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Over the Weekend!

ByVictoria
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Bitcoin Lags Behind Gold

Bitcoin has gained just over 3% year-to-date, trailing gold’s 9% jump, according to data compiled by Bloomberg. The precious metal reached a record high of $2,882 an ounce after President Trump on Feb. 4 said the US could take over Gaza — a comment his aides sought to tone down. Bitcoin is currently about 10% below its peak.

Source – Bloomberg

Mali gold production  plunges 23%

Mali’s industrial gold production plunged 23% to 51 metric tons last year from 66.5 tons in 2023, the West African country’s mines ministry said.

With an estimated 6 tons produced in artisanal mines, Mali’s total gold production in 2024 is expected to reach 58.7 tons, the mines ministry said.

Source – Reuters

Michael Oliver says Gold’s Making All-Time Highs, SILVER To Follow

“I think that once you punch a hole in the stock market… you’re going to have a lot of that money moving,” he predicted, suggesting that a 5-10% drop could trigger a significant shift in investor sentiment, driving capital towards safer havens like gold and silver.

“Silver didn’t move with commodities in moved with gold,” he asserted, countering arguments that silver has lost its monetary significance.

Source – The Jerusalem Post / Opinion

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Barrick Gold Corp. stock drops

ByVictoria
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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

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Indonesia trade ministry supports extending Freeport’s copper export permit

ByVictoria
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Freeport’s last export permit expired at the end of 2024, but the company has requested it can continue selling copper concentrate abroad because its local copper smelter was in repair after a fire in October last year.

“The trade ministry supports a plan to relax the export policy after weighing the cost and benefit analysis … while also observing the sustainability of the government’s natural resource downstreaming policy,” deputy minister Dyah Roro Esti said in a statement.

Freeport Indonesia said that it’s currently negotiating with the government over the export permit and believed the government “would accommodate” it.

Source – Mining.com

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Codelco targets 1.391 million tons of copper output

ByVictoria
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Chilean state miner Codelco, the world’s largest copper producer, is targeting production of 1.391 million metric tons of the red metal this year, according to an unpublished government decree approving its 2025 budget reviewed by Reuters.

In calculating its budget, Codelco forecast a copper price of $4.30 per pound and expects a cash cost of $1.98 per pound, the document showed.

Source – Reuters

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Silver Continues to Pressure Upside

ByVictoria
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During the trading on Friday, we saw the silver market initially dip, only to turn around and show signs of strength yet again. Because of this, I think the market is likely to continue to be bullish.

In general, this is a market that’s been in an uptrend for quite some time and if we are in fact going to continue to see inflationary issues, things like silver, commodities and stuff could get a little bit of a bid. We’ll just have to wait and see.

Source – FXEMPIRE / Written by Christopher Lewis

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The world’s second-largest gold storage has weeks long queues

ByVictoria
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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

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Wall Street dips, gold spot falls

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“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