News

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JSW Group plans copper smelter by 2028-2029

ByVictoria
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India’s steel-to-power conglomerate JSW Group plans to set up a 500,000 metric ton capacity copper smelter in the eastern state of Odisha by 2028/29 with feedstock of copper concentrate from Peru and Chile, a source directly aware of the matter told Reuters on Thursday.

JSW plans to feed its planned electric vehicle and battery manufacturing facilities with the copper produced at the smelter, the source added. Some of the concentrate supply will come from Hindustan Copper, the source said.

Source – Reuters

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Citi raises gold price target

ByVictoria
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“In our bull case, we see gold prices reaching $3,500 per ounce by year-end, underpinned by much higher hedging/investment demand on fears of US hard landing/stagflation,” analysts at Citi said in a note.

Source – Reuters

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Gold hit record high

ByVictoria
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Spot gold held steady at $3,047.1 an ounce as of 0700 GMT, after hitting a record high of $3,057.21 earlier in the session.

U.S. gold futures gained 0.4% to $3,054.10.

“For now, gold’s appeal as a safe haven and inflation hedge has further strengthened in light of those geopolitical concerns and tariff uncertainty. We remain constructive on the outlook of gold,” said OCBC forex strategist Christopher Wong.

Spot silver was flat at $33.8 an ounce, platinum fell 0.3% to $989.85. Palladium slipped 1% to $949.50.

Source – Reuters

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Chinas Laopu Gold dubbed “Hermes of Gold”

ByVictoria
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With prices for most of its popular products ranging from 10,000 to 50,000 yuan, Laopu now competes more directly with Western luxury brands such as Tiffany and Cartier.

As rising gold prices in 2024 pushed investors toward bullion and coins and gold jewellery sales in China fell 24.69% to 532.02 tonnes, Laopu twice raised prices on its designer jewellery and trinkets. It again upped prices by 5-12% last month.

But analysts say Laopu is a contender to fully break through the luxury glass ceiling.

“It’s not an imminent threat to global luxury groups because to build a luxury brand takes a long time. You need a story, you need a history, you need the craftsmanship, but it’s possible,” said Jonathan Yan, a principal at consultancy Roland Berger in Shanghai.

Source – Reuters

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Utah bill to allow vendors to be paid in gold and silver

ByVictoria
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Bill HB306, now awaiting signature from Governor Spencer Cox, authorizes the state treasurer to issue a competitive procurement for a precious metals-backed electronic payment platform. This will allow state vendors to opt for payment in physical gold and silver.

Rep. Kenneth Ivory sponsored Bill HB306, and Sen. Keith Grover pushed the legislation through the Senate. The state politicians noted that the legislation is the latest evolution in Utah’s stance in favor of sound money.

“In uncertain economic times, Utah is providing vendors and service providers with the option to receive payment in gold and silver,” Rep. Ivory said. “This law gives Utahns an alternative to choose how they preserve the purchasing power of their earnings and savings.”

Source – KITCO News

The Lords of Fortune company to recover gold from RMS Republic 1909 shipwreck

ByVictoria
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The R.M.S. Republic sank Jan. 24, 1909, after a collision in dense fog with the S.S. Florida off the coast of Nantucket Island, Massachusetts.

The Lords of Fortune company has identified two cargoes — a $25 million Tsarist gold shipment and an $800,000 U.S. Navy shipment, both 1909 face values when gold was $20.67 per ounce.

With a successful recovery, an $8 million investment should return $200 million conservatively, according to Capt. Martin Bayerle of Lords of Fortune LLC.

Add the Russian gold, 45 tons of United States gold $10 eagles on melt value alone, and you exceed 100 times, he said.

Source – Coin World

This is amazing! Wondering if there’s as much as they say there is. Hopefully there isn’t too much damage to the gold from the salt water. Can’t wait to see pictures or video of the excavation. -V.

Gold toilet thief and accomplice convicted!

ByVictoria
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“This was an audacious raid which had been carefully planned and executed,” prosecutor Shan Saunders said. “But those responsible were not careful enough, leaving a trail of evidence in the form of forensics, CCTV footage and phone data.”

The purloined potty was stolen just days after its installation. It has never been recovered but is believed to have been cut up and sold.

Jones, 39, was convicted of burglary in Oxford Crown Court.

The theft was planned by James Sheen, 40, who previously pleaded guilty to burglary, conspiracy and transferring criminal property.

Doe, 36, also known as Frederick Sines, was convicted of conspiracy to transfer criminal property.

A fourth man charged in the conspiracy, Bora Guccuk, 41, was acquitted by jurors.

Source – CBS News

WOW! Looks like justice was served. I will continue to follow up on jail time. Stealing a gold toilet from Winston Churchills house is bold to say the least. I wonder if the art will be made again after this. We’ll see! – V.

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100K-150K metric tons of copper to arrive in the US

ByVictoria
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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

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Seeking Alpha analyst weighs in on gold

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SA analyst World Gold Council stated: “While gold may face some consolidation due to the speed of its latest move, the combination of geopolitical and geoeconomic uncertainty, rising inflation, lower rates, and a weaker US dollar continue to provide powerful tailwinds to investment demand,”

“I recommend buying assets that track the price of gold… Inflation had been on an upward trend, but the lower-than-expected reading in February added more uncertainty to investors. Additionally, recession fears could lead the Fed to cut interest rates. All these uncertainties drive up gold prices,”

Source – Seeking Alpha

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Gold holds with little change

ByVictoria
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Spot gold fell 0.1% to $3,030.13 an ounce, as of 09:35 a.m. ET

“There are concerns that tariffs could spark inflation, and there’s a consensus that despite rising prices from U.S. tariffs, the Federal Reserve might start easing policy around mid-year,” said Bart Melek, head of commodity strategies at TD Securities.

“I expect gold to trade roughly where it is now, give or take about $25,” Melek said.

Spot silver dropped 1.2% to $33.61 an ounce, platinum lost 1.6% to $980.90 and palladium fell 0.8% to $959.20

Source – Reuters