Silver Price Today
Source – Money Metals
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Gold steady, tariff announcement
Spot gold was at $3,026.85 an ounce at 1131 GMT. U.S. gold futures edged 0.4% higher to $3,032.40.
“A modestly weaker dollar is probably giving gold a little bit of a tailwind at present,” said Ross Norman, an independent analyst.
“A worse-than-feared tariff announcement on April 2 could give bullion bulls a shot in the arm towards striving for the $3,100 mark,” said Han Tan, Exinity Group’s chief market analyst.
“Should risk-on sentiment make a comeback, assuming the U.S. tariff threats prove to be more bark than bite, that could see fleeting forays below $3,000,”
Spot silver firmed 0.4% to $33.16 an ounce, platinum steadied at $975.55, and palladium was flat at $957.95
Source – Reuters
Mayor of Pataz, Peru “Gold is a curse”
Pataz has become Peru’s largest gold-producing region, in no small part due to artisan or informal mines, which operate under temporary REINFO permits.
“Gold is a curse for Pataz,” the mayor of Pataz, Aldo Mariño, told Reuters.
He said that despite the area’s great mineral wealth, his community lives in poverty, without basic services and on deteriorating or unpaved roads.
“This has been going on for several years, with the difference that now everything has collapsed. It’s due to the absence of the State,” he said. “People continue to die.”
Poderosa has reported the deaths of 39 workers in recent years in attacks on its facilities or small mines that supply it with gold. And in the last four years, 15 of the company’s high-voltage towers have been destroyed with explosives.
Source – Reuters
Gold Success in 2024: The Economy Wasn’t the Only Driver
Many people know gold does well when the economy is turbulent—but gold performed in 2024 for additional “nonfinancial, geopolitical” reasons.
Source – The Jerusalem Post reported/written by Augusta Precious Metals
President Trump inaugural medals being made
Medalcraft Mint in Green Bay, Wisconsin, is now marketing 2.75-inch (69.85-millimeter) Proof bronze versions and Proof silver versions of the official Donald J. Trump presidential inaugural medal, along with a six-piece process set that illustrates the progression of the striking process for the bronze medals.
According to Medalcraft sales representative Branden Beyer, the bronze medals are being offered at $75 each, the silver medal at more than $900 depending on the fluctuating daily spot price of silver, and the six-piece process set at $650.
Source – Coin World
Gold prices extend gains
Spot gold was up 1.3% at $3,122.02 an ounce at 1129 GMT, after its biggest daily gain since October 2023 on Wednesday. U.S. gold futures were up 1.9% at $3,137.80.
“We’re just living in a world of extreme uncertainty. We just don’t really know which way this trade war is going to go … I think for the course of this year, gold will march higher,” said Nitesh Shah, commodities strategist at WisdomTree.
Spot silver fell 0.6% to $30.85 an ounce, platinum lost 0.4% to $933.55, and palladium was down 1.7% at $915.68.
Source – Reuters
Copper futures fell by 22%
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