Weekly Roundups

The Week in Mining: Gold Rallies Amid Tensions in Middle East

By Alejandro Ehrenberg | Fri, 01/10/2020 - 12:35

The Week in Mining highlights developments in the global metals market. Hostilities between the US and Iran sent gold prices up to levels not seen in seven years. Prices then dropped, but apart from geopolitical factors, there are reasons to be bullish on gold in the long term. Silver is likely to follow suit, while copper prices are projected to remain steady.

Ready for your news fix? Drill into the week’s shiniest mining news!



Gold leaped to a seven-year high as Iran fired missiles on US airbases in Irak. However, as waters calmed, the yellow metal’s price fell again to US$1,550/oz. Still, a case can be made for a moderately bullish gold market in the coming years.

Silver looks undervalued, as the gold-to-silver ratio is at 1:86 and industrial demand of the grey metal is expected to remain strong. 2020 may see silver following gold’s upward trajectory.

Copper shrugged off the Iran attack and rose amid low stocks. However, Chilean producers cautioned that the industrial metal is unlikely to rebound in 2020 — structural factors predominate over geopolitical ones in copper price.   


Jim Cooper, General Manager of the Boddington mine in Australia, will lead the Peñasquito mine in Zacatecas to optimize this world-class asset.

Polymetallic mining company Sierra Metals, with assets in Mexico and Peru, said it plans to return up to US$30 million to shareholders in the coming year.

Kootenay announced drill results from its Columba silver project in Chihuahua that indicate significant strike extensions in the project’s veins.

Alejandro Ehrenberg Alejandro Ehrenberg Journalist and Industry Analyst