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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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    10lbs gold nugget up for auction

    ByVictoria
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    In 1979, a couple using a metal detector in the Kalgoorlie Goldfields of Western Australia located a massive gold nugget. Known today as the “Golden Beauty,” the nugget weighs in at nearly 10 pounds.

    It is currently on the auction block. According to Heritage Auctions, the opening bid was $400,000.

    At the current spot price, the gold is worth around $481,800.

    “Gold always has been enormously popular, in part because of its pure value and beauty, but also because it is exceedingly rare,” Heritage Auctions vice president of nature and science Craig Kissick said.

    Source – Money Metals

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    Copper tariffs begin on August 1st, Chile “singled out”

    ByVictoria
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    The U.S. is expected to implement a 50% tariff on copper imports at the end of the week, but what happens next is anyone’s guess as talk of an exemption for Chile, the biggest U.S. supplier of the metal, and a potential U.S. and European “metal alliance” heats up.

    “There remains uncertainty over country-based exemptions and a general sense of tariff fatigue,” wrote Natalie Scott-Gray, senior metals demand analyst at StoneX, in a note Tuesday. The European Union, meanwhile, looks to get a break when it comes to U.S. tariffs on steel, aluminum and copper.

    President Donald Trump’s announcement on July 8 of the coming tariff had led to a 13% spike in copper prices that day, to settle at $5.6855 a pound, a record-high finish at that time, based on data going back to 1968, according to Dow Jones Market Data.

    Scott-Gray said that when it comes to a potential country-based tariff exemption, Chile is “singled out,” not just because of Marcel’s comments and ongoing negotiations this week, but because the U.S. is reliant on Chile’s imports and the fact that the U.S. holds a trade surplus with Chile, she said.

    Source – Market Watch

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    Copper futures up, copper market awaits investigation

    ByVictoria
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    Copper, yet to be included in Donald Trump’s widening list of tariff-hit products, continues to rally on the assumption that it is just a matter of time, Saxo Bank said in a note, as it sees a sooner-than-expected tightening of the global market.

    Copper futures (HG1:COM) are up 2.8% so far this week, and 6.3% for the month. 

    The copper market is still awaiting the result of an investigation carried out under Section 232 of the Trade Expansion Act.

    “As such an investigation normally takes months to be completed, it has left the door wide open for a massive profitable arbitrage between international prices and those in the U.S. being reflected through the High Grade futures contract in New York.”

    Source – Seeking Alpha

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    Australia’s Gold Road rejects Gold Fields proposal

    ByVictoria
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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