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944 Trillion Reasons Why The Fed Is Quietly Bailing Out Hedge Funds | Zero Hedge

(IDEX Online) - Rio Tinto has announced its Q4 and full-year figures for 2019 with production at both the Argyle and Diavik mines down 8 percent over 2018. 

The miner said these results were due to lower recovered grade at Argyle, which was partially offset by stronger mining and processing rates. At Diavik, the drop was due to lower ore availability and grade from the underground operations. However, this was partly offset by higher tons and grade from the A21 open pit. 

At the 100-percent owned Argyle mine in Australia, production was 5 percent higher than the same period of 2018. This resulted in a production level of 3.36 million carats for the three-month period ended December 31, 2019. However, these figures were down 5 percent over Q3 2019.

At the company's 60-percent Diavik mine in Canada, its share of diamonds recovered during the quarter was down 22 percent over 2018 to 840,000 carats. 

Looking forward, Rio Tinto said its production forecast for 2020 is 12 million-14 million carats. This guidance reflects the expected closure of Argyle in the fourth quarter of 2020 and lower grades at Diavik....

Gold futures moved higher on Friday, but the yellow metal barely budged for the week as stock rallied to all-time highs, helping to undercut some demand for assets perceived as havens.

“Gold has struggled to shine this week as positive economic data from the United States and China cooled concerns over the global economy,” said Lukman Otunuga, senior research analyst at FXTM.

“Appetite towards the metal was also bruised by the ‘phase one’ [U.S.-China] deal, which offered some light at the end of the long trade war tunnel,” he told MarketWatch. “With stock markets hitting record highs and the dollar stabilizing, gold is positioned to weaken in the short term.”

Gold for February delivery GCG20, +0.44%^[1]  on Comex gained $9.80, or 0.6%, to settle at $1,560.30 an ounce. March silver SIH20, +0.56%^[2], meanwhile, picked up 13.4 cents, or about 0.8%, at $18.073 an ounce.

For the week, gold futures gained about 20 cents higher than last Friday’s settlement, following gains for each of the last three weeks, according to FactSet data. Silver fell about 0.2% for the week.

“The first two months of the year tend to be bullish for gold from a seasonality perspective,” said Adam Koos, president of Libertas Wealth Management Group. However, some traders who pay attention to seasonality may look to take profit come the end of February, he said.

“So far, the market doesn’t seem to care about the Trump impeachment...

In the trailer for our recent (and excellent) webinar WTF: What The Fed?!?, I ask: What’s it going to take for the pitchforks to come out? How much more does the common man need to be abused before he wakes up and says ‘I’m not going to take anymore!’? As discussed in detail in the...