Alamos Gold CEO discusses company and 2025 outlook
“Trying to guess what happens next is a serious challenge.” CEO John McCluskey of Alamos Gold
Source – CNBC / Video
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Gold rate in major cities in India
The second-largest consumer of gold in the country is India, after China. The country meets majority of its demand for gold through imports, along with locally recycled bullion.
Source – ABP News
All cities with gold rates listed in the link
Gold prices down after trade truce
Gold prices have fallen almost 10% from a record high just above $3,500 per ounce in April as a de-escalation in U.S.-China trade tensions punctured momentum, but analysts are sticking with a bullish outlook due to strong underlying support for the metal.
Spot gold was trading around $3,180 an ounce on Friday, leaving prices on track for their worst week in six months.
“Gold prices are more likely to rise than to fall from this stage onwards as other factors like central bank demand and very strong investor demand from China are not going away anytime soon,” said Nitesh Shah, commodities strategist at WisdomTree.
Source – Reuters
Over the Weekend!
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
Kentucky vetos House Bill 2
In a landmark victory for coin dealers, collectors, and investors, the Kentucky General Assembly has overridden Governor Andy Beshear’s veto of House Bill 2, officially enacting a sales-tax exemption for currency, bullion, and coins.
Introduced Jan. 10, 2025, HB 2 passed the House with a 76–17 vote and the Senate with a 30–6 vote earlier this year. The veto override, finalized on March 27 with an 80-19 vote in the House and an 31-6 vote in the Senate, marks the successful conclusion of a year-long effort to protect Kentucky taxpayers.
Source – Coin World
Gold futures hold record high
Investors are increasingly seeking safe-haven in hard assets like gold, silver, copper and platinum, historically viewed as stores of value in times of financial uncertainty, Saxo Bank’s Ole Hansen says in a note.
Source – Wall Street Journal
More Info!
Futures (in finance) – Are contracts to buy or sell a specific underlying asset at a future date.
Mining firm Freeport-McMoRan jumps 4%
“American industries depend on copper, and it should be made in America, no exemptions, no exceptions,” Commerce Secretary Howard Lutnick said. “It’s time for copper to come home.”
But while the tariffs could be positive for the domestic metals sector, implemented copper tariffs could amplify costs across several segments of the economy. Copper has a broad range of uses, and its cost is an input in the price of everything from electronics to construction materials.
Trump’s tariff probe sparked a surge in copper futures, which rose 1.76% Wednesday morning.
Source – Markets Insider