welcome back to our weekly update I'm Charlotte McLoud with investing news.com and I'm here to give you a quick look at our top stories for the [Music] week the gold price dipped below the 2,000 per ounce mark this week for the first time in 202 4 Falling by about $40 on February 13th the decline came as the US Bureau of Labor Statistics released stronger than expected inflation data the numbers show that the Consumer Price Index Rose 0.3% month- on-month in January and 3.1% year onye that's higher
than the Rises of 0.2% month- on-month and 2.9% year on-ear predicted by analysts polled by rotors core CPI which excludes food and energy was up 3.9% year-on-year in January the same amount seen in December Market participants are watching inflation closely to try to gauge when the US Federal Reserve will start lowering interest rates its next meeting is scheduled to run from March 19th to 20th and thus far chair Dr Powell has emphasize that the central bank will need assurance that inflation is trending sustainably downward before
it cuts gold has performed well in the high rate environment seen for the last couple of years but many of the experts I've spoken to believe it will see a true breakout when the FED starts to take rates back down and if that happens gold equities which so far have underperformed are likely to follow here's how Ruan of mchan mining put it in a recent interview to me this is a time to be buying particularly in the junior space um there's some good drill results coming out and the values are just
dragging along the floor it seems like everybody's forgotten that Junior stocks can have really big runs and we're in a cyclical business um it's not not all straight line up so um now for me I I find this time to be buying and I have been buying Juniors and adding to positions and companies that's not to say gold is without hadwell with Bitcoin crossing the 50,000 Mark for the first time since 2021 this week there's been some discussion of whether the cryptocurrency is stealing attention from the yellow
metal Bitcoin price rise has been connected to the launch of spot Bitcoin exchange traded funds in the US the first of these vehicles were approved in January and they were widely expected to draw new investors into the space Bitcoin enthusiasts are also looking ahead to the next having event in April as another Catalyst before we finish up I want to take a quick look at the graphite sector which we don't often get a chance to cover Canada's newa mon mining made headlines on February 15th when it
announced off take and financing agreements with General Motors and Panasonic both GM and Panasonic have agreed to Sign multi-year Supply agreements with naland for 18,000 metric tons annually of active anal material they have also each committed to investing 25 million in Nal Mond with further Investments to potentially follow if certain conditions are met the material covered by the GM and Panasonic update deals accounts for around 85% of phase 2 production from new on Quebec operations graphite is a key component
in electric vehicle batteries and car makers are Keen to secure Supply especially after China put graphite export restrictions in place this past December if you follow the graphite Market you may remember an entertaining video that Nalan created in 2020 to try to cat the eye of Tesla leader Elon Musk here's a clip if you haven't seen it dear Elon my name is Eric CEO and founder of nuon graphite I'm writing you this letter to tell you we found millions of tons of graphite and have to
produce trillions of pencils but these days who needs that many pencils what we really need is a change towards cleaner energy and more massive lithium ion batteries that can drive themselves while the company didn't ultimately attract Tesla newa one said the support from GM and Panasonic will help carry it through toward a final investment decision that's all for this week if you like this video make sure you subscribe to our Channel we'd also love to hear your thoughts so leave us a comment below
we'll see you next time thank you for watching if you like this video make sure you subscribe to our Channel we'd also love to hear your thoughts so leave us a comment below we'll see you next time
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