Focusing on gold investments
“Codelco remains a good option to grab some extra spread over sovereign bonds.”
Copper futures are up about 15% this year in New York, although part of that is due to an up-tick in buying ahead of possible tariffs.
“Good governance and high copper prices should be good for bonds. Codelco is interesting.”
Source – Bloomberg
Source – APMEX
Spot gold shed 0.4% to $2,927.95 an ounce by 1204 GMT. Bullion has gained around 1.6% this week after rising to a record $2,954.69 on Thursday.
“The non-stop rally since December remains unchallenged unless prices drop to around $2,850,” said Ole Hansen, head of commodity strategy at Saxo Bank.
“Gold has been displaying resilience with short-lived retracements, as lingering U.S. trade uncertainties reinforce its appeal as a hedge,” IG market strategist Yeap Jun Rong said.
Spot silver was flat at $32.92 an ounce, and palladium dipped 0.3% to $974.75. Both metals were headed for weekly gains.
Platinum shed 0.2% to $976.80 and eyed a weekly decline.
Source – Reuters
Shares in the gold miner are currently swapping hands at $76.60 apiece, more than 2% higher from the open as investors process the numbers.
2024 was a transformational year for Newmont, as we focused on the integration of the Newcrest portfolio, divestment of our non-core assets, and transitioning the business onto a stable operating and investment platform.
We have deliberately streamlined Newmont into the world’s best collection of Tier 1 gold assets, with a strong foundation of operational and financial performance. Our record fourth quarter gave a glimpse into the promising potential of the business and allowed Newmont to deliver record operating cash flows.
Source – The Motley Fool
“Trying to guess what happens next is a serious challenge.” CEO John McCluskey of Alamos Gold
Source – CNBC / Video
Gold Fields (NYSE:GFI) +4.2% pre-market Thursday after reporting a 42% jump in FY 2024 profit and saying it met revised full-year guidance after a stronger H2 performance.
Gold Fields (GFI) raised its dividend by 34% to a company record 10 rand/share ($0.54) per share, prompting CEO Mike Fraser to say the company may consider a share buyback program as a way to boost shareholder returns if the gold price remains elevated.
Source – Seeking Alpha
They have been working flat out to do what the Bank describes as “digging out” gold bars for delivery to traders who’ve seized on a rare arbitrage opportunity thrown up by speculation that Donald Trump will impose tariffs on the precious metal, alongside a raft of other imported goods.
The Bank’s vault keepers are busier than they’ve been in years, logistics companies are working overtime, and refineries are booked out for months with orders to recast gold bars from London into a form that can be delivered into the US futures market.
“What’s happening in the London market is a short term logistical thing, but it’s having real consequences,” said John Reade, senior market strategist at the World Gold Council, the industry lobby group. “There’s not as much gold in London as normal, but again, there’s still lots there. And once it can get out from behind the Bank of England, then everything should calm down.”
Source – Bloomberg
“We’re going to go into Fort Knox to make sure the gold is there… do you know about that?” Trump said to a reporter aboard Air Force One, according to a video posted to X by Musk.
“We hope everything is fine with Fort Knox, but we’re going to go into Fort Knox, the fabled Fort Knox, to make sure the gold is there.”
“If the gold isn’t there, we’re going to be very upset,” Trump said.
Then-Treasury Secretary Steven Mnuchin and Sen. Mitch McConnell, R-Ky., visited the vaults in 2017. They reported that, despite various conspiracy theories, the gold was present.
Source – FOX News
A bevy of tariff headlines this week along with geopolitical worries has left investors wary and weary, taking stocks lower in Asian hours, gold to a record peak and the yen to its highest in over two months as sentiment remains fragile.
The risk-off mood meant the yen – already underpinned by rising odds of the Bank of Japan hiking rates again – was the main mover among currencies, hitting its highest level since early December and was last at 150.48 per dollar.
Both Citi and Goldman raised their target price on gold this month, predicting it to breach the $3,000 mark. A large part of the reason behind the bullishness is sustained demand from central banks. Perhaps in these uncertain times, gold is all that shines.
Source – Reuters
The most recent trading sessions have showcased gold’s resilience and volatility. Following a sharp decline of $45 per troy ounce in spot gold and a $63 drop in April futures on Friday, February 14, the market demonstrated strong recovery momentum. After the Presidents’ Day holiday closure, Tuesday’s trading saw spot gold gain $36.97, and the April futures contract gaining $60.70, nearly reaching the record levels established on February 12.
Source – KITCO News / Opinion