Gold prices dipped on Wednesday after U.S. President Donald Trump hinted at lower tariffs for China and said he has no plans to fire Federal Reserve Chair Jerome Powell.
Spot gold fell 2.1% to $3,310.29 an ounce, as of 0811 GMT, after hitting a record high of $3,500.05 in the previous session.
Spot silver rose 1% to $32.85 an ounce.
Platinum was up 0.6% at $964.35 and palladium was steady at $935.48.
Source – Reuters
The silver market has seen a lot of noise at the $33 level, as it is a major resistance level from what I can see. At this point, you need to understand that the silver market is not just a precious metal, but an industrial one.
Source – FX Empire
“Bitcoin disrupted global finance just a decade ago, now, silver is emerging as the next keystone of global transformation—poised to reshape industries, currencies and geopolitics.”
“With reserves projected to run out in just 20 years, Plume predicts silver’s price could surpass $60 per ounce.”
According to Plume, nonsourced calculations are “showing the U.S. would need over 3.5 billion ounces [109,375 tons] of silver to transition to 100 percent solar power.” The writer and his publisher say this ties into “how China’s dominance in silver production threatens U.S. strategic interests.”
Source – Recycling Today
Collin Plume author of Silver is the New Oil
Article on Collin Plume CSQ
Australia’s Gold Road Resources rejected a $2.1 billion takeover proposal from Gold Fields, calling the offer opportunistic following a drop in quarterly production.
The all-cash proposal was made earlier this month against a backdrop of surging gold prices, which recently surpassed $3,000 a troy ounce for the first time as economic uncertainty fuels demand for the metal as a perceived safe haven.
“Gold Fields will continue to seek the engagement of the Gold Road board to consider the merits of the proposed acquisition and to advance the proposal,” said Mike Fraser, chief executive of Gold Fields.
Source – Wall Street Journal
South Africa’s rand, stocks and government bonds strengthened on Friday, boosted by higher gold prices as worries over the United States’ worsening fiscal health sent investors into the safe-haven asset.
At 0929 GMT, the rand traded at 17.9150 against the dollar, 0.5% stronger than Thursday’s closing level.
Gold prices rose on Friday and were poised for their biggest weekly gain in more than a month, as a softer U.S. dollar and concerns over the country’s fiscal outlook boosted bullion’s safe-haven appeal.
Source – Reuters
A surge in rates to borrow the precious metal has become the latest sign of alarm, with anxiety building over the impact of further tariffs from US President Donald Trump. That’s sparked a dash to ship silver into the US in a bid to capture premium prices in New York, possibly causing a squeeze in London.
“Should the long-fabled ‘silver squeeze’ materialize, this slower tradeflow will be a key contributor to prolonging” any potential disruption BMO Capital Markets analyst George Heppel said in a note. That’s because it would take time for silver stockpiles to flow from the US back to London, he said.
Source – Mining Weekly
Spot gold was up 0.8% at $2,864 per ounce by 09:24 a.m. ET (1424 GMT), after hitting a record high of $2,877 earlier in the session.
“Gold continues to be largely influenced by trade uncertainties… the tariffs with China and the retaliation has the market on edge, so safe-haven flows remain the dominant factor,” said Peter Grant, vice president and senior metals strategist at Zaner Metals.
Spot silver rose 0.4% to $32.23 per ounce, platinum gained 1.6% to $979.40 and palladium added 0.4% to $994.75.
Source – Reuters