Spot gold was up 2.2% to $3,299.85 an ounce as of 1107 GMT, after hitting a record high of $3,317.90 earlier in the session. U.S. gold futures gained 2.3% to $3,315.80.
“Trump’s trade war shows no signs of easing… sparking a fresh move towards safe havens and out of stocks,” said Ole Hansen, head of commodity strategy at Saxo Bank.
Spot silver rose 2% to $32.94 an ounce, platinum was up 0.1% to $960.85, and palladium gained 0.6% to $977.09.
Source – Reuters
Gold imports to Switzerland from the United States jumped to the highest monthly level since at least 2012 in April after the exclusion of precious metals from U.S. import tariffs, Swiss customs data showed on Tuesday.
The Swiss data showed that gold imports from the U.S. rose to 63.0 metric tons in April from 25.5 tons in March. It was the highest in monthly data going back to early 2012.
Switzerland’s total gold exports fell by 31% month on month in April with gold deliveries to the U.S. dropping to 12.7 tons from 103.3 tons in March.
Source – Reuters
Copper is generally a good indicator because it’s used all over the economy — in factories, houses, electronics and streetlights, per Chris Berry, founder and president of House Mountain Partners.
“The next time you’re on an airplane at night, and you’re coming in for a landing, and you see any lights or anything like that, every single one of those lights is working because of the electrical conductivity of copper,” he said.
So, if the economy is growing, and we’re building more, we’ll need more copper.
Source – Market Place
Source – MSN
U.S. copper futures rallied nearly 5% on Wednesday, rising more than other global benchmarks, after President Trump said imports of the metal would be subject to a 25% tariff; the front-month May Comex contract (HG1:COM) currently +4.6% at $4.76/lb.
Trump’s comments in last night’s speech to Congress sparked a surge in Comex copper prices in Asian hours, as traders reacted to the possibility that copper tariffs could be larger than expected.
“A 25% tariff was clearly not what the market was expecting before those comments, and now traders are scrambling to price in the correct level, whatever that might end up being,” Saxo Bank’s Ole Hansen said. “Whatever the final tariff is, the disruption to global trade flows is very real.”
Source – Seeking Alpha
“Trying to guess what happens next is a serious challenge.” CEO John McCluskey of Alamos Gold
Source – CNBC / Video
The Amundi Physical Gold ETC is designed to track the performance of gold prices, offering an alternative to direct investment in the precious metal. The securities are backed by allocated gold stored in secure vaults, with each ETC security representing a specific entitlement to gold, which diminishes slightly each day to cover operational expenses at an annual rate of 0.12%.
Investors should note that the ETC securities are not the equivalent of investing in gold directly, as they are financial instruments subject to market fluctuations and other risks inherent to securities trading.
Source – Investing.com