Barrick Gold Corp. stock
Source – MSN
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US Treasury yields down
Investors are expecting a packed week of economic data starting with the Chicago Fed National Activity Index for January out on Monday at 8:30 a.m. ET. This will be followed by the Dallas Fed Manufacturing Index at 10:30 a.m.
The most anticipated data for the week will be the personal consumption expenditure index, which will be delivered on Friday at 8:30 a.m. ET. The Federal Reserve’s preferred inflation gauge heavily influences the Fed’s rate-cutting decisions.
Source – CNBC
Gold gains, Dollar slipped
Gold futures posted their second consecutive strong gain on Tuesday, rising 3% in the two days since Moody’s downgraded its U.S. credit rating and amplified concerns over the debt and deficit spending.
The dollar slipped again, weighed down in part by cautious remarks about the economy by Federal Reserve officials and by President Trump’s failure so far to convince Republican holdouts in the U.S. House to support his sweeping tax and spending bill.
“Investors are reassessing the long-term outlook for U.S. sovereign risk. As such, safe-haven assets like gold could experience heightened demand,” Quasar Elizunda of Pepperstone said in a note.
Source – Seeking Alpha
Moody’s Corporation – (MCO) a New York-based company that owns Moody’s Investors Service that rates creditworthiness of companies, governments, and fixed income debt securities, and Moody’s Analytics.
President Trump said he will impose tariffs on aluminum and copper
“We have to bring production back to our country,” he said.
“In the US, manufacturers will have little choice but to pass on higher costs from imports to consumers until the downstream industry (refining/smelting) has undergone suitable investment,” said Natalie Scott-Gray, senior metals analyst at StoneX.
“If Trump imposes tariffs, it will have an adverse impact particularly on aluminum because Europe is already on path to impose a carbon tax and the UK might do it too,” said B.K. Bhatia, additional secretary general at the Federation of Indian Mineral Industries.
Source – Mining.com
Gold prices rise, fears of trade war
“Gold is still benefiting from investors looking for safe-haven assets amid concerns of a tariffs and trade war,” UBS analyst Giovanni Staunovo said.
“We continue to see upside for gold, with the yellow metal expected to rise to $3,000, benefiting also from ongoing central bank demand.”
Spot silver rose 0.3% to $32.24 an ounce after hitting its highest level since October 31 on Friday.
Platinum gained 0.1% to $980.43, and palladium climbed 1.9% to $978.25.
Source – Reuters
Amundi Physical Metals expands gold-backed ETC offerings
The Amundi Physical Gold ETC is designed to track the performance of gold prices, offering an alternative to direct investment in the precious metal. The securities are backed by allocated gold stored in secure vaults, with each ETC security representing a specific entitlement to gold, which diminishes slightly each day to cover operational expenses at an annual rate of 0.12%.
Investors should note that the ETC securities are not the equivalent of investing in gold directly, as they are financial instruments subject to market fluctuations and other risks inherent to securities trading.
Source – Investing.com
Gold and Silver headed for weekly gain
“The latest run-up in prices—in gold to an 11-week high near last year’s record, and silver towards resistance around USD 31—was triggered by Trump’s threat to impose tariffs on some of its major trading partners, including Canada, Mexico, Europe, and China.”
“Silver continues to recover from the deep end-of-year correction that saw the white metal tumble 17% from a 12-year high at $34.87 to a December low at $28.74. Besides renewed demand from wrong-footed short sellers in the futures market at the start of the year, prices have also been supported by… the fundamental outlook for a fifth consecutive annual supply deficit.”
Source – Seeking Alpha