Strong jobs data hurts metals and a First Nations group in B.C. forms a royalty company
About this episode
Metals traded lower end of week when jobs data came in stronger than expected, noted mining audiences manager Michael McCrae.
On Saturday McCrae recorded Kitco Roundtable with Kitco correspondent Paul Harris.
On Friday jobs data showed the U.S. economy created a whopping 353,000 jobs last month, significantly beating expectations. Markets see only a 20% chance of a rate cut in March, and they have pared back expectations for a rate cut in May.
Copper spiked mid-week, nearing $4 pound to settle back where it started, due to the strong job's number. Gold finished the week near the 2050 level, mostly flat for the week.
In mining news British Columbia's Nisga'a Nation is establishing Canada's largest majority Indigenous-owned public company. The new royalty company includes mining heavy hitter Frank Giustra, who will be strategic advisor to the newly-formed Nations Royalty.
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