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Bloomberg

Russia, world’s biggest buyer of gold, will stop purchases

30th March 2020 Russia spent more than $40-billion building a war chest of bullion over the past five years. Now, it’s calling it quits. The central bank announced on Monday that it would stop buying gold starting April 1, but didn’t explain the move. Analysts say Russia already has a lot of gold stashed in... 

Global copper miners head for worst quarter since 2008

30th March 2020 Copper miners are poised for their worst quarter since 2008 after the coronavirus pandemic fueled demand fears for industrial metals and forced companies to curb mining operations. The BI Global Copper Competitive Peers index has slumped 37% this quarter, led by Teck Resources, Hudbay Minerals... 

The global oil market is broken, drowning in crude nobody needs

30th March 2020 The global oil market is broken, overwhelmed by an unmanageable surplus as virus lockdowns cascade through the world’s largest economies. Onshore tanks in many markets are full, forcing traders to store excess oil in idle supertankers. Refineries are starting to shut down because nobody needs... 

Gold pauses after best week since 2008 as caution reigns

30th March 2020 Gold edged lower after its best week since 2008 amid investor caution on policies aimed at mitigating the impact of the coronavirus pandemic. Bullion’s muted trading comes after the gold market was thrown into turmoil last week as the health crisis disrupted supply chains, creating a squeeze in... 

The sky’s the limit for stimulus in Canada’s bid to salvage economy

30th March 2020 Canada’s policy makers unleashed the full power of the state on Friday, pledging open-ended support that could result in the largest government intervention in the economy since World War II. In a coordinated response to an increasingly bleak outlook, Prime Minister Justin Trudeau’s government... 

South African gold shipments to London have been cut off

27th March 2020 A South African refinery has stopped shipping gold to London because of a lack of commercial flights, adding to the disruption that’s upending the physical bullion market. South Africa’s Rand Refinery, the continent’s only gold refiner, said it’s exploring back-up plans and alternative measures... 

Gold in historic squeeze as virus snarls trade and spurs demand

25th March 2020 An extraordinary squeeze in the gold market has forced the main U.S. exchange to take action as the global pandemic shuts down physical trading routes just as investors are racing to buy the metal as a safe haven. Banks and traders typically ship gold around the world on commercial flights,... 

Vale taps credit as virus heaps on strain after dam breach

24th March 2020 Vale SA is tapping into $5-billion in credit lines to boost its cash position as the coronavirus pandemic forces cutbacks at a time when the iron ore producer was working to recover from a dam collapse last year. Vale asked banks to disburse the lines in two tranches, with $2-billion due in June... 

Canada’s economic heartland shuts down in effort to slow virus

24th March 2020 Canada’s economic heartland is shutting down as Ontario and Quebec step up efforts to slow down the coronavirus outbreak. The two provinces, which together account for about 57% of the country’s economy, have ordered non-essential businesses to close by the end of Tuesday. The order is set to run... 

Gold investors are betting that it’s 2008 all over again

24th March 2020 Gold’s haven reputation took a serious beating, with prices tumbling as investors sought to free up cash amid a broad and devastating market rout. Sound familiar? Sure, it’s the story of gold for much of this month. But that’s only half the answer. It’s also a scenario that played out in the... 

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