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India admits miscalculations on gold for months

ByVictoria

The Ministry of Commerce and Industry said in a statement Thursday it revised import figures from April to November after discovering the discrepancy, which had resulted from migrating to a new data transmission system.

The miscalculation led to a four-fold increase in gold imports to a record $14.8 billion in November, causing the trade deficit to widen to $37.8 billion.

Preliminary revisions show gold imports were $37.39 billion in the April-November period, down $11.7 billion from previously reported.

Source – Bloomberg / Live Mint

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    Indonesia trade ministry supports extending Freeport’s copper export permit

    ByVictoria
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    Freeport’s last export permit expired at the end of 2024, but the company has requested it can continue selling copper concentrate abroad because its local copper smelter was in repair after a fire in October last year.

    “The trade ministry supports a plan to relax the export policy after weighing the cost and benefit analysis … while also observing the sustainability of the government’s natural resource downstreaming policy,” deputy minister Dyah Roro Esti said in a statement.

    Freeport Indonesia said that it’s currently negotiating with the government over the export permit and believed the government “would accommodate” it.

    Source – Mining.com

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    Goldman Sachs raises gold forecast again

    ByVictoria
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    Analysts led by Lina Thomas moved their gold forecast for the end of 2025 to $3,300 an ounce, from $3,100.

    Gold futures rose 1.3% to $3,060.70 an ounce, buoyed by uncertainty over new auto tariffs announced by the White House on Wednesday. 

    On Tuesday, Bank of America lifted its gold-price forecast to $3,500 from $3,000. As with Goldman, their analysts cited central bank and ETF demand, but also pointed out that China’s insurance industry is getting a regulatory push to buy more.

    Source – Market Watch

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    Over the Weekend!

    ByVictoria
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    Bitcoin Lags Behind Gold

    Bitcoin has gained just over 3% year-to-date, trailing gold’s 9% jump, according to data compiled by Bloomberg. The precious metal reached a record high of $2,882 an ounce after President Trump on Feb. 4 said the US could take over Gaza — a comment his aides sought to tone down. Bitcoin is currently about 10% below its peak.

    Source – Bloomberg

    Mali gold production  plunges 23%

    Mali’s industrial gold production plunged 23% to 51 metric tons last year from 66.5 tons in 2023, the West African country’s mines ministry said.

    With an estimated 6 tons produced in artisanal mines, Mali’s total gold production in 2024 is expected to reach 58.7 tons, the mines ministry said.

    Source – Reuters

    Michael Oliver says Gold’s Making All-Time Highs, SILVER To Follow

    “I think that once you punch a hole in the stock market… you’re going to have a lot of that money moving,” he predicted, suggesting that a 5-10% drop could trigger a significant shift in investor sentiment, driving capital towards safer havens like gold and silver.

    “Silver didn’t move with commodities in moved with gold,” he asserted, countering arguments that silver has lost its monetary significance.

    Source – The Jerusalem Post / Opinion

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    Gold prices, Silver gained

    ByVictoria
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    Gold prices rose to a two-week high on Tuesday, supported by post-holiday buying from China and concerns over potential U.S. tariffs on pharmaceutical imports, while investors await the outcome of the Federal Reserve’s policy meeting.

    Spot gold was up 1.9% at $3,395.94 an ounce at 1200 ET (1600 GMT). Earlier in the session, prices rose around 2% to the highest since April 22, when they hit a record high of $3,500.05/oz.

    “The bull market is being driven by China’s latest gold investing surge, plus the ongoing bid from central banks wanting to cut their exposure to U.S. assets, most especially the dollar,” said Adrian Ash, BullionVault director of research.

    Spot silver gained 1.5% to $33 an ounce, platinum rose about 2.4% to $982.18 and palladium added 3.4% to $972.46.

    Source – Reuters

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    Copper hit with new tariff tax

    ByVictoria
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    President Donald Trump said he will put a 50% tariff on copper imports effective Aug. 1.

    “I am announcing a 50% tariff on copper, effective Aug. 1, 2025, after receiving a robust national security assessment,” Trump posted to his Truth Social account Wednesday evening.

    Copper prices rose 2.62% after Trump’s comments, then extended its gains before leaping 13.12% upwards and hitting its best one-day gain since 1989.

    Source – UPI News