Big metal bounce, big M&A news
The metals sector ended the week on a positive note with a big bounce for most metals and news that Yamana attracted a new suitor. On Saturday mining audiences manager Michael McCrae recorded Kitco Roundtable
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Show Notes
The metals sector ended the week on a positive note with a big bounce for most metals and news that Yamana attracted a new suitor.
On Saturday mining audiences manager Michael McCrae recorded Kitco Roundtable.
Gold prices surged nearly $50 on Friday as the latest U.S. jobs report clarified some of the Federal Reserve's mixed messages, and China signaled a possible easing of its Covid-Zero policy, wrote Kitco reporter Anna Golubova.
Gold has had a spectacular start to November after reporting the longest streak of monthly losses in more than five decades.
In mining news Yamana, which agreed to a takeover by Gold Fields in the spring, received a new bid from Agnico Eagle Mines and Pan American Silver.
Under the new offer Yamana would get $1 billion in cash and 153.5 million common shares of Pan American and approximately 36.1 million common shares of Agnico.
The Yamana board said the bid from Agnico and Pan American is superior, and Yamana supports the new bid.