Gold Price Today
Source – Money Metals
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AngloGold to acquire Augusta Gold in Nevada expansion
AngloGold Ashanti (NYSE:AU) said Wednesday it agreed to acquire Augusta Gold (OTCQB:AUGG) for C$1.70/share in cash, implying a fully-diluted equity value of ~C$152M (US$111M).
The price represents a ~28% premium to Augusta Gold’s (OTCQB:AUGG) closing price on the Toronto Stock Exchange on July 15.
“This acquisition reinforces the value we see in one of North America’s most prolific gold districts,” AngloGold (AU) CEO Alberto Calderon said.
Source – Seeking Alpha
Trump singles out copper as a focus of his domestic minerals policy
President Donald Trump is taking a step toward granting the U.S. mining industry’s biggest wishes by singling out one metal as a focus of his domestic minerals policy: copper.
From talk of acquiring Greenland and its vast mineral wealth to prodding Ukraine for minerals in exchange for help fending off Russia’s invasion, Trump has made the raw materials of modern life a pillar of his foreign policy.
“Copper is, I think, the metal that is really the most critical because it is the electricity metal,” said Debra Struhsacker, a mining industry policy consultant. “The electricity demand is, I think, going to stay. And copper is indispensable for that.”
“Made in America, America first, starts with American mining and American miners that supported this president across the country,” National Mining Association president and CEO Rich Nolan said.
Source – The Associated Press
Copper prices may continue to rise
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
Gold not expected to do well this week
Gold prices fell on Friday and were poised for their worst weekly performance in more than a month after the Federal Reserve tempered expectations for rate cuts and on a temporary easing of concerns about an imminent U.S. attack on Iran.
Spot gold slipped 0.7% to $3,347.80 an ounce, as of 1201 GMT, and was down 2.5% for the week so far. U.S. gold futures shed 1.3% to $3,364.00.
“Gold, silver, and platinum all suffered setbacks as traders booked profits after Wednesday’s FOMC meeting,” said Ole Hansen, head of commodity strategy at Saxo Bank.
“Gold is likely to extend its current consolidation phase with support around $3,320 followed by $3,245.”
Source – Reuters
U.S. Copper tariffs cause relocation of metal
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
Weaker dollar helping gold today
Gold price rose more than 1% on Thursday, moving away from the one-month low it touched in the previous session, as a pullback in the dollar and fresh U.S. tariff announcements lifted demand for the safe-haven asset.
Spot gold was up 0.9% at $3,305.15 per ounce, as of 1140 GMT. The bullion had hit its lowest level since June 30 at $3,267.79 on Wednesday
“We had some large downward moves yesterday in gold around the FOMC statement release and the tariff announcement. So a moderately weaker U.S. dollar is helping gold today,” said UBS commodity analyst Giovanni Staunovo.
Spot silver was down 1.6% at $36.53 per ounce, platinum fell 0.6% to $1,318.20 and palladium gained 0.9% to $1,215.94.
Source – Reuters