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Copper futures up 5%

ByVictoria

U.S. copper futures rallied nearly 5% on Wednesday, rising more than other global benchmarks, after President Trump said imports of the metal would be subject to a 25% tariff; the front-month May Comex contract (HG1:COM) currently +4.6% at $4.76/lb.

Trump’s comments in last night’s speech to Congress sparked a surge in Comex copper prices in Asian hours, as traders reacted to the possibility that copper tariffs could be larger than expected.

“A 25% tariff was clearly not what the market was expecting before those comments, and now traders are scrambling to price in the correct level, whatever that might end up being,” Saxo Bank’s Ole Hansen said. “Whatever the final tariff is, the disruption to global trade flows is very real.”

Source – Seeking Alpha

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    Gold down, futures ease

    ByVictoria
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    Gold prices were stuck in range-bound trade on Thursday as investors awaited U.S. non-farm payrolls data that could influence the Federal Reserve’s timeline for interest rate cuts.

    Spot gold was down 0.3% at $3,347.44 an ounce by 1128 GMT. U.S. gold futures eased by 0.1% to $3,358.

    The non-farm payrolls report due at 1230 GMT on Thursday is expected to show an addition of 110,000 jobs in June, down from 139,000 in May, according to a Reuters poll.

    Spot silver rose 0.9% to $36.93 an ounce while platinum lost 2.7% to $1,379.95 and palladium retreated by 1.9% to $1,132.76.

    Source – Reuters

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    Sterling Metals Maiden Exploration Program Delivers Multiple New Drill-Ready Copper Targets Following Successful 3D IP Survey at Copper Road

    ByVictoria
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    This survey covered an expansive 5km by 3km area in the center of the Project, successfully pinpointing multiple high-priority, drill-ready targets. These findings are significant, highlighting both the potential of the near surface target zones as well as the Project’s capacity to host a large-scale copper porphyry mineral system at depth

    Jeremy Niemi, SVP Exploration and Evaluation, commented, “We are very happy with how our maiden exploration season has advanced at the Copper Road Project. We took a very purposeful approach to develop geologically rich evidence for a large-scale copper porphyry mineral system and to identify targets that have the potential to host significant volumes of copper and molybdenum. In just eight months, we have achieved this and set the stage for drilling very exciting targets.”

    The primary objective of the survey was to identify sizeable chargeable anomalies within the priority area of the Project.

    Source – ACCESSWIRE / Yahoo Finance

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    Opinion piece, Gold impacted by panic buying

    ByVictoria
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    Some finance experts in Simpsonville said they’ve seen a surge in people investing in gold. They said it follows fears over the economy slowing. 

    Co-owner of JEHM Wealth and Retirement Eric Lahaie told 7NEWS the value of gold has increased by more than 30 percent in the last six months. He emphasized that it is largely because of panic buying.

    “The appreciation is all that you’re going to get out of it. It doesn’t produce a dividend. It doesn’t generate interest like a stock, or a bond will do. So, you don’t get that advantage. And then, as I said earlier, it kind of moves in big jumps, and then flattens out for a long time,” said Lahaie. 

    “If you buy it in a brokerage account, when you sell gold, your gains are taxed at your ordinary income up to 28 percent,” Lahaie also said. “Versus, if you sell stock, as long-term capital gain, you’re going to be taxed somewhere between 15 and 20 percent on the high end. So, that’s kind of a disadvantage for gold.” 

    Source – KOLR Springfield

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    Gold up Silver down

    ByVictoria
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    The price of 24-carat gold surged by Rs 10 in early trade on Thursday, with ten grams of the precious metal trading at Rs 78,830 according to the GoodReturns website. The price of silver fell by Rs 100, with one kilogram of the precious metal selling at Rs 92,400.

    The price of ten grams of 24-carat gold in Mumbai is in line with prices in Kolkata, Chennai, and Hyderabad at Rs 78,830.

    Source – Business Standard

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    Robert Kiyosaki predicts colossal market crash

    ByVictoria
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    “GIANT MARKET CRASH here. Q: How can I be so bullish on gold, silver, and Bitcoin? A: Because the idiots running the Fed, Treasury, Banks, and Wall Street only know how to print money, which makes things worse. FYI: When fake money is printed the rich, who own real assets get richer…. while the poor and middle class, who save fake money, get poorer due to inflation and taxes. Let inflation make you richer, not poorer. Save gold, silver, and Bitcoin. Take care. Crash is here,” Kiyosaki wrote

    Source – Benzinga

    Robert Kiyosaki is an American businessman and author of ‘Rich Dad, Poor Dad’ and other personal finance books.