Gold Prices Jan 9,2025
Source – Money Metals
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“Liberation Day” tariffs!
Stocks recoiled on Wednesday, while safe-haven gold held near record highs as a nervous world awaited details of U.S. President Donald Trump’s tariff plans and investors fretted about the risks of an intensifying global trade war.
“Whatever’s announced today, I doubt very much will be the framework that’s in place in, say, nine months’ time because we know there’ll be negotiations around this,” Daiwa Capital economist Chris Scicluna said.
“It’s very difficult to predict with any confidence what the ultimate impact is going to be, whether broadly, economically, in terms of rates or in terms of stock markets,” he said.
“Investors are hoping for some clarity, and perhaps the start of the deal-making phase. But tariffs are already weighing on business sentiment, and this will probably feed through into lower global economic activity in the coming months,” said Ben Bennett, Asia-Pacific investment strategist at Legal & General Investment Management.
Source – Reuters
Chile copper mine produces first cathode
A Chilean startup backed by BHP Group has delivered its first copper cathodes from a demonstration plant at a mine site in northern Chile as the industry looks to squeeze out more metal from lower quality ore.
Ceibo and firms such as Jetti Resources LLC and Rio Tinto Group’s Nuton venture are looking to roll out catalysts for liberating copper from low-grade ore that miners previously saw as too expensive and difficult to process.
Source – Mining.com
Copper cathode – is high quality copper that is produced through the process of electrolysis.
Electrolysis – is an electric current that passes through a substance to have a chemical change.
President Trump wants to see Fort Knox gold for himself
“We have found hundreds of billions of dollars of fraud so far. And we’ve just started. We’re actually going to Fort Knox to see if the gold is there, because maybe somebody stole the gold. Tons of gold,” Trump said.
“I think the gold is probably there. It’s probably almost certainly there,” David Sacks, Trump’s crypto czar, told Fox News last week, though he still agreed with the president’s calls to investigate the matter.
“Nobody thinks this is a crazy idea to go check because we don’t know,” Sacks added, arguing that “we cannot fully trust that our gold is still in Fort Knox” because of the “corruption” in Washington.
Source – ABC News
Gold recession warning
“I’m basing this whole forecast on the fact that the Fed is going to be wrong,” Hemke stated, emphasizing his belief that the current economic strength is overstated.
Craig Hemke is a precious metals analyst.
Source – The Jerusalem Post
Peru copper output down to 2.74 million tonnes
Peru’s mining ministry on Friday said copper output in 2024 amounted to 2,736,150 metric tons, down 0.7% from 2023. The drop marked the copper giant’s first decline after four straight years of recovery following the pandemic.
Source – Mining.com
Over the Weekend!
Robert Kiyosaki Predicts Gold, Silver, Bitcoin Crash Over Trump’s Tariffs—Says It’s A Buying Moment
Kiyosaki said, “Trump tariffs begin: gold, silver, Bitcoin may crash.” He indicated his plan to purchase more Bitcoin if prices plummet, seeing it as an opportunity to grow his wealth. However, he also pointed out the U.S. national debt as a major problem that Bitcoin might not be able to address.
Source – Benzinga
BHP awards EPCM contract for copper smelter expansion in South Australia
Fluor president of mining & metals Harish Jammula said: “We are excited to support BHP on their growth plans to increase production of refined copper cathode in south Australia.
“Accelerated expansion of the downstream processing sector is increasingly important to secure local supply of mined materials, become independent of overseas supply and drive sustainable production technologies.”
Source – Global Data