Silver Continues to Threaten a Move Higher
While silver does look extraordinarily resilient at the moment, the reality is that it may not be that easy to get to the $32.35 level.
Source – FXEMPIRE
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Fed’s Hawkish Stance Pressures Gold Prices
Gold prices dipped on Monday as thin holiday trading kept momentum in check. After last week’s sharp decline, gold is attempting to recover but faces resistance between $2607.25 and $2607.35. A breakout above $2629.13 is possible, but traders will need stronger volumes to drive further gains—something unlikely until after the New Year.
Treasury yields edged slightly higher to start the week, with the 10-year yield rising to 4.536% and the 2-year yield ticking up to 4.325%. Yields jumped last week following the Fed’s policy update but eased on Friday after softer-than-expected inflation data. The dollar held steady as markets processed the Fed’s outlook for 2025.
Gold bounces back after month long low
Markets initially dropped after Fed Chair Jerome Powell hinted at fewer rate cuts next year, but quickly recovered as investors recognized this aligned with recent expectations, said StoneX analyst Rhona O’Connell.
“Gold sold off, showcasing once more that it is not an inflation hedge per se, but regained some lost ground on a threatened U.S. government shutdown,” said Carsten Menke, analyst at Julius Baer.
Source – Reuters https://www.reuters.com/markets/commodities/gold-recovers-one-month-low-short-covering-2024-12-19/
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“Gold is reacting to a sharp rise in the U.S. dollar after a hawkish Fed cut,” said Michael Armbruster, co-founder and managing partner at Altavest. Source – Market Watch https://www.marketwatch.com/livecoverage/stock-market-today-dow-futures-rise-ahead-of-final-rate-decision-and-economic-forecast-of-the-year/card/gold-futures-decline-after-fed-announcement-WFThfHDv2mQxezfnO3an
“Despite the pullback we’ve seen in gold prices following yesterday’s Fed statement, we believe gold’s positive momentum will continue in the short to medium term,” Manthey said by email. Source – CNBC https://www.msn.com/en-us/money/other/the-fed-s-hawkish-signal-sparked-gold-jitters-but-analysts-see-support-for-the-precious-metal-in-2025/ar-AA1wajju?ocid=socialshare
100K-150K metric tons of copper to arrive in the US
The U.S. will soon be flooded with massive amounts of copper shipments in a global rush to front-run President Trump’s probable tariffs, with 100K-150K metric tons of refined copper expected to arrive in U.S. ports in the coming weeks, which potentially would surpass the all-time record of 136,951 tons set in January 2022, Bloomberg reported Wednesday.
Goldman Sachs analysts said they expect all forms of copper shipped to the U.S. to be hit with tariffs by year-end, keeping Comex prices at a hefty premium over other benchmarks, and noted that tariffs could cause China to refine 10K-20K tons/month less copper within the first three months – in a global market that Goldman already expected to face a 180K-ton deficit this year.
Source – Seeking Alpha
Freeport-McMoRan shares up 1.6%
Miner Freeport-McMoRan (FCX.N), beat Wall Street estimates for second-quarter profit on Wednesday, as higher copper and gold prices helped offset lower production.
The company’s shares rose 1.6% to $40.54 in pre-market trade.
Freeport could be a big beneficiary, seeing as much as $1.6-billion boost to annual profit, given its position as the largest U.S. producer with more expansion options than rivals.
Freeport, which supplies about 70% of U.S. refined copper, said it expects to sell 1.3 billion pounds from its domestic mines in 2025.
Source – Reuters
Gold prices rise, gold futures up
Gold prices rose on Tuesday, supported by safe-haven demand amid uncertainty over U.S. President Donald Trump’s tariff plans for next week that could potentially boost inflation.
Spot gold was up 0.3% at $3,021.39 an ounce at 11:24 a.m. ET (1524 GMT). U.S. gold futures were up 0.4% at $3,026.20.
“Investors are concerned about the state of the world, especially with U.S. policies being what they are, and so they’re buying gold as an alternative asset because they’re concerned that the U.S. government may throw the world into a global recession,” said Jeffrey Christian, managing partner of CPM Group.
Spot silver gained 1.8% to $33.59 an ounce, platinum added 0.8% to $980.80 and palladium added 1.1% to $961.60.
Source – Reuters
Vizsla Silver shares surge on resource
This is an update on the 5 year project possibly longer.
Shares of Vizsla Silver shot up by 12.0% during the morning session, trading at a near 52-week high of $2.76 apiece.
“This update reflects the excellent mineralized continuity that exists at Copala. Reducing the space between drill holes at Copala to 25 metres has resulted in a significantly higher-grade profile in the upper levels of the resource and PEA mine plan,” Vizsla CEO Michael Konnert said in a statement.
Source – Mining.com
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Vizsla Resources expands Napoleon with multiple high-grade intercepts at Panuco project, Mexico
News on this topic from October 2020.
Vizsla President and CEO, Michael Konnert, commented: “Recent drilling continues to grow the Napoleon discovery area where the best new intercepts are from the deepest holes completed. Mineralization has been extended to the south over 50m and is completely open at depth. The broad intercepts in NP-20-25 and NP-20-27 as well as the internal high-grade veins increase the possibility of both open pit and underground mining scenarios. The Company’s aggressive exploration program is targeting three vein corridors in the district and it is exciting to see the benefit of systematic drilling around our multiple discoveries, particularly the addition of significantly more mineralization at Napoleon.”
Source – Junior Mining Network