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Gold not expected to do well this week

ByVictoria

Gold prices fell on Friday and were poised for their worst weekly performance in more than a month after the Federal Reserve tempered expectations for rate cuts and on a temporary easing of concerns about an imminent U.S. attack on Iran.

Spot gold slipped 0.7% to $3,347.80 an ounce, as of 1201 GMT, and was down 2.5% for the week so far. U.S. gold futures shed 1.3% to $3,364.00.

“Gold, silver, and platinum all suffered setbacks as traders booked profits after Wednesday’s FOMC meeting,” said Ole Hansen, head of commodity strategy at Saxo Bank.

“Gold is likely to extend its current consolidation phase with support around $3,320 followed by $3,245.”

Source – Reuters

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    Zambia allows geologists to explore copper deposits

    ByVictoria
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    India has dispatched a team of geologists to Zambia to explore copper and cobalt deposits, two Indian government sources said, as New Delhi steps up efforts to secure critical mineral supplies essential to its energy transition.

    The Zambian government this year agreed to allocate 9,000 square km (3,475 square miles) to India for the exploration of cobalt – a key component in batteries for electric vehicles and mobile phones – as well as for scouting copper, which is widely used in power generation, electronics, and construction.

    The exploration project will last for three years and most of the analysis will be done in laboratories in India, one of the sources said.

    Source – Reuters

  • The Lords of Fortune company to recover gold from RMS Republic 1909 shipwreck

    ByVictoria
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    The R.M.S. Republic sank Jan. 24, 1909, after a collision in dense fog with the S.S. Florida off the coast of Nantucket Island, Massachusetts.

    The Lords of Fortune company has identified two cargoes — a $25 million Tsarist gold shipment and an $800,000 U.S. Navy shipment, both 1909 face values when gold was $20.67 per ounce.

    With a successful recovery, an $8 million investment should return $200 million conservatively, according to Capt. Martin Bayerle of Lords of Fortune LLC.

    Add the Russian gold, 45 tons of United States gold $10 eagles on melt value alone, and you exceed 100 times, he said.

    Source – Coin World

    This is amazing! Wondering if there’s as much as they say there is. Hopefully there isn’t too much damage to the gold from the salt water. Can’t wait to see pictures or video of the excavation. -V.

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    Gold holds with little change

    ByVictoria
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    Spot gold fell 0.1% to $3,030.13 an ounce, as of 09:35 a.m. ET

    “There are concerns that tariffs could spark inflation, and there’s a consensus that despite rising prices from U.S. tariffs, the Federal Reserve might start easing policy around mid-year,” said Bart Melek, head of commodity strategies at TD Securities.

    “I expect gold to trade roughly where it is now, give or take about $25,” Melek said.

    Spot silver dropped 1.2% to $33.61 an ounce, platinum lost 1.6% to $980.90 and palladium fell 0.8% to $959.20

    Source – Reuters

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    Gold dips and U.S. Treasury yields rise

    ByVictoria
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    Spot gold fell 0.1% to $2,916.75 an ounce as of 11:55 a.m. ET (1655 GMT), after rising in the last three sessions. U.S. gold futures were flat at $2,925.

    “We are just seeing some mild profit-taking pressure from recent gains, the underlying fundamentals are still bullish… Another thing that’s putting some mild pressure on the gold market is a rise in bond yields,” said Jim Wyckoff, senior market analyst at Kitco Metals.

    The benchmark 10-year U.S. Treasury yield hit a more than one-week high, reducing the appeal of non-yielding gold.

    Spot silver dipped 0.2% to $32.70 an ounce, palladium was steady at $942.25 and platinum was down 0.3% at $966.63.

    Source – Reuters