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Gold is “uniquely positioned”

ByVictoria

Spot prices hit another record high of $3,357.40 per troy ounce on Wednesday before falling back after Federal Reserve chair Jerome Powell said President Donald Trump’s tariffs were “significantly larger” than expected.

The Goldman analysts said that stresses in bond markets “increase our conviction that gold is uniquely positioned to hedge recession risk.”

The bank’s economists say there’s a 45% chance of a US recession in the next 12 months. If that happens, the analysts said gold could hit $3,880 by the end of the year — or even as much as $4,500 under certain scenarios.

Source – Markets Insider

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    Chile in a “wait and see” mode

    ByVictoria
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    Chile’s place at the low-end of U.S. tariffs announced last week could be favorable for the world’s leading copper-producing country if U.S. President Donald Trump decides to slap tariffs on copper, Chile Mining Minister Aurora Williams said on Wednesday.

    Chile is in “wait-and-see” mode until the investigation concludes, Williams told Reuters, but sees potential for a positive outcome even if the U.S. imposes tariffs on copper.

    “If we assume that Chile is within the lowest tariff range, the application of a potential 10% tariff is lower than the tariffs we have seen for other copper-producing countries and therefore also generates a better price position,” Williams said

    Source – Reuters

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    Silver Continues to Pressure Upside

    ByVictoria
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    During the trading on Friday, we saw the silver market initially dip, only to turn around and show signs of strength yet again. Because of this, I think the market is likely to continue to be bullish.

    In general, this is a market that’s been in an uptrend for quite some time and if we are in fact going to continue to see inflationary issues, things like silver, commodities and stuff could get a little bit of a bid. We’ll just have to wait and see.

    Source – FXEMPIRE / Written by Christopher Lewis

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    Gold falls, trade war fears continue

    ByVictoria
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    Spot gold fell 0.6% to $2,934.99 an ounce as of 09:55 a.m. (1455 GMT), after reaching $2,956.15 on Monday.

    U.S. gold futures declined 0.5% to $2,948.60.

    Trump said on Monday that tariffs on Canadian and Mexican imports were “on time and on schedule”

    “I still think that there’s enough uncertainty out there associated with tariffs (and) trade more generally… dips are going to continue to be viewed as buying opportunities,” said Peter Grant, vice president and senior metals strategist at Zaner Metals.

    Spot silver shed 1.2% to $31.96 an ounce, platinum dropped 0.8% to $959.35 and palladium lost 0.8% to $932.50.

    Source – Reuters

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    Gold prices still going strong

    ByVictoria
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    “We believe the demand is across the board. We see institutions either adding to or establishing long term strategic asset allocation type positions. We see individual investors doing the same. We see a certain amount of FOMO. There’s a fear of missing out whenever the price gains momentum to the upside” George Milling-Stanley, Chief Gold Strategist at State Street Global Advisors, told FOX Business.

    Source – FOX News

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    Switerlands gold exports reach highest since 2022

    ByVictoria
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    Over the last two months, 12.9 million troy ounces (401 metric tons) of gold were delivered to COMEX-approved warehouses, raising stocks there by 73.5% to 30.4 million ounces, the highest since July 2022.

    According to the Swiss data, gold deliveries from the country to the U.S. rose to 64.2 tons in December from 3.3 tons in the last month of 2023. In March 2022, when global markets were grappling with immediate consequences of Russia’s invasion of Ukraine, Switzerland exported 81.5 tons of gold to the U.S.

    Source – US News / Reuters

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    Copper miner Freeport-McMoRan reports better than expected profit

    ByVictoria
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    Phoenix-based Freeport also boosted its budget for the year by roughly 5% to $4.4 billion and forecast an increase for next year as well, surprising investors.

    On an adjusted basis, the company earned 31 cents per share in the quarter, compared with the analysts’ average estimate of 20 cents per share, according to data compiled by LSEG.

    Source – Reuters