Focusing on silver investments/collecting
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
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 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.
Follow up to Gold and Silver may be adopted as legal tender in Florida
Sponsored by Senator Rodriguez, Senate Bill 132 aims to redefine financial transactions, taxation, and payment of debts using these alternative forms of currency.
The legislation would also exempt transactions involving gold, silver, and related currencies from taxation. The move reflects a growing interest in alternative monetary systems as a hedge against economic uncertainties.
The proposed bill includes several significant measures:
・Definition of Legal Tender:
・Tax Exemptions:
・Government Acceptance:
・Prohibition on Compulsion:
・Regulatory Framework:
If passed, SB 132 would make Florida one of the few states to officially recognize gold, silver, and digital currencies as legal tender.
Source – Tampa Free Press
Follow up on Kentucky considers bill to entice gold and silver investors
House Bill 2, introduced last week by Rep. T.J. Roberts, R-Burlington, and backed by several other GOP representatives, would void a controversial line-item budget veto by Beshear last year that prevented state lawmakers from exempting “bullion currency” — or gold and silver coins — from taxation.
The proposed bill would also give people who have paid sales taxes on gold and silver since August — when the exemption was set to take effect — the power to use the courts to seek a refund along with $1,000 for “each day that the violation occurred,” paid by the governor’s office.
Source – Louisville Courier-Journal
Silver price (XAG/USD) retraces its recent gains from the previous session, trading around $29.80 per barrel during the Asian hours on Wednesday.
People’s Bank of China (PBOC) Governor Pan Gongsheng stated on Monday that “interest rate and reserve requirement ratio (RRR) tools will be utilized to maintain ample liquidity.” Gongsheng reaffirmed China’s plans to increase the fiscal deficit and emphasized that China will continue to be a driving force for the global economy.
Source – FX Street
Prospects for platinum group metals in 2025 look similar to previous years, UBS says, adding that it expects platinum to outperform palladium , and both to lag gold and silver once again.
The investment bank, meanwhile, has a forecast of a 25% return for silver, with prices trading in a $36-38/oz range.
“Hence, we hold a more nuanced outlook for the overall precious metal sector, with a more attractive risk-reward in gold/silver versus platinum/palladium. Within the platinum group of metals, platinum remains favored over palladium, considering the higher volatility and lower liquidity of the latter,” analysts added.
Source – Seeking Alpha
