⛏ The Gold-Silver Ratio Is Expanding

The Gold-Silver Ratio Is Expanding
The gold-silver ratio has been generally range-bound between 60 and 70-1 since June. That’s just above the high end of the modern average. However, the ratio has started widening again. As I write this, it stands at about 77-1. This raises a question: what’s causing silver to underperform compared to gold in the current environment? Read on »

World’s no. 2 gold miner says diesel risks driving up 2027 costs
The world’s second-biggest gold producer expects elevated diesel prices to add about $50 to $60 an ounce to its costs in the fourth quarter, up from roughly $30 an ounce in the prior period, Chief Financial Officer Jamie Porter said during a call with analysts Thursday. Miners rely heavily on the fuel to power trucks and other equipment. Read on »

America is Buying Russian Diesel Again
American refineries ran at 98% of capacity in the last week of August, the highest since 2018. The trouble is who's buying. Europe lost Russian diesel to its own embargo in 2023, and its buyers now outbid the Iowa farmer for Gulf Coast barrels. In late July, US distillate exports hit 1.88 million barrels a day, the most on record, and stocks that month fell to the lowest for any August since 1951. Read on »