Strengths
The best performing precious metal for the week was platinum, up 1.56%. Both platinum and palladium were up this week despite hedge funds boosting their net short position to record highs on palladium and flipping to net short on platinum. According to RBC, Iamgold Corp. fourth quarter attributable production of 136,000 ounces was 20% above consensus of 113,000 ounces. At Essakane, outperformance was driven by higher tonnage and grades following increased stripping activities and supply disruptions in the third quarter. Westwood also had a strong close to the year, driven by higher grades, exceeding fiscal year guidance.
Cour Mining, Inc. released an extremely high-grade intercept from its Silver Tip deposit. Results have been received for almost half of the total 2023 drilling at the Southern Silver Zone, including the highest-grade intercept ever received in the zone.
Harmony Gold says gold output rose to range of 820,000 ounces to 835,000 ounces in the first half through December 31. All-in sustainable costs for the period are 830,000 rand per kilogram to 855,000 rand per kilogram, below the guidance of 975,000 rand. The increase was driven by South African underground recovered grades exceeding the upper end of the guided range, a strong performance by the South African surface-source operations, and an “excellent” operational performance from Hidden Valley in Papua New Guinea. see & read more on
https://kitco.com/opinion/2024-01-29/gold-swot-spot-gold-traded-narrow-range-last-week