Monthly Metal Review

Gold and Silver


    In London, the Gold P.M fixing rose to US$ 1346.75 per ounce on 29th of October 2010 (MTD: +3%, YTD: +20%), while Silver climbed to US$ 23.96 per ounce (MTD: +8.5%, YTD: +39,5%).
    The gold price hit another high this month as concerns mounted about the economic outlook, leaving investors facing the question whether to buy gold bullion or shares from the mining companies themselves. Indeed, the rally in gold is helping other precious metals, with silver hitting a 30-year high of $24.90 per troy ounce. 
    Agnico-Eagle Mines has reported record gold production of 285,178 ounces during 3Q2010 compared with production of 118,763 ounces YoY. Production has been boosted by the introduction of two new mines, Pinos Altos and Meadowbank, during the past twelve months. Agnico-Eagle still expects to produce between 1 and 1.1 million ounces of gold this year.
    IAMGOLD Corporation has announced the launch of a full Feasibility Study to review the expansion of its 90% owned Essakane mine in Burkina Faso. If the results of the Study are favourable, the expansion could have the potential to increase production at Essakane from the currently estimated life-of-mine average production of 315,000 ounces per year to an estimated 450,000 to 470,000 oz/y. The company declared commercial production at Essakane in mid-July this year and expects production at the mine to be 165,000 to 175,000 ounces of gold in 2010.
    Centerra Gold has announced that operations have been suspended at its Kumtor mine in Kyrgystan, after unionized workers commenced strike action at the beginning of the month. For 2010, the mine was expected to produce 520,000 - 560,000 ounces.
    South Korea, holder of the world’s fifth-biggest foreign exchange reserves, is considering buying gold to diversify its dollar-heavy portfolio. Even a small realignment of South Korea’s reserves would have a powerfully bullish effect on the gold market. With just 14 tons of gold - or 0.2% of its $290 billion reserves - Seoul is one of the smallest holders of gold among large economies. The world average is 10%, according to the World Gold Council, while countries such as the US, Germany and France hold well over 50% of their reserves in gold.
    It comes as other Asian countries including China, India, Thailand and Bangladesh are stocking up on gold amid concerns that an escalating global currency war and a fresh round of quantitative easing in the US will drive the value of the dollar lower. South Korea holds 63% of its reserves in dollars.
    With emerging market countries buying and central banks in Europe halting their sales of bullion, central banks are set to become net buyers of gold this year for the first time since 1988, according to GFMS, a precious metals consultancy.

Daily Prices

October 2010

Copper
Date(Fix.) ($/MT)
Average 8292.40
29-10-2010 8225
28-10-2010 8332
27-10-2010 8332
26-10-2010 8466
25-10-2010 8501
22-10-2010 8309.5
21-10-2010 8406
20-10-2010 8250
19-10-2010 8295
18-10-2010 8340.5
15-10-2010 8362.5
14-10-2010 8412
13-10-2010 8400
12-10-2010 8266
11-10-2010 8335.5
08-10-2010 8104.5
07-10-2010 8262
06-10-2010 8215.5
05-10-2010 8125
04-10-2010 8085.5
01-10-2010 8115
Silver
Date(Fix.) ($/OZ)
Average 23.39
29-10-2010 23.96
28-10-2010 23.73
27-10-2010 23.77
26-10-2010 23.48
25-10-2010 23.71
22-10-2010 23.05
21-10-2010 23.9
20-10-2010 23.71
19-10-2010 24.26
18-10-2010 24.02
15-10-2010 24.42
14-10-2010 24.49
13-10-2010 23.53
12-10-2010 23.03
11-10-2010 23.31
08-10-2010 22.37
07-10-2010 23.38
06-10-2010 22.92
05-10-2010 22.24
04-10-2010 22.03
01-10-2010 21.95
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average -
29-10-2010 -
28-10-2010 -
27-10-2010 -
26-10-2010 -
25-10-2010 -
22-10-2010 -
21-10-2010 -
20-10-2010 -
19-10-2010 -
18-10-2010 -
15-10-2010 -
14-10-2010 -
13-10-2010 -
12-10-2010 -
11-10-2010 -
08-10-2010 -
07-10-2010 -
06-10-2010 -
05-10-2010 -
04-10-2010 -
01-10-2010 -
Date(Fix.) ($/OZ)
Average -
29-10-2010 -
28-10-2010 -
27-10-2010 -
26-10-2010 -
25-10-2010 -
22-10-2010 -
21-10-2010 -
20-10-2010 -
19-10-2010 -
18-10-2010 -
15-10-2010 -
14-10-2010 -
13-10-2010 -
12-10-2010 -
11-10-2010 -
08-10-2010 -
07-10-2010 -
06-10-2010 -
05-10-2010 -
04-10-2010 -
01-10-2010 -
Date(Fix.) ($/OZ)
Average 1342.02
29-10-2010 1346.75
28-10-2010 1333.5
27-10-2010 1324.5
26-10-2010 1329.5
25-10-2010 1337.5
22-10-2010 1322.5
21-10-2010 1343.5
20-10-2010 1339
19-10-2010 1339
18-10-2010 1367.25
15-10-2010 1367.5
14-10-2010 1373.25
13-10-2010 1365.5
12-10-2010 1348.5
11-10-2010 1351.5
08-10-2010 1341.5
07-10-2010 1345
06-10-2010 1346.5
05-10-2010 1330.5
04-10-2010 1313.5
01-10-2010 1316.25
Lead
Date(Fix.) ($/MT)
Average 2379.67
29-10-2010 2437
28-10-2010 2480
27-10-2010 2532
26-10-2010 2541
25-10-2010 2560
22-10-2010 2494
21-10-2010 2475
20-10-2010 2381
19-10-2010 2377
18-10-2010 2373
15-10-2010 2377
14-10-2010 2402
13-10-2010 2408
12-10-2010 2275
11-10-2010 2270.5
08-10-2010 2199
07-10-2010 2281
06-10-2010 2293.5
05-10-2010 2275
04-10-2010 2265.5
01-10-2010 2276.5
Zinc
Date(Fix.) ($/MT)
Average 2372.14
29-10-2010 2392.5
28-10-2010 2464
27-10-2010 2515.5
26-10-2010 2556.5
25-10-2010 2552.5
22-10-2010 2489.5
21-10-2010 2457
20-10-2010 2383.5
19-10-2010 2376.5
18-10-2010 2365.5
15-10-2010 2380
14-10-2010 2399
13-10-2010 2381
12-10-2010 2309.5
11-10-2010 2302
08-10-2010 2232
07-10-2010 2302
06-10-2010 2298
05-10-2010 2260
04-10-2010 2205.5
01-10-2010 2193
Tin
Date(Fix.) ($/MT)
Average 26342.62
29-10-2010 25460
28-10-2010 26300
27-10-2010 26340
26-10-2010 26550
25-10-2010 26795
22-10-2010 26405
21-10-2010 26900
20-10-2010 26405
19-10-2010 26545
18-10-2010 26540
15-10-2010 26855
14-10-2010 27600
13-10-2010 26800
12-10-2010 26600
11-10-2010 26395
08-10-2010 26025
07-10-2010 26550
06-10-2010 26400
05-10-2010 25750
04-10-2010 24930
01-10-2010 25050