Barrick Gold Corp. stock
Source – MSN
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Gold eyes milestone, bear case being planted
“What we have seen is the change in the motive for safe-haven buying – from being driven by the Middle East uncertainty to the threat and realisation of tariffs,” said Philip Newman, managing director at consultancy Metals Focus.
“Strikingly, gold was rallying as inflation eased, and it looked as though all of our understanding of how gold prices behaved was being challenged,” said independent analyst Ross Norman.
Nicky Shiels, head of metals strategy at MKS PAMP SA, said that while prices could break out towards $3,200, resolution of physical gold dislocations attributed to tariffs and potential structural changes including reduced risk appetite, reduced participation and reduced liquidity are increasingly bearish.
Source – Reuters
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Bear (in finance) – is an investor who believes that a particular security or the broader market is headed downward and my attempt to profit from a decline in stock prices. Bears are typically pessimistic towards a state of any given market or underlying economy.
Hindustan Zinc records highest ever mine production
The company recorded its highest-ever nine months mined and refined metal production at 784 kt and 783 kt respectively. The company clocked best-ever third quarter revenue of US$ 1,020 million, up 18% year-on-year.
Hindustan Zinc also registered historic best third quarter EBITDA of US$ 537 million, up 28% with an industry leading EBITDA margin of c. 53%, up c. 400 bps year-on-year. The company also recorded its highest profit after tax (PAT) in the past nine quarters* of USD 317 million, up 32% year on year.
Source – ANTARA News
100K-150K metric tons of copper to arrive in the US
The U.S. will soon be flooded with massive amounts of copper shipments in a global rush to front-run President Trump’s probable tariffs, with 100K-150K metric tons of refined copper expected to arrive in U.S. ports in the coming weeks, which potentially would surpass the all-time record of 136,951 tons set in January 2022, Bloomberg reported Wednesday.
Goldman Sachs analysts said they expect all forms of copper shipped to the U.S. to be hit with tariffs by year-end, keeping Comex prices at a hefty premium over other benchmarks, and noted that tariffs could cause China to refine 10K-20K tons/month less copper within the first three months – in a global market that Goldman already expected to face a 180K-ton deficit this year.
Source – Seeking Alpha
Copper falls, what about demand?
Copper prices have been on a stellar run, boosted by President Donald Trump’s proposed tariffs. But Wall Street sees headwinds for the metal, with two miners catching downgrades.
Freeport stock lost 3.2%, closing at $44.12, while the S&P 500 and Dow Jones Industrial Average dropped 0.4% and 1%, respectively.
Southern Copper shares fell 2.4% to $97.54.
As for demand, Citi analyst Tom Mulqueen noted in a Tuesday report that tariffs and policy changes will be a headwind in the second half of 2025.
“We also see sustained sluggish manufacturing activity and solar frontloading weighing on copper end-use consumption in the months ahead,” wrote Mulqueen.
Source – Barron’s
Gold prices higher, Silver prices lagging
Asian and European shares were mixed to weaker in trading overnight. U.S. stock indexes are set to open higher on corrective bounces following Friday’s big sell offs.
German stocks rose as investors cheered a win by German conservative leader Friedrich Merz in Sunday’s elections.
The Euro zone January consumer price index came in at up 2.5%, year-on-year, which was right in line with market expectations.
Source – KITCO News
McEwen Mining Inc. stock
Source – MSN