“Codelco remains a good option to grab some extra spread over sovereign bonds.”
Copper futures are up about 15% this year in New York, although part of that is due to an up-tick in buying ahead of possible tariffs.
“Good governance and high copper prices should be good for bonds. Codelco is interesting.”
Source – Bloomberg
Bullion traded around $3,020 an ounce, less than $40 shy of the record high reached last week. Gold-backed ETFs have added about 154 tons so far this year, according to data.
Spot gold rose 0.3% to $3,021.31 an ounce as of 11:18 a.m. in New York, snapping three days of losses. The Bloomberg Dollar Spot Index fell 0.2%. Silver, platinum and palladium all advanced.
Source – Bloomberg
Australia has not escaped the threat of increased tariffs on its exports to the U.S., but it does have one world-class industry which is reveling in commodity market confusion, gold.
Both Citi and RBC Capital Markets see the gold price continuing to rise while the Resources Department of the Australian Government is forecasting an increase in national output from 286 tons this year to 309 tons next year, cementing Australia’s position as the world’s third biggest gold producer after Russia and China.
Gold’s rise in U.S. dollars is magnified in Australia by the currency effect with an exchange current rate of US63 cents delivering an Australian gold price of A$4903/oz, a record which easily eclipses all earlier gold booms.
Source – Forbes
U.S. copper futures rallied nearly 5% on Wednesday, rising more than other global benchmarks, after President Trump said imports of the metal would be subject to a 25% tariff; the front-month May Comex contract (HG1:COM) currently +4.6% at $4.76/lb.
Trump’s comments in last night’s speech to Congress sparked a surge in Comex copper prices in Asian hours, as traders reacted to the possibility that copper tariffs could be larger than expected.
“A 25% tariff was clearly not what the market was expecting before those comments, and now traders are scrambling to price in the correct level, whatever that might end up being,” Saxo Bank’s Ole Hansen said. “Whatever the final tariff is, the disruption to global trade flows is very real.”
Source – Seeking Alpha
Vizsla Silver Corp. (TSX: VZLA) (NYSE: VZLA) (Frankfurt: 0G3) (“Vizsla Silver” or the “Company”) is pleased to announce that, further to its news release dated January 6, 2025, it has filed an independent technical report (the “Technical Report”) containing an updated mineral resource estimate on the Company’s Panuco silver-gold project. The Technical Report has an effective date of September 9, 2024, and was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) by Allan Armitage, Ph. D., P. Geo., Ben Eggers, MAIG, P.Geo., and Henri Gouin, P.Eng. of SGS Geological Services and Peter Mehrfert, P.Eng., James Millard, P.Geo., Scott Elfen, P.E., and Jonathan Cooper, P.Eng. of Ausenco Engineering Canada ULC.
The Technical Report can be found under the Company’s profile on SEDAR+ (www.sedarplus.ca) and is also available on the Company’s website (www.vizslasilvercorp.com).
Source – PR Newswire
Investors are expecting a packed week of economic data starting with the Chicago Fed National Activity Index for January out on Monday at 8:30 a.m. ET. This will be followed by the Dallas Fed Manufacturing Index at 10:30 a.m.
The most anticipated data for the week will be the personal consumption expenditure index, which will be delivered on Friday at 8:30 a.m. ET. The Federal Reserve’s preferred inflation gauge heavily influences the Fed’s rate-cutting decisions.
Source – CNBC
This survey covered an expansive 5km by 3km area in the center of the Project, successfully pinpointing multiple high-priority, drill-ready targets. These findings are significant, highlighting both the potential of the near surface target zones as well as the Project’s capacity to host a large-scale copper porphyry mineral system at depth
Jeremy Niemi, SVP Exploration and Evaluation, commented, “We are very happy with how our maiden exploration season has advanced at the Copper Road Project. We took a very purposeful approach to develop geologically rich evidence for a large-scale copper porphyry mineral system and to identify targets that have the potential to host significant volumes of copper and molybdenum. In just eight months, we have achieved this and set the stage for drilling very exciting targets.”
The primary objective of the survey was to identify sizeable chargeable anomalies within the priority area of the Project.
Source – ACCESSWIRE / Yahoo Finance
