Atrium Research Mining Monthly: December & Year-End 2023 – Beragampengetahuan

January 4, 2024 (beragampengetahuan Newswire) Atrium Research Mining Monthly: December and Year-End 2023 edition.

Sentiment Update

Gold closed out the year up 13% at $2,062/oz, marking an all-time high in December at $2,135/oz. The strong performance in gold is mainly attributable to two reasons, 1) in recent weeks, investors have grown increasingly confident that the Fed will start to cut rates as early as March 2024, and 2) the rate predictions and falling 10-year T-bills have weighed on the US dollar, making gold more attractive. The GDX, GDXJ, and SIL performed -1.0%, -1.6%, and +2.6%, respectively, underperforming the TSX and S&P500 which were up 3.6% and 4.4%, respectively. The underperformance can be attributed to their strong month in November (up 11.9%, 15.5%, and 15.2%, respectively), and general market excitement on the back of expected rate decreases (which do not affect most explorers and developers).

For 2023, GDX was down 4%, the GDXJ was down 3%, the SIL was up 1% and the COPX was down 5%. Other commodities also had a modest month, with copper, steel, and iron ore up 1%, 1%, and 7% respectively. The battery metals space once again struggled during the month, led by lithium which was down 16% in November bringing the downfall to 81% on the year. Uranium posted yet another month of positive gains, ending the month up 12% at $91.0/lb and closing the year up 89%.

What you need to know:

• Gold continued to rise in December, gaining 1.3% on the month and closed out 2023 up 13% to $2,062/oz. Notably, gold hit an all-time high, reaching $2,135/oz, rising above the previous record of $2,072 in August 2020.
• Besides gold, other precious metals and commodities had a mixed month, while battery metals continued to underperform.
• The mining equities slightly underperformed broader markets as capital flowed into the TSX & S&P500 on the back of a more defined Fed pivot.

Read today’s report in full

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