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    Goldman Sachs forecast on copper

    ByVictoria
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    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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    Global silver market under stress

    ByVictoria
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    A surge in rates to borrow the precious metal has become the latest sign of alarm, with anxiety building over the impact of further tariffs from US President Donald Trump. That’s sparked a dash to ship silver into the US in a bid to capture premium prices in New York, possibly causing a squeeze in London.

    “Should the long-fabled ‘silver squeeze’ materialize, this slower tradeflow will be a key contributor to prolonging” any potential disruption BMO Capital Markets analyst George Heppel said in a note. That’s because it would take time for silver stockpiles to flow from the US back to London, he said.

    Source – Mining Weekly

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    Wall Street dips, gold spot falls

    ByVictoria
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    “We are witnessing a resilient economy … against a backdrop of geopolitical concerns, and an expectation of some sort of chaos down the road,” said Oliver Pursche, senior vice president at Wealthspire Advisors in New York.

    Gold reversed its multi-session rally, which was driven by a risk-off flight to safety that drove the precious metal to a record high.

    Spot gold fell 0.3% to $2,856.40 an ounce. U.S. gold futures fell 0.39% to $2,860.50 an ounce.

    Source – Reuters

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    South African rand raises

    ByVictoria
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    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.

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    Silver futures high 6/5/2025

    ByVictoria
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    Silver futures rose as high as $36.27 per troy ounce on Thursday, notching the highest price for the metal since early 2012. Silver futures were last up more than 3% on the day $35.82 per troy ounce.

    Silver has been a high performing asset in 2025 and is now up more than 20% year to date. That is still lagging the move in gold, however, which has jumped about 28%.

    Source – CNBC