Gold Fields (NYSE:GFI) +4.2% pre-market Thursday after reporting a 42% jump in FY 2024 profit and saying it met revised full-year guidance after a stronger H2 performance.
Gold Fields (GFI) raised its dividend by 34% to a company record 10 rand/share ($0.54) per share, prompting CEO Mike Fraser to say the company may consider a share buyback program as a way to boost shareholder returns if the gold price remains elevated.
Source – Seeking Alpha
Goldman Sachs says U.S. net copper imports could rise by 50%-100% in the coming months due to higher U.S. prices before the Trump administration’s planned tariffs, which the bank believes will be imposed at 25% and lead to the surge in imports and a 200K-300K-ton increase in U.S. copper inventories by the end of Q3.
“We maintain our forecast that the LME month-month price will average $10,200/ton in 2024 Q3, and see the impact of inventory dislocation predominantly in timespreads,” the bank writes.
Source – Seeking Alpha
UBS and Commerzbank raised their gold price forecasts on Friday, joining other investment banks as investors drive the safe-haven metal to record highs amid the economic uncertainty sparked by U.S. President Donald Trump’s trade policies.
Trump’s tariffs have roiled financial markets, stoking fears of inflation and a global recession. While he has paused most duties, he has hiked those on China to 145%, prompting Beijing to lift its tariffs on U.S. goods to 125%.
“We expect gold’s rally to extend into next year and for prices to stabilise at higher levels further out,” UBS analysts said in a note
Source – Reuters
Copper prices in the U.S. have surged ahead of those in the rest of world and hit a record last week, a sign the mere threat of tariffs is lifting costs for domestic manufacturers.
Benchmark U.S. copper futures ended Monday at $5.02 a pound, up 26% this year. That compares with an 11% gain to $9,673 a metric ton, or about $4.39 a pound, on the London Metal Exchange, which is the global trading hub.
U.S. copper futures have been the top performer among major commodities in the first quarter. Prices for the industrial metal last week topped the record set in May but have since pulled back. Copper’s gains have outpaced the 21% rise in lumber futures, which was also fueled by uncertainty over tariffs.
Source – Wall Street Journal
The inflow into physically backed gold exchange-traded funds in April was the largest since March, 2022, with China-listed funds leading the move due to the country’s trade war with the U.S., data from the World Gold Council showed on Thursday.
Gold ETFs saw an inflow of 115.3 metric tons worth $11.2 billion last month, the largest amount since March 2022, when global markets were grappling with the immediate consequences of Russia’s invasion of Ukraine.
This move raised Gold ETFs’ total holdings by 3.3% to 3,560.8 tons by the end of April
Source – Reuters
The safety of Germany’s gold reserves held overseas and in New York in particular, until recently mainly a talking point for the country’s far-right party and gold bugs, is becoming a matter of public debate with Donald Trump back in the White House.
“For gold reserves, diversification is key. Having all eggs in too few baskets is never advisable,” Ferber said.
Source – Reuters
The shares of Hindustan Zinc surged nearly 6 percent to trade at Rs 496 apiece on June 5 on the back of a notable surge in silver prices in India.
Hindustan Zinc is the largest producer of silver in India, and produces refined silver with a minimum 99.9 percent purity. The sharp rise in the bullion’s prices is expected to further boost the stock.
Hindustan Zinc shares have gained nearly 16 percent in the past one month, but dropped nearly 27 percent in the past one year.
Source – Money Control
