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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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Copper prices edge up in thin trade after past week’s tumble

ByVictoria
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Three-month copper on the London Metal Exchange (LME) rose 0.1% to $8,949.5 a metric ton in official open-outcry trading.

Adding further pressure, the International Copper Study Group said on Friday that the global refined copper market was in a 287,000 metric ton surplus for the first 10 months of 2024.

With a mean reversion strategy in play, copper is likely to strengthen back above the crucial $9,000 mark, Sucden Financial analysts said.

Source – ZAWYA

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Silver undervalued to Gold

ByVictoria
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Although the high gold-silver ratio might suggest that silver has been a laggard, that is far from the case. Silver has rallied 43% in the past year, and gold has been just a bit better with a 44% gain. This year, using popular exchange traded funds as a gauge, iShares Silver Trust (SLV) is up 10% and SPDR Gold Shares (GLD) is up 11%.

Source – Barron’s

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Gold and Silver “Technical Scoop”

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.

Source – Silver Seek

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Silver prices showing momentum as US tariff Mexico and Canada

ByVictoria
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Putting tariffs on the world’s largest silver producer, Mexico, and a bullish seasonal window has woken the silver bulls.

Silver is showing strong signs of bullish momentum, supported by seasonal demand, a favorable technical picture, and a fundamental catalyst in the form of tariffs on Mexico and Canada.

Source – Barchart / Written by Don Dawson

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Silver Price Forecast – Silver Continues to Look Sideways Overall

ByVictoria
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The silver market was rather quiet during the early hours on Wednesday as we continue to see a lot of choppiness.

I think this is a scenario where you have to be somewhat hesitant to buy silver, and I think really what we are looking at is a situation where we are just simply consolidating overall. I believe that the $28.75 level is significant support, just as the $31 level is significant resistance.

Source – FXEMPIRE

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Canadian copper miner drops $20bn arbitration

ByVictoria
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First Quantum decision suggests movement to resolve investor dispute with Central American government

Canada’s First Quantum Minerals on Monday said it was stepping back from a multibillion-dollar arbitration demand against Panama’s government over the closing of one of the world’s largest copper mines.

Source – Financial Times