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Switzerland gold imports at highest

ByVictoria

Gold imports to Switzerland from the United States jumped to the highest monthly level since at least 2012 in April after the exclusion of precious metals from U.S. import tariffs, Swiss customs data showed on Tuesday.

The Swiss data showed that gold imports from the U.S. rose to 63.0 metric tons in April from 25.5 tons in March. It was the highest in monthly data going back to early 2012.

Switzerland’s total gold exports fell by 31% month on month in April with gold deliveries to the U.S. dropping to 12.7 tons from 103.3 tons in March.

Source – Reuters

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    Texas allow gold and silver as legal tender

    ByVictoria
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    Texans are to be allowed to pay with with gold and silver for everyday transactions after Governor Greg Abbott signed House Bill 1056 into law. The law, which was championed by Republican state representative Mark Dorazio, designates the precious metals as legal tender in the state.

    Texans will be able to use their gold and silver holdings, stored in the state’s bullion depository, for payments through electronic systems such as mobile apps or debit cards.

    The provision comes after legislative debate, and takes effect on May 1, 2027, enabling transactions based on the state comptroller’s valuation of the metals at the time of sale.

    Source – Newsweek

    Legal Tender – officially recognized money

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    Copper tariff in effect August 1

    ByVictoria
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    U.S. President Donald Trump sprang a double surprise on the copper market when he announced import tariffs of 50% effective next month.

    The August 1 start date signals the end of the race to ship physical metal to the United States to capture the tariff arbitrage.

    A lucky few with cargoes already afloat may yet cross the finishing line in time, but the physical tariff trade is rapidly unwinding.

    The LME benchmark spread is now in a comfortable contango of $66 per ton, compared with a backwardation of more than $300 per ton at the end of June.

    Source – Reuters

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    Copper prices may continue to rise

    ByVictoria
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    Copper is generally a good indicator because it’s used all over the economy — in factories, houses, electronics and streetlights, per Chris Berry, founder and president of House Mountain Partners.

    “The next time you’re on an airplane at night, and you’re coming in for a landing, and you see any lights or anything like that, every single one of those lights is working because of the electrical conductivity of copper,” he said.

    So, if the economy is growing, and we’re building more, we’ll need more copper. 

    Source – Market Place

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    2 new gold ETFs launched

    ByVictoria
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    New Delhi, Jul 10 (PTI) Gold Exchange Traded Fund (ETF) attracted a net sum of Rs 2,081 crore in June, making it the highest monthly inflow in five months, driven by resilient prices of the yellow metal, geopolitical uncertainties and volatility in equity markets.

    “The robust inflows in June indicate a decisive shift in sentiment, likely supported by resilient gold prices, geopolitical uncertainties, and volatility in equity and fixed income markets, which have revived gold’s appeal as a safe-haven asset,” Nehal Meshram, Senior Analyst-Manager Research, Morningstar Investment Research India, said.

    In June, two new Gold ETFs were launched, collectively mobilising Rs 41 crore.

    “While the fund mobilisation through new launches remained modest, it adds to the broader recovery in flows and reflects steady investor interest in the asset class,” Meshram said.

    Source – rediff

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    Gold prices rise after sweeping tariffs

    ByVictoria
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    Gold rose after President Donald Trump delivered on threats to hit Canada and Mexico with sweeping tariffs and doubled a charge on China, spurring swift reprisals.

    Bullion climbed above $2,915 an ounce as Beijing announced 15% duties on some American farm goods, including cotton. Geopolitics was also in the spotlight after the US paused all military aid to Ukraine.

    Spot gold rose 0.8% to $2,914.45 an ounce at 10:45 a.m. in London. The Bloomberg Dollar Spot Index fell 0.2%. Silver and palladium gained, while platinum was little changed.

    Source – Bloomberg