The silver market was rather quiet during the early hours on Wednesday as we continue to see a lot of choppiness.
I think this is a scenario where you have to be somewhat hesitant to buy silver, and I think really what we are looking at is a situation where we are just simply consolidating overall. I believe that the $28.75 level is significant support, just as the $31 level is significant resistance.
Source – FXEMPIRE
“The uncertainty surrounding Trump’s first measures as U.S. president fuelled demand for gold as a safe haven. This can be seen, among other things, in the strong inflow of more than 10 tons into the world’s largest and most liquid gold ETF on Friday,” Commerzbank Research said.
“The uncertainty as to whether tariffs will be introduced on gold and silver has already left visible traces on the Comex in recent weeks. In addition, the price premium for gold on the Comex has widened significantly compared to the spot price in London.”
Source – Seeking Alpha
At 13:19 GMT, XAG/USD is trading $30.84, Unchanged.
Prices have also remained above the pivot at $30.53, which keeps the short-, medium-, and long-term trends firmly upward.
Daily Gold (XAU/USD)Gold, often viewed as silver’s counterpart, has outperformed with a breakout above $2,726.30, pushing prices closer to record highs at $2,790.17.
A sustained rally above $30.53 and a breakout over $30.98 may open the door for further gains, but for now, silver remains in gold’s shadow.
Source – FXEMPIRE
Saudi Arabia’s Manara Minerals is looking for critical minerals projects in Zambia to invest in, the southern African country’s mines minister Paul Kabuswe told Reuters on Thursday.
“They (Manara) are interested, but we do not know which ones yet,” he said on the sidelines of a mining conference in Riyadh, adding that an announcement on a potential mining deal between Zambia and Saudi Arabia is likely this year.
“We no longer want those agreements where we have 10% or 15%,” he said, adding that the government is also holding talks with Barrick Gold, Ivanhoe Mines and Chinese investors on their plans for new projects.
Source – Reuters
An internal document seen by Reuters showed Codelco’s production reached 1.328 million tons in 2024, at the low end of its target range and just about 3,500 tons higher than the quarter-century low in 2023.
The worker, who asked not to be identified because they were not authorized to talk about internal operations, said Codelco has yet to fix bottlenecks in transporting minerals in the mine.
Cristian Cifuentes, an analyst at the Center for Copper Studies (CESCO), said that the Ministro Hales mine is still at reduced capacity and the ramp up of Chuquicamata Underground has been “slower than we all thought.”
Source – Reuters
Gold prices surged to a one-month peak on Thursday, nearing $2,700 per ounce, as softer U.S. inflation data fueled hopes of lower interest rates in 2025. Spot gold rose to $2,697.45 an ounce, while February gold futures climbed 0.4% to $2,728. Lower rates enhance gold’s appeal by reducing the opportunity cost of holding non-yielding assets.
Other precious metals saw mixed movement: platinum futures dipped 0.1% to $948.15 an ounce, while silver edged up 0.3% to $31.622.
Copper prices steadied after recent gains, with London futures rising 0.3% to $9,192.50 per ton.
Source – Econo Times
The most active futures on gold are currently trading at $2745.10, up $27.30 or 1% from a day earlier. That level is just about 2% shy of its all-time settlement high of $2800.80 marked on Oct. 30. If the contract closes at current levels, it would be the highest close since last month, according to the Dow Jones Market Data.
“Gold remains the consummate hedge for investors worried about inflation or growth,” wrote Jared Woodard and the team from BofA securities on Tuesday. Gold was labeled as BofA’s “highest conviction investment ideas for 2025.”
Source – BARRON’S
BofA securities – Bank of America Inc., previously Bank of America Merrill Lynch (BAML) is an American multinational investment banking division under the auspices of Bank of America.
The Toronto Stock Exchange’s S&P/TSX composite index (.GSPTSE)
, opens new tab held steady at 24,793.53 points, mirroring the sentiment on Wall Street.
However, high silver and gold prices helped limit losses for Canadian stocks.
“A lot of gains were experienced yesterday and today you are probably going to see muted markets,” Allan Small, senior investment adviser at Allan Small Financial Group with iA Private Wealth, said on Thursday.
The Bank of Canada is expected to cut interest rates by 25 basis points to 3.00% when it meets later this month, according to a Reuters poll of economists.
Source – Reuters
The price of gold of 99.5 per cent purity climbed Rs 500 to Rs 80,900 per 10 grams. It settled at Rs 80,400 per 10 grams in the previous trading session.
Silver also surged Rs 2,300 to Rs 94,000 per kg from the previous close of Rs 91,700 per kg on Wednesday.
“Gold surged higher trading above Rs 79,000 in MCX, supported by a rupee depreciation,” Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities, said.
Source – Press Trust of India
Rs (abbreviated) is a financial term that you may or may not be familiar with. I have 2 descriptions for this abbreviated term. Rs stands for Relative Strength.
Chile, the world’s No. 1 copper producer, will boost its output of the red metal to 5.54 million metric tons in 2034, representing a 5.6% increase from 2023, state-run copper commission Cochilco said on Wednesday.
Source – Reuters