Shares of Barrick Gold Corp. dropped 1.14% to C$24.33 Friday, in what proved to be an all-around poor trading session for the Canadian market, with the S&P/TSX Composite Index falling 0.36% to 25,442.91.
Source – Market Watch
All existing slots at the Bank of England to withdraw gold bars are booked up as market players race to ship the metal to the United States to take advantage of a surge in gold prices there, an official has said.
“The US gold market has been trading at a premium to the London market,” Dave Ramsden, deputy governor for markets and banking at the central bank, told reporters Thursday. The owners of the gold bars in its underground vaults have been “looking to take advantage of that price differential,” he added.
Meanwhile, gold inventories on the US COMEX exchange — a major market for trading gold, silver and other metals — have almost doubled since the end of October, Commerzbank said in a note Friday.
“The fact that gold is significantly more expensive on the COMEX than (in) other trading centers is likely related to the feared US import tariffs, which could possibly also affect gold,” wrote Carsten Fritsch, a commodity analyst at the German bank. “The deliveries on the COMEX are therefore likely to be primarily driven by concerns about possible supply disruptions.”
Source – CNN
COMEX – Commodity Exchange
Source – Money Metals
“We are witnessing a resilient economy … against a backdrop of geopolitical concerns, and an expectation of some sort of chaos down the road,” said Oliver Pursche, senior vice president at Wealthspire Advisors in New York.
Gold reversed its multi-session rally, which was driven by a risk-off flight to safety that drove the precious metal to a record high.
Spot gold fell 0.3% to $2,856.40 an ounce. U.S. gold futures fell 0.39% to $2,860.50 an ounce.
Source – Reuters
“The gold bull market looks set to continue under Trump 2.0 with trade wars and geopolitical tensions reinforcing the reserve diversification/de-dollarization trend and supporting EM official sector gold demand, and with global growth concerns (tariff and cycle related) set to raise ETF and OTC investment demand,” Citi stated in a note.
“We expect gold to continue to rise as a hedge against growth and other risks, including actual and perceived rising growth risks, including trade wars, still-high interest rates weighing on growth, continued deterioration in the U.S. labor market, ex-U.S. currency devaluation risks, and potential U.S. equity drawdown risks,” the bank noted.
Source – Reuters
GOLD
In case gold settles below the $2830 level, it will head towards the nearest support, which is located in the $2780 – $2790 range.
Silver
Silver made an attempt to settle back below the $32.00 level but lost momentum and rebounded towards the $32.20 level.
Platinum
If platinum settles above the $1015 level, it will move towards the resistance at $1025 – $1030.
Source – FXEMPIRE
Shares of Barrick Gold Corp rose 2.76% to C$24.55 Wednesday, in what proved to be an all-around positive trading session for the Canadian market, with the S&P/TSX Composite Index rising 1.15% to 25,569.84.
Source – Market Watch
“We’ve interdeveloped or interwoven cleanup of these legacy impacts with modern, responsible mining activity,” Mckinsey Lyon, spokesperson for Perpetua Resources, told the Idaho Statesman. “And we’ve done that because we’re so serious about our commitment that we can leave this place better.”
“Perpetua has a really glamorous vision for what the site is going to look like afterwards, and I hope that’s successful,” John Robison, public lands and wildlife director with the Idaho Conservation League, told the Statesman. “I don’t see that from the mine plan.”
“This approval elevates the Stibnite Gold Project to an elite class of projects in America that have cleared NEPA,” Jon Cherry, Perpetua’s president and CEO, said in a statement. “The Stibnite Gold Project can deliver decisive wins for our communities, the environment, the economy, and (U.S.) national security.”
Source – Idaho Statesman
SPDR Gold Shares
It’s been having a good run: from the early June 2024 low of $212 to the present $264 amounts to a 19.7% return from then to now.
ASA Gold and Precious Metals
The South African-founded miner is now domiciled in Bermuda and has a market cap of $477 million. The price-earnings ratio is 7.61 and the stock trades at 1.12 times its book value. ASA in November 2024 paid a .16% dividend.
Franco Nevada
Headquartered in Toronto, the company has a market cap of $27 billion. This year’s earnings are down by 13.15%. Franco Nevada has no debt, long-term or otherwise.
Kinross Gold
This Canadian miner has a market cap of $14.51 billion. Earnings this year are up by 71%. The price-earnings ratio is 19.74. The debt-to-equity ratio is .26. Kinross Gold pays a dividend of 1.02%.
Discovery Silver
This is an OTC stock (also trades on The Toronto Stock Exchange) with an average daily volume of 237,000 shares. Market cap is $433 million. According to the company website, Discovery has “high quality gold producing assets in Canada” and “the world’s largest undeveloped silver deposit in Mexico.”
Source – Forbes
A 12% y/y drop in Q4 gold jewellery consumption to 547t- took the annual total down to 1,877t, down 11%, as unrelenting gold price strength impacted consumers’ ability to buy, the World Gold Council (WGC) said in a report on Wednesday.
For 2025, the WGC said central banks and “ETF investors likely to drive demand with economic uncertainty supporting gold’s role as a risk hedge, but on the flipside, keeping pressure on jewellery.”
Source – Seeking Alpha