Oreninc Index Rebounds
The Oreninc Index rebounded for the week ending January 15, 2015. Total dollars announced exploded to $100.8m, a five-week high. Two brokered and bought financings were announced for $93.3m, both 13-week highs.
Deals seemed to pick up slightly, with Coeur Mining’s (NYSE:CDE) purchase of Goldcorp’s (NYSE:GG) Wharf Mine for $105m leading the charge. Commodity prices were all over the place for the week, with gold jumping to $1,264.70 an ounce, its highest level since October, on news out of Switzerland that they would drop efforts to keep the Franc from appreciating. Copper had a horrific week, dropping to levels not seen since mid-2009.
While not much excitement should be gleaned from just one positive week, it’s nice to see some strong numbers that will hopefully spark some confidence in such a depressed market.