|Canada’s Barrick Gold (TSX, NYSE:ABX), the world’s top bullion producer, has warned that up to 6% of it expected output for 2017 may be severely hit by a ban on mineral concentrate exports affecting its subsidiary Acacia Mining (LON:ACA), in Tanzania. The Toronto-based miner, which holds a 63.9% stake in Acacia, noted that if the subsidiary needed to revise its forecast for the current year, then Barrick would evaluate any necessary adjustments to its own 2017 outlook. Acacia, which spun off from Barrick in 2010, accounts for roughly 10% of the Canadian miner’s 2017 gold production guidance of 5.3-5.6 million ounces. Comments come on the heels of a report published Wednesday that claims Acacia has been under-reporting the amount of metal in its shipments to evade taxes.|
Sunday, May 28, 2017
Barrick Gold hit by Tanzania ban on mineral concentrate
Friday, May 26, 2017
Top Silver Producers
|Silver futures prices moved to $17.38 an ounce as the metal continues to claw back territory lost earlier this month.|
Silver is now up 8% since hitting its 2017 low on May 9th. Only around 30% of annual supply comes from primary silver mines while more than 30% is produced at lead/zinc mines operations and a further 20% from copper mines. Only 6 of the top 20 producers are primary silver miners.
Last year 885.8 million ounces were mined.
Wednesday, May 24, 2017
Top Private Jewel Collections at Auction
A 32.08-carat Burmese ruby and diamond ring by Chaumet sold for $4.62m. The ring came up for auction again in 2012 and made $6,736,750.
|Jewels of Luz Milo Patiño, Countess du Boisrouvray – $31.2m. The collection included rubies, diamonds, pearls, emeralds and sapphires of the finest cuts and quality, as well as her other inherited family possessions, ranging from pre-Columbian gold artifacts to antique furniture, silver, Faberge carved animals, tableware and artwork.|
The jewels sold in 1989, making an auction record at the time.
“The Gulf Pearl Parure”, a natural pearl and diamond parure by Harry Winston sold for $4,189,165
|The Royal House Sale – $31.3m. A collection of the finest jewelry and watches totaling 317 lots were sold in 2006 from an anonymous royal house, including a selection of natural pearls and diamonds pieces created by the world’s major jewelers.
|The collection of Mrs. Lily Safra: $37.9m. A Brazilian philanthropist who amassed a fortune through 4 marriages hosted an auction of 70 pieces from her personal jewelry collection for charity in May 2012. Highlights included a ruby Camellia brooch by JAR, which sold for $4.3m and a tourmaline and diamond flower brooch by JAR, which brought $ 1.2m.
32.08 carat cushion-shaped Burmese ruby, 34.05 carat rectangular-cut diamond, 31.21 carat rectangular-cut Burmese sapphire by Boucheron.
Cartier Paris, 1949. Platinum, white gold; Single-cut diamonds; two pear-shaped yellow diamonds, one 152.35-carat Kashmir sapphire cabochon.
|The Jewels of the Duchess of Windsor – $50.3 million. The sale of the jewels of the Duchess of Windsor in 1987 at Sotheby’s set numerous auction records. An international celebrity and fashion icon, the Duchess had famously lured King Edward of England away from his throne in favor of marrying her. Through their 35-year marriage, the Duke showered his wife with custom made jewels from the world’s major jewelry houses.|
|Elizabeth Taylor amassed a collection of jewels unlike anything the world had ever seen. The collection sold at Christies in New York in late 2011 for $137,235,575. The jewelry included spectacular pieces by Bvlgari, David Webb, Cartier, Van Cleef & Arpels and many pieces by JAR.|
The headliner was La Peregrina, a 16th century pear necklace which sold for $11,842,500.
Elizabeth Taylor (February 27, 1932 – March 23, 2011) was married eight times to seven husbands. When asked why she married so often, she replied, "I don't know, honey. It sure beats the hell out of me," but then added, "I was taught by my parents that if you fall in love, if you want to have a love affair, you get married. I guess I'm very old-fashioned."
|The Elizabeth Taylor Diamond is a 33.19-carat Asscher-cut D color potentially flawless diamond set on a ring that Taylor wore nearly everyday.|
It sold for $8.8 million, well above its $2.5 million to $3.5 million estimate.
|The BVLGARI Emerald Suite, a suite of emerald and diamond jewelry brought a total of $24,799,000. It was acquired between 1962 and 1967.|
|The BVLGARI Sapphire Sautoir, set with a sugarloaf cabochon sapphire of 52.72 carats sold for $5,906,500.|
This bold Art Deco style sautoir was a gift from Richard Burton for Elizabeth Taylor’s 40th birthday in 1972.
Bank of Montreal - BMO.t
|Bank of Montreal - BMO.t is a highly diversified financial services provider based in North America. With total assets of $537 billion and approximately 45,500 employees, BMO provides a broad range of retail banking, wealth management and investment banking products and services to more than 12 million customers. |
In the United States, BMO serves customers through BMO Harris Bank.
The Globe and Mail reports in its Wednesday edition that Barclays analyst John Aiken says the decline in valuations of Canadian banks amid housing concerns is overdone. The Globe's David Leeder writes in the Eye On Equities column that in a research note previewing second quarter earnings season, Mr. Aiken upgraded his rating for Bank of Montreal ($95.13) to "equal weight" from "underweight" with a $98 share target price, up from $95. Analysts on average target the shares at $105.41. Mr. Aiken says in a note: "We upgraded BMO on the back of its exposure to U.S. retail and commercial lending which should generate lending growth ahead of peers and also allow it to enjoy margin expansion to a greater degree than its peers. However, we believe that its relative valuation could be at risk, reflected in a lower target multiple (on 2018) than its current trading implies (on 2017)." Citi analyst Ian Sealey hiked his rating Bank of Montreal to "buy" from "neutral." He targeted the shares at $110. In the item he noted, "BMO has a leading market share in Canadian corporate lending and we believe it is well placed to capture volume benefits from a relevering of Canadian corporates." The shares were then trading at $92.74.
Subscribe to: Posts (Atom)