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Freeport-McMoRan shares up 1.6%

ByVictoria

Miner Freeport-McMoRan (FCX.N), beat Wall Street estimates for second-quarter profit on Wednesday, as higher copper and gold prices helped offset lower production.

The company’s shares rose 1.6% to $40.54 in pre-market trade.

Freeport could be a big beneficiary, seeing as much as $1.6-billion boost to annual profit, given its position as the largest U.S. producer with more expansion options than rivals.

Freeport, which supplies about 70% of U.S. refined copper, said it expects to sell 1.3 billion pounds from its domestic mines in 2025.

Source – Reuters

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    Gold edged higher on Friday, after hitting a two-week low in the previous session, but easing trade tensions and a strong jobs report kept prices on track for a second consecutive weekly loss.

    Spot gold was up 0.5% at $3,255.01 an ounce as of 9:41 a.m. ET (1341 GMT), after hitting its lowest since April 14 on Thursday. Prices were down 2.1% for the week, after hitting a record high of $3,500.05 on April 22.

    “Gold looks like $3,500 may be a top for a little while, especially if some trade deals start to come through and some risk on appetite starts to break through the kind of negative euphoria that we’ve been seeing since the tariff talks,” said Daniel Pavilonis, senior market strategist at RJO Futures.

    Spot silver edged 0.1% lower to $32.35 an ounce, platinum rose 1% to $967.70, and palladium gained 0.9% to $949.00.

    Source – Reuters

  • Historical Antiques and Coins (Sandwich, MA)

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    ByVictoria
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    Another day, another record for gold. Gold is a go-to safe haven in times of economic uncertainty, geopolitical tensions, and loss of faith in governments. The result was a 3.0% gain for gold this past week and a close at the magical $3,000.

    Other precious metals rose this past week. Silver was up 4.9%, while platinum gained 4.8% and is back over $1,000. Near precious metals saw palladium up 1.9% and copper gaining 4.0% as it marches towards $5.00.

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    ByVictoria
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    ByVictoria
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