A recent leading economic indicator, published by Torcuato Di Tella University, put odds of a recession in the Argentine economy at 95% for a second consecutive month. Over the last 18 years, the indicator has forecasted recessions 4.3 months in advance and growth periods 2.7 months in advance.
In most eras, shares in companies that claw gold from the ground pretty much track the value of the mineral they are mining. That doesn’t seem to be the case lately.
I thought there was a labor strike going on at Harmony Gold, but its shares are up 7%. And this seems to be more than the usual hedging play.
News that gigantic gold miner Barrick wants to buy junior copper miner Equinox keeps reverberating through the commodity markets.
The $7.7 billion battle for control of Australia’s Equinox Minerals shows that things are getting a little silly in the mining industry.