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Gold and Silver headed for weekly gain

ByVictoria

“The latest run-up in prices—in gold to an 11-week high near last year’s record, and silver towards resistance around USD 31—was triggered by Trump’s threat to impose tariffs on some of its major trading partners, including Canada, Mexico, Europe, and China.”

“Silver continues to recover from the deep end-of-year correction that saw the white metal tumble 17% from a 12-year high at $34.87 to a December low at $28.74. Besides renewed demand from wrong-footed short sellers in the futures market at the start of the year, prices have also been supported by… the fundamental outlook for a fifth consecutive annual supply deficit.”

Source – Seeking Alpha

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    Gold recession warning

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    “I’m basing this whole forecast on the fact that the Fed is going to be wrong,” Hemke stated, emphasizing his belief that the current economic strength is overstated.

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    Tariff deadline might extend for China

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    Gold futures reversed early losses to reach new all-time highs Tuesday, gaining for a third straight session on weaker U.S. bond yields and persistent trade and monetary policy uncertainty as investors continue to anxiously await President Trump’s August 1 tariff deadline.

    The yield on benchmark U.S. 10-year notes fell near two-week low, making non-yielding bullion more attractive.

    U.S. Treasury Secretary Scott Bessent said he plans to meet his Chinese counterpart next week, suggesting a possible extension of an August 12 tariff deadline, but European Union diplomats hinted that the E.U. is looking at broader counter-measures against the U.S. as prospects for a trade agreement dwindle.

    “Trade uncertainty is prompting some safe haven demand,” Kitco Metals senior analyst Jim Wyckoff wrote. “The U.S. has got several trade deals in the works and there’s rumors that the E.U. and the U.S. might not be able to come to an agreement or certainly are not anywhere close yet.”

    Source – Seeking Alpha

  • Largest gold deposit in the world: NASA scientists discovered

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    NASA scientists estimate that there are almost 20 million tons of gold dissolved in the water of the seas and oceans.

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    Over a week low on Gold

    ByVictoria
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    Gold touched a more than one-week low on Thursday after a U.S. federal court blocked President Donald Trump’s “reciprocal tariffs”, dampening the metal’s safe-haven allure, while a robust dollar further pressured prices of the precious metal.

    Spot gold was down 0.5% at $3,273.37 an ounce, as of 0431 GMT, after hitting its lowest since May 20.

    But the gold market is still bullish as “longer term outlook suggests a weaker dollar and there’s still likely to be some inflationary pressures near term,” Frappell said.

    Spot silver rose 0.6% to $33.19 an ounce, platinum was up 0.6% to $1,080.90 and palladium edged 1.3% higher to $974.69.

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    Codelco targets 1.391 million tons of copper output

    ByVictoria
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    Chilean state miner Codelco, the world’s largest copper producer, is targeting production of 1.391 million metric tons of the red metal this year, according to an unpublished government decree approving its 2025 budget reviewed by Reuters.

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    Chinas Laopu Gold dubbed “Hermes of Gold”

    ByVictoria
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    With prices for most of its popular products ranging from 10,000 to 50,000 yuan, Laopu now competes more directly with Western luxury brands such as Tiffany and Cartier.

    As rising gold prices in 2024 pushed investors toward bullion and coins and gold jewellery sales in China fell 24.69% to 532.02 tonnes, Laopu twice raised prices on its designer jewellery and trinkets. It again upped prices by 5-12% last month.

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    Source – Reuters