South African Rand strong

ByVictoria
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South Africa’s rand strengthened on Monday, as gold hit a fresh high and optimism grew over the prospect of an agreement between the two biggest government partners on the budget.

At 0728 GMT, the rand traded at 18.2375 against the dollar, about 1.1% stronger than its previous close.

Gold prices touched an all-time high on Monday as investors stressing over a global trade war and economic slowdown from the world’s biggest economy turned towards the safe-haven asset. South Africa is a major producer of the precious metal.

Source – Reuters

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Spot gold down 1.3%

ByVictoria
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Spot gold was 1.3% down at $2,840.25 an ounce by 10:42 a.m. ET (1542 GMT). Bullion has so far lost 3.2% for the week, its steepest weekly fall since November.

“I think the main element impacting the gold and silver markets is the profit-taking in week-long liquidation (and) the strong U.S. dollar index,” said Jim Wyckoff, a senior market analyst at Kitco Metals.

Spot silver fell 0.9% to $30.97, platinum lost 1.1% to $938.50 and palladium slipped 1.5% to $906. All three metals’ prices looked set for monthly declines.

Source – Reuters

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Gold and Silver “Technical Scoop”

ByVictoria
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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

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Utah bill to allow vendors to be paid in gold and silver

ByVictoria
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Bill HB306, now awaiting signature from Governor Spencer Cox, authorizes the state treasurer to issue a competitive procurement for a precious metals-backed electronic payment platform. This will allow state vendors to opt for payment in physical gold and silver.

Rep. Kenneth Ivory sponsored Bill HB306, and Sen. Keith Grover pushed the legislation through the Senate. The state politicians noted that the legislation is the latest evolution in Utah’s stance in favor of sound money.

“In uncertain economic times, Utah is providing vendors and service providers with the option to receive payment in gold and silver,” Rep. Ivory said. “This law gives Utahns an alternative to choose how they preserve the purchasing power of their earnings and savings.”

Source – KITCO News

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