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Bloomberg
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... →
South Africa orders mines to close in 21-day virus lockdown
23rd March 2020 South Africa will close its mines for an unprecedented 21 days as part of a nationwide lockdown announced by President Cyril Ramaphosa in a race to contain the coronavirus. The move provides a stark reminder of the severity of the developing health crisis in a nation whose economy was built on... →
Ecuador's largest gold and copper mines scale back as Coronavirus cases rapidly grow
22nd March 2020 Ecuador said on Sunday that its largest gold and copper mines would reduce the number of workers and scale back operations to a minimum as the country registers a rapid growth of coronavirus infections. The Fruta del Norte gold mine, operated by Canadian company Lundin Gold, and the Mirador... →
Burkina Faso Mines Minister tests positive for coronavirus
22nd March 2020 A senior member of Burkina Faso’s government tested positive for the coronavirus, just days after another lawmaker became the West African country’s first casualty of the pandemic. Minister of Mines and Quarries Oumarou Idani developed symptoms after returning from a conference in Toronto, his... →
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