Iron is up, gold is down. Check out our top headline picks for today:
On Tuesday, New York hedge fund Paulson & Co, founded by noted gold bull John Paulson launched a blistering attack on the world’s top gold mining companies over “serial value destruction” in the industry.Speaking at the Denver Gold Forum, the sector’s most important gathering now in its 28th year, Paulson & Co partner Marcelo Kim called on major gold equity investors to join a coalition – dubbed the Shareholders Gold Council – to stop CEOs, boards and management enriching themselves at the expense of shareholders and prevent companies from embarking on the kind of acquisitions and budget blow-outs that according to Kim have destroyed $85 billion in value just since 2010. (Read full article here)
Brazilian President Michel Temer has yielded to global pressure from environmentalists, artists and a number of NGOs and revoked Tuesday a controversial decree that would have opened up a vast national reserve in the country’s Amazon, larger than the size of Switzerland, to mining.
The order, published in the government’s gazette (in Portuguese), also keeps the protected status of the National Reserve of Copper and Associates (Renca), which straddles the northern states of Amapa and Pará. (Read full article here)
Prices slipped 0.7 percent to $1,284.97 at 9:36 a.m. in New York, extending a slide below the $1,300 level breached late last week.
The Bloomberg Dollar Spot Index climbed to the highest since mid-August, supported by higher Treasury yields. (See full article here)
Australian iron ore miner Roy Hill Holdings Pty Ltd has the ability to expand its production capacity beyond the 55 million tonnes it has targeted, its chief executive said on Wednesday.
Roy Hill, controlled by Australian billionaire Gina Rinehart, is closing in on that 55 million tonnes a year goal as it expects to export at least 4.6 million tonnes this month from Australia’s Port Hedland, Barry Fitzgerald said on the sidelines of an industry conference in China. (See full article here)