Over the Weekend!

ByVictoria

The Price Of Gold From 2021-22 Has Long Rejected ‘Bidenflation’

Considering the price of gold throughout 2021, it averaged out to roughly $1,798/ounce, meaning the value of the dollar actually rose around 3 percent right at the time that the economy-sapping tax that is government spending continued under Biden, and allegedly caused “inflation.” To be clear, government spending is the worst tax of all exactly because it substitutes central planning of resources by the government for that of the private sector. Still, it logically doesn’t cause higher prices, or “inflation,” and it didn’t if gold is to be believed.

Source – Forbes

Silvercorp Metals Boosted By El Domo

Silvercorp’s El Domo project in Ecuador is set to boost revenues by 50% when it begins operations and diversify operations reducing jurisdictional risk.

Source – Seeking Alpha / Mountain Valley Value Investments

Hope you had a LOVEly Valentines weekend!

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    Copper futures fell by 22%

    ByVictoria
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    US President Donald Trump went ahead with 50% tariffs on copper imports but exempted refined metals, which are the mainstay of international trading. The move triggered a record plunge for US prices after a period of fat profits for traders who hurried metal to America before the levies kicked in. A large premium for New York futures over London evaporated.

    “The blow-out in the CME-LME spread has been touted as one of the most profitable commodity trades in modern history,” Daniel Ghali of TD Securities Inc. wrote in a note. “In a single session, the White House’s proclamation on copper tariffs annihilated the spread and catalyzed CME copper’s largest intraday fall on record.”

    Copper futures on Comex in New York fell by 22% as traders recalibrated the value of metal in the US versus the rest of the world.

    Source – Bloomberg

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    Gold futures up

    ByVictoria
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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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    Gold hit record high

    ByVictoria
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    Spot gold held steady at $3,047.1 an ounce as of 0700 GMT, after hitting a record high of $3,057.21 earlier in the session.

    U.S. gold futures gained 0.4% to $3,054.10.

    “For now, gold’s appeal as a safe haven and inflation hedge has further strengthened in light of those geopolitical concerns and tariff uncertainty. We remain constructive on the outlook of gold,” said OCBC forex strategist Christopher Wong.

    Spot silver was flat at $33.8 an ounce, platinum fell 0.3% to $989.85. Palladium slipped 1% to $949.50.

    Source – Reuters

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    Copper futures up 5%

    ByVictoria
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    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

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    United States Mint updates gold pricing on gold coin

    ByVictoria
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    The United States Mint establishes pricing on numismatic gold coins via its pricing grid, and updates were published July 1 in the Federal Register.

    The LBMA closing spot price of gold per troy ounce June 30 was $3,287.45. If the average spot price were to remain at that level until the week of sales opening, the pricing grid predicts that the Mint would set the opening sale price at $2,150 for the Sacagawea 25th Anniversary half-ounce gold dollar and at $2,650 for the Superman half-ounce gold $50 coin.

    Source – Coin World

    LBMA –  London Bullion Market Association is a whole sale market for trading precious metals. Gold, silver, platinum, and palladium.