| |

Gold fell 3%, Silver .9%

ByVictoria

Safe-haven gold fell 3% on Monday as risk sentiment crept in following the announcement of a temporary deal between the United States and China to reduce tariffs.

Spot gold was down 3% at $3,225.28 an ounce, as of 1344 ET (17:44 GMT). Bullion, considered a hedge against economic and geopolitical turmoil, hit a record high of $3,500.05 last month amid increased tariff uncertainty.

“June gold futures bulls have lost their overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at $3,350. First resistance is seen at $3,250 and then at $3,275,” said Jim Wyckoff, senior analyst at Kitco Metals.

Spot silver slid 0.9% to $32.4 an ounce, platinum fell 1.9% to $976.06 and palladium dipped 3.4% to $942.69.

Source – Reuters

Similar Posts

  • /

    2025 Kennedy halves will go on sale in May

    ByVictoria
    0 Comments

    Circulation finish 2025-P and 2025-D Kennedy half dollars in bags and rolls are scheduled to go on sale from the United States Mint at noon Eastern Time May 6.

    The mixed 200-coin canvas mini-bags comprise 100 coins each produced at the Denver and Philadelphia Mints.

    The $100 face value bags are priced at $154.50 per bag, with a maximum release of 11,550 bags and a household-order limit of 10 bags.

    Source – Coin World

  • /

    Central Banks keep gold rally

    ByVictoria
    0 Comments

    Central banks are expected to help keep gold’s stunning rally going this year with buying aimed at further diversifying reserves away from the dollar due to risks stemming from U.S. President Donald Trump’s policies.

    Spot gold hit its latest record at $3,167.57 a troy ounce on Thursday for a gain of 19% since the start of 2025 and a hefty 71% rise since the end of 2022.

    “Emerging market central banks currently hold around 10% of their assets in gold. They should really hold 30% of their assets in gold,” said BofA commodity strategist Michael Widmer.

    “From the central banking perspective (uncertainty) means less incentive to add Treasuries into portfolios and more incentive to actually de-dollarise it,” he said.

    Source – Reuters

  • /

    San Francisco Mint might close

    ByVictoria
    0 Comments

    President Trump and the Elon Musk-led Department of Government Efficiency (DOGE) have now targeted the San Francisco Mint for closure in a bid to sell the real estate on which the National Register of Historic Places structure stands, theoretically to reduce government expenses.

    Mint-wide, the bureau has already trimmed more than 100 full-time staffers, with an edict from DOGE to trim another 200, while the bureau wrestles with vacancies, some of which still need to be filled. Many of the positions trimmed were resolved through resignations and retirements.

    Closing the San Francisco Mint could affect the production of many numismatic products, such as Proof sets, silver Proof sets, Proof commemorative coins and Matte silver presidential medals.

    Source – Coin World

  • /

    President Trump inaugural medals being made

    ByVictoria
    0 Comments

    Medalcraft Mint in Green Bay, Wisconsin, is now marketing 2.75-inch (69.85-millimeter) Proof bronze versions and Proof silver versions of the official Donald J. Trump presidential inaugural medal, along with a six-piece process set that illustrates the progression of the striking process for the bronze medals.

    According to Medalcraft sales representative Branden Beyer, the bronze medals are being offered at $75 each, the silver medal at more than $900 depending on the fluctuating daily spot price of silver, and the six-piece process set at $650.

    Source – Coin World

  • /

    Copper in a slump

    ByVictoria
    0 Comments

    London Metal Exchange (LME) three-month copper slumped to a 17-month low of $8,105 per metric ton on April 7 after China responded to U.S. tariffs in kind.

    Citi, which now expects copper to hit $8,000 per ton over the next three months, warns that commodity markets are still not pricing the full potential impact on demand.

    Copper as a macro play cannot but reflect the broader market concerns about the negative impact of an escalating trade war between the United States and China on the world economy.

    But at a micro level, the specific threat of U.S. tariffs on the metal is pulling normal trade patterns out of shape and causing both LME and Shanghai exchange inventories to fall.

    Source – Reuters

  • /

    Freeport-McMoRan shares up 1.6%

    ByVictoria
    0 Comments

    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