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Gold up 2%, Silver up 4.1%

ByVictoria

Gold rose more than 2% on Monday to its highest in over three weeks, as a weakening dollar and a combination of geopolitical risks and economic uncertainty fuelled investor demand for safe-haven assets.

Spot gold was up 2.7% at $3,377.29 an ounce, as of 10:19 a.m ET (1419 GMT), after hitting its highest level since May 8 earlier in the session.

“The latest tariff threats on Friday, including plans to double steel and aluminium tariffs to 50% along with Ukraine’s weekend attacks deep into Russia, have heightened geopolitical risks and are fuelling risk-off sentiment,” said Peter Grant, vice president and senior metals strategist at Zanier Metals.

“For the gold forecast, this backdrop of risk aversion and fiscal uncertainty couldn’t be more favourable.”

Spot silver rose 4.1% to $34.31 an ounce, platinum was up 0.3% at $1,059.55 and palladium rose 1.2% to $982.40.

Source – Reuters

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    Franco-Nevada said Tuesday it agreed to acquire a royalty package consisting of a 7.5% gross margin royalty on the Côté gold mine in Ontario from a unnamed third party for $1.05B in cash.

    The company said the royalty package applies to mineral production from the Chester 1, 2 and 3 claims, which cover all of the mineral reserves and over 99.9% of current mineral resources on the Côté mine.

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    Switzerland gold imports at highest

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    Gold imports to Switzerland from the United States jumped to the highest monthly level since at least 2012 in April after the exclusion of precious metals from U.S. import tariffs, Swiss customs data showed on Tuesday.

    The Swiss data showed that gold imports from the U.S. rose to 63.0 metric tons in April from 25.5 tons in March. It was the highest in monthly data going back to early 2012.

    Switzerland’s total gold exports fell by 31% month on month in April with gold deliveries to the U.S. dropping to 12.7 tons from 103.3 tons in March.

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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.

    “People are understanding more what copper is used for and its importance in our economy. It’s just a matter of time before it’s classified as a critical mineral.”

    “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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    Superman silver Coins are available with subscription

    ByVictoria
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    The subscription option for ordering the first numismatic product in the U.S. Mint’s Comic Art Coin and Medal Program is open.

    The subscription option opened June 12 for just one item among  the first issues in the series depicting DC Comics superhero Superman.

    The Son of Krypton’s powerful debut includes a 1-ounce silver medal struck in .999 fine silver, a 2.5-ounce .999 silver medal, and a half-ounce .9999 fine gold $50 coin.

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    Will gold reserves replace dollar?

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    “Gold is also kept in the Reserve Bank and gold is also being bought by the Reserve Bank. But beyond that, as regards an international currency or potential currency, there is not much for me to comment at this stage,” FM Nirmala Sitharman said.

    “I think it is very typical of India, particularly for households of small businesses and, it is normally said, women, but general households also, and women also, to invest in gold because they think it’s far more secure and far more liquid” FM Nirmala Sitharaman said.

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    Chile copper mine produces first cathode

    ByVictoria
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    A Chilean startup backed by BHP Group has delivered its first copper cathodes from a demonstration plant at a mine site in northern Chile as the industry looks to squeeze out more metal from lower quality ore.

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