“Over the last 12 months, the value of their reserves or the value of the gold in their reserves was five times the amount by which their reserves increased,” Thompson stated, emphasizing the significant shift in China’s gold holdings.
Thompson also highlighted the unique dynamics of the silver market. “We’ve seen year after year the volume of silver… being produced by the mines going down,” he explained.
Source – The Jerusalem Post
Putting tariffs on the world’s largest silver producer, Mexico, and a bullish seasonal window has woken the silver bulls.
Silver is showing strong signs of bullish momentum, supported by seasonal demand, a favorable technical picture, and a fundamental catalyst in the form of tariffs on Mexico and Canada.
Source – Barchart / Written by Don Dawson
Twangiza Mining, a gold miner operating in the rebel-controlled South Kivu Province in the eastern Democratic Republic of Congo, said it has been ordered to suspend operations by the rebel administration, according to a company-wide letter seen by Reuters.
Manu Birato, who was recently installed as M23 governor of the South Kivu Province, said Twangiza Mining must adapt to new regulations and pay taxes they have not been paying.
“We are in talks with them and showing them that from now on they must start paying taxes,” Birato told Reuters.
Source – Reuters
US President Donald Trump went ahead with 50% tariffs on copper imports but exempted refined metals, which are the mainstay of international trading. The move triggered a record plunge for US prices after a period of fat profits for traders who hurried metal to America before the levies kicked in. A large premium for New York futures over London evaporated.
“The blow-out in the CME-LME spread has been touted as one of the most profitable commodity trades in modern history,” Daniel Ghali of TD Securities Inc. wrote in a note. “In a single session, the White House’s proclamation on copper tariffs annihilated the spread and catalyzed CME copper’s largest intraday fall on record.”
Copper futures on Comex in New York fell by 22% as traders recalibrated the value of metal in the US versus the rest of the world.
Source – Bloomberg
“The gold bull market looks set to continue under Trump 2.0 with trade wars and geopolitical tensions reinforcing the reserve diversification/de-dollarization trend and supporting EM official sector gold demand, and with global growth concerns (tariff and cycle related) set to raise ETF and OTC investment demand,” Citi stated in a note.
“We expect gold to continue to rise as a hedge against growth and other risks, including actual and perceived rising growth risks, including trade wars, still-high interest rates weighing on growth, continued deterioration in the U.S. labor market, ex-U.S. currency devaluation risks, and potential U.S. equity drawdown risks,” the bank noted.
Source – Reuters
Gold imports to Switzerland from the United States jumped to the highest monthly level since at least 2012 in April after the exclusion of precious metals from U.S. import tariffs, Swiss customs data showed on Tuesday.
The Swiss data showed that gold imports from the U.S. rose to 63.0 metric tons in April from 25.5 tons in March. It was the highest in monthly data going back to early 2012.
Switzerland’s total gold exports fell by 31% month on month in April with gold deliveries to the U.S. dropping to 12.7 tons from 103.3 tons in March.
Source – Reuters
Gold Fields (NYSE:GFI) +4.2% pre-market Thursday after reporting a 42% jump in FY 2024 profit and saying it met revised full-year guidance after a stronger H2 performance.
Gold Fields (GFI) raised its dividend by 34% to a company record 10 rand/share ($0.54) per share, prompting CEO Mike Fraser to say the company may consider a share buyback program as a way to boost shareholder returns if the gold price remains elevated.
Source – Seeking Alpha
