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Gold, Silver, and Platinum up

ByVictoria

Gold prices rose on Monday, supported by a weaker U.S. dollar ahead of U.S.-China trade talks aimed at resolving tensions, while platinum extended gains for a sixth straight session to scale a four-year peak.

Spot gold rose 0.4% to $3,323.71 an ounce, as of 0806 GMT, after dropping earlier in the session to $3,293.29, its lowest level since June 2.

Spot platinum rose 3% to $1,210.80, its highest level since May 2021.

Spot silver was up 1% to $36.3 per ounce, while palladium rose 2.3% to $1,070.97.

Source – Reuters

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    Gold reaches Rs 83,000 per 10 grams for the first time

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    “Gold extended gains on Friday, with spot gold in the domestic market hitting fresh all-time highs,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.

    “Prices in MCX are near record high as Trump trade policies and tariff plans created an uncertain environment in the market, which may boost safe-haven demand,” Deveya Gaglani, Research Analyst-Commodities, Axis Securities, said.

    Comex silver futures also increased 1.53 per cent to USD 31.32 per ounce in the Asian market hours.

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    Newmont gold miner shares in the green

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    Shares in the gold miner are currently swapping hands at $76.60 apiece, more than 2% higher from the open as investors process the numbers.

    2024 was a transformational year for Newmont, as we focused on the integration of the Newcrest portfolio, divestment of our non-core assets, and transitioning the business onto a stable operating and investment platform.

    We have deliberately streamlined Newmont into the world’s best collection of Tier 1 gold assets, with a strong foundation of operational and financial performance. Our record fourth quarter gave a glimpse into the promising potential of the business and allowed Newmont to deliver record operating cash flows.

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    Freeport-McMoRan hopes copper will be declared “critical mineral”

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    Freeport-McMoRan (FCX.N), opens new tab hopes U.S. President Donald Trump declares copper a critical mineral, a move that would unlock tax credits needed to boost American production of the red metal and offset global rivals, CEO Kathleen Quirk said on Monday.

    “Having the incentives and clarity around those would be a big plus for the domestic copper industry,” said Quirk, who became CEO of Phoenix-based Freeport last year.

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    “We’re not looking for handouts, but if the government is trying to incentivize domestic production, it’s important to recognize that the U.S. doesn’t have the same grades that we have internationally,” said Quirk.

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    Copper up, investors confused

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    Copper prices drifted higher on Wednesday as investors waited for details of U.S. reciprocal tariffs, but tin extended a rally to its highest in nearly three years on supply fears.

    Benchmark three-month copper on the London Metal Exchange (LME) was up 0.2% at $9,711 a metric ton by 0953 GMT after slipping to its weakest in three weeks at $9,668.50.

    “Investors are confused, they’re uncertain about the outlook. It’s mostly tariff-related, although there’s also global conflict, currency debasement and confusion around central bank policy,” said Tom Price, head of commodities strategy at Panmure Liberum.

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    Gold hits another record high

    ByVictoria
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    Spot gold was up 2.2% to $3,299.85 an ounce as of 1107 GMT, after hitting a record high of $3,317.90 earlier in the session. U.S. gold futures gained 2.3% to $3,315.80.

    “Trump’s trade war shows no signs of easing… sparking a fresh move towards safe havens and out of stocks,” said Ole Hansen, head of commodity strategy at Saxo Bank.

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  • Gold-scammer jailed for 6.5 years

    ByVictoria
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    A California man was sentenced to 6½ years in prison Tuesday for his role in ongoing “government impostor” gold-bar scams that are costing Americans millions every year.

    “This is a national epidemic,” prosecutor Hannah Gleason said in a courtroom in Montgomery County, Maryland, which has been hit hard by the complex frauds. “These are highly organized criminal organizations.”

    The case at hand cost a 64-year-old woman, living in Montgomery’s Leisure World community, $789,000. She had counted on the savings to fund the medical needs of herself and other family members and now fears she may lose her home, Gleason said.

    “She worries about her financial security and financial health,” Gleason said. “This has caused great emotional distress and impact to her, and has led her to believe she can’t trust people.”

    Source – The Washington Post

    Please be careful out there everyone. People are getting scammed everyday and our older community are the targets…usually. It’s really unfortunate for this lady who knows how many others have had this happen to them too. Be safe! – V.