| | |

Gold set for eighth weekly gain

ByVictoria

Spot gold shed 0.4% to $2,927.95 an ounce by 1204 GMT. Bullion has gained around 1.6% this week after rising to a record $2,954.69 on Thursday.

“The non-stop rally since December remains unchallenged unless prices drop to around $2,850,” said Ole Hansen, head of commodity strategy at Saxo Bank.

“Gold has been displaying resilience with short-lived retracements, as lingering U.S. trade uncertainties reinforce its appeal as a hedge,” IG market strategist Yeap Jun Rong said.

Spot silver was flat at $32.92 an ounce, and palladium dipped 0.3% to $974.75. Both metals were headed for weekly gains.

Platinum shed 0.2% to $976.80 and eyed a weekly decline.

Source – Reuters

Similar Posts

  • /

    Largest inflow for gold EFTs

    ByVictoria
    0 Comments

    Physically backed gold exchange-traded funds (ETFs) registered the largest quarterly inflow in three years in January-March, 2025, data from the World Gold Council (WGC) showed on Tuesday.

    Investors seeking shelter from political and economic volatility were moving into gold ETFs, which store bullion for investors, in the first quarter.

    Gold ETFs saw an inflow of 226.5 metric tons worth $21.1 billion in the first quarter, the largest amount since the first quarter of 2022, when global markets were grappling with the immediate consequences of Russia’s invasion of Ukraine.

    Source – Reuters

  • /

    Bank of England is busier than they’ve been in years

    ByVictoria
    0 Comments

    They have been working flat out to do what the Bank describes as “digging out” gold bars for delivery to traders who’ve seized on a rare arbitrage opportunity thrown up by speculation that Donald Trump will impose tariffs on the precious metal, alongside a raft of other imported goods. 

    The Bank’s vault keepers are busier than they’ve been in years, logistics companies are working overtime, and refineries are booked out for months with orders to recast gold bars from London into a form that can be delivered into the US futures market.

    “What’s happening in the London market is a short term logistical thing, but it’s having real consequences,” said John Reade, senior market strategist at the World Gold Council, the industry lobby group. “There’s not as much gold in London as normal, but again, there’s still lots there. And once it can get out from behind the Bank of England, then everything should calm down.”

    Source – Bloomberg

  • /

    Copper from Codelco jumped 17% in November

    ByVictoria
    0 Comments

    Copper production from Chile’s state-run miner Codelco, the world’s largest producer of the metal, jumped nearly 17% in November, helping to boost overall output of the metal in the mineral-rich nation by some 10%, data from copper commission Cochilco showed on Friday.

    Taking Friday’s results into account, Chile’s total production in November was up 9.8% to 486,200 tons, Cochilco said.

    Source – Mining.com

  • /

    Trade policies pushing gold up

    ByVictoria
    0 Comments

    Gold prices rallied above $3,100 per ounce for the first time on Monday, on course for its biggest quarterly gain in over 38 years, as global tariffs and geopolitical tensions push investors toward safe-haven bets.

    “Trump’s unpredictable trade policy has been the key driver for gold so far in 2025, with prices up by more than 16% year-to-date, extending its momentum from 2024,” ING analysts said.

    “We see uncertainty over trade and tariffs, along with central bank buying and inflows into ETF holdings continuing to buoy gold prices.”

    Source – Seeking Alpha

  • Over the Weekend!

    ByVictoria
    0 Comments

    The Price Of Gold From 2021-22 Has Long Rejected ‘Bidenflation’

    Considering the price of gold throughout 2021, it averaged out to roughly $1,798/ounce, meaning the value of the dollar actually rose around 3 percent right at the time that the economy-sapping tax that is government spending continued under Biden, and allegedly caused “inflation.” To be clear, government spending is the worst tax of all exactly because it substitutes central planning of resources by the government for that of the private sector. Still, it logically doesn’t cause higher prices, or “inflation,” and it didn’t if gold is to be believed.

    Source – Forbes

    Silvercorp Metals Boosted By El Domo

    Silvercorp’s El Domo project in Ecuador is set to boost revenues by 50% when it begins operations and diversify operations reducing jurisdictional risk.

    Source – Seeking Alpha / Mountain Valley Value Investments

    Hope you had a LOVEly Valentines weekend!

  • /

    Codelco boots copper 2024 but strains workers, delays maintenance

    ByVictoria
    0 Comments

    An internal document seen by Reuters showed Codelco’s production reached 1.328 million tons in 2024, at the low end of its target range and just about 3,500 tons higher than the quarter-century low in 2023.

    The worker, who asked not to be identified because they were not authorized to talk about internal operations, said Codelco has yet to fix bottlenecks in transporting minerals in the mine.

    Cristian Cifuentes, an analyst at the Center for Copper Studies (CESCO), said that the Ministro Hales mine is still at reduced capacity and the ramp up of Chuquicamata Underground has been “slower than we all thought.”

    Source – Reuters