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
Copper futures have pared losses and now sit roughly unchanged on the day at $4.25.
Source – Market Watch
Gold touched a more than one-week low on Thursday after a U.S. federal court blocked President Donald Trump’s “reciprocal tariffs”, dampening the metal’s safe-haven allure, while a robust dollar further pressured prices of the precious metal.
Spot gold was down 0.5% at $3,273.37 an ounce, as of 0431 GMT, after hitting its lowest since May 20.
But the gold market is still bullish as “longer term outlook suggests a weaker dollar and there’s still likely to be some inflationary pressures near term,” Frappell said.
Spot silver rose 0.6% to $33.19 an ounce, platinum was up 0.6% to $1,080.90 and palladium edged 1.3% higher to $974.69.
Source – Reuters
Idaho yesterday formally ended state income taxes on gold and silver as part of its largest tax cut in state history.
House Bill 40, sponsored by House Speaker Mike Moyle and begrudgingly signed by the state’s liberal Republican governor Brad Little, provides a sweeping $253 million income tax cut for Idahoan taxpayers by lowering the rate from 5.695% to 5.3% while also adding two specific exemptions.
Moyle said today, “I’m proud to help secure another $253 million in income tax cuts for Idaho families. Meanwhile, it makes no sense for Idaho to tax gold and silver, the only money mentioned in the U.S. Constitution.”
Source – Money Metals
AngloGold Ashanti (AU.N), is boosting payouts to investors, it said on Wednesday, after its profit surged to $954 million last year from a loss of $46 million in the prior year, buoyed by the precious metal’s rally to record highs.
Shares in the company however fell as much as 7.4% in early trading in New York.
CEO Alberto Calderon said the gold price rally had given AngloGold the strongest balance sheet position in more than a decade, and it is “able to pass on those benefits to shareholders in a more generous dividend policy”.
Source – Reuters
“We have gone through all our shutdowns and proprietary maintenance and all that in the first three quarters. We should be able to produce a stellar fourth quarter based on our numbers,” Misra told Reuters in an interview.
Misra expects zinc prices to rise to $2,850-$2,950 a ton in the coming days from $2,800 currently, and silver to trade between $30 and $31 per ounce.
Source – Reuters
The bank’s analysts found that only 10% of the 126 posts Trump had published this time around on sensitive topics such as trade tariffs, foreign relations and economics had caused clear currency market moves.
“Among the different topics, the posts on tariffs have been the biggest market movers,” JPMorgan’s note published on Monday said, adding that closer to a third of those ones had been market moving.
Source – KITCO News / Reuters