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Gold rises, tariffs hit auto industry

ByVictoria

Trump announced 25% tariffs on all vehicles and foreign-made auto parts imported into the United States late on Wednesday, prompting heavy losses in Japanese and South Korean stocks in Asian trading overnight.

General Motors slumped 6%, while shares in Ford fell almost 5%, reflecting concerns about the impact on their supply chains.

“Uncertainty on the tariff front remains high, which is really tough for both businesses but also investors to plan into the future, and of course it’s making it really difficult for investors to price risk,” said Baylee Wakefield, a multi-asset portfolio manager at Aviva Investors.

Gold prices rose, up 0.7% on the day at $3,040 an ounce. Goldman Sachs raised its gold price forecast on Wednesday, citing stronger-than-expected ETF inflows and sustained central bank demand.

Source – Reuters

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    Perth Mint’s gold and silver rise

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    Sales of gold coins and minted bars rose to 25,103 ounces in February, up 35% from January. On a year-on-year basis, they were down 47%.

    Silver product sales increased to 482,451 ounces in February.

    “It is heartening to see the increase in sales on January levels given precious metals prices remain at record highs,” said Neil Vance, Perth Mint’s general manager of minted products.

    Source – Reuters

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    American Liberty gold coin and silver medal 2025

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    The limited-edition Proof 2025-W American Liberty High Relief .9999 fine 1-ounce gold $100 coin and 1-ounce .999 fine silver medal feature a sunflower and are scheduled to go on sale from the United States Mint at noon Eastern Time Aug. 21.

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    Kentucky Considers Bill to Entice Gold and Silver Investors 

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    The bill says, “any aggrieved taxpayer who has had taxes collected from them in any purchase that are exempt under KRS 139.480(37), may maintain an action for a refund on behalf of themselves and others similarly situated, without need to resort to any administrative process, against any person collecting or holding such tax funds, including the Secretary of the Finance and Administration Cabinet and the Commissioner of the Department of Revenue.”

     “If you own gold, you can afford to pay sales tax.” said Gov. Beshear

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    Gold, Silver, Platinum Forecasts

    ByVictoria
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    Gold

    Gold made an attempt to settle below the support at $2870 – $2880 but lost momentum and climbed back above the $2900 level.

    Silver

    Silver rallied above the $32.00 level as gold/silver ratio pulled back below the psychologically important 90 level.

    Platinum

    Platinum is trying to settle above the resistance at $1025 – $1030 as demand for precious metals stays strong.

    Source – FXEMPIRE

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    Gold Is Close to Revisiting Its Record High

    ByVictoria
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    The most active futures on gold are currently trading at $2745.10, up $27.30 or 1% from a day earlier. That level is just about 2% shy of its all-time settlement high of $2800.80 marked on Oct. 30. If the contract closes at current levels, it would be the highest close since last month, according to the Dow Jones Market Data.

    “Gold remains the consummate hedge for investors worried about inflation or growth,” wrote Jared Woodard and the team from BofA securities on Tuesday. Gold was labeled as BofA’s “highest conviction investment ideas for 2025.”

    Source – BARRON’S

    BofA securities – Bank of America Inc., previously Bank of America Merrill Lynch (BAML) is an American multinational investment banking division under the auspices of Bank of America.