HSBC raised its 2025 average gold price forecast to $3,215 an ounce from $3,015 and its 2026 forecast to $3,125 from $2,915, citing elevated risks and government debt.
“We anticipate a wide and volatile trading range of $3,600-3,100/oz for the rest of the year and year-end prices of $3,175/oz for 2025 and $3,025/oz for 2026,” the bank said in a note on Tuesday.
Source – Reuters
HSBC – is a British universal bank and financial services group headquartered in London, England.
“While traditionally inflation and real yields have been the main drivers of gold prices, recently central bank buying has emerged as the primary catalyst behind the current gold price increase,” according to a recent research note by Bank of America’s Global Commodity Research’s Franciso Blanch and Irina Shaorshadze.
George Milling-Stanley, chief gold strategist at State Street Global Advisors, also believes central-bank buying will keep gold humming this year, but he also sees two additional drivers.
Source – Fox Business
The South African rand strengthened on Tuesday, helped by the gold price extending its historic run to a new all-time peak.
At 0814 GMT, the rand traded at 18.0175 against the dollar , about 0.4% stronger than its previous close.
“At some point a gold price that continues to rise will excite local miners to make a greater effort to mine difficult-to-reach gold deposits. What may not have looked viable several years ago must be looking interesting now,” said ETM Analytics in a research note.
Source – Reuters
South African rand – is the official currency of South Africa. 1 South African Rand is $0.055 USD.
Proposed designs for the obverses of the Proof 2027 and 2028 American Eagle platinum $100 coins — for the second and third years in the three-coin Charters of Freedom series — were recommended Feb. 18 by the Citizens Coinage Advisory Committee.
Source – Coin World
News is from 1/14/2025
This is a follow up on Barrick Gold and it’s current mining situation.
Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) today confirmed that the company remains restricted from shipping gold from the Loulo-Gounkoto mining complex in Mali. Additionally, the interim attachment order on the gold has now been executed by the Malian government by moving the existing gold stock from the site to a custodial bank, further preventing the shipment and sale of the gold.
As a result, Barrick has regrettably initiated the temporary suspension of operations while it continues to work towards a resolution.
Barrick remains committed to constructive engagement with the Malian government and all stakeholders to find an amicable solution that ensures the long-term sustainability of the Loulo-Gounkoto mining complex and its vital contribution to Mali’s economy and communities.
Source – Barrick
China will import even more off-exchange refined copper this year, according to analysts and traders, as output from the Congo booms and users look to alleviate shortages and head off a potential disruption to supplies of U.S. scrap.
“The supply of refined copper, including scrap, concentrate, anode and blister, is still tight. We therefore expect higher imports of plentiful refined copper, including EQ copper to partly compensate for this tightness in other raw materials,” Jonathan Barnes, principal analyst at metals research company Project Blue said.
Source – Reuters
