Spot gold eased 0.2% to $2,893.87 per ounce as of 09:58 a.m. ET (1458 GMT). U.S. gold futures fell 0.4% to $2,920.60.
Prices dropped over 1% after data showed the U.S. consumer price index jumped 0.5% last month, more than expected, reinforcing the Fed message that it was in no rush to resume cutting interest rates amid growing uncertainty over the economy.
“With today’s CPI data coming in hotter-than-expected, that has put weight on the gold market. Obviously at this point, any expectation that the market would have had of any type of rate cut later this year has now been put down,” said David Meger, director of metals trading at High Ridge Futures.
Spot silver shed 0.7% to $32.05 per ounce and palladium fell 0.3% to $973.11, while platinum added 0.7% to $990.10.
Source – Reuters
CPI – Consumer Price Index
Kiyosaki said, “Trump tariffs begin: gold, silver, Bitcoin may crash.” He indicated his plan to purchase more Bitcoin if prices plummet, seeing it as an opportunity to grow his wealth. However, he also pointed out the U.S. national debt as a major problem that Bitcoin might not be able to address.
Source – Benzinga
Fluor president of mining & metals Harish Jammula said: “We are excited to support BHP on their growth plans to increase production of refined copper cathode in south Australia.
“Accelerated expansion of the downstream processing sector is increasingly important to secure local supply of mined materials, become independent of overseas supply and drive sustainable production technologies.”
Source – Global Data
“The uncertainty surrounding Trump’s first measures as U.S. president fuelled demand for gold as a safe haven. This can be seen, among other things, in the strong inflow of more than 10 tons into the world’s largest and most liquid gold ETF on Friday,” Commerzbank Research said.
“The uncertainty as to whether tariffs will be introduced on gold and silver has already left visible traces on the Comex in recent weeks. In addition, the price premium for gold on the Comex has widened significantly compared to the spot price in London.”
Source – Seeking Alpha
The price for Gold increased to INR 94,784.55 per tola from INR 94,440.36 per tola a day earlier.
Source – FXStreet
Source – MSN
The R.M.S. Republic sank Jan. 24, 1909, after a collision in dense fog with the S.S. Florida off the coast of Nantucket Island, Massachusetts.
The Lords of Fortune company has identified two cargoes — a $25 million Tsarist gold shipment and an $800,000 U.S. Navy shipment, both 1909 face values when gold was $20.67 per ounce.
With a successful recovery, an $8 million investment should return $200 million conservatively, according to Capt. Martin Bayerle of Lords of Fortune LLC.
Add the Russian gold, 45 tons of United States gold $10 eagles on melt value alone, and you exceed 100 times, he said.
Source – Coin World
This is amazing! Wondering if there’s as much as they say there is. Hopefully there isn’t too much damage to the gold from the salt water. Can’t wait to see pictures or video of the excavation. -V.
