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Gold and Silver “Technical Scoop”

ByVictoria
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Another day, another record for gold. Gold is a go-to safe haven in times of economic uncertainty, geopolitical tensions, and loss of faith in governments. The result was a 3.0% gain for gold this past week and a close at the magical $3,000.

Other precious metals rose this past week. Silver was up 4.9%, while platinum gained 4.8% and is back over $1,000. Near precious metals saw palladium up 1.9% and copper gaining 4.0% as it marches towards $5.00.

Source – Silver Seek

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London Metals Exchange, Mixed signals in precious metals

ByVictoria
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Zinc, the biggest loser in the LME complex, is currently trading 4.8% lower than at the start of the year.

Meanwhile, tin prices have increased by 13.5% in the first few weeks of the year, making it the biggest winner.

Copper refining grew as expected at 4.2%, but mine production surprised at 2.3%, 0.5% higher than the ICSG September forecast.

The supply of refined copper is under threat due to mine production, which has put downward pressure on processing fees in copper smelters, according to Commerzbank.

The lead market experienced a minor oversupply due to a substantial increase in mine production.

This increase, just under 2%, was fueled by significantly higher supply in the US, Australia, Peru, and Mexico.

Source – Invezz

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The Fed’s hawkish signal sparked gold jitters

ByVictoria
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The U.S. Federal Reserve jolted markets with an unexpectedly hawkish set of projections for the path of interest rates next year, setting gold prices up for a blow — but analysts told CNBC they still see solid support for the precious metal in 2025.

The Fed’s “dot plot,” a gauge of policymakers’ outlook, now suggests the Fed will cut interest rates twice in 2025, compared with four quarter-point cuts previously expected in September, when concerns about the weakening labor market were front-of-mind. The big concern for the central bank is now whether the policies of incoming President-elect Donald Trump — particularly his threat of sweeping trade tariffs — will prove inflationary.

Source – CNBC

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Glencores copper shipments suspended

ByVictoria
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Glencore has suspended production and declared force majeure on copper shipments from its Altonorte smelter in Chile due to an issue affecting the plant’s furnace, Bloomberg reported Wednesday, in a setback that comes just as traders and producers race to ship more metal to the U.S. ahead of tariffs.

Much of the copper produced in Chile is shipped to the U.S., where Comex prices have surged to record highs on worries about shortages due to tariffs; the most active Comex copper contract (HG1:COM) for May delivery hit $5.374/lb, or $11,847/metric ton on Wednesday.

Source – Seeking Alpha

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