~*~Mining and Metals Du Jour~*~

[JD400]

Closing Report Weekly Wrap-Up: Gold Gains Over 1% on the Week While Stocks Drop 4%

The Music:

GYS Sunday Acoustic Breeze

Good Afternoon




The Metals:



Gold dipped $6.80 to $1215.90 in Asia before it climbed up to $1223.30 in London and then drifted back lower in morning New York trade, but it ended with a loss of just 0.38%. Silver chopped between $14.525 and $14.702 and ended with a gain of 0.41%.



Euro gold remained near €1054, platinum gained $17 to $837, and copper climbed 4 cents to about $2.81.



Gold and silver equities fell over 3% in the first 90 minutes of trade, but they then bounced back higher into the close and ended mixed on the day.



The Economy:



U.S.-China trade talks must cover currency, U.S. Treasury chief says Reuters

October consumer sentiment falls shy of expectations, but confidence in economic policy is at a 15-year high CNBC

U.S. import prices jump 0.5% in September on fuel costs MarketWatch



The Markets:



Oil bounced back from yesterday’s losses along with the U.S. dollar index and treasuries edged lower as the Dow, Nasdaq, and S&P rebounded from this week’s notable pullback.



Among the big names making news in the market Friday were Ford, Citigroup, Anaplan, JPMorgan, Wells Fargo, PNC, and Sears.



GATA Posts:

China suggests that it's done devaluing yuan
Submitted by cpowell on Sat, 2018-10-13 13:47. Section: Daily Dispatches

China Echoes IMF Pledges to Avoid Using Currency as Trade War Tool

By David Lawder and Leika Kihara
Reuters
Saturday, October 13, 2018

NUSA DUA, Indonesia -- China's top central banker today pledged to keep the yuan currency's value "broadly stable," a sign that Beijing may be trying to prevent a bruising trade dispute with the United States from spilling over into a currency war.

People's Bank of China Governor Yi Gang's statement at the International Monetary Fund and World Bank annual meetings in Bali came as U.S. Treasury Secretary Steven Mnuchin said Chinese officials had told him that further yuan depreciation was not in China's interest.

Mnuchin has reiterated his concerns that a major drop in the yuan's value this year against the dollar could be part of an effort to gain a trade advantage for Chinese exports or to offset the impact of U.S. tariffs. ...

... For the remainder of the report:

https://www.reuters.com/article/us-imf-worldbank/china-echoes-imf-pledge...
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Battle for big Canadian gold mine flares up anew
Submitted by cpowell on Sat, 2018-10-13 13:38. Section: Daily Dispatches

By Gabriel Friedman
National Post, Toronto
Friday, October 12, 2018

Fresh blows landed Friday in the battle for control of Detour Gold Inc. -- which operates one of the largest gold mines in Canada -- with the company's current board and hedge fund Paulson & Co. each accusing the other of rejecting settlement offers.

The first salvo came from Detour, which issued a press release with details of a settlement offer that it said Paulson & Co., the New York hedge fund run by U.S. billionaire John Paulson, rejected.

By midday Paulson & Co.'s partner Marcelo Kim offered a different version of events: His firm had countered the settlement offer with its own offer on Friday morning, and Detour's chairman Alex Morrison had said he would present it to the board for consideration over the weekend.

Instead, Kim said, Detour released a press release on Friday morning accusing him of rejecting all settlement negotiations. ...

... For the remainder of the report:

https://business.financialpost.com/commodities/mining/the-battle-for-one...

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Chile's environmental court orders Barrick to close Pascua-Lama gold mine

Submitted by cpowell on Sat, 2018-10-13 03:00. Section: Daily Dispatches

By Antonio De la Jara
Reuters
Friday, October 12, 2018

https://www.reuters.com/article/us-barrick-gold-chile/chile-environmenta...

SANTIAGO, Chile -- Chile's environmental court today ordered Canada’s Barrick Gold Corp. to definitively close the Chilean side of its stalled Pascua-Lama mining project, a final procedural step that draws a line under a long-running saga.

The court, sitting in the northern Chilean city of Antofagasta, approved by two votes to one the closure of the polemical project that straddles the Andes Mountains between Chile and Argentina.


The gold and silver operation was put on hold in 2013 due to environmental issues, political opposition, labor unrest, and development costs that ballooned to $8.5 billion.

Barrick was told to close the mine by Chile's environmental regulator in January this year and fined $11.5 million. Today's court ruling rubber-stamps that order.

Barrick, the world's largest gold miner, did not immediately respond to a request for comment.

Thank You GATA
http://gata.org/




The Miners:



McEwen’s MUX third quarter production results, Golden Arrow’s GRG.V operations report, and Great Panther’s GPL third quarter production results were among the big stories in the gold and silver mining industry making headlines Friday.



WINNERS

1. Gold Resource


GORO +3.99% $5.74

2. Seabridge


SA +3.35% $14.50

3. Paramount


PZG +2.78% $1.11



LOSERS

1. DRDGOLD


DRD -3.70% $2.34

2. Freeport


FCX -3.34% $12.74

3. Wheaton


WPM-3.28% $17.38

Winners & Losers tracks NYSE listed gold and silver mining stocks that trade over $1.



- Chris Mullen, Gold Seeker Report
Thank You Chris

Hope your having a Beautiful weekend

J:D

Small Faces - Itchycoo Park (1967)
https://www.youtube.com/watch?v=14ViwvgtvbA