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Hawkish Fed Comments on Inflation Landed Right at Both Metals’ Supply Zones, and the Correction Wrote Itself
Macro Snapshot: The correction in gold and silver during the week ending August 28 was a confluence event. Both metals had rallied into well-defined supply zones (gold at ₹162,000-164,000, silver at ₹244,000-248,000) and were showing early signs of exhaustion. Into that setup, the July PCE release on August 26 came in hot on the headline (3.7% year over year against 3.6% consensus), and Federal Reserve Chair Kevin Warsh’s August 28 Jackson Hole address leaned decisively hawkish on inflation. The trigger
Hawkish Fed Comments on Inflation Landed Right at Both Metals’ Supply Zones, and the Correction Wrote Itself
Macro Snapshot: The correction in gold and silver during the week ending August 28 was a confluence event. Both metals had rallied into well-defined supply zones (gold at ₹162,000-164,000, silver at ₹244,000-248,000) and were showing early signs of exhaustion. Into that setup, the July PCE release on August 26 came in hot on the headline (3.7% year over year against 3.6% consensus), and Federal Reserve Chair Kevin Warsh’s August 28 Jackson Hole address leaned decisively hawkish on inflation. The trigger
Top News
William Lamb Steps Down as Lucara CEO
Vancouver: Lucara Diamond Corp. has announced that William Lamb is retiring as its Chief Executive Officer and stepping down from the Board of Directors. He will be replaced by Eira Thomas, a founder and director of the company who will be assuming the role of CEO. In addition, Catherine McLeod Seltzer, also a Lucara co-founder, will be joining the Board
Nishit Parikh Appointed President of AWDC
Antwerp: The Antwerp World Diamond Centre (AWDC) has appointed Mr. Nishit (Bali) Parikh president, a position he held from 2010 to 2012, its board said last week. Mr. Parikh, the CEO of Diarough, will replace outgoing president Mr. Stéphane Fischler, who is stepping down as AWDC head to take on the global role of president at the World Diamond Council
De Beers Revenue Slips in 2017
Gaborone: De Beers’ total revenue declined by 4% to $5.8 billion (2016: $6.1 billion) – as expected, given the benefit of strong midstream restocking in the first half of 2016, the miner reported. The average realized rough diamond price decreased by 13% to $162/carat (2016: $187/carat) mainly owing to a lower value mix; this was partly offset by an 8%
Zimbabwe Resumes Diamond Auction
Harare: Zimbabwe conducted a diamond auction sale this month, as production of the precious stones gradually recovers after slumping to an all-time low of less than two million carats from peak levels of 12 million carats, businessdigest can reveal. Last year, Zimbabwe did not auction the mineral, but stockpiled its rough stones in the aftermath of a botched merger plan
William Lamb Steps Down as Lucara CEO
Vancouver: Lucara Diamond Corp. has announced that William Lamb is retiring as its Chief Executive Officer and stepping down from the Board of Directors. He will be replaced by Eira Thomas, a founder and director of the company who will be assuming the role of CEO. In addition, Catherine McLeod Seltzer, also a Lucara co-founder, will be joining the Board
Nishit Parikh Appointed President of AWDC
Antwerp: The Antwerp World Diamond Centre (AWDC) has appointed Mr. Nishit (Bali) Parikh president, a position he held from 2010 to 2012, its board said last week. Mr. Parikh, the CEO of Diarough, will replace outgoing president Mr. Stéphane Fischler, who is stepping down as AWDC head to take on the global role of president at the World Diamond Council
De Beers Revenue Slips in 2017
Gaborone: De Beers’ total revenue declined by 4% to $5.8 billion (2016: $6.1 billion) – as expected, given the benefit of strong midstream restocking in the first half of 2016, the miner reported. The average realized rough diamond price decreased by 13% to $162/carat (2016: $187/carat) mainly owing to a lower value mix; this was partly offset by an 8%
Zimbabwe Resumes Diamond Auction
Harare: Zimbabwe conducted a diamond auction sale this month, as production of the precious stones gradually recovers after slumping to an all-time low of less than two million carats from peak levels of 12 million carats, businessdigest can reveal. Last year, Zimbabwe did not auction the mineral, but stockpiled its rough stones in the aftermath of a botched merger plan
