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Codelco boots copper 2024 but strains workers, delays maintenance

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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    Gold steady, Platinum at its highest

    Gold prices were little changed on Wednesday as investors waited for the Federal Reserve’s policy decision and comments from Chair Jerome Powell, while platinum surged to a more than four-year peak.

    Spot gold was steady at $3,387.89 an ounce by 1145 a.m. EDT (1545 GMT).

    “The prevailing trend of seeking alternative stores of value beyond the U.S. dollar remains strong, driven by a growing desire for assets that are independent of external control,” said Ryan McIntyre, Managing Partner at Sprott Inc.

    Spot silver fell 1% to $36.87 per ounce

    Platinum added 3.5% to $1,306.68, highest since February 2021.

    Source – Reuters

  • Over the Weekend!

    Texas proposes gold and silver-backed currencies to compete with fiat money

    “Under the proposed law, the Texas Comptroller would issue gold and silver specie (coins) through the Texas Bullion Depository and also establish gold and silver transactional currency defined as ‘the representation of gold and silver specie and bullion held in the pooled depository account,’” wrote Mike Maharrey, Communications Director at the Tenth Amendment Center. “The Depository would be required to hold enough gold and silver to back 100 percent of the issued currency.”

    If approved, the bills would enable “Holders of gold and silver specie and currency to use them as ‘legal tender in payment of debt,’ in the state of Texas,” he noted. “The gold and silver-backed currency would be electronically transferable to another person. Gold and silver-backed currency would be redeemable in specie or at the spot price of gold in U.S. dollars minus applicable fees.”

    Source – KITCO News

    Northeast Numismatics has special Lexington-Concord commemorative

    Northeast Numismatics of Concord, Massachusetts, is the lone supplier of the special 2025-dated commemorative coin altered for this occasion. “We realized we were coming up on the 250th anniversary a few years ago and got the idea to do something special,” said Northeast owner Tom Caldwell.

    Source – Coin World

    First Amendment Final Coin

    The five-year (2021-25) First Amendment to the United States Constitution coin series concludes this month with the release of the final issue.

    The $100 platinum proof coins are priced at $1,545, and mintage is limited to 9,000. To order, visit the U.S. Mint’s website.

    Source – The Reading Room

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    Gold is “uniquely positioned”

    Spot prices hit another record high of $3,357.40 per troy ounce on Wednesday before falling back after Federal Reserve chair Jerome Powell said President Donald Trump’s tariffs were “significantly larger” than expected.

    The Goldman analysts said that stresses in bond markets “increase our conviction that gold is uniquely positioned to hedge recession risk.”

    The bank’s economists say there’s a 45% chance of a US recession in the next 12 months. If that happens, the analysts said gold could hit $3,880 by the end of the year — or even as much as $4,500 under certain scenarios.

    Source – Markets Insider

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    Gold eases as dollar ticks up; Trump policies in spotlight

    “With a stronger dollar and Treasury yields, it’s hard for gold to continue to move higher,” said Bob Haberkorn, senior market strategist at RJO Futures.

    “(Gold) bulls’ next upside price objective is to produce a close above solid resistance at the contract high of $2,826.30,” Jim Wyckoff, senior market analyst at Kitco Metals, said.

    Source – Reuters

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    Americas Gold and Silver Announces 2024 Results

    Americas Gold and Silver Corporation (TSX: USA) (NYSE American: USAS) (“Americas” or the “Company”), a growing North American precious metals producer, reports consolidated financial and operational results for the year ended December 31, 2024.

    Paul Andre Huet, Chairman and CEO, commented: “At Americas Gold and Silver we have an excellent platform from which to build substantial shareholder value. We have the people, assets, and financial strength to succeed.”

    Source – The Globe and Mail

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    2025-S American Women Quarters Proof set on sale late February

    Quarter dollars in the set are produced at the San Francisco Mint and will feature reverse designs recognizing, in order of release, Ida B. Wells, a founder of the National Association for the Advancement of Colored People; Juliette Gordon Low, founder of the Girl Scouts of the United States of America; Dr. Vera Rubin, trailblazing astronomer; Stacey Park Milbern, disabilities rights advocate; and Althea Gibson, accomplished amateur tennis player and professional golfer.

    The clad composition comprises outer layers of an alloy of 75% copper and 25% nickel bonded to a core of pure copper.

    Source – Coin World