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Chinese users turn to off-exchange to ease supply tightness

ByVictoria

China will import even more off-exchange refined copper this year, according to analysts and traders, as output from the Congo booms and users look to alleviate shortages and head off a potential disruption to supplies of U.S. scrap.

“The supply of refined copper, including scrap, concentrate, anode and blister, is still tight. We therefore expect higher imports of plentiful refined copper, including EQ copper to partly compensate for this tightness in other raw materials,” Jonathan Barnes, principal analyst at metals research company Project Blue said.

Source – Reuters

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    Copper at record high $11,633 a ton

    ByVictoria
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    Unusually large shipments of copper to the United States are unlikely to abate as long as the threat of tariffs hangs over the market and price premiums for the metal on U.S.-based COMEX make deals profitable for traders and producers, analysts said.

    COMEX copper hit a record high at $11,633 a metric ton on March 26, creating a premium of more than $1,570 a ton against the benchmark contract on the London Metal Exchange.

    “We expect 250,000-300,000 tons of extra copper will be shipped to the U.S. over March-May because of the spread and amid the uncertainties regarding the tariff,” said Sharon Ding, head of China basic materials at UBS Investment Research.

    “It’s possible we’ll see more atypical cargos in the second half of May,” Kpler analyst Ben Ayre said. “While the COMEX price continues to run at a premium to the LME there’s a strong incentive to land refined copper in the United States.”

    Source – Reuters

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    Goldman Sachs raises gold forecast again

    ByVictoria
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    Analysts led by Lina Thomas moved their gold forecast for the end of 2025 to $3,300 an ounce, from $3,100.

    Gold futures rose 1.3% to $3,060.70 an ounce, buoyed by uncertainty over new auto tariffs announced by the White House on Wednesday. 

    On Tuesday, Bank of America lifted its gold-price forecast to $3,500 from $3,000. As with Goldman, their analysts cited central bank and ETF demand, but also pointed out that China’s insurance industry is getting a regulatory push to buy more.

    Source – Market Watch

  • Gold and Silver may be adopted as Legal Tender in Florida

    ByVictoria
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    This is revolving a bit around politics but hey we need to stay with the times when we look at our investments and retirement interests. Our investments DO revolve around what the world is going through and we need to base our decisions on real life real world problems. This is an important part of investing and paying attention to trends if you are so inclined to invest or use or investments in the direction you feel it needs to go.

    Let’s stay in tune with what’s going on and learn about today’s topic.

    Well, this news happened a couple days ago but it’s still relevant today as things change before we know it!

    News!

    Currently in Florida, there is an open House seat in District 1. Trump backed candidate Jimmy Patronis wants the Sunshine State to adopt gold and silver as legal tender and has called for a study on the issue.

    “Gold and silver have been trusted assets for thousands of years, and it makes perfect sense to use them as legal tender. I’m launching this study to determine the best way to get it done,” Patronis said in a statement included in a press release earlier this week.

    For the full article and source https://www.msn.com/en-us/news/politics/trump-backed-candidate-aiming-to-replace-matt-gaetz-wants-florida-to-adopt-gold-and-silver-as-legal-tender/ar-AA1vR6dn?ocid=socialshare

    Additional Info

    Currently there are 11 states that use gold and silver coins as legal tender Utah being the first state to do so in 2011. This is a great shift we may see as states are either moving towards it or in talks of doing this. The positive for those who live in these states is the capital gains taxes would be eliminated on sales of gold and silver.

    For more info and map see source https://worldpopulationreview.com/state-rankings/gold-and-silver-legal-tender-states

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    Gold hasn’t moved much, down .01%

    ByVictoria
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    Spot gold was down 0.1% at $2,913.79 an ounce as of 10:04 a.m. EST (1504 GMT). U.S. gold futures rose 0.1% to $2,923.70.

    “There’s still buying interest out there now … there’s going to be some measure of caution ahead of Friday’s (payrolls data), but the underlying trend remains favorable,” said Peter Grant, vice president and senior metals strategist at Zaner Metals. 

    “If the number comes out really bad, I would imagine gold sells off. If it comes out neutral, I don’t think that’s going to move the needle too much. But if it comes out bullish, then gold takes off and we get pretty quick to $3,000, if not higher than that,” said Daniel Pavilonis, senior market strategist at RJO Futures.

    Spot silver advanced 1.2% to $32.36 an ounce and palladium fell 0.4% to $938.22. Platinum gained 0.5% to $965.45.

    Source – Reuters