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Goldman Sachs forecast on copper

ByVictoria

Goldman Sachs says U.S. net copper imports could rise by 50%-100% in the coming months due to higher U.S. prices before the Trump administration’s planned tariffs, which the bank believes will be imposed at 25% and lead to the surge in imports and a 200K-300K-ton increase in U.S. copper inventories by the end of Q3.

“We maintain our forecast that the LME month-month price will average $10,200/ton in 2024 Q3, and see the impact of inventory dislocation predominantly in timespreads,” the bank writes.

Source – Seeking Alpha

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    Opinion piece, Gold impacted by panic buying

    ByVictoria
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    Some finance experts in Simpsonville said they’ve seen a surge in people investing in gold. They said it follows fears over the economy slowing. 

    Co-owner of JEHM Wealth and Retirement Eric Lahaie told 7NEWS the value of gold has increased by more than 30 percent in the last six months. He emphasized that it is largely because of panic buying.

    “The appreciation is all that you’re going to get out of it. It doesn’t produce a dividend. It doesn’t generate interest like a stock, or a bond will do. So, you don’t get that advantage. And then, as I said earlier, it kind of moves in big jumps, and then flattens out for a long time,” said Lahaie. 

    “If you buy it in a brokerage account, when you sell gold, your gains are taxed at your ordinary income up to 28 percent,” Lahaie also said. “Versus, if you sell stock, as long-term capital gain, you’re going to be taxed somewhere between 15 and 20 percent on the high end. So, that’s kind of a disadvantage for gold.” 

    Source – KOLR Springfield

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    Freeport – McMoRan Inc is developing new technology

    ByVictoria
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    After 154 years of digging at Morenci, all the easily recoverable copper has been mined. Left behind are towering piles of waste rock that hold nearly 10 million tons of the metal seen as critical to global electrification. It’s a cache that could prove key to President Donald Trump’s ambition to boost US production of critical minerals.

    Freeport-McMoRan Inc., which owns Morenci, is trying to develop technology that can burrow within those gigantic waste piles and extract low-grade copper that miners previously saw as too expensive and difficult to process.

    “For a long time, we just didn’t think it was possible to recover any of this stuff,” said Robert Pollock, Morenci’s site manager, gazing up at a waste pile the size of a Manhattan office building. “But now, all this historical copper – we’re going after it.”

    Source – Bloomberg

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    Gold futures rising

    ByVictoria
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    Gold price have risen from Wednesday’s record close, propelled by fears that Trump’s tariffs will continue to hammer stocks and expectations that central banks will continue to hoard the precious metal. Gold futures for April delivery settled Wednesday at $3,139.90 a troy ounce, the latest notch in their 19% climb this year.

    Source – The Wall Street Journal

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    Gold hasn’t moved much, down .01%

    ByVictoria
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    Spot gold was down 0.1% at $2,913.79 an ounce as of 10:04 a.m. EST (1504 GMT). U.S. gold futures rose 0.1% to $2,923.70.

    “There’s still buying interest out there now … there’s going to be some measure of caution ahead of Friday’s (payrolls data), but the underlying trend remains favorable,” said Peter Grant, vice president and senior metals strategist at Zaner Metals. 

    “If the number comes out really bad, I would imagine gold sells off. If it comes out neutral, I don’t think that’s going to move the needle too much. But if it comes out bullish, then gold takes off and we get pretty quick to $3,000, if not higher than that,” said Daniel Pavilonis, senior market strategist at RJO Futures.

    Spot silver advanced 1.2% to $32.36 an ounce and palladium fell 0.4% to $938.22. Platinum gained 0.5% to $965.45.

    Source – Reuters