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iShares silver outperforms gold

ByVictoria

This year’s returns on silver, at 26.8%, have inched slightly above gold, according to the prices of two popular exchange-traded funds, the iShares Silver Trust and SPDR Gold Shares as of Monday’s trading.

It is the first time the iShares silver ETF has outperformed gold’s year-to-date gains in 48 trading days. As recently as May, the gold fund’s 2025 returns were nearly double that of silver. Much of the catch-up has taken place in June as the silver ETF gained 11% while the gold fund gained 1%.

Source – Barron’s

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    Standoff continues for Congo copper mines

    ByVictoria
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    The $1.4 billion bid made by the Chinese defence and industrial giant in June stalled after Congo state miner Gecamines submitted its own unsolicited bid for the Chemaf assets, deepening a standoff that has been complicated by U.S. officials lobbying against China’s grip on the mineral-rich central African Copperbelt.

    Norinco has now proposed that the Democratic Republic of the Congo increase its interest in Chemaf’s Mutoshi and Etoile mines to as much as 15% from 5% currently – at no additional cost – subject to negotiations, said the sources, who asked to remain anonymous.

    Source – Reuters

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    Norinco – also known as China North Industries Corporation. Within China it is known as China Ordnance Industries Group Corporation Limited

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    Silver falls but don’t worry

    ByVictoria
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    The silver market has plunged during trading on Friday in the early hours, but it looks like the $35.50 region is in fact going to continue to offer support, as it was previous resistance, so you would anticipate a little bit of market memory here.

    Source – FX EMPIRE

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    Utah bill to allow vendors to be paid in gold and silver

    ByVictoria
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    Bill HB306, now awaiting signature from Governor Spencer Cox, authorizes the state treasurer to issue a competitive procurement for a precious metals-backed electronic payment platform. This will allow state vendors to opt for payment in physical gold and silver.

    Rep. Kenneth Ivory sponsored Bill HB306, and Sen. Keith Grover pushed the legislation through the Senate. The state politicians noted that the legislation is the latest evolution in Utah’s stance in favor of sound money.

    “In uncertain economic times, Utah is providing vendors and service providers with the option to receive payment in gold and silver,” Rep. Ivory said. “This law gives Utahns an alternative to choose how they preserve the purchasing power of their earnings and savings.”

    Source – KITCO News

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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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    Foreign traders banned from gold markets

    ByVictoria
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    Ghana has banned all foreigners from trading in its local gold market as part of efforts to boost national revenue and streamline the country’s mining sector.

    It follows the enactment of a new law earlier this month that grants exclusive authority of gold mining to a new state body, the Ghana Gold Board

    “All foreigners are hereby notified to exit the local gold trading market not later than 30th April, 2025,” said GoldBod spokesperson Prince Kwame Minkah in a statement.

    However, foreigners are allowed to apply to buy or off-take gold directly from the GoldBod but can no longer operate within the local gold value chain.

    “It sends a strong message to foreign actors – especially Chinese operatives – who have circumvented local laws for years,” Nana Asante Krobea, a mining governance consultant

    Source – BBC

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    Texas allow gold and silver as legal tender

    ByVictoria
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    Texans are to be allowed to pay with with gold and silver for everyday transactions after Governor Greg Abbott signed House Bill 1056 into law. The law, which was championed by Republican state representative Mark Dorazio, designates the precious metals as legal tender in the state.

    Texans will be able to use their gold and silver holdings, stored in the state’s bullion depository, for payments through electronic systems such as mobile apps or debit cards.

    The provision comes after legislative debate, and takes effect on May 1, 2027, enabling transactions based on the state comptroller’s valuation of the metals at the time of sale.

    Source – Newsweek

    Legal Tender – officially recognized money