Going for Gold – The Year in Review

 

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Going for Gold – The Year in Review

 

Author: Sonia Turner, Sales & Marketing Manager

Published: 18th August 2022

 

The year in review.

And so on to another year around the sun for the mining industry and time to reflect on the year that was, and the possibilities for the future.

As always the new financial year was brought in with the annual Diggers and Dealers event.  Returned to its usual August time slot and what proved to be one of the largest attended, despite no interstate or international travellers allowed due to the WA COVID restrictions.  It became very much a WA beat the drum fest, and inevitably gold was definitely in focus for much of the event.

Attendees and miners alike were in bullish mood and the presentations of Northern Star, Westgold and Gold Road did nothing to dampen the spirits and belief that we had come out of the pandemic strong and with a good year ahead of us.

And then we head into another wave. Companies taking a cautious approach continued with their working from home theme, despite the McGowan government finally lowering its boarders to let a full capacity crowd into the RIU conference.

The only issue this time is that we are now finally feeling the long COVID effects to the world economy of which we cannot hide.  Escalating supply chain issues, labour shortages and driving inflation also started to come apparent. Banks indicate that recession has now begun to loom over our metals. News that there is economic slowdown in the US, and a possible recession in Europe, has triggered warnings from banks that industrial metal prices could fall steeply over the next six-to-nine months.

However, there is a commodity view that is not all pessimism. Gold, for example, is expected to find support as recession fears escalate.

“Central bank purchases (of gold) are likely to be strong as currencies depreciate and geopolitical risks rise,” says ANZ. 

And this essentially agrees with Evolution Mining’s Jake Klein at this year’s Diggers & Dealers 2022 conference, with him tipping the gold price to reach $2,000 to $3,000 an ounce this time next year.

Argonaut has also suggested that Gold producers could also benefit from the market conditions.  Despite June being a bumper month for exploration spend, advanced explorers have been left vulnerable. However, aggressive tactics could be an opportunity to consolidate and extend their portfolio of projects.

These same producers were also very positive about the labour shortage crisis.  Many of the presenters at D&D22 seemed to be very optimistic. With the right culture and in part the right commodity, de-carbonisation metals seemingly attracting the new generation, then hiring should not be a problem.

We have a massive year ahead of us, with undoubtedly some volatility as we come to grips with the new normal of COVID variant waves. Global economies climbing out of their recessions and governments trying to curb inflation. The market leaders in use of industrial metals beginning to re-emerge and the new commodities really making their stamp to the future of battery metals.  Not to mention the always safe harbour of gold.

It is going to be interesting to be a part of this industry that is mining.

 

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