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Codelco boots copper 2024 but strains workers, delays maintenance

ByVictoria

An internal document seen by Reuters showed Codelco’s production reached 1.328 million tons in 2024, at the low end of its target range and just about 3,500 tons higher than the quarter-century low in 2023.

The worker, who asked not to be identified because they were not authorized to talk about internal operations, said Codelco has yet to fix bottlenecks in transporting minerals in the mine.

Cristian Cifuentes, an analyst at the Center for Copper Studies (CESCO), said that the Ministro Hales mine is still at reduced capacity and the ramp up of Chuquicamata Underground has been “slower than we all thought.”

Source – Reuters

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    Will gold reserves replace dollar?

    ByVictoria
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    The Reserve Bank of India (RBI) is not increasing the reserves of gold to replace any international currency, Finance Minister Nirmala Sitharaman on Monday clarified in the Lok Sabha.

    “Gold is also kept in the Reserve Bank and gold is also being bought by the Reserve Bank. But beyond that, as regards an international currency or potential currency, there is not much for me to comment at this stage,” FM Nirmala Sitharman said.

    “I think it is very typical of India, particularly for households of small businesses and, it is normally said, women, but general households also, and women also, to invest in gold because they think it’s far more secure and far more liquid” FM Nirmala Sitharaman said.

    “The idea that the BRICS Countries are trying to move away from the Dollar, while we stand by and watch, is OVER,” Trump posted on Truth Social after assuming power as the President of the US.

    Source – Mint

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    Bank of England is busier than they’ve been in years

    ByVictoria
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    They have been working flat out to do what the Bank describes as “digging out” gold bars for delivery to traders who’ve seized on a rare arbitrage opportunity thrown up by speculation that Donald Trump will impose tariffs on the precious metal, alongside a raft of other imported goods. 

    The Bank’s vault keepers are busier than they’ve been in years, logistics companies are working overtime, and refineries are booked out for months with orders to recast gold bars from London into a form that can be delivered into the US futures market.

    “What’s happening in the London market is a short term logistical thing, but it’s having real consequences,” said John Reade, senior market strategist at the World Gold Council, the industry lobby group. “There’s not as much gold in London as normal, but again, there’s still lots there. And once it can get out from behind the Bank of England, then everything should calm down.”

    Source – Bloomberg

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    Gold to remain stong, silver expected to rise

    ByVictoria
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    Gold prices firmed on Wednesday as investors stayed cautious amid lingering uncertainty over the U.S.-China trade truce and waited for key U.S. inflation data for clues on the Federal Reserve’s interest rate trajectory.

    Spot gold XAU= was up 0.3% to $3,330.69 an ounce at 1122 GMT. U.S. gold futures GCcv1 were up 0.3% to $3,351.60.

    “Gold should remain supported as long as global trade tensions risk escalating further, or even just staying elevated for longer.”

    “We expect silver to reach $38/oz in the coming months. Market deficit considerations and a weaker USD hold the key for even higher prices – a test of $40/oz is possible,” UBS said.

    Source – Reuters

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    Gold, Silver, Platinum Forecasts

    ByVictoria
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    Gold

    Gold tests resistance at $2930 – $2940 as traders bet that demand from central banks will stay strong in the upcoming months.

    Silver

    Silver gains ground as traders react to the strong performance of gold markets. RSI is in the moderate territory, and there is enough room to gain momentum in the near term.

    Platinum

    Platinum is stuck near the $1000 level as traders wait for additional catalysts.

    Source – FXEMPIRE

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    Seeking Alpha analyst weighs in on gold

    ByVictoria
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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