Silver Spot Price
Source – Money Metal
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Gold gained .4%, market “choppy”
Spot gold gained 0.4% to $3,312.05 an ounce by 08:56 a.m. EDT (1255 GMT), after hitting a session low of $3,285.19 on Tuesday.
U.S. gold futures rose 0.3% to $3,310.60.
“The gold market has been kind of choppy recently, just reacting to fresh daily fundamental news events with no real trending price action. In the near term, market top is in place,” Jim Wyckoff, senior analyst at Kitco Metals, said.
Goldman Sachs recommended on Wednesday a higher-than-usual allocation to gold in long-term portfolios, citing elevated risks to U.S. institutional credibility, pressure on the Fed, and sustained central bank demand.
Spot silver fell 0.3% to $33.20 an ounce, platinum firmed 0.8% to $1,088.65 and palladium eased 0.6% at $972.36.
Source – Reuters
Copper Prices Surge as Market Braces for Potential U.S. Tariffs
While no official tariff has been imposed, the price gap between the CME and London Metal Exchange (LME) contracts has widened sharply, with CME copper trading at a premium exceeding $1,000 per metric ton. This suggests the market is pricing in at least a 10% tariff, though a 25% duty, similar to those on aluminum and steel, remains a possibility.
Source – Econo Times
Copper edges higher, tariff worries investors
“The market is really trying to understand how aggressive these potential tariffs could be and I think the problem is no one really knows the answer,” said Nitesh Shah, commodity strategist at WisdomTree.
Alastair Munro, senior base metals analyst at Marex, said copper found some support from contrarian buying from some Commodity Trade Advisor (CTA) investment funds, which are largely driven by computer programs.
Source – Reuters / Live Mint
Ready to strike planchets could keep the penny circulating
The inventory of unstruck ready-to-strike cent planchets combined at the Denver and Philadelphia Mints is considered by the Federal Reserve and the U.S. Mint enough to handle production needs for the near future as the mintages wind down, with no more planchets ordered from the lone outside vendor.
The unstruck planchets are also sufficient for striking Uncirculated Lincolns cents at the Philadelphia and Denver Mints for inclusion in 2025 Uncirculated Mint sets and for Proof sets executed at the San Francisco Mint.
Source – Coin World
10lbs gold nugget up for auction
In 1979, a couple using a metal detector in the Kalgoorlie Goldfields of Western Australia located a massive gold nugget. Known today as the “Golden Beauty,” the nugget weighs in at nearly 10 pounds.
It is currently on the auction block. According to Heritage Auctions, the opening bid was $400,000.
At the current spot price, the gold is worth around $481,800.
“Gold always has been enormously popular, in part because of its pure value and beauty, but also because it is exceedingly rare,” Heritage Auctions vice president of nature and science Craig Kissick said.
Source – Money Metals
US Treasury yields down
Investors are expecting a packed week of economic data starting with the Chicago Fed National Activity Index for January out on Monday at 8:30 a.m. ET. This will be followed by the Dallas Fed Manufacturing Index at 10:30 a.m.
The most anticipated data for the week will be the personal consumption expenditure index, which will be delivered on Friday at 8:30 a.m. ET. The Federal Reserve’s preferred inflation gauge heavily influences the Fed’s rate-cutting decisions.
Source – CNBC