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Gold reaching $3,000/oz in near-term, says Citi

ByVictoria

“The gold bull market looks set to continue under Trump 2.0 with trade wars and geopolitical tensions reinforcing the reserve diversification/de-dollarization trend and supporting EM official sector gold demand, and with global growth concerns (tariff and cycle related) set to raise ETF and OTC investment demand,” Citi stated in a note.

“We expect gold to continue to rise as a hedge against growth and other risks, including actual and perceived rising growth risks, including trade wars, still-high interest rates weighing on growth, continued deterioration in the U.S. labor market, ex-U.S. currency devaluation risks, and potential U.S. equity drawdown risks,” the bank noted.

Source – Reuters

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    2 new gold ETFs launched

    ByVictoria
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    New Delhi, Jul 10 (PTI) Gold Exchange Traded Fund (ETF) attracted a net sum of Rs 2,081 crore in June, making it the highest monthly inflow in five months, driven by resilient prices of the yellow metal, geopolitical uncertainties and volatility in equity markets.

    “The robust inflows in June indicate a decisive shift in sentiment, likely supported by resilient gold prices, geopolitical uncertainties, and volatility in equity and fixed income markets, which have revived gold’s appeal as a safe-haven asset,” Nehal Meshram, Senior Analyst-Manager Research, Morningstar Investment Research India, said.

    In June, two new Gold ETFs were launched, collectively mobilising Rs 41 crore.

    “While the fund mobilisation through new launches remained modest, it adds to the broader recovery in flows and reflects steady investor interest in the asset class,” Meshram said.

    Source – rediff

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    Gold prices rise after sweeping tariffs

    ByVictoria
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    Gold rose after President Donald Trump delivered on threats to hit Canada and Mexico with sweeping tariffs and doubled a charge on China, spurring swift reprisals.

    Bullion climbed above $2,915 an ounce as Beijing announced 15% duties on some American farm goods, including cotton. Geopolitics was also in the spotlight after the US paused all military aid to Ukraine.

    Spot gold rose 0.8% to $2,914.45 an ounce at 10:45 a.m. in London. The Bloomberg Dollar Spot Index fell 0.2%. Silver and palladium gained, while platinum was little changed.

    Source – Bloomberg

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    Florida Senator Proposes Bill To Recognize Gold, Silver, And Digital Currency As Legal Tender

    ByVictoria
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    Follow up to Gold and Silver may be adopted as legal tender in Florida

    Sponsored by Senator Rodriguez, Senate Bill 132 aims to redefine financial transactions, taxation, and payment of debts using these alternative forms of currency.

    The legislation would also exempt transactions involving gold, silver, and related currencies from taxation. The move reflects a growing interest in alternative monetary systems as a hedge against economic uncertainties.

    The proposed bill includes several significant measures:

    ・Definition of Legal Tender:

    ・Tax Exemptions:

    ・Government Acceptance:

    ・Prohibition on Compulsion:

    ・Regulatory Framework:

    If passed, SB 132 would make Florida one of the few states to officially recognize gold, silver, and digital currencies as legal tender.

    Source – Tampa Free Press

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    Americas Gold and Silver Announces 2024 Results

    ByVictoria
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    Americas Gold and Silver Corporation (TSX: USA) (NYSE American: USAS) (“Americas” or the “Company”), a growing North American precious metals producer, reports consolidated financial and operational results for the year ended December 31, 2024.

    Paul Andre Huet, Chairman and CEO, commented: “At Americas Gold and Silver we have an excellent platform from which to build substantial shareholder value. We have the people, assets, and financial strength to succeed.”

    Source – The Globe and Mail

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    Investors looking at Codelco Copper company

    ByVictoria
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    “Codelco remains a good option to grab some extra spread over sovereign bonds.”

    Copper futures are up about 15% this year in New York, although part of that is due to an up-tick in buying ahead of possible tariffs.

    “Good governance and high copper prices should be good for bonds. Codelco is interesting.”

    Source – Bloomberg

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    Tariff deadline might extend for China

    ByVictoria
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    Gold futures reversed early losses to reach new all-time highs Tuesday, gaining for a third straight session on weaker U.S. bond yields and persistent trade and monetary policy uncertainty as investors continue to anxiously await President Trump’s August 1 tariff deadline.

    The yield on benchmark U.S. 10-year notes fell near two-week low, making non-yielding bullion more attractive.

    U.S. Treasury Secretary Scott Bessent said he plans to meet his Chinese counterpart next week, suggesting a possible extension of an August 12 tariff deadline, but European Union diplomats hinted that the E.U. is looking at broader counter-measures against the U.S. as prospects for a trade agreement dwindle.

    “Trade uncertainty is prompting some safe haven demand,” Kitco Metals senior analyst Jim Wyckoff wrote. “The U.S. has got several trade deals in the works and there’s rumors that the E.U. and the U.S. might not be able to come to an agreement or certainly are not anywhere close yet.”

    Source – Seeking Alpha