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Over the Weekend!

ByVictoria

Bitcoin Lags Behind Gold

Bitcoin has gained just over 3% year-to-date, trailing gold’s 9% jump, according to data compiled by Bloomberg. The precious metal reached a record high of $2,882 an ounce after President Trump on Feb. 4 said the US could take over Gaza — a comment his aides sought to tone down. Bitcoin is currently about 10% below its peak.

Source – Bloomberg

Mali gold production  plunges 23%

Mali’s industrial gold production plunged 23% to 51 metric tons last year from 66.5 tons in 2023, the West African country’s mines ministry said.

With an estimated 6 tons produced in artisanal mines, Mali’s total gold production in 2024 is expected to reach 58.7 tons, the mines ministry said.

Source – Reuters

Michael Oliver says Gold’s Making All-Time Highs, SILVER To Follow

“I think that once you punch a hole in the stock market… you’re going to have a lot of that money moving,” he predicted, suggesting that a 5-10% drop could trigger a significant shift in investor sentiment, driving capital towards safer havens like gold and silver.

“Silver didn’t move with commodities in moved with gold,” he asserted, countering arguments that silver has lost its monetary significance.

Source – The Jerusalem Post / Opinion

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China copper imports fall

ByVictoria
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China’s unwrought copper imports declined by 7.2% year-on-year to 837,000 metric tons in the first two months of 2025, customs data on Friday showed, due to increased domestic smelting capacity that reduced the need for additional imports.

Deliverable copper stocks on the Shanghai Futures Exchange stood at 268,337 tons on February 28, more than double the 83,174 tons recorded on January 3.

Source – Reuters

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Gold rises, tariffs hit auto industry

ByVictoria
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Trump announced 25% tariffs on all vehicles and foreign-made auto parts imported into the United States late on Wednesday, prompting heavy losses in Japanese and South Korean stocks in Asian trading overnight.

General Motors slumped 6%, while shares in Ford fell almost 5%, reflecting concerns about the impact on their supply chains.

“Uncertainty on the tariff front remains high, which is really tough for both businesses but also investors to plan into the future, and of course it’s making it really difficult for investors to price risk,” said Baylee Wakefield, a multi-asset portfolio manager at Aviva Investors.

Gold prices rose, up 0.7% on the day at $3,040 an ounce. Goldman Sachs raised its gold price forecast on Wednesday, citing stronger-than-expected ETF inflows and sustained central bank demand.

Source – Reuters

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MAG Silver Corp reports Q4 2024

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MAG Silver Corp.’s Q4 2024 results showed lower production due to lower grades, but full-year production exceeded revised guidance, leading to strong financials.

MAG Silver Corp. (NYSE:MAG) is a precious metals mining company with a few assets in North America. It has some early-stage exploration projects in the United States and Canada but gets most of its value from its 44% ownership in the Juanicipio mine in Mexico.

Source – Seeking Alpha

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Barrick Gold Corp. stock drops

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Shares of Barrick Gold Corp. dropped 1.14% to C$24.33 Friday, in what proved to be an all-around poor trading session for the Canadian market, with the S&P/TSX Composite Index falling 0.36% to 25,442.91.

Source – Market Watch