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Gold futures down 1.8%

ByVictoria

The dollar fell to a one-week low against a basket of major currencies as oil prices declined and demand for safe havens waned. Investors can “breathe a sigh of relief that chances of a major escalation have been reduced,” Jefferies economist Mohit Kumar said. The DXY dollar index fell 0.4% to a low of 97.969.

Gold futures also fell, last down 1.8% at $3,334.50 a troy ounce, close to levels last seen before Israel launched strikes on Iranian nuclear facilities earlier this month.

Source – The Wall Street Journal

Futures – are contracts to buy or sell a specific asset at a future date.

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    Chinese users turn to off-exchange to ease supply tightness

    ByVictoria
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    China will import even more off-exchange refined copper this year, according to analysts and traders, as output from the Congo booms and users look to alleviate shortages and head off a potential disruption to supplies of U.S. scrap.

    “The supply of refined copper, including scrap, concentrate, anode and blister, is still tight. We therefore expect higher imports of plentiful refined copper, including EQ copper to partly compensate for this tightness in other raw materials,” Jonathan Barnes, principal analyst at metals research company Project Blue said.

    Source – Reuters

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    10lbs gold nugget up for auction

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    In 1979, a couple using a metal detector in the Kalgoorlie Goldfields of Western Australia located a massive gold nugget. Known today as the “Golden Beauty,” the nugget weighs in at nearly 10 pounds.

    It is currently on the auction block. According to Heritage Auctions, the opening bid was $400,000.

    At the current spot price, the gold is worth around $481,800.

    “Gold always has been enormously popular, in part because of its pure value and beauty, but also because it is exceedingly rare,” Heritage Auctions vice president of nature and science Craig Kissick said.

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    Gold futures hold record high

    ByVictoria
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    Investors are increasingly seeking safe-haven in hard assets like gold, silver, copper and platinum, historically viewed as stores of value in times of financial uncertainty, Saxo Bank’s Ole Hansen says in a note.

    Source – Wall Street Journal

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    Futures (in finance) – Are contracts to buy or sell a specific underlying asset at a future date.

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    Platinum, palladium likely to lag gold and silver again – UBS

    ByVictoria
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    Prospects for platinum group metals in 2025 look similar to previous years, UBS says, adding that it expects platinum to outperform palladium , and both to lag gold and silver once again.

    The investment bank, meanwhile, has a forecast of a 25% return for silver, with prices trading in a $36-38/oz range.

    “Hence, we hold a more nuanced outlook for the overall precious metal sector, with a more attractive risk-reward in gold/silver versus platinum/palladium. Within the platinum group of metals, platinum remains favored over palladium, considering the higher volatility and lower liquidity of the latter,” analysts added.

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    Copper mine collapse, 1 killed 5 trapped

    ByVictoria
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    A collapse at a copper mine in Chile killed one worker and left five trapped underground, authorities said on Friday, forcing Chile’s state mining company to suspend operations in the affected area of the world’s largest underground copper deposit.

    Nine other mine workers suffered injuries, said Chile’s National Copper Corporation, known as Codelco, describing the incident as the result of “a seismic event.”

    The U.S. Geological Survey reported a magnitude 5 earthquake in an area of central Chile where Codelco’s El Teniente mine is located, at 5:34 p.m. local time on Thursday. Authorities said they’re still investigating whether it was a naturally occurring earthquake or whether mining activity at El Teniente caused the quake.

    “We are making every effort to try to rescue these five miners,” said Andrés Music, general manager of El Teniente. “The next 48 hours are crucial.”

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    Praying for these people to be rescued. -Victoria

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    United States ranks #5 in gold producers

    ByVictoria
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    As many countries mine for their gold and help their economies in the process, the United States is not the number country in gold.

    According to Luciano Duque, chief investment officer of C3 Bullion, China leads global gold output — followed by Australia, Russia and Canada before the U.S. rounds out the top five. -Source https://www.msn.com/en-us/money/markets/where-does-the-us-rank-among-the-worlds-gold-producers/ar-AA1w1PiK?ocid=socialshare

    There are many benefits to gold and as every day passes it’s growing in price and demand. Many investors will be looking out at the production and where it’s expanding.

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