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Gold Holds Near Record, Silver rallied

ByVictoria

Silver climbed as much as 3.1% to exceed $33 an ounce, while gold headed for a seventh weekly gain — the longest run since August 2020.

The president has already imposed 10% levies on Chinese goods and plans to slap 25% duties on all US steel and aluminum imports next month.

Spot silver rose 2.9% to $33.284 an ounce by 1:20 p.m. in London, taking this week’s gains to 4.6%. The Bloomberg Dollar Spot Index fell 0.2%. Gold, platinum and palladium were little changed.

Source – Bloomberg

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    China’s gold reserves rise over $73 million

    ByVictoria
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    China’s gold reserves rose to 73.61 million fine troy ounces at the end of February from 73.45 million at the end of January, as the central bank kept buying the precious metal for a fourth straight month.

    “The PBOC’s purchases are an important factor underpinning gold, so a continuation of its buying in February could help to build further strength behind the gold price,” said Frank Watson, market analyst at Kinesis Money.

    “Unlike investors, central banks are relatively price insensitive to gold and tend to buy as part of a restructuring of their reserve holdings,” Watson said.

    Source – Reuters

  • Man denies knowing gold was from stolen £4.8m toilet

    ByVictoria
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    A man has denied knowing gold he was trying to help someone sell came from a golden toilet stolen at Blenheim Palace.

    Fred Doe admitted putting James Sheen, who has previously pleaded guilty to stealing the toilet, in touch with gold dealer Bora Guccuk but said he would “never in a million years” have dealt with him if he had known it was stolen.

    Mr Jones, 39, from Oxford, Mr Doe, previously known as Frederick Sines, 36, from Windsor, and 41-year-old Mr Guccuk, from west London, have all pleaded not guilty to the charges they face.

    Source – BBC

    The trial is still ongoing. Wow! And the “jurors heard the toilet was most likely broken up and has never been recovered.” How will they prosecute these thieves? Will they get prosecuted? Do they have enough evidence? So many questions! I’ll keep this updated. – V.

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    Congo gold miner pauses because of dispute on taxes

    ByVictoria
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    Twangiza Mining, a gold miner operating in the rebel-controlled South Kivu Province in the eastern Democratic Republic of Congo, said it has been ordered to suspend operations by the rebel administration, according to a company-wide letter seen by Reuters.

    Manu Birato, who was recently installed as M23 governor of the South Kivu Province, said Twangiza Mining must adapt to new regulations and pay taxes they have not been paying.

    “We are in talks with them and showing them that from now on they must start paying taxes,” Birato told Reuters.

    Source – Reuters

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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.

    Source – Seeking Alpha

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    Author Collin Plume predicts spike in silver

    ByVictoria
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    “Bitcoin disrupted global finance just a decade ago, now, silver is emerging as the next keystone of global transformation—poised to reshape industries, currencies and geopolitics.”

     “With reserves projected to run out in just 20 years, Plume predicts silver’s price could surpass $60 per ounce.”

    According to Plume, nonsourced calculations are “showing the U.S. would need over 3.5 billion ounces [109,375 tons] of silver to transition to 100 percent solar power.” The writer and his publisher say this ties into “how China’s dominance in silver production threatens U.S. strategic interests.”

    Source – Recycling Today

    More Info on Author

    Collin Plume author of Silver is the New Oil

    Article on Collin Plume CSQ

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    African banks are getting into gold

    ByVictoria
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    Sub-Saharan African central banks that have added gold to their reserves in recent years could face price and liquidity crises if the value of the precious metal slides, BMI, a unit of Fitch Group, said on Wednesday.

    Ghana, Tanzania and Nigeria have been buying gold domestically to beef up their reserves, BMI said, a move accelerated by this year’s broader market volatility stoked by U.S. trade tariffs and other geopolitical risks.

    Policymakers in Kenya and Uganda are exploring a move into gold, Rwanda and Namibia have taken active steps towards adding the metal into their reserves.

    Governments could also struggle to convert their gold holdings into liquid assets like hard currencies, Gard said, pointing to India and Argentina when they faced acute balance of payments challenges in the 1990s and 2000s, respectively.

    Source – Reuters