Washington Prepares to Impose 200% Tariff on Russian Aluminum This Week
With the one-year anniversary of Russia’s military operation in Ukraine soon approaching, the US is far from easing pressure on Moscow. According to Bloomberg, which cited people familiar with internal discussions, Washington is planning to impose a 200% tariff on Russian aluminum imports sometime this week. The Biden administration is making the move not only […]
Pegging Oil To Gold Begins In Ghana: What Does This Mean For The Petrodollar?
Ghana is set to change course in its economic trade with its novel Gold for Oil (G4O) program, essentially attempting to use existing gold reserves in the central bank to support the import of petroleum products. The primary goal of the program is to leverage additional foreign exchange resources from the Bank of Ghana’s Domestic […]
What Are Current Bond Spreads Telling Us About The Economy?
Continuing a pattern which began in the early fall of 2022, and which has accelerated over the first five weeks of 2023, investment-grade and high yield bond spreads versus U.S. Treasuries both continue to narrow. This implies that bond market participants foresee little chance of an economic downturn in 2023. Equity investors broadly seem to be drawing […]
Philippines Does A 180 On US Relations, Offers More Military Bases Amid China-Taiwan Tension
According to a deal revealed Thursday, the United States will nearly quadruple its military presence in the Philippines as part of an attempt to counter China’s threats to Taiwan and expanding Chinese influence in the Indo-Pacific region. The Philippine government has granted the United States temporary access to four additional of its domestic military stations, […]
White House Slams Exxon’s Record $55.7 Billion in Profits
ExxonMobil (NYSE: XOM), one of the world’s largest energy companies, made a staggering $55.7 billion in annual profits in 2022, breaking its previous record of $45 billion set in 2008. The increase in profits is a result of “favorable market conditions,” according to CEO Darren Woods, and the phrase conjures up a newsreel of the […]
Second Major Earthquake Hits Turkey, Death Toll At Least 1,500 As Aftershocks Continue
After the 7.8-magnitude earthquake that hit Turkey on Sunday near the city of Gaziantep, the country has been rocked by further quakes and aftershocks, with a fresh 7.5-magnitude earthquake recorded on Monday. READ: Gaziantep, Turkey Hit By 7.8M Earthquake, Significant Damage Reported At least 4 major quakes above the 6.0 magnitude on the Richter scale […]
First Quantum Sees Concentrate Loading Operations Halted At Cobre Panama Mine
First Quantum (TSX: FM) this morning revealed that it has been unable to load concentrate at the Cobre Panama port since January 26, following a resolution issued by the Panama Maritime Authority. The resolution is the latest in an ongoing dispute between the Cobre Panama mine as the Panamanian government works to extract higher royalties […]
Rob McEwen To Take 37% Stake In Satori Resources
Rob McEwen, current Chairman of McEwen Mining (TSX: MUX) and founder of Goldcorp, is set to hit the public markets with another resource company, via the proposed takeover of Satori Resources (TSXV: BUD). Post-transaction, McEwen is slated to own a 37.6% interest in the exploration stage company. The proposed transaction, if approved, will see McEwen’s […]
Newmont Slumps After Announcing Revised $16.9 Billion Deal To Acquire Newcrest
Colorado-based gold producer Newmont Corp (NYSE: NEM) announced a $16.9 billion bid for Australian miner Newcrest Mining (TSX: NCM) in an attempt to construct a worldwide gold powerhouse. According to the Indicative Proposal, Newcrest shareholders would get 0.380 Newmont shares for every Newcrest share held. Based on the last closing price of Newmont shares and […]
Gaziantep, Turkey Hit By 7.8M Earthquake, Significant Damage Reported
A major earthquake has hit Turkey this evening near the city of Gaziantep, a city of 2.1 million people. The quake, which measured 7.8M on the Richter scale, is said to have caused widespread damage based on early reports and hit roughly 30 kilometres west-northwest of the city. The US Geological Survey reported that the […]