After briefly dipping to $32.66 last week, silver has regained the $33.45 pivot, which now serves as near-term support. The level is seen as a trigger for momentum trades, and a sustained move above it could drive a retest of the recent high at $34.24. A breakout above that zone would open the path toward resistance between $34.87 and $35.40. Conversely, a failure to hold $33.45 could expose the downside to the $32.53–$31.81 retracement range.
Source – FX Empire
After 154 years of digging at Morenci, all the easily recoverable copper has been mined. Left behind are towering piles of waste rock that hold nearly 10 million tons of the metal seen as critical to global electrification. It’s a cache that could prove key to President Donald Trump’s ambition to boost US production of critical minerals.
Freeport-McMoRan Inc., which owns Morenci, is trying to develop technology that can burrow within those gigantic waste piles and extract low-grade copper that miners previously saw as too expensive and difficult to process.
“For a long time, we just didn’t think it was possible to recover any of this stuff,” said Robert Pollock, Morenci’s site manager, gazing up at a waste pile the size of a Manhattan office building. “But now, all this historical copper – we’re going after it.”
Source – Bloomberg
Gold eased on Wednesday as risk appetite improved after U.S. President Donald Trump announced a trade deal with Japan ahead of an impending tariff deadline, though a soft dollar and lower Treasury yields capped losses for greenback-priced bullion.
Spot gold was down 0.2% at $3,423.44 per ounce, as of 0136 GMT, after hitting its highest point since June 16 earlier in the session. U.S. gold futures also slipped 0.2% to $3,437.70.
Trump said the U.S. and Japan had struck a trade deal that includes a 15% tariff that will be levied on U.S. imports from the country.
“If further trade deals are signed ahead of August 1, this could further boost general risk appetite and reduce the demand for gold,” CM Trade Chief Market Analyst Tim Waterer said.
“But if the USD remains pressured this will keep a return to $3,500 a viable near-term prospect for the precious metal.”
Spot silver fell 0.3% to $39.15 per ounce, platinum dropped 0.3% to $1,437.83 and palladium slipped 0.8% to $1,264.96.
Source – Reuters
Gold prices in Lucknow continue to reflect the national upward trend, with 22-karat gold priced at Rs 9,395 per gram and 24-karat (999) gold at Rs 10,248 per gram as of Wednesday. These rates are slightly higher than those in several other major cities, including Chennai, Mumbai, Bengaluru, Hyderabad, and Kolkata, where 22K gold is priced at Rs 9,380 and 24K gold at Rs 10,233 per gram.
Source – ABP-Live
Rs – means Relative Strength and is used in momentum investing and in identifying value stocks.
“This we hope will be reality in a three to five year period,” PolyMet’s Warren Hudelson told MPR News in 2004.
Now, 20 years later, the controversial mine in northeast Minnesota still hasn’t opened. It hasn’t even begun construction, because three key permits it needs to advance — approvals state and federal agencies granted more than five years ago — have since been revoked or suspended.
Source – MPRnews
The Toronto Stock Exchange’s S&P/TSX composite index (.GSPTSE)
, opens new tab held steady at 24,793.53 points, mirroring the sentiment on Wall Street.
However, high silver and gold prices helped limit losses for Canadian stocks.
“A lot of gains were experienced yesterday and today you are probably going to see muted markets,” Allan Small, senior investment adviser at Allan Small Financial Group with iA Private Wealth, said on Thursday.
The Bank of Canada is expected to cut interest rates by 25 basis points to 3.00% when it meets later this month, according to a Reuters poll of economists.
Source – Reuters
Mining in Peru’s northern district of Pataz will be suspended for 30 days, President Dina Boluarte said on Monday, after 13 gold mine workers in the area were kidnapped and killed by illegal miners.
On Sunday, miner Poderosa said the bodies of 13 workers from a local firm, R&R, which held a mining contract with Poderosa, had been recovered by police after they were kidnapped last month.
“The armed forces will take control of the area where Poderosa operates,” Boluarte said, but did not provide details on how the mining pause would work.
Peru is the world’s third-largest copper producer, but the deposits of the red metal are largely in the south. Gold and silver are mined in the north.
Jorge Montoro, said the 30-day pause could be extended.
Source – Reuters
