Arizona Sonoran Copper Company has successfully closed a public offering, raising C$51.75m ($37.6m) through the issuance of 25,875,000 common shares.
This includes 3.3 million shares from the full exercise of the over-allotment option by underwriters. Priced at C$2 per share, the offering is a strategic move to secure financial stability for the company’s upcoming projects.
Source – Mining Technology
Anglo American said it does intend to sell the remainder of its retained shares over time, and said that it will not hold any representation on the Anglo American Platinum board after the split.
Source – Morning Star
Spot gold was at $3,026.85 an ounce at 1131 GMT. U.S. gold futures edged 0.4% higher to $3,032.40.
“A modestly weaker dollar is probably giving gold a little bit of a tailwind at present,” said Ross Norman, an independent analyst.
“A worse-than-feared tariff announcement on April 2 could give bullion bulls a shot in the arm towards striving for the $3,100 mark,” said Han Tan, Exinity Group’s chief market analyst.
“Should risk-on sentiment make a comeback, assuming the U.S. tariff threats prove to be more bark than bite, that could see fleeting forays below $3,000,”
Spot silver firmed 0.4% to $33.16 an ounce, platinum steadied at $975.55, and palladium was flat at $957.95
Source – Reuters
“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 prices rose on Friday and were on track for a seventh consecutive weekly gain as worries over a potential global trade war intensified after U.S. President Donald Trump’s push for reciprocal tariffs.
Spot gold was up 0.3% at $2,936.99 an ounce by 1104 GMT, taking its weekly advance to 2.6%. Bullion hit a record peak of $2,942.70 on Tuesday.
U.S. gold futures rose 0.6% to $2,961.30.
In other precious metals, spot silver gained nearly 3% to $33.30 an ounce and platinum added 1% to $1,004.57 while palladium dipped by 0.2% to $992.00.
Source – Reuters
UBS and Commerzbank raised their gold price forecasts on Friday, joining other investment banks as investors drive the safe-haven metal to record highs amid the economic uncertainty sparked by U.S. President Donald Trump’s trade policies.
Trump’s tariffs have roiled financial markets, stoking fears of inflation and a global recession. While he has paused most duties, he has hiked those on China to 145%, prompting Beijing to lift its tariffs on U.S. goods to 125%.
“We expect gold’s rally to extend into next year and for prices to stabilise at higher levels further out,” UBS analysts said in a note
Source – Reuters
The London Metal Exchange three-month price has risen every day in January and is now up 4.0% from the start of the month, making copper the early outperformer of the LME base metals pack.
Dwindling stocks and China’s rising import appetite have rekindled optimism that the country is finally turning an economic corner.
Fund managers are unconvinced, with investors’ long positions only marginally ahead of bearish bets on both the CME and LME copper contracts.
The Yangshan copper premium , a closely-watched gauge of China’s import demand, is currently at a one-year high of $75 per ton, indicating China is still hungry for metal.
Source – Reuters
