Why a mid-October meeting in Beijing will be pivotal for commodities

After an August shellacking, markets and commodities were keen to turn to the page, said Kitco's mining audience manager, Michael McCrae. On Friday McCrae recorded Kitco Roundtable with correspondent Paul Harris and Arnoud Star Busmann, president and CEO of Minehub Technologies.On Friday gold rose as the dollar weakened, although prospects of more rate hikes from the U.S.Federal Reserve are keep a lid on further gains. Spot gold hit a high of $1,729 today. Bitcoin spiked above $21K, pushing the total crypto market cap back above $1 trillion. Copper finished the week around $3.50 a pound range, and oil is trading in the mid $80s a barrel. China, a major commodity importer, has been an anchor on metals. A deflating property bubble, COVID lockdowns, restrictions on lending and electricity shortages have all slowed China's economy. Economists are looking ahead to the 20th National Congress of the Communist Party of China to be held mid-October, which will set the the country's economic agenda. Key finance roles in the country will also be filled. Bloomberg reports that a number of high-level functionaries should vacate government by early next year: Premier Li Keqiang, economic czar Liu He, central bank Governor Yi Gang, banking regulator Guo Shuqing and Finance Minister Liu Kun.Harris rounded up the mining news, mentioning the new feasibility study announced by Skeena Resources and Sabina Gold & Silver going ahead on a new mine in Nunavut.