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Copper futures up, copper market awaits investigation

ByVictoria

Copper, yet to be included in Donald Trump’s widening list of tariff-hit products, continues to rally on the assumption that it is just a matter of time, Saxo Bank said in a note, as it sees a sooner-than-expected tightening of the global market.

Copper futures (HG1:COM) are up 2.8% so far this week, and 6.3% for the month. 

The copper market is still awaiting the result of an investigation carried out under Section 232 of the Trade Expansion Act.

“As such an investigation normally takes months to be completed, it has left the door wide open for a massive profitable arbitrage between international prices and those in the U.S. being reflected through the High Grade futures contract in New York.”

Source – Seeking Alpha

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    CEO says Barrick will continue in Mali once they can ship gold

    ByVictoria
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    Barrick Gold will resume operations at its shuttered Loulo-Gounkoto mine in Mali once authorities in the country allow it to resume gold shipments, CEO Mark Bristow said on Wednesday.

    “We will start the operations as soon as we get approval to ship the gold and we need to ship the gold to pay anything to the government,” Bristow said, adding that Barrick paid $460 million to the Mali government last year.

    “So if you calculate that to per week… and every week we don’t do this it hurts everyone,” he added.

    Source – Reuters

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    Gold and Silver to be legal tender in Florida

    ByVictoria
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    Gov. Ron DeSantis signed a bill on Tuesday that would recognize gold and silver as legal tender in the state, paving a path for Floridians to use the commodities in payment transactions.

    The bill, HB 999, starts the process of allowing government or private entities, such as businesses, to voluntarily accept gold and silver as a form of debt payment. The bill also outlines sales tax exemptions on the purchase of the precious metals if they meet the purity requirements or if the sale of the gold or silver exceeds $500.

    HB 999 is set to go into effect on July 1, 2026, if the Florida Legislature ratifies the rules to implement the bill before then.

    “Florida stands firmly for freedom, economic self-determination, and resistance to government overreach,” the governor said. “But for too long, outdated regulations and unnecessary sales taxes have made it impractical for Floridians to enter the gold and silver market.”

    Source – Business Insider

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    UBS raised gold target to $3200

    ByVictoria
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    “With the price now reaching our long-held target of $3,000/oz, the main question is whether the rally will continue. We think so, as long as policy risks and an intensifying trade conflict continue to spur safe-haven demand,” UBS said.

    Source – Seeking Alpha

    UBS Group AG – formerly Union Bank of Switzerland, is a multinational investment bank and financial services company based in Switzerland.

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    Fort Knox US gold reserves prepares of audit

    ByVictoria
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    Fort. Knox’s massive reserve has reportedly been valued at $425 billion according to the New York Post, with the rest of the United States’ highly sought-after metal being stored in the Federal Reserve Bank of New York. 

    Rand Paul said he has tried to get his eyes on the Ft. Knox gold for 10 years “to make sure it’s all there.”

    Source – Fox News

    DOGE – Department of Government Efficiency

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    Gold prices down after trade truce

    ByVictoria
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    Gold prices have fallen almost 10% from a record high just above $3,500 per ounce in April as a de-escalation in U.S.-China trade tensions punctured momentum, but analysts are sticking with a bullish outlook due to strong underlying support for the metal.

    Spot gold was trading around $3,180 an ounce on Friday, leaving prices on track for their worst week in six months.

    “Gold prices are more likely to rise than to fall from this stage onwards as other factors like central bank demand and very strong investor demand from China are not going away anytime soon,” said Nitesh Shah, commodities strategist at WisdomTree.

    Source – Reuters

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    2025 Uncirculated coin set

    ByVictoria
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    The 20-coin 2025 Uncirculated Coin Set is slated for sale to the general public by the United States Mint beginning at noon Eastern Time July 17.

    The sets are offered at $33.25 each, with a maximum output of 190,000 sets, offered without household order limits.

    Each set contains two separate blister-pack folders of 10 coins each, one pack apiece from production at the Philadelphia and Denver Mints. Coins included in the set have an Uncirculated finish but are struck to higher standards than their circulating counterparts.

    Source – Coin World