JOHANNESBURG/BENGALURU, Sept 13 (Reuters) – The world’s top gold miners are retrenching after COVID-19 related shutdowns despite record prices for the yellow metal, with cost-conscious executives prioritizing investor returns over production growth.

Gold prices have jumped 30% this year to roughly $2,000 an ounce as central banks dial up stimulus measures in response to the coronavirus pandemic.

That has fuelled a cash surge for miners, with top- and mid-tier producers holding roughly $5 billion in cash as of June 30, according to Scotiabank estimates.

But interviews with executives, analysts and fund managers show miners are hesitant to spend on pricey projects and tap marginal deposits that require sizeable capital and take years to break even.

Seven out of 10 of the global gold miners, including Newmont , the world’s biggest gold miner, Canada’s Barrick and South Africa’s Gold Fields, have cut planned output for the

Read More

Total bitcoins held in mining addresses, per Glassnode.

Bitcoin miners are holding more bitcoins than at any point in the past two years as the cryptocurrency continues to trade above $11,000, signalling increased bullishness about future gains.

According to wallet addresses tracked by Glassnode, miners are holding a total of more than 1.82 million bitcoins, setting a two-year high and continuing a noticeable upward trend that began in September 2019. In just the last year, aggregate holdings by miners have increased by roughly 2%, excluding growth from other bitcoin miners not tracked by Glassnode.

There are three possible causes for the increase in total bitcoins held by miners:

Related: Bitcoin Miner Layer1 Overstated Industry Vet’s Involvement in $50M Series A Pitch

First, potential optimism that bitcoin’s recent rally will likely continue.

  • Miners’ holdings data appears to be a bullish signal, according to Thomas Heller, former director at leading mining pool F2Pool, who discussed it with CoinDesk in a
Read More

Key takeaways:

  • The Federal Trade Commission wants to block a proposed joint venture by Peabody Energy and Arch Resources, arguing it would crush competition in a region that supplies 40% of America’s coal. Peabody and Arch say falling costs of natural gas and renewable energy leave them little choice.
  • U.S. Attorney General William Barr said he would look into whether the Justice Department could intervene to override the FTC.
  • Lawyers have already delivered final arguments in the case and a decision could arrive in September.

In a region of northeastern Wyoming and southern Montana, seams of rich coal line the walls of open-air mines like layers of a marble cake, and supersized yellow trucks ferry around huge piles of coal as though on giant platters. This 37,500-square-mile region known as the Powder River Basin is home to some of

Read More