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Gold breaks $2900 per ounce

ByVictoria

Gold has surged to a new all-time high, breaking through $2,911.72 per ounce on a thick mix of domestic and foreign uncertainty, inflation concerns, and a shifting macroeconomic landscape. While bullion has historically served as a safe-haven asset, the latest rally is not merely a reaction to market turbulence, but instead to a confluence of economic and financial factors that reinforce its role in global portfolios.

Source – Seeking Alpha / American Institute for Economic Research / Written by Peter C. Earle

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Gold and Silver headed for weekly gain

ByVictoria
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“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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Silver Price Forecast

ByVictoria
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Silver price (XAG/USD) continues its upward momentum for the third consecutive session, hovering around $33.30 per troy ounce during Asian trading hours on Thursday. 

Demand for dollar-denominated Silver could rise as the US Dollar (USD) remains under pressure due to cooling inflation. A weaker Greenback makes commodities more affordable for foreign buyers

Source – FXSTREET

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Mining firm Freeport-McMoRan jumps 4%

ByVictoria
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“American industries depend on copper, and it should be made in America, no exemptions, no exceptions,” Commerce Secretary Howard Lutnick said. “It’s time for copper to come home.”

But while the tariffs could be positive for the domestic metals sector, implemented copper tariffs could amplify costs across several segments of the economy. Copper has a broad range of uses, and its cost is an input in the price of everything from electronics to construction materials.

Trump’s tariff probe sparked a surge in copper futures, which rose 1.76% Wednesday morning.

Source – Markets Insider

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Gold, not Bitcoin, becomes investor safe haven

ByVictoria
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Gold prices rallied on Tuesday, regaining ground after a slight pullback at the start of March. Spot gold was up 0.4%, reaching $2,900.78 an ounce as of 7:30 AM UTC. The rally was supported by a weakening US dollar spot index that has dropped to 103.5, a 24-hour 0.2% downtick.

Gold’s more “resilient” performance against the dollar is giving investors more incentives to turn against Bitcoin, with its price falling by more than $15,400 over the past month.

“Now that Bitcoin fell below $77K, it’s down 30% from its January record high,” Schiff posted on X. “It’s hard to see the rationale for the U.S. government holding Bitcoin as a reserve asset when it can lose that much market value so quickly. The rationale will be even harder to see when it’s down 50%.”

Source – Cryptopolitan

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Chile’s Codelco sending copper to India

ByVictoria
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Chile’s state-owned Codelco, the world’s largest copper producer, said on Wednesday it would supply copper concentrates to India’s Adani Group’s $1.2 billion smelter, the world’s biggest single-location plant of its type.

The supply will begin this year, said Codelco

Codelco also separately signed a preliminary agreement with Hindustan Copper to cooperate on exploring and processing minerals.

Source – Reuters