aud/Usd appears to have shrugged off robust housing finance data in the run up to China’s trade balance revealing sub-consensus imports.
  • SCANDI/EM – Firmer than anticipated Swedish CPI and CPIF metrics have not offered the Sek much support, as the stripped down core ex-energy print was in line and bang on the Riksbank’s own projection. However, the Huf has been underpinned by hot Hungarian inflation and the Cnh/Cny in wake of the aforementioned Chinese trade data showing a record surplus for December and 2021 overall. In Turkey, the Try is flattish following the latest CBRT survey that predicts a weaker year-end Lira from current levels, but above record lows and still well above target CPI, while in Russia the Rub is benefiting from Brent’s rise above Usd 85.50/brl (in keeping with the Nok) against the backdrop of geopolitical and diplomatic strains as the country’s Foreign Minister declares that all lines of communication with the EU have ended.

In commodities, WTI and Brent front-month futures have been on an upward trajectory since the Wall Street close, with the former now above USD 83/bbl (vs 81.58/bbl low) and the latter north of USD 85.50/bbl (vs 83.99/bbl low) in European hours. Overall market sentiment has been a non-committal one amid a lack of fresh macro catalysts, however, geopolitical updates have been abundant: namely with Russia’s punchy rhetoric surrounding its security demand from NATO and Washington, whilst North Korea fired what is said to be ballistic missiles which landed just outside Japan’s Exclusive Economic Zone (EEZ). On the demand side of the equation, eyes remain on China’s economic and COVID situations, with the import figures indicating China’s annual crude oil imports drop for the first time in 20 years, whilst the nation grounded further flights between the US due to its zero-COVID policy. On the supply side, reports suggested that China will release oil stockpiles in the run-up to the Lunar New Year (dubbed as the largest human migration). The release is part of a coordinated plan with the US and other major consumers, according to the reports, which cited sources suggesting China will likely ramp up its releases if prices top USD 85/bbl. Turning to metals, spot gold is trading sideways and prices waned after again hitting the resistance zone around USD 1,830/oz flagged earlier this week. LME copper meanwhile remains under USD 10,000/t – subdued by the sharp slowdown in Chinese imports suggesting weaker demand, albeit annual imports of copper concentrate hit a historic high in 2021. The trade data also indicated a fall in iron ore imports as a factor of the steel production curbs imposed last year to tackle pollution and high iron ore prices.

US Event Calendar

  • 8:30am: Dec. Import Price Index YoY, est. 10.8%, prior 11.7%; MoM, est. 0.2%, prior 0.7%
    • Export Price Index YoY, est. 16.0%, prior 18.2%; MoM, est. 0.3%, prior 1.0%
  • 8:30am: Dec. Retail Sales Advance MoM, est. -0.1%, prior 0.3%
    • Dec. Retail Sales Ex Auto MoM, est. 0.1%, prior 0.3%
    • Dec. Retail Sales Ex Auto and Gas, est. -0.2%, prior 0.2%
    • Dec. Retail Sales Control Group, est. 0%, prior -0.1%
  • 9:15am: Dec. Industrial Production MoM, est. 0.2%, prior 0.5%
    • Capacity Utilization, est. 77.0%, prior 76.8%
    • Manufacturing (SIC) Production, est. 0.3%, prior 0.7%
  • 10am: Nov. Business Inventories, est. 1.3%, prior 1.2%
  • 10am: Jan. U. of Mich. Sentiment, est. 70.0, prior 70.6; Expectations, est. 67.0, prior 68.3; Current Conditions, est. 73.8, prior 74.2
    • U. of Mich. 1 Yr Inflation, est. 4.8%, prior 4.8%; 5-10 Yr Inflation, prior 2.9%

DB’s Jim Reid concludes the overnight wrap

There was no rest for markets either yesterday as the tech sell-off resumed in earnest, which came as fed funds futures moved to price in a 93% chance of a March rate hike, the highest closing probability to date. At the same time, however, the US dollar continued to weaken and has now put in its worst 3-day performance in over a year, having shed -1.25% in that time. And all this is coming just as earnings season is about to ramp up, with a number of US financials scheduled to report today ahead of an array of companies over the next few weeks.

Starting with sovereign bonds, yields on 10yr Treasuries fell a further -3.9bps yesterday, their biggest decline since mid-December, to their lowest closing level in a week, at 1.704%, with most of the price action again happening during the New York afternoon. Lower inflation breakevens helped drive the decline, with the 10yr breakeven down -3.4bps after the producer price inflation data for December came in softer than expected. Indeed, the monthly gain of +0.2% (vs. +0.4% expected) was the slowest since November 2020, and in turn that left the year-on-year measure at +9.7% (vs. +9.8% expected), which is actually a modest decline from the upwardly revised +9.8% in November. As with the previous day’s CPI reading though, there was a more inflationary interpretation for those after one, as the core PPI measure came in at a monthly +0.5% as expected, leaving the year-on-year change at an above-expected +8.3% (vs. +8.0% expected). So something for everyone but no massive surprises either way.

The latest inflation data came as numerous Fed speakers continued to match the recent hawkish tone, which helped strengthen investor conviction in the odds of a March hike as mentioned at the top. Philadelphia Fed President Harker said at an event that “My forecast is that we would have a 25 basis-point increase in March, barring any changes in the data”, and that he had 3 hikes pencilled in but “could be convinced of a fourth if inflation is not getting under control.” Separately, we heard from Governor Brainard, who appeared before the Senate Banking Committee as part of her nomination hearing to become Fed Vice Chair. She signalled that she would be open to a March hike as well, saying that they would be in a position to hike “as soon as asset purchases are terminated”, which they’re currently on course to do in March. Even President Evans, one of the most dovish members of Fed leadership, said a March rate hike and multiple hikes this year were a possibility. As it happens, today is the last we’ll hear from various Fed speakers for a while, as tomorrow they’ll be entering their blackout period ahead of the next FOMC announcement later in the month.

Staying on the Fed, Bloomberg reported overnight that President Biden has picked three nominees for the vacant slots. They include Sarah Bloom Raskin, previously Deputy Secretary of the Treasury, who’s reportedly going to be nominated to become the Vice Chair of supervision, as well as Lisa Cook and Philip Jefferson, who’d become governors. Cook is an economics professor at Michigan State University, and Jefferson is an economics professor at Davidson College in North Carolina. All 3 would require Senate confirmation, and bear in mind those choices haven’t been officially confirmed as of yet.

Over on the equity side, the main story was a further tech sell-off that sent both the NASDAQ (-2.51%) and the FANG+ index (-3.72%) lower for the first time this week, and taking the former to a 3-month low. That weakness dragged the S&P 500 (-1.5%) lower, though despite the stark headline numbers, it was only just over half of the shares in the index that were in the red on the day. Meanwhile in Europe, the STOXX 600 (-0.03%) also saw a modest decline, though the STOXX Banks (+1.10%) hit a fresh 3-year high after advancing for the 8th time in the last 9 sessions. Sovereign bond yields echoed the declines in the US too, with those on 10yr bunds (-3.1bps), OATs (-3.3bps) and BTPs (-4.6bps) all moving lower.

Following that tech-driven fall overnight on Wall Street on the back of those hawkish comments, Asian stock markets are trading lower this morning. Japan’s Nikkei (-1.42%) extended the previous session’s losses while briefly falling over -2%, as the Japanese Yen found a renewed bid amid the risk-off mood. Additionally, the Kospi (-1.37%) widened its losses, after the BOK lifted borrowing costs by 25bps to 1.25% amidst rising concerns about inflationary pressure. That takes the benchmark rate back to pre-pandemic levels after the central bank’s 25bps rate increase in August and November last year. Meanwhile, the Korean government unveiled a supplementary budget worth 14 trillion won in size to continue providing support to the economy. Elsewhere, the Hang Seng index (-0.86%), CSI (-0.60%) and Shanghai Composite (-0.53%) have all moved lower as well. Data released in China showed that exports went up +20.9% y/y in December (vs +20.0% market expectations) albeit imports in December rose +19.5% y/y less than +28.5% as anticipated. That meant that they posted a trade surplus of $94.46bn last month, above the consensus forecast for a $74.50bn surplus. Looking ahead, futures on both the S&P 500 (-0.19%) and DAX (-0.79%) are pointing to further losses later on.

Elsewhere in markets, yesterday saw another surge in European natural gas futures (+13.71%), albeit still at levels which are less than half of the peaks seen in mid-December. The latest moves came as Russia’s deputy foreign minister Sergei Ryabkov said that talks with the US had reached a “dead end”, amidst strong tensions between the two sides with Russia rejecting any further expansion of NATO as well as calls to pull back its forces from near Ukraine’s border. In response, the Russian ruble weakened -2.31% against the US dollar yesterday, whilst the MOEX stock index (-4.05%) suffered its worst daily performance since April 2020.

Turning to the Covid-19 pandemic, the decline in UK cases continued to accelerate yesterday, with the number of cases over the past week now down -24% relative to the previous 7-day period. Looking at England specifically, the total number of Covid-19 patients in hospital is now down for a 3rd day running, and in London the total number in hospital is down to its lowest level since New Year’s Eve.

To the day ahead now, and data releases include US retail sales, industrial production and capacity utilisation for December, along with the University of Michigan’s preliminary consumer sentiment index for January and the UK’s GDP for November. Central bank speakers include ECB President Lagarde and New York Fed President Williams. Lastly, earnings releases include Citigroup, JPMorgan Chase, Wells Fargo and BlackRock.

Tyler Durden
Fri, 01/14/2022 – 08:13





Author: Tyler Durden

Precious Metals

Scottie Resources Reports Intersect Of 11.8 g/t Gold Over 6.57 Metres

Scottie Resources (TSXV: SCOT) this morning released the latest assay results for its Scottie Gold Mine project in British Columbia,
The post Scottie Resources…

Scottie Resources (TSXV: SCOT) this morning released the latest assay results for its Scottie Gold Mine project in British Columbia, north of Stewart. The latest results come from a 14,500 metre drill program conducted by the company.

Results from a total of three drill holes were released this morning, with the highlight hole, SR21-094, intersecting 11.8 g/t gold over 6.57 metres at a depth of 58.84 metres. The assay includes 20.2 g/t gold over 3.76 metres.

Additional results released this morning include:

  • SR21-095: 2.20 g/t gold over 10.09 metres, and 37.2 g/t gold over 3.71 metres
  • SR21-096: 2.59 g/t gold over 7.84 metres, 8.08 g/t gold over 5.00 metres, and 20.6 g/t gold over 2.22 metres

The firm views the results as pointing to the “potential for the expansion of the historic resource,” while also pointing to the potential contained within untested targets on the property. The firm is currently looking to establish a one million ounce resource at the historic gold mine.

Scottie this morning also indicated that Stephen Sulis has been reappointed as the CFO of the company, while Lisa Peterson, whom presently held the role, will be leaving the company for undisclosed reasons.

Scottie Resources last traded at $0.185 on the TSX Venture.


Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

The post Scottie Resources Reports Intersect Of 11.8 g/t Gold Over 6.57 Metres appeared first on the deep dive.




Author: Jay Lutz

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Articles

Gold Digger: Solar, electric vehicle demand could push silver market into long term deficit

Global silver demand hit ~1.02 billion ounces in 2021, the first time it has breached 1 billion since 2015, according … Read More
The post Gold Digger:…

Global silver demand hit ~1.02 billion ounces in 2021, the first time it has breached 1 billion since 2015, according to the Silver Institute.

Of that, industrial demand hit a new high of 524 million ounces.

And of that, photovoltaic (solar panel) demand rose by ~13% to over 110Moz — a new high which highlights silver’s vital role in the green economy.

Uniquely for the four main precious metals, silver saw a deficit last year and is forecast to remain in deficit this year, when the gap between supply (1.09 billion ounces) and demand (1.128 billion ounces) is expected to widen further.

“The fact that green demand is forecast to grow strongly in the next few years only adds to trends in other supply and demand segments,” Metals Focus says.

“As a result, the deficit is expected to grow in the coming years … [and] has a strong likelihood of becoming structural.”

 

Silver and Solar: Making hay while the sun shines

The star of silver use in the green economy over the last decade has been photovoltaics (PV), Metals Focus says.

Installations have grown massively over the last decade, up from a modest 16GW in 2010 to 158GW in 2021.

And despite heavy thrifting – Metals Focus estimates a typical cell in 2021 would only have around 20% of the silver used in 2010 — silver in PV has risen from around 5% of total silver demand in 2010 to over 10% by 2021.

There is no sign of this importance slackening either.

“We initially expected that this would all translate into slight growth in silver use in 2022 but we have recently seen forecasts suggesting much higher installations, perhaps as much as 200GW,” Metals Focus says.

“If this were to occur, PV’s silver demand in 2022 would rise by well over 10%.”

“Thereafter however, end-use could plateau as ongoing thrifting counters still high installation figures plus the bonus from the replacement of end-of-life cells (those installed before say 2010).”

 

Silver and Automobiles: Hitting the accelerator

While silver demand in PV might start to plateau, the opposite is true for silver use in the automotive industry, Metals Focus says.

As shown in the chart above, much will stem from the recovery in vehicle production as the chip crisis eases, but total silver use is forecast to rise at a much stronger pace than mere vehicle numbers.

This is partly due to the growing adoption of things like complex infotainment systems but mostly due to the rise of EVs, which use a lot more silver than their ICE counterparts.

“Battery electric vehicles (BEVs) require much greater amounts of silver than do internal combustion engine (ICE) vehicles,” Metals Focus says.

“These areas include the two electrodes per battery (of which there can be thousands) and the powertrain’s wiring.”

“The latter needs silver (typically in a 70:30 copper-silver mix) because of the high voltages involved.”

Current estimates point to PV being roughly twice the size of automotive. That could change very soon, Metals Focus says.

“This relative importance will rapidly change in the next few years as PV plateaus and as BEVs numbers surge; it would not surprise therefore if this BEV “bonus” reaches 20% in a few years and that total automotive use becomes similar in scale to PV demand.”

 

Gold, silver maintain pricing

Gold has held steady near US$1,820 and silver at $US23/oz following the latest round of US inflation data, with large cap ASX gold stocks performing well over the last few sessions.

Both have a gained a bit over 1% year-to-date.

“Gold is still comfortably above the $1800 level and could see a strong test tomorrow if earnings season, retail sales, and consumer sentiment paint an upbeat picture about the economy,” OANDA senior market analyst Edward Moya said Friday morning EST time.

“Gold’s best environment in the short-term might be if risk appetite remains strong, but risks to the outlook continue to grow.”

USD (dark) and AUD (light) gold prices over the past 12 months. Sources: FastMarkets, ICE Benchmark Administration, Thomson Reuters, World Gold Council

Winners & Losers

Here’s how ASX-listed gold & silver stocks are performing:

Scroll or swipe to reveal table. Click headings to sort. Best viewed on a laptop.

CODE COMPANY PRICE % YEAR %SIX MONTH % ONE MONTH % WEEK MARKET CAP
NPM Newpeak Metals 0.002 -33% 0% 33% 100% $15,299,500.07
NAE New Age Exploration 0.019 46% 46% 90% 73% $22,974,382.56
ARL Ardea Resources Ltd 0.75 67% 70% 50% 63% $70,803,411.69
SFM Santa Fe Minerals 0.22 150% 156% 100% 57% $16,384,227.53
ANL Amani Gold Ltd 0.0015 50% -25% 50% 50% $34,313,346.16
MDI Middle Island Res 0.145 -59% 16% 51% 45% $17,138,551.08
PNM Pacific Nickel Mines 0.12 118% 140% 48% 43% $28,447,528.10
XTC Xantippe Res Ltd 0.0095 375% 375% 90% 36% $51,647,610.56
FAU First Au Ltd 0.012 -29% -8% 20% 33% $9,406,931.39
AM7 Arcadia Minerals 0.28 0% 60% 27% 30% $9,306,204.75
BYH Bryah Resources Ltd 0.058 -16% 0% 10% 29% $12,667,601.80
MLS Metals Australia 0.0025 25% 25% 25% 25% $10,477,114.72
SLZ Sultan Resources Ltd 0.21 2% 14% 31% 24% $13,906,877.80
AXE Archer Materials 1.33 140% 15% 17% 23% $336,691,401.52
PGD Peregrine Gold 0.72 0% 69% 97% 23% $24,191,132.40
CPM Coopermetalslimited 0.3075 0% 0% 76% 23% $8,241,100.00
ZNC Zenith Minerals Ltd 0.355 209% 31% 58% 22% $93,903,204.95
BTR Brightstar Resources 0.059 -18% 103% 26% 20% $32,811,652.14
BNR Bulletin Res Ltd 0.09 25% 53% 18% 20% $24,702,624.35
MRZ Mont Royal Resources 0.395 52% 58% 0% 20% $23,042,700.65
PF1 Pathfinder Resources 0.34 19% 6% 17% 19% $19,123,563.60
SKY SKY Metals Ltd 0.125 -36% 25% 25% 19% $45,214,016.40
WCN White Cliff Min Ltd 0.025 -11% 108% 56% 19% $13,050,320.78
TNR Torian Resources Ltd 0.026 -7% 0% 44% 18% $23,980,926.05
TAR Taruga Minerals 0.048 -4% -6% 23% 17% $23,554,760.28
LNY Laneway Res Ltd 0.007 0% 40% 17% 17% $29,981,461.53
DDD 3D Resources Limited 0.0035 -15% -13% 0% 17% $13,581,302.32
GSM Golden State Mining 0.098 -46% -41% 18% 17% $8,308,798.50
RDS Redstone Resources 0.015 0% 15% 15% 15% $11,503,985.01
TBA Tombola Gold Ltd 0.032 -46% -20% 0% 14% $23,948,903.55
BMR Ballymore Resources 0.205 0% 0% -5% 14% $13,226,054.58
IDA Indiana Resources 0.066 10% -6% 10% 14% $27,401,658.48
LCL Los Cerros Limited 0.125 4% -31% -4% 14% $86,142,332.93
S2R S2 Resources 0.21 8% 45% 8% 14% $76,620,593.83
PNR Pantoro Limited 0.38 62% 77% 12% 13% $591,989,453.16
KCN Kingsgate Consolid. 2.13 124% 163% 21% 13% $482,478,587.54
ADN Andromeda Metals Ltd 0.215 -30% 30% 26% 13% $534,001,314.89
XAM Xanadu Mines Ltd 0.0305 -24% -15% 17% 13% $36,644,334.75
SIH Sihayo Gold Limited 0.009 -55% -18% 29% 13% $33,169,152.72
TSC Twenty Seven Co. Ltd 0.0045 -25% 0% 0% 13% $11,973,662.57
OAU Ora Gold Limited 0.018 -14% 0% 38% 13% $17,684,020.24
DEG De Grey Mining 1.26 23% 4% 8% 12% $1,680,676,112.38
LM8 Lunnonmetalslimited 0.535 0% 19% 30% 11% $40,981,083.46
AAJ Aruma Resources Ltd 0.088 -16% 44% 31% 11% $10,580,766.25
AMI Aurelia Metals Ltd 0.445 2% -3% 0% 11% $550,490,123.37
GWR GWR Group Ltd 0.2 -51% -51% 90% 11% $65,267,463.14
HAW Hawthorn Resources 0.11 11% 124% 13% 11% $33,018,045.69
RGL Riversgold 0.02 -62% -43% 0% 11% $7,676,801.72
AZS Azure Minerals 0.405 -25% 72% 13% 11% $133,616,360.03
GBR Greatbould Resources 0.155 260% 76% 19% 11% $53,585,371.35
HMX Hammer Metals Ltd 0.063 62% -31% 37% 11% $49,714,672.00
GTR Gti Resources 0.0265 6% 19% 10% 10% $29,348,311.93
MTC Metalstech Ltd 0.33 124% 78% 14% 10% $54,999,314.70
AWJ Auric Mining 0.11 0% -27% 0% 10% $6,167,629.27
RRL Regis Resources 2.01 -45% -21% 10% 10% $1,509,552,596.00
A8G Australasian Metals 0.615 0% 324% 43% 10% $23,298,886.52
DTM Dart Mining NL 0.093 -48% -34% 13% 9% $12,075,620.21
SMI Santana Minerals Ltd 0.35 84% 312% 9% 9% $46,423,050.80
WWI West Wits Mining Ltd 0.035 -50% -57% 3% 9% $66,039,568.60
TSO Tesoro Resources Ltd 0.082 -72% -53% 5% 9% $43,249,241.65
BAT Battery Minerals Ltd 0.012 -45% -37% -8% 9% $29,343,307.14
MM8 Medallion Metals. 0.25 0% -2% 35% 9% $27,467,678.94
BRV Big River Gold Ltd 0.255 -31% -38% 6% 9% $54,860,613.00
MHC Manhattan Corp Ltd 0.013 -53% -7% 0% 8% $19,078,483.66
ANX Anax Metals Ltd 0.0865 88% 14% -2% 8% $31,369,546.21
PUR Pursuit Minerals 0.027 -7% -58% -4% 8% $25,529,828.24
HCH Hot Chili Ltd 1.8 -14% 9% -6% 8% $193,324,887.00
GML Gateway Mining 0.014 -58% -26% -18% 8% $31,641,489.14
GRL Godolphin Resources 0.145 -34% -19% 4% 7% $11,775,591.94
KAI Kairos Minerals Ltd 0.029 -15% 0% 16% 7% $50,537,434.84
EM2 Eagle Mountain 0.66 63% -27% 20% 7% $151,537,705.44
WAF West African Res Ltd 1.33 35% 20% -4% 7% $1,378,044,690.75
VKA Viking Mines Ltd 0.015 -61% -21% -17% 7% $14,353,618.03
NSM Northstaw 0.3 -31% -9% -2% 7% $11,837,465.00
AZL Arizona Lithium Ltd 0.1125 765% 241% 13% 7% $227,378,727.61
MEU Marmota Limited 0.046 -4% -4% 5% 7% $45,083,740.54
ERM Emmerson Resources 0.165 114% 126% 14% 6% $79,718,158.24
DGO DGO Gold Limited 2.81 -4% -24% 6% 6% $221,214,346.80
CAI Calidus Resources 0.745 52% 52% 24% 6% $304,201,410.64
TRM Truscott Mining Corp 0.034 89% -6% 13% 6% $5,166,012.50
CBY Canterbury Resources 0.088 -20% -12% 6% 6% $10,841,470.64
KRM Kingsrose Mining Ltd 0.089 112% 65% 3% 6% $70,169,732.69
VMC Venus Metals Cor Ltd 0.18 -10% -10% 3% 6% $27,194,162.94
DCN Dacian Gold Ltd 0.205 -59% -33% 24% 5% $222,440,797.92
RMS Ramelius Resources 1.5175 -6% -10% 2% 5% $1,266,382,259.14
MKG Mako Gold 0.105 -16% 24% -13% 5% $40,135,368.21
RDN Raiden Resources Ltd 0.021 -30% -25% 5% 5% $30,257,200.69
MEG Megado 0.087 -57% -30% -4% 5% $3,659,147.83
CDT Castle Minerals 0.044 389% 193% 76% 5% $35,173,786.04
EVN Evolution Mining Ltd 4.04 -15% -13% 0% 5% $7,350,360,808.83
EMR Emerald Res NL 1.14 44% 34% 7% 5% $613,048,003.98
PRU Perseus Mining Ltd 1.6 33% 8% 2% 5% $1,917,384,306.35
AQI Alicanto Min Ltd 0.115 -8% -41% -8% 5% $44,012,065.96
CAZ Cazaly Resources 0.047 7% -15% 4% 4% $17,369,473.55
WRM White Rock Min Ltd 0.235 -57% -54% 4% 4% $35,682,581.89
AAR Anglo Australian 0.12 -11% 50% 36% 4% $71,541,508.68
SFR Sandfire Resources 7.07 40% 13% 12% 4% $2,861,673,613.14
CHN Chalice Mining Ltd 8.66 120% 24% -2% 4% $3,095,368,693.28
ADV Ardiden Ltd 0.0125 -43% 56% 14% 4% $28,188,359.63
THR Thor Mining PLC 0.0125 -22% -26% -11% 4% $10,981,885.98
HXG Hexagon Energy 0.076 -21% 7% 1% 4% $33,451,037.03
AAU Antilles Gold Ltd 0.077 0% 1% 7% 4% $23,104,377.04
ADT Adriatic Metals 2.58 19% -1% -4% 4% $542,734,986.92
OZM Ozaurum Resources 0.13 0% -4% 4% 4% $7,438,080.00
NCM Newcrest Mining 24.97 -7% -4% 8% 4% $20,203,566,823.70
AL8 Alderan Resource Ltd 0.028 -75% -44% -24% 4% $11,915,850.24
GSR Greenstone Resources 0.028 4% 40% -3% 4% $23,405,281.98
NST Northern Star 9.36 -28% -9% 4% 4% $10,714,423,030.80
KCC Kincora Copper 0.15 0% -38% 25% 3% $10,966,367.85
RDT Red Dirt Metals Ltd 0.775 204% 384% 22% 3% $198,288,742.32
AGG AngloGold Ashanti 5.63 -6% 4% 4% 3% $505,808,027.55
AME Alto Metals Limited 0.098 3% 6% -4% 3% $52,275,713.69
AGC AGC Ltd 0.1 0% -31% 10% 3% $6,772,728.40
AGC AGC Ltd 0.1 0% -31% 10% 3% $6,772,728.40
BBX BBX Minerals Ltd 0.17 -39% -26% -3% 3% $78,203,650.75
CMM Capricorn Metals 3.345 99% 83% 2% 3% $1,236,820,146.22
PDI Predictive Disc Ltd 0.2725 354% 187% 16% 3% $375,465,640.00
MZZ Matador Mining Ltd 0.365 6% -18% 0% 3% $75,592,482.35
AUT Auteco Minerals 0.076 -31% -37% 12% 3% $126,613,420.20
LRL Labyrinth Resources 0.038 27% -16% 9% 3% $31,304,203.16
SLR Silver Lake Resource 1.76 -1% 2% 8% 3% $1,553,991,417.23
GIB Gibb River Diamonds 0.08 0% 36% -11% 3% $17,343,774.49
BGL Bellevue Gold Ltd 0.825 -24% -18% -5% 2% $855,980,395.23
ASO Aston Minerals Ltd 0.1125 231% -30% -6% 2% $114,503,691.48
GBZ GBM Rsources Ltd 0.1125 -10% -13% -6% 2% $61,297,116.84
BDC Bardoc Gold Ltd 0.475 -10% 26% 25% 2% $136,640,257.91
KTA Krakatoa Resources 0.048 -36% -8% 2% 2% $14,440,785.93
G50 Gold50Limited 0.255 0% 0% 2% 2% $14,284,590.26
SBM St Barbara Limited 1.38 -40% -25% -7% 2% $972,052,057.13
ALK Alkane Resources Ltd 0.88 5% -22% 9% 2% $521,135,492.50
MAT Matsa Resources 0.059 -39% -34% 7% 2% $20,819,367.96
CEL Challenger Exp Ltd 0.3 28% 0% 9% 2% $293,836,127.40
MKR Manuka Resources. 0.31 -21% 7% 0% 2% $30,954,774.22
MOH Moho Resources 0.063 -28% -13% 7% 2% $7,923,850.33
STK Strickland Metals 0.07 86% 67% 6% 1% $90,852,805.86
MML Medusa Mining Ltd 0.705 -10% -21% -1% 1% $148,688,755.22
WGX Westgold Resources. 1.925 -23% 3% 1% 1% $802,060,272.91
A1G African Gold Ltd. 0.195 -4% -4% 15% 1% $22,592,962.32
NXM Nexus Minerals Ltd 0.425 227% 406% -28% 1% $122,381,308.08
CYL Catalyst Metals 1.92 -9% -7% -7% 1% $188,542,709.55
RED Red 5 Limited 0.2775 7% 46% -3% 1% $659,780,982.56
SSR SSR Mining Inc. 23.46 -2% 12% -1% 1% $492,646,001.99
BC8 Black Cat Syndicate 0.61 -13% 2% 15% 1% $86,596,803.77
MRR Minrex Resources Ltd 0.057 148% 200% 54% 0% $37,965,797.30
GED Golden Deeps 0.011 -8% -15% -8% 0% $8,534,365.84
TMX Terrain Minerals 0.008 -20% -20% 0% 0% $5,886,088.07
IPT Impact Minerals 0.0135 -29% -4% 0% 0% $26,309,333.95
PRX Prodigy Gold NL 0.034 -32% -17% 0% 0% $19,809,338.60
REZ Resourc & En Grp Ltd 0.064 36% 106% 39% 0% $31,987,570.50
KAL Kalgoorliegoldmining 0.145 0% 0% -3% 0% $10,865,190.00
MEI Meteoric Resources 0.017 -76% -67% 6% 0% $25,947,055.31
SRN Surefire Rescs NL 0.011 -56% -21% 0% 0% $12,147,414.50
AWV Anova Metals Ltd 0.018 -33% -10% -5% 0% $25,795,695.60
PAK Pacific American Hld 0.016 -29% 1% -11% 0% $7,646,038.43
MCT Metalicity Limited 0.009 -47% -31% 0% 0% $21,839,569.80
CTO Citigold Corp Ltd 0.009 -36% -25% -10% 0% $25,502,931.82
M2R Miramar 0.18 -37% -3% -23% 0% $8,717,628.50
TRY Troy Resources Ltd 0.037 -59% -10% 0% 0% $31,631,563.33
KGM Kalnorth Gold Ltd 0.013 0% 0% 0% 0% $11,625,120.78
CGN Crater Gold Min Ltd 0.017 -15% 0% 0% 0% $20,867,429.74
RMX Red Mount Min Ltd 0.01 -29% 0% 11% 0% $14,644,583.02
NML Navarre Minerals Ltd 0.078 -58% -20% 13% 0% $106,444,427.86
BCN Beacon Minerals 0.033 4% -3% 6% 0% $118,511,744.74
SVL Silver Mines Limited 0.21 -11% -19% 8% 0% $271,284,750.03
FG1 Flynngold 0.16 0% 0% -14% 0% $10,149,768.00
RML Resolution Minerals 0.017 -55% -31% 6% 0% $10,501,865.58
HMG Hamelingoldlimited 0.15 0% 0% 3% 0% $17,600,000.00
HMG Hamelingoldlimited 0.15 0% 0% 3% 0% $17,600,000.00
CLA Celsius Resource Ltd 0.025 -55% -31% 19% 0% $26,349,452.03
TCG Turaco Gold Limited 0.115 92% 15% -12% 0% $49,027,694.82
KWR Kingwest Resources 0.195 5% 138% 8% 0% $49,786,407.63
RVR Red River Resources 0.2 -29% -15% 14% 0% $103,692,897.60
TAM Tanami Gold NL 0.062 -31% -16% -3% 0% $74,031,113.90
GSN Great Southern 0.064 -26% 23% 5% 0% $30,877,290.99
CDR Codrus Minerals Ltd 0.135 0% -31% -10% 0% $5,400,000.00
ALY Alchemy Resource Ltd 0.012 -23% -18% 9% 0% $11,428,138.68
AVW Avira Resources Ltd 0.005 -38% -9% 0% 0% $8,593,950.00
ZAG Zuleika Gold Ltd 0.02 -63% -29% -5% 0% $8,201,867.46
ARN Aldoro Resources 0.37 90% -5% -9% 0% $33,092,277.93
DTR Dateline Resources 0.077 54% -9% -1% 0% $33,720,745.14
TLM Talisman Mining 0.17 55% -6% 10% 0% $30,977,017.01
GNM Great Northern 0.006 -54% -50% -14% 0% $9,808,831.34
STN Saturn Metals 0.405 -36% -12% -1% 0% $50,826,337.60
E2M E2 Metals 0.285 -50% -14% 2% 0% $43,636,651.77
AYM Australia United Min 0.008 0% 0% 14% 0% $14,740,619.88
KLA Kirkland Lake Gold 56.8 6% 6% 7% 0% $56,740,000.00
RND Rand Mining Ltd 1.46 -18% 0% 1% -1% $83,038,903.06
TBR Tribune Res Ltd 4.82 -18% -5% 0% -1% $252,896,131.14
HRN Horizon Gold Ltd 0.42 -14% 2% -3% -1% $46,944,487.04
YRL Yandal Resources 0.375 -12% -29% -3% -1% $44,695,247.91
GOR Gold Road Res Ltd 1.465 15% 12% 0% -1% $1,296,415,517.46
KZR Kalamazoo Resources 0.36 -41% -5% 6% -1% $52,995,946.51
RSG Resolute Mining 0.35 -55% -41% -3% -1% $386,376,032.00
NWM Norwest Minerals 0.067 -16% -19% -11% -1% $12,100,689.03
LEX Lefroy Exploration 0.31 51% -63% -3% -2% $45,221,147.08
TMZ Thomson Res Ltd 0.062 -46% -52% 3% -2% $35,398,253.21
SNG Siren Gold 0.275 -61% 12% -5% -2% $23,220,978.83
HRZ Horizon 0.1225 23% -6% -2% -2% $70,996,900.00
NMR Native Mineral Res 0.23 -41% 1% -2% -2% $9,730,060.09
G88 Golden Mile Res Ltd 0.045 -17% -24% -10% -2% $7,695,824.76
MAU Magnetic Resources 1.46 19% -3% -4% -2% $326,418,801.65
DRE Drednought Resources 0.04 90% 3% 3% -2% $113,487,342.04
LYN Lycaonresources 0.4 0% 0% 14% -2% $11,340,000.00
WMC Wiluna Mining Corp 1.15 -14% 17% 12% -3% $245,125,336.20
CY5 Cygnus Gold Limited 0.17 -6% 48% -6% -3% $19,789,353.37
RXL Rox Resources 0.34 -55% -16% -8% -3% $55,162,664.90
BNZ Benzmining 0.63 -57% -27% -7% -3% $33,163,254.21
ENR Encounter Resources 0.155 4% 1% 11% -3% $49,106,608.03
TG1 Techgen Metals Ltd 0.15 0% -25% 0% -3% $6,531,324.90
SAU Southern Gold 0.055 -54% -23% -2% -4% $11,733,081.58
CXU Cauldron Energy Ltd 0.026 -47% -21% 4% -4% $13,264,928.01
OKU Oklo Resources Ltd 0.115 -45% -8% -21% -4% $58,017,095.09
AUC Ausgold Limited 0.045 -4% 5% -4% -4% $75,880,303.43
NVA Nova Minerals Ltd 1.12 -30% -10% -7% -4% $202,727,570.63
LCY Legacy Iron Ore 0.022 -42% 38% -19% -4% $140,950,176.38
ICG Inca Minerals Ltd 0.11 51% 0% 5% -4% $50,527,223.04
MVL Marvel Gold Limited 0.064 28% 12% -4% -4% $36,976,766.90
KSN Kingston Resources 0.1575 -37% -25% -5% -5% $57,072,729.12
IVR Investigator Res Ltd 0.063 -21% -11% -6% -5% $86,316,529.46
BEZ Besragoldinc 0.105 0% 0% -5% -5% $19,762,745.40
TTM Titan Minerals 0.1 -17% -5% -5% -5% $148,020,655.97
PKO Peako Limited 0.02 -17% -49% -5% -5% $6,477,536.12
GUL Gullewa Limited 0.078 -11% -5% 15% -5% $15,039,474.90
KAU Kaiser Reef 0.195 -52% -25% 5% -5% $23,872,039.23
TIE Tietto Minerals 0.485 21% 35% 17% -5% $311,771,830.50
AQX Alice Queen Ltd 0.0095 -68% -37% -5% -5% $12,332,007.09
EMU EMU NL 0.019 -58% -46% -5% -5% $10,446,475.20
GMR Golden Rim Resources 0.1325 -20% 10% 49% -5% $33,205,231.53
SVY Stavely Minerals Ltd 0.5 -35% 15% 0% -6% $134,395,147.78
MGV Musgrave Minerals 0.325 -13% -10% -10% -6% $177,267,073.17
DEX Duke Exploration 0.16 -52% -56% -14% -6% $13,982,728.56
CHZ Chesser Resources 0.1175 -48% -10% 7% -6% $54,036,776.61
TRN Torrens Mining 0.15 -36% -35% -25% -6% $10,449,740.70
KNB Koonenberrygold 0.15 0% 0% -13% -6% $10,746,853.06
OBM Ora Banda Mining Ltd 0.059 -82% -61% -11% -6% $58,453,470.30
PUA Peak Minerals Ltd 0.014 -39% -21% 12% -7% $15,099,855.14
MTH Mithril Resources 0.014 -33% -22% -7% -7% $38,703,495.62
GMN Gold Mountain Ltd 0.014 -65% -54% -7% -7% $14,982,088.38
BGD Bartongoldholdings 0.2 0% -5% -2% -7% $17,167,999.20
SPQ Superior Resources 0.053 308% 342% 172% -7% $80,420,633.82
PNX PNX Metals Limited 0.0065 -7% -24% 8% -7% $23,739,257.82
MBK Metal Bank Ltd 0.0065 -51% -24% -7% -7% $16,950,818.04
VAN Vango Mining Ltd 0.051 -34% -25% -14% -7% $65,516,756.86
CST Castile Resources 0.185 -38% -20% -8% -8% $36,946,372.39
OKR Okapi Resources 0.365 43% 18% -3% -8% $39,984,270.90
QML Qmines Limited 0.3 0% -19% -14% -8% $16,852,107.47
NAG Nagambie Resources 0.06 30% -35% -10% -8% $29,995,940.76
MXR Maximus Resources 0.072 -54% -1% 26% -8% $22,253,386.68
DCX Discovex Res Ltd 0.011 57% 120% 175% -8% $28,255,304.84
CWX Carawine Resources 0.165 -30% -21% -11% -8% $22,495,167.26
ICL Iceni Gold 0.165 0% -3% -13% -8% $21,208,348.81
DLC Delecta Limited 0.011 83% 83% -8% -8% $14,458,904.46
VRC Volt Resources Ltd 0.0265 141% -24% 2% -9% $72,259,483.19
AGS Alliance Resources 0.145 -15% -3% -22% -9% $30,162,484.43
FFX Firefinch Ltd 0.745 231% 84% 6% -10% $883,602,150.00
SI6 SI6 Metals Limited 0.009 -74% -40% 0% -10% $14,281,439.85
SBR Sabre Resources 0.0045 -57% 13% -10% -10% $7,775,161.42
BRB Breaker Res NL 0.25 22% 52% -19% -11% $86,347,846.19
NES Nelson Resources. 0.033 -60% -40% 6% -11% $6,411,642.44
ARV Artemis Resources 0.07 -46% 23% -4% -11% $89,104,833.22
M24 Mamba Exploration 0.185 0% -5% -5% -12% $7,078,500.54
POL Polymetals Resources 0.135 0% -13% 4% -13% $5,365,264.64
PRS Prospech Limited 0.056 -72% -55% -24% -14% $3,650,136.28
SMS Starmineralslimited 0.18 0% 0% -8% -14% $5,381,250.00
FML Focus Minerals Ltd 0.27 -33% 0% 4% -14% $51,169,598.20
BMO Bastion Minerals 0.18 0% 3% -18% -27% $12,737,974.20
AOP Apollo Consolidated 0 -100% -100% -100% -100% $177,888,559.90


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Precious Metals

Nighthawk Gold Reports High Grade Results, Shares Advance 3.9%

Nighthawk Gold Corp. [NHK-TSXV, OTC-MIMZF] on Thursday reported assay results for 13 drill holes that…

Nighthawk Gold Corp. [NHK-TSXV, OTC-MIMZF] on Thursday reported assay results for 13 drill holes that targeted the Cass Zone located within its Indin Lake gold property in Canada’s Northwest Territories. It also released 12 holes that targeted the project’s Kim Zone.

Drilling highlights include Hole CM21-44, which targeted the Cass Zone and returned 3.76 g/t gold over 33.15 metres, including 7.16 g/t gold over 9.50 metres.

Kim Zone drilling highlights include KM21-05, which returned 0.91 g/t gold over 23 metres.

Nighthawk Gold shares advanced on the news, rising 2.6% or $0.02 to 79 cents. The shares are trading in a 52-week range of $1.35 and 73 cents.

Nighthawk Gold’s key asset is a 100%-ownership of a district-scale land position within the Indin Lake Greenstone Belt, located approximately 200 kilometres north of Yellowknife. Within what remains an underexplored Archean gold camp, the company has identified a number of high-priority targets all centred around a growing deposit.

These targets lie within large regional deformation zones that contain gold mineralization which warrant additional exploration and follow-up. The company has said its main goals and objectives over the next six to 12 months will be to carry out exploration and to foster resource expansion opportunities as well as new, near-surface discoveries that support the global mineral resource base.

The Indin Lake property, which covers 90,000 hectares and is thought to contain 20 gold deposits, includes the former Colomac open pit gold mine, which produced 528,000 ounces of gold between 1990 and 1997.

The Cass Zone is located 15 kilometres southwest of the Colomac Centre.  The company said drilling at Cass extends mineralization by 250 metres further to the west, from two distinct lenses within the favourable host.

The company also said a new intersection from greenfield exploration at the Albatross target has uncovered new mineralization and clearly demonstrates that the Cass trend extends well into Albatross.

At Albatross, 12 widely-spaced drill holes, totalling 4,059 metres, were drilled to test the Cass trend (previously referred to as the Albatross trend, which has now been confirmed as the continuation of the Cass trend) over a strike length of 4.6 kilometres to the west of Cass.

“We are very pleased with the results received to date from this highly prospective area,’’ said Nighthawk President and CEO Keyvan Salehi. “We are encouraged that additional drilling in this area could potentially uncover new mineralized zones that carry higher grades than the current camp average, and hence deliver quality ounces to the project,’’ he said.

The latest drill results have been released after Nighthawk recently raised $5.63 million from a non-brokered private placement of flow through units priced at $1.00 each.

The company has said it plans to complete 100,000 metres of drilling in a bid to further increase the resource base. The financing provides Nighthawk with the necessary capital to carry out the first part of its 2022 exploration program, which is expected to commence towards the end of March, 2022.

 

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Author: Staff Writer

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