Gold prices are “not even that far away from all-time highs, so the upward momentum is there, we just need some kind of trigger to get it going,” Blue Line Futures chief market strategist Phillip Streible said.
Front-month Comex gold (XAUUSD:CUR) for January delivery settled +1.1% to $2,766.80/oz, gold’s 11th gain in 15 sessions, and front-month January silver (XAGUSD:CUR) closed +1.5% to $30.727/oz.
Source – Seeking Alpha
“There is incredible demand for physical gold in New York markets,” said Peter Spina, president and founder of gold news and information provider GoldSeek.com., referring to it as a “physical gold rush.”
“Those who are caught short physical metal are looking around and seeing a window closing here,” he said. They’re “desperately seeking physical metal before the price could jump overnight.”
“Meeting a surge in demand will always stretch capacity, but London vaults have been working overtime to service this London-New York flow,”
Source – Market Watch
The platinum jewellery market decline now appears to have stabilised, with year-on-year growth of 5% estimated for 2024 and 2% year-on-year growth forecast for this year, when total platinum jewellery demand is expected to reach 1.98-million ounces, the organisation points out.
PGI points out that in most markets, platinum jewellery is 950 parts per thousand, compared with 18 ct gold which is 750.
Source – Mining Weekly
PGI – Personal guarantee insurance
The company’s stock has shown impressive momentum, delivering a 42% return over the past year according to InvestingPro data.
InvestingPro analysis indicates the stock is currently undervalued, with analyst price targets ranging from $3.25 to $3.77, suggesting significant upside potential.
Source – Investing.com
Australia has not escaped the threat of increased tariffs on its exports to the U.S., but it does have one world-class industry which is reveling in commodity market confusion, gold.
Both Citi and RBC Capital Markets see the gold price continuing to rise while the Resources Department of the Australian Government is forecasting an increase in national output from 286 tons this year to 309 tons next year, cementing Australia’s position as the world’s third biggest gold producer after Russia and China.
Gold’s rise in U.S. dollars is magnified in Australia by the currency effect with an exchange current rate of US63 cents delivering an Australian gold price of A$4903/oz, a record which easily eclipses all earlier gold booms.
Source – Forbes
Chile’s place at the low-end of U.S. tariffs announced last week could be favorable for the world’s leading copper-producing country if U.S. President Donald Trump decides to slap tariffs on copper, Chile Mining Minister Aurora Williams said on Wednesday.
Chile is in “wait-and-see” mode until the investigation concludes, Williams told Reuters, but sees potential for a positive outcome even if the U.S. imposes tariffs on copper.
“If we assume that Chile is within the lowest tariff range, the application of a potential 10% tariff is lower than the tariffs we have seen for other copper-producing countries and therefore also generates a better price position,” Williams said
Source – Reuters