Silver Prices Jan 9,2025
Source – Money Metals
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“Silver Guru” David Morgan gives his take on current silver market
In a recent interview with Liberty and Finance, the esteemed precious metals analyst David Morgan, widely known as the “Silver Guru,” delivered a compelling analysis suggesting that silver prices are on the cusp of a significant surge. Drawing upon his extensive knowledge of the precious metals market, Morgan highlighted the current lack of substantial upside resistance for silver, hinting at a potential rapid upward movement that has yet to materialize fully.
“I mean, we’re high enough in the silver price for it to have very little upside resistance and to be able to just move, move, and move some more, and it hasn’t started yet.”
Morgan believes that broader market dynamics and the inherent appeal of silver as a monetary and industrial metal will eventually draw them back in.
Source – The Jerusalem Post
Freeport-McMoRan hopes copper will be declared “critical mineral”
Freeport-McMoRan (FCX.N), opens new tab hopes U.S. President Donald Trump declares copper a critical mineral, a move that would unlock tax credits needed to boost American production of the red metal and offset global rivals, CEO Kathleen Quirk said on Monday.
“Having the incentives and clarity around those would be a big plus for the domestic copper industry,” said Quirk, who became CEO of Phoenix-based Freeport last year.
“People are understanding more what copper is used for and its importance in our economy. It’s just a matter of time before it’s classified as a critical mineral.”
“We’re not looking for handouts, but if the government is trying to incentivize domestic production, it’s important to recognize that the U.S. doesn’t have the same grades that we have internationally,” said Quirk.
Source – Reuters
Gold and Silver up around the world
Gold prices in India skyrocketed by Rs 6,250 on Friday to reach a historic high of Rs 96,450 per 10 grams in the national capital, fuelled by robust demand from local jewellers and soaring global prices driven by heightened US-China trade tensions, according to the All India Sarafa Association.
Gold of 99.9% purity also saw a significant jump, closing at Rs 96,450 compared to Wednesday’s Rs 90,200.
Silver too followed suit, leaping Rs 2,300 to settle at Rs 95,500 per kg from its earlier close of Rs 93,200, mirroring the bullish global momentum.
Comex gold futures climbed to a record USD 3,249.16 per ounce, signalling strong safe-haven demand.
“Comex gold prices hit lifetime highs due to surging safe-haven demand, triggered by fears of a deepening global economic slowdown and further retaliation between the US and China,” said Kaynat Chainwala, AVP-Commodity Research at Kotak Securities.
Source – The Times of India
Freeport McMoRan mining raised at Jefferies
Freeport McMoRan (NYSE:FCX) trades little changed Thursday as Jefferies upgrades shares to Buy from Hold with a $48 price target, raised from $40, just one month after downgrading due to risks in Indonesia, a cautious view on copper, and the company’s near-term lack of free cash flow.
If tariffs are implemented, Comex copper price premiums to the LME, which have been high already because of potential tariffs, likely will rise further, Jefferies analyst Christopher LaFemina says, noting Freeport (FCX) sells 1.35B lbs/year of copper at Comex prices and the current Comex premium to LME is ~$0.30/lb, and tariff-impacted imports would effectively set the Comex price since the U.S. cannot be self-sufficient in copper.
Source – Seeking Alpha
Jefferies – Jefferies Financial Group Inc. is an American multinational independent investment bank and financial services company headquartered in New York City.
China copper imports fall
China’s unwrought copper imports declined by 7.2% year-on-year to 837,000 metric tons in the first two months of 2025, customs data on Friday showed, due to increased domestic smelting capacity that reduced the need for additional imports.
Deliverable copper stocks on the Shanghai Futures Exchange stood at 268,337 tons on February 28, more than double the 83,174 tons recorded on January 3.
Source – Reuters
Auto shares dip, currencies fluctuate
“We believe that he’s using (auto tariffs) as a trade negotiation. The markets are jittery because nobody really knows what’s going to happen and what will come out in future,” Nicolas Lin, chairman and interim CEO of Aether Holdings.
European stocks fell, with weakness in shares of Europe’s top carmakers such as Volkswagen down nearly 2%, while BMW lost almost 3% and Mercedes-Benz slid more than 4%.
The dollar index, which measures the greenback against a basket of currencies, fell 0.2% to 104.43, with the euro up 0.24% at $1.0777.
The Mexican peso weakened 0.82% versus the dollar at 20.288 while the Canadian dollar weakened 0.39% versus the greenback to C$1.43 per dollar as both countries are expected to be heavily impacted by the tariffs.
Source – Reuters