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Standoff continues for Congo copper mines

ByVictoria

The $1.4 billion bid made by the Chinese defence and industrial giant in June stalled after Congo state miner Gecamines submitted its own unsolicited bid for the Chemaf assets, deepening a standoff that has been complicated by U.S. officials lobbying against China’s grip on the mineral-rich central African Copperbelt.

Norinco has now proposed that the Democratic Republic of the Congo increase its interest in Chemaf’s Mutoshi and Etoile mines to as much as 15% from 5% currently – at no additional cost – subject to negotiations, said the sources, who asked to remain anonymous.

Source – Reuters

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Norinco – also known as China North Industries Corporation. Within China it is known as China Ordnance Industries Group Corporation Limited

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    “Silver Guru” David Morgan gives his take on current silver market

    ByVictoria
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    In a recent interview with Liberty and Finance, the esteemed precious metals analyst David Morgan, widely known as the “Silver Guru,” delivered a compelling analysis suggesting that silver prices are on the cusp of a significant surge. Drawing upon his extensive knowledge of the precious metals market, Morgan highlighted the current lack of substantial upside resistance for silver, hinting at a potential rapid upward movement that has yet to materialize fully.

    “I mean, we’re high enough in the silver price for it to have very little upside resistance and to be able to just move, move, and move some more, and it hasn’t started yet.”

    Morgan believes that broader market dynamics and the inherent appeal of silver as a monetary and industrial metal will eventually draw them back in.

    Source – The Jerusalem Post

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    AngloGold to acquire Augusta Gold in Nevada expansion

    ByVictoria
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    AngloGold Ashanti (NYSE:AU) said Wednesday it agreed to acquire Augusta Gold (OTCQB:AUGG) for C$1.70/share in cash, implying a fully-diluted equity value of ~C$152M (US$111M).

    The price represents a ~28% premium to Augusta Gold’s (OTCQB:AUGG) closing price on the Toronto Stock Exchange on July 15.

    “This acquisition reinforces the value we see in one of North America’s most prolific gold districts,” AngloGold (AU) CEO Alberto Calderon said.

    Source – Seeking Alpha

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    Gold bullion edged 0.2% lower

    ByVictoria
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    Bullion edged 0.2% lower to around $2,750 an ounce, roughly just $40 short of its all-time high and still set for a fourth straight weekly gain.

    The president has identified China, the EU, Canada and Mexico as potential targets for import levies, though there is uncertainty over whether he will follow through with the threats. 

    Gold traded at 2,751.44 an ounce as of 10:48 a.m. in London. Silver, platinum and palladium fell. The Bloomberg Dollar Spot Index was relatively unchanged.

    Source – Bloomberg

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    Platinum jewelry steadily recovering

    ByVictoria
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    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

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    Gold and Silver gained

    ByVictoria
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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

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    Silver rising with gold in the spotlight

    ByVictoria
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    Silver has enjoyed a “stealth bull market”, according to Adrian Ash, director of research at metals marketplace BullionVault, as supply of the metal has lagged demand for seven years running.

    Silver’s highs have come “under the radar for two reasons,” said Ash. “First, that silver has set fresh records outside the US dollar, leaving headline writers to miss its new highs in terms of other currencies including the pound.

    “Second, and rather than shooting the lights out like gold has over the past 12 months, the price of silver has risen to new annual and month-average records without hitting fresh daily highs.”

    Source – Proactive Investors