Silver Prices Jan 9,2025
Source – Money Metals
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Gold futures hold record high
Investors are increasingly seeking safe-haven in hard assets like gold, silver, copper and platinum, historically viewed as stores of value in times of financial uncertainty, Saxo Bank’s Ole Hansen says in a note.
Source – Wall Street Journal
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Futures (in finance) – Are contracts to buy or sell a specific underlying asset at a future date.
Toronto Stock Exchange energy losses offset mining
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
Copper price forecast
The EV industry in China and the world is already booming; pumping copper’s status as “the new oil”. As such, the red metal is set to rise above the current uncertainties to record significant gains in the medium to long term.
Copper has also jumped above the 50-day moving average, while the Relative Strength Index (RSI) has continued rising. Therefore, it will likely rebound and retest the key support at $5 in the coming weeks.
Source – Invezz
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RSI (Relative Strength Index) – is a technical indicator intended to chart the current and historical strength or weakness of a stock or market based on the closing prices of a recent trading period.
CEO of Highland Copper discusses copper prices
O’Shea highlights the potential impact of the Trump administration’s focus on domestic resource independence and the importance of refining capacity in the U.S. Highland Copper aims to reach a construction decision for its Copperwood asset by the end of 2025
Source – KITCO News / Video
Gold and yen bask in the limelight
A bevy of tariff headlines this week along with geopolitical worries has left investors wary and weary, taking stocks lower in Asian hours, gold to a record peak and the yen to its highest in over two months as sentiment remains fragile.
The risk-off mood meant the yen – already underpinned by rising odds of the Bank of Japan hiking rates again – was the main mover among currencies, hitting its highest level since early December and was last at 150.48 per dollar.
Both Citi and Goldman raised their target price on gold this month, predicting it to breach the $3,000 mark. A large part of the reason behind the bullishness is sustained demand from central banks. Perhaps in these uncertain times, gold is all that shines.
Source – Reuters
Gold, not Bitcoin, becomes investor safe haven
Gold prices rallied on Tuesday, regaining ground after a slight pullback at the start of March. Spot gold was up 0.4%, reaching $2,900.78 an ounce as of 7:30 AM UTC. The rally was supported by a weakening US dollar spot index that has dropped to 103.5, a 24-hour 0.2% downtick.
Gold’s more “resilient” performance against the dollar is giving investors more incentives to turn against Bitcoin, with its price falling by more than $15,400 over the past month.
“Now that Bitcoin fell below $77K, it’s down 30% from its January record high,” Schiff posted on X. “It’s hard to see the rationale for the U.S. government holding Bitcoin as a reserve asset when it can lose that much market value so quickly. The rationale will be even harder to see when it’s down 50%.”
Source – Cryptopolitan