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Gold rally similar to 45 years ago

ByVictoria

With tensions running high between historic allies over U.S. tariffs, global trade, and wars in Ukraine and the Middle East, big powers look unlikely to pull together swiftly this time to resolve the issues driving interest in bullion as a haven from risk, analysts say.

The metal’s surge above $3,000 an ounce, driven most recently by U.S. President Donald Trump’s new round of tariffs on trading partners, has been the first time in a long time that geopolitics and economic uncertainty have served as the top factors moving the gold market, HSBC analyst James Steel said.

While the market has this year conquered a series of milestones, one more remains. StoneX analyst Rhona O’Connell noted that gold peaked at $850 in January of 1980, which in dollar terms would equate to $3,486 today.

Source – Reuters

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    Copper outputs up amid tariffs

    ByVictoria
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    BHP warned Thursday that a tariff war could slow the global economy and disrupt world trade, as the world’s biggest miner reported a slight decline in quarterly iron ore production and a 10% rise in copper output due to higher volumes from the giant Escondida mine in Chile.

    “Despite the limited direct impact of tariffs on BHP, the implication of slower economic growth and a fragmented trading environment could be more significant,” CEO Mike Henry said. “China’s ability to shift toward a consumption-led economy and for trade flows to adapt to the new environment will be key to sustaining the global outlook.”

    Source – Seeking Alpha

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    UBS raised gold target to $3200

    ByVictoria
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    “With the price now reaching our long-held target of $3,000/oz, the main question is whether the rally will continue. We think so, as long as policy risks and an intensifying trade conflict continue to spur safe-haven demand,” UBS said.

    Source – Seeking Alpha

    UBS Group AG – formerly Union Bank of Switzerland, is a multinational investment bank and financial services company based in Switzerland.

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    2025 Uncirculated coin set

    ByVictoria
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    The 20-coin 2025 Uncirculated Coin Set is slated for sale to the general public by the United States Mint beginning at noon Eastern Time July 17.

    The sets are offered at $33.25 each, with a maximum output of 190,000 sets, offered without household order limits.

    Each set contains two separate blister-pack folders of 10 coins each, one pack apiece from production at the Philadelphia and Denver Mints. Coins included in the set have an Uncirculated finish but are struck to higher standards than their circulating counterparts.

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  • Mayor of Pataz, Peru “Gold is a curse”

    ByVictoria
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    Pataz has become Peru’s largest gold-producing region, in no small part due to artisan or informal mines, which operate under temporary REINFO permits.

    “Gold is a curse for Pataz,” the mayor of Pataz, Aldo Mariño, told Reuters.

    He said that despite the area’s great mineral wealth, his community lives in poverty, without basic services and on deteriorating or unpaved roads.

    “This has been going on for several years, with the difference that now everything has collapsed. It’s due to the absence of the State,” he said. “People continue to die.”

    Poderosa has reported the deaths of 39 workers in recent years in attacks on its facilities or small mines that supply it with gold. And in the last four years, 15 of the company’s high-voltage towers have been destroyed with explosives.

    Source – Reuters

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    Gold hit another record high

    ByVictoria
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    Gold is on a tear, hitting a record high in New York on Monday at almost $3,150 an ounce to bring the rise this year to 19%.

    Analysts at Bank of America think gold could hit $3,500 an ounce if demand increases by 10%.

    “Uncertainty around Trump Administration trade policies could continue to push the dollar lower, further supporting gold prices near-term. In our view, a broad rebalancing of America’s twin deficits could be bullish gold too.”

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