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Oreninc Index: May 27, 2019


ORENINC INDEX continues to fall as dollars announced fell below C$20 million


ORENINC INDEX - Monday, May 27th 2019

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Last week index score: 39.07 (updated)

This week: 25.28

The Oreninc Index continued to fall in the week ending May 24th, 2019 to 25.28 from an updated 39.07 a week ago as dollars announced dell below C$20 million.

Individual Chinese firms have come into the crosshairs as US president Donald Trump ratchets-up his rhetoric and action against the Asian nation as the relationship becomes increasingly adversarial over trade, with technology firm Huawei blacklisted.

In the United Kingdom, prime minister Teresa May’s plans to present her deal to leave the European Union for a fourth time have been battered by all sides. She finally got the message and announced her resignation as Conservative Party leader with her final day being June 7th.

The European Parliament elections were held Thursday and with the official results not due until today (Sunday), exit polls predict significant gains for the Brexit party headed by Nigel Farage at the expense of the Conservative and Labour Parties.

On to the money: total fund raises announced decreased to C$19.4 million, a 17-week low, that included no brokered financings and no bought-deal financings. The average offer size shrunk to C$1.0 million, a 19-week low, whilst the number of financings fell to 19, a 16-week low.

Gold fell to US$1,273/oz before fighting back to close the week up at US$1,284/oz from US$1,277/oz a week ago. The yellow metal is up 0.19% so far this year. The US dollar index closed down at 97.61 from 97.99 last week. The Van Eck managed GDXJ sold off again as it closed down at US$28.19 from US$28.74 a week ago. The index is now down 6.72% so far in 2019. The US Global Go Gold ETF also closed down at US$11.73 from US$11.86. It is up 2.80% so far in 2019. The HUI Arca Gold BUGS Index closed down as well at 149.07 from 150.48 last week. The SPDR GLD ETF continued to build inventory as it closed up at 738.81 tonnes from 736.17 tonnes a week ago.

In other commodities, silver closed up at US$14.57/oz from US$14.40/oz a week ago. Copper continued to shed cents as it closed down at US$2.69/lb from US$2.73/lb a week ago. Oil saw a sell-off as WTI closed down at US$58.63 a barrel from US$62.76 a barrel a week ago.

The Dow Jones Industrial Average continued its descent as it closed down at 25,585 from 25,764 a week ago. Canada’s S&P/TSX Composite Index also continued its descent as it closed down at 16,230 from 16,401 the previous week. The S&P/TSX Venture Composite Index also closed down at 607.68 from 609.15 last week.



·       Number of financings decreased to 19, a 16-week low.

·       No brokered financings were announced this week, a four-week low.

·       No bought-deal financings were announced this week, a two-week low.

·       Total dollars down to C$19.4m, a 17-week low.

·       Average offer shrunk to C$1.0m, a 19-week low.



Major Financing Openings

·       Cabral Gold (TSXV:CBR) opened a C$3.0 million offering on a best efforts basis.

·       Desert Gold Ventures (TSXV:DAU) opened a C$2.5 million offering on a best efforts basis.

·       Imperial Mining Group (TSXV:IPG) opened a C$2.1 million offering on a best efforts basis.

·       Osino Resources (TSXV:OSI) opened a C$2.0 million offering on a best efforts basis.


Major Financing Closings

·       Ascot Resources (TSXV:AOT) closed a C$15.87 million offering underwritten by a syndicate led by Sprott Capital Partners on a best efforts basis.

·       Adventus Zinc (TSXV:ADZN) closed a C$12.08 million offering on a strategic deal basis.

·       Contact Gold (TSXV:C) closed a C$4.0 million offering underwritten by a syndicate led by Raymond James on a best efforts basis.

·       Western Copper and Gold (TSXV:WRN) closed a C$3.35 million offering on a best efforts basis.




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