Nugget News February

30 Day Market Moves

Silver $30.96 (+0.89%)

Gold $2762.34(+1.1%)

GOLD STABILITY...Gold remains upbeat as mounting geopolitical tensions have improved the appeal of bullion. The US Fed's kept interest rates steady this week, but hinted that cuts aren’t likely in March (as traders had hoped) but more further out to May-July.

- Stocks fell to their session lows as the Fed chief dashed hopes of traders who want the central bank to slash rates sooner, before there’s a recession.

PANDORA PIVOT...Pandora, the world’s largest jeweller by amount of products sold, has stopped using mined silver and gold and now only manufactures with recycled precious metals, which require less energy to produce. Pandora, which said it reached 100% recycled silver and gold in December, is investing around $10 million a year into the switch, a cost it will absorb rather than pass on to consumers through price hikes.

-Pandora, which sold 103 million pieces of jewellery in 2022, produces jewellery in two factories in Thailand and is building a third in Vietnam

AUTONOMOUS GOLD NUGGET FINDER... A new open-pit gold mine in northeastern Ontario has turned to automation — including nearly 300-tonne hauling trucks that drive themselves — in a bid to increase productivity and worker safety. The Côté Gold project near Gogama, halfway between Sudbury and Timmins, is expected to produce around 440,000 ounces of gold a year over the next 18 years with 23 of these trucks.

-Around 50 Wi-Fi and cellular towers surround the open pit to ensure the trucks, and a fleet of autonomous drills, are always connected to their local network.

WOW THAT'S A NUGGET...One of the largest surviving gold nuggets found in the western hemisphere is a breathtaking nugget named The Boot of Cortez. It is an amazing piece of gold, weighing in at a massive 389.4 troy ounces. In 1989, an amateur treasure hunter in Mexico purchased an entry-level metal detector at a local Radio Shack and ventured out into the forbidding Sonoran Desert to make the massive find.

-The original discoverer sold it to his boss for $30,000 and it has changed hands many times since. In 2008, the Boot of Cortez sold at auction for $1,553,500.

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