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Over the Weekend!

ByVictoria

Bitcoin Lags Behind Gold

Bitcoin has gained just over 3% year-to-date, trailing gold’s 9% jump, according to data compiled by Bloomberg. The precious metal reached a record high of $2,882 an ounce after President Trump on Feb. 4 said the US could take over Gaza — a comment his aides sought to tone down. Bitcoin is currently about 10% below its peak.

Source – Bloomberg

Mali gold production  plunges 23%

Mali’s industrial gold production plunged 23% to 51 metric tons last year from 66.5 tons in 2023, the West African country’s mines ministry said.

With an estimated 6 tons produced in artisanal mines, Mali’s total gold production in 2024 is expected to reach 58.7 tons, the mines ministry said.

Source – Reuters

Michael Oliver says Gold’s Making All-Time Highs, SILVER To Follow

“I think that once you punch a hole in the stock market… you’re going to have a lot of that money moving,” he predicted, suggesting that a 5-10% drop could trigger a significant shift in investor sentiment, driving capital towards safer havens like gold and silver.

“Silver didn’t move with commodities in moved with gold,” he asserted, countering arguments that silver has lost its monetary significance.

Source – The Jerusalem Post / Opinion

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  • US Treasury yields down

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    Investors are expecting a packed week of economic data starting with the Chicago Fed National Activity Index for January out on Monday at 8:30 a.m. ET. This will be followed by the Dallas Fed Manufacturing Index at 10:30 a.m.

    The most anticipated data for the week will be the personal consumption expenditure index, which will be delivered on Friday at 8:30 a.m. ET. The Federal Reserve’s preferred inflation gauge heavily influences the Fed’s rate-cutting decisions.

    Source – CNBC

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    Gold hit another record high

    ByVictoria
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    Gold is on a tear, hitting a record high in New York on Monday at almost $3,150 an ounce to bring the rise this year to 19%.

    Analysts at Bank of America think gold could hit $3,500 an ounce if demand increases by 10%.

    “Uncertainty around Trump Administration trade policies could continue to push the dollar lower, further supporting gold prices near-term. In our view, a broad rebalancing of America’s twin deficits could be bullish gold too.”

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    Canadian copper miner drops $20bn arbitration

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    First Quantum decision suggests movement to resolve investor dispute with Central American government

    Canada’s First Quantum Minerals on Monday said it was stepping back from a multibillion-dollar arbitration demand against Panama’s government over the closing of one of the world’s largest copper mines.

    Source – Financial Times

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    Indonesia trade ministry supports extending Freeport’s copper export permit

    ByVictoria
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    Freeport’s last export permit expired at the end of 2024, but the company has requested it can continue selling copper concentrate abroad because its local copper smelter was in repair after a fire in October last year.

    “The trade ministry supports a plan to relax the export policy after weighing the cost and benefit analysis … while also observing the sustainability of the government’s natural resource downstreaming policy,” deputy minister Dyah Roro Esti said in a statement.

    Freeport Indonesia said that it’s currently negotiating with the government over the export permit and believed the government “would accommodate” it.

    Source – Mining.com

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    Gold and Silver gained

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    Gold prices gained over 1% on Monday as the dollar and U.S. bond yields weakened amid uncertainty over trade talks ahead of a U.S. deadline of August 1 for countries to strike deals or face more tariffs.

    Spot gold was up 1.2% at $3,390.79 per ounce at 9:52 ET (1352 GMT). U.S. gold futures were up 1.3% to $3,402.40.

    Spot silver gained 1.8% to $38.86 per ounce, platinum rose 2.2% to $1,453.17 and palladium was 3.5% higher at $1,284.46.

    Source – Reuters