Silver Price Outlook – Silver Continues to See Resistance
If we can break above $31, then it opens up a much bigger move for silver, and it is worth noting that gold looks like it’s trying to break out, but silver, as you probably know, isn’t gold.
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Indonesia trade ministry supports extending Freeport’s copper export permit
Freeport’s last export permit expired at the end of 2024, but the company has requested it can continue selling copper concentrate abroad because its local copper smelter was in repair after a fire in October last year.
“The trade ministry supports a plan to relax the export policy after weighing the cost and benefit analysis … while also observing the sustainability of the government’s natural resource downstreaming policy,” deputy minister Dyah Roro Esti said in a statement.
Freeport Indonesia said that it’s currently negotiating with the government over the export permit and believed the government “would accommodate” it.
Source – Mining.com
BHP Group may sell Australian operations
Mining giant BHP Group flagged rising costs and delays at a giant potash project in Canada and said it may sell its Australian nickel operations, as it reported record annual iron ore and copper production.
The company said Friday it faces rising costs at the Jansen potash project in Canada’s Saskatchewan province, its only major development currently under construction.
The company said it is also reviewing Jansen’s second stage, which is roughly 11% complete. BHP may delay first production from that expansion by two years, to fiscal 2031, because it reckons there might be more potash supply coming into the market over the medium term than previously envisaged.
BHP said it expects to produce between 1.8 million and 2.0 million tons of copper in the year ahead.
Source – The Wall Street Journal
Gold and Silver “Technical Scoop”
Another day, another record for gold. Gold is a go-to safe haven in times of economic uncertainty, geopolitical tensions, and loss of faith in governments. The result was a 3.0% gain for gold this past week and a close at the magical $3,000.
Other precious metals rose this past week. Silver was up 4.9%, while platinum gained 4.8% and is back over $1,000. Near precious metals saw palladium up 1.9% and copper gaining 4.0% as it marches towards $5.00.
Source – Silver Seek
Perth Mint Gold stock
Source – Reuters
Gold’s price gains jewellery demand
A 12% y/y drop in Q4 gold jewellery consumption to 547t- took the annual total down to 1,877t, down 11%, as unrelenting gold price strength impacted consumers’ ability to buy, the World Gold Council (WGC) said in a report on Wednesday.
For 2025, the WGC said central banks and “ETF investors likely to drive demand with economic uncertainty supporting gold’s role as a risk hedge, but on the flipside, keeping pressure on jewellery.”
Source – Seeking Alpha
Robert Kiyosaki says silver will reach $70
Robert Kiyosaki urges investors to ditch “fake money” and start saving silver, gold, and Bitcoin — calling silver the top asset for the next two months and predicting it could hit $200.
“Silver for the next two months is the best of the three, gold, silver, and Bitcoin,” he said. “Today silver is about $35 an ounce. I believe silver may soon be $70 an ounce this year and $200 in a year or two.”
“The best news is, almost everyone in the world can afford at least 1 silver coin today….but not tomorrow,”
Source – The Street
Robert Kiyosaki – is an American Businessman and author most notably for his “Rich Dad Poor Dad” series of personal finance books.