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Gold, not Bitcoin, becomes investor safe haven

ByVictoria

Gold prices rallied on Tuesday, regaining ground after a slight pullback at the start of March. Spot gold was up 0.4%, reaching $2,900.78 an ounce as of 7:30 AM UTC. The rally was supported by a weakening US dollar spot index that has dropped to 103.5, a 24-hour 0.2% downtick.

Gold’s more “resilient” performance against the dollar is giving investors more incentives to turn against Bitcoin, with its price falling by more than $15,400 over the past month.

“Now that Bitcoin fell below $77K, it’s down 30% from its January record high,” Schiff posted on X. “It’s hard to see the rationale for the U.S. government holding Bitcoin as a reserve asset when it can lose that much market value so quickly. The rationale will be even harder to see when it’s down 50%.”

Source – Cryptopolitan

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    Gold gains, Dollar slipped

    ByVictoria
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    Gold futures posted their second consecutive strong gain on Tuesday, rising 3% in the two days since Moody’s downgraded its U.S. credit rating and amplified concerns over the debt and deficit spending.

    The dollar slipped again, weighed down in part by cautious remarks about the economy by Federal Reserve officials and by President Trump’s failure so far to convince Republican holdouts in the U.S. House to support his sweeping tax and spending bill.

    “Investors are reassessing the long-term outlook for U.S. sovereign risk. As such, safe-haven assets like gold could experience heightened demand,” Quasar Elizunda of Pepperstone said in a note.

    Source – Seeking Alpha

    Moody’s Corporation – (MCO) a New York-based company that owns Moody’s Investors Service that rates creditworthiness of companies, governments, and fixed income debt securities, and Moody’s Analytics.

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    Gold up .6%, dollar weak

    ByVictoria
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    Spot gold was up 0.6% at $3,373.09 an ounce, as of 0552 GMT. U.S. gold futures gained 1.5% to $3,393.80.

    The weakness in the dollar index serves as a strong catalyst, said Kelvin Wong, a senior market analyst, Asia Pacific at OANDA, adding that a “bullish breakout” of the $3,346 resistance triggered technical buying.

    Spot silver was up 0.4% at $36.38 per ounce, platinum rose 1.2% to $1,271.15, still hovering near a more than 4-year high, while palladium was down 1.1% at $1,068.19.

    Source – Reuters

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    Trump Tariff Fears Spark Disconnect in Silver and Copper Markets

    ByVictoria
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    “Investors around the world have started the year looking for protection against sticky and potentially rising inflation, fiscal debt worries and the unpredictability of Trump,” said Ole Hansen, head of commodities strategy at Saxo Bank. 

    “The market is sleepwalking into a squeeze right now,” Daniel Ghali, senior commodity strategist at TD Securities, said in an interview. “People are completely disregarding this risk.”

    Source – Bloomberg / Yahoo Finance

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    Donald Trump May Implement Copper Tariffs

    ByVictoria
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    US tariffs on copper imports may be coming within weeks, months earlier than Donald Trump’s original deadline for a decision, according to people familiar. He’s previously threatened a duty of 25% on one of the world’s most important metals—and it’s hurting American factories already. The price of copper traded in New York jumped to a record high. Keep on top of the latest with our tariff tracker.

    Source – Bloomberg

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    African banks are getting into gold

    ByVictoria
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    Sub-Saharan African central banks that have added gold to their reserves in recent years could face price and liquidity crises if the value of the precious metal slides, BMI, a unit of Fitch Group, said on Wednesday.

    Ghana, Tanzania and Nigeria have been buying gold domestically to beef up their reserves, BMI said, a move accelerated by this year’s broader market volatility stoked by U.S. trade tariffs and other geopolitical risks.

    Policymakers in Kenya and Uganda are exploring a move into gold, Rwanda and Namibia have taken active steps towards adding the metal into their reserves.

    Governments could also struggle to convert their gold holdings into liquid assets like hard currencies, Gard said, pointing to India and Argentina when they faced acute balance of payments challenges in the 1990s and 2000s, respectively.

    Source – Reuters