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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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    Silver Storm Files Technical Report and debt settlement

    ByVictoria
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    Silver Storm Mining Ltd. (“Silver Storm” or the “Company“) is pleased to announce that it has filed an independent National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101“) Technical Report titled “Independent Technical Report for the La Parrilla Silver Mine, Durango State, Mexico” with an effective date of December 31, 2024 (the “Technical Report“). The Technical Report updates the Mineral Resource estimate at the Company’s 100% owned La Parrilla Silver Mine Complex, located in Durango Mexico.

    The Company also announces that it has entered into a debt settlement letter agreement with a drilling service provider (the “Creditor“) to settle the Company’s outstanding debt for past services performed by the Creditor in the amount of $578,200 (the “Debt“) by issuing 4,818,333 common shares in the capital of the Company (the “Common Shares“) at a deemed price of $0.12 per Common Share (the “Shares-for-Debt Transaction“).

    Source – Yahoo Finance

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    Barrick Gold more than doubles its cash flow

    ByVictoria
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    On Wednesday, ahead of the North American equity market open, Barrick Gold (NYSE: GOLD, TSX: ABX) reported a 69% increase in net earnings to $2.14 billion and a 51% rise in adjusted net earnings to $2.21 billion, significantly beating analyst expectations. The company also noted that its annual operating cash flow in 2024 increased by 20% to $4.49 billion, while free cash flow more than doubled to $1.32 billion.

    Source – KITCO News

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    Gold up 1.7%

    ByVictoria
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    Futures are up 1.7% at $3,350.60 a troy ounce and on track for weekly gains of nearly 4%.

    “Without a fundamental shift in U.S. fiscal policy, the implications of rising borrowing costs and widening fiscal deficits means the U.S. is on an unstable fiscal policy path, which could lead to heightened market volatility,” says Fawad Razaqzada, analyst at Forex.com.

    Source – The Washington Street Journal

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    U.S. Copper tariffs cause relocation of metal

    ByVictoria
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    U.S. President Donald Trump’s threatened tariff on copper imports has generated a mass relocation of physical metal, swamping the U.S. market and draining the rest of the world.

    The physical response has been so powerful that it has caused the futures arbitrage between the CME contract and the London Metal Exchange (LME) price to collapse.

    CME copper inventory has risen by 81% since the start of the year and is now at an eight-year high of 168,563 short tons (152,919 metric tons).

    LME copper inventory has slumped to a one-year low of 179,375 tons, with 40% of what remains awaiting physical load-out.

    China’s imports of refined copper fell 5% on a year-over-year basis and 20% on a quarter-over-quarter basis in the January-March period as metal was diverted to the U.S.

    Source – Reuters

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    Gold hits another record high

    ByVictoria
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    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