Platinum demand outpaced supply by 995,000 ounces last year. That was 46 percent higher than forecast.
Meanwhile, platinum jewelry sales grew by 8 percent in 2024, and investment demand took off, rising by 77 percent.
The WPIC forecasts that jewelry demand will reach 2 million ounces this year, an increase of 2 percent year-on-year.
Source – Money Metals
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
Spot gold fell 0.6% to $2,934.99 an ounce as of 09:55 a.m. (1455 GMT), after reaching $2,956.15 on Monday.
U.S. gold futures declined 0.5% to $2,948.60.
Trump said on Monday that tariffs on Canadian and Mexican imports were “on time and on schedule”
“I still think that there’s enough uncertainty out there associated with tariffs (and) trade more generally… dips are going to continue to be viewed as buying opportunities,” said Peter Grant, vice president and senior metals strategist at Zaner Metals.
Spot silver shed 1.2% to $31.96 an ounce, platinum dropped 0.8% to $959.35 and palladium lost 0.8% to $932.50.
Source – Reuters
Americas Gold and Silver Corporation (TSX: USA) (NYSE American: USAS) (“Americas” or the “Company”), a growing North American precious metals producer, reports consolidated financial and operational results for the year ended December 31, 2024.
Paul Andre Huet, Chairman and CEO, commented: “At Americas Gold and Silver we have an excellent platform from which to build substantial shareholder value. We have the people, assets, and financial strength to succeed.”
Source – The Globe and Mail
Source – Reuters
Gold prices rebounded on Thursday as investors bought bullion following a sharp decline in the previous session, while the focus remains on U.S.-China trade tensions.
Spot gold was up 1.6% at $3,338.79 an ounce, as of 1140 GMT. Bullion fell as much as 3% on Wednesday in its worst daily performance since late November.
“Gold’s pullback earlier has cleared some of the froth from its latest surge. That, in turn, attracted some buy-the-dip action amid still-persistent global trade war fears,” said Han Tan, chief market analyst at Exinity Group.
“Given the still-evident tailwinds for this precious metal, gold bugs could ultimately conquer the $3,500 level with conviction.”
Spot silver fell 0.3% to $33.44 an ounce, platinum was steady at $972.15 and palladium was down 0.2% at $942.28.
Source – Reuters
Central bank gold buying and global trade tensions are likely to push bullion prices to near $5,000 an ounce by 2028, billionaire investor John Paulson said in an interview during which he reinforced his commitment to U.S. mining projects
Already the largest shareholder in Idaho gold and antimony developer Perpetua Resources, Paulson last week bought a 40% stake in NovaGold’s Donlin gold project in Alaska from Barrick.
“It’s a well-informed prediction. I think that’s a reasonable number,” he said.
“As central banks and people look to put their money in a more stable source… I think gold will increase its position in the world,” he added
Source – Reuters
