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Over the Weekend!

ByVictoria

Robert Kiyosaki Predicts Gold, Silver, Bitcoin Crash Over Trump’s Tariffs—Says It’s A Buying Moment

Kiyosaki said, “Trump tariffs begin: gold, silver, Bitcoin may crash.” He indicated his plan to purchase more Bitcoin if prices plummet, seeing it as an opportunity to grow his wealth. However, he also pointed out the U.S. national debt as a major problem that Bitcoin might not be able to address.

Source – Benzinga

BHP awards EPCM contract for copper smelter expansion in South Australia

Fluor president of mining & metals Harish Jammula said: “We are excited to support BHP on their growth plans to increase production of refined copper cathode in south Australia.

“Accelerated expansion of the downstream processing sector is increasingly important to secure local supply of mined materials, become independent of overseas supply and drive sustainable production technologies.”

Source – Global Data

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    Gold futures down 1.8%

    ByVictoria
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    The dollar fell to a one-week low against a basket of major currencies as oil prices declined and demand for safe havens waned. Investors can “breathe a sigh of relief that chances of a major escalation have been reduced,” Jefferies economist Mohit Kumar said. The DXY dollar index fell 0.4% to a low of 97.969.

    Gold futures also fell, last down 1.8% at $3,334.50 a troy ounce, close to levels last seen before Israel launched strikes on Iranian nuclear facilities earlier this month.

    Source – The Wall Street Journal

    Futures – are contracts to buy or sell a specific asset at a future date.

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    Australia’s Gold Road rejects Gold Fields proposal

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    Australia’s Gold Road Resources rejected a $2.1 billion takeover proposal from Gold Fields, calling the offer opportunistic following a drop in quarterly production.

    The all-cash proposal was made earlier this month against a backdrop of surging gold prices, which recently surpassed $3,000 a troy ounce for the first time as economic uncertainty fuels demand for the metal as a perceived safe haven.

    “Gold Fields will continue to seek the engagement of the Gold Road board to consider the merits of the proposed acquisition and to advance the proposal,” said Mike Fraser, chief executive of Gold Fields.

    Source – Wall Street Journal

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    Gold futures up

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    Gold futures tick higher on tariff uncertainty and short-term monetary policy outlook. Futures are up 0.2% at $3,233.60 a troy ounce, near Friday’s record high of $3,263/oz.

    The uncertainty both boosted gold’s safe-haven demand and weakened the U.S. dollar as an alternative safe asset, further enhancing gold’s appeal, Commerzbank says.

    Source – Wall Street Journal

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    Glencores copper shipments suspended

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    Glencore has suspended production and declared force majeure on copper shipments from its Altonorte smelter in Chile due to an issue affecting the plant’s furnace, Bloomberg reported Wednesday, in a setback that comes just as traders and producers race to ship more metal to the U.S. ahead of tariffs.

    Much of the copper produced in Chile is shipped to the U.S., where Comex prices have surged to record highs on worries about shortages due to tariffs; the most active Comex copper contract (HG1:COM) for May delivery hit $5.374/lb, or $11,847/metric ton on Wednesday.

    Source – Seeking Alpha