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Federal Judge pause Arizona Copper Line transfer

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Attorneys representing the San Carlos Apache Tribe are asking the judge to grant an injunction pausing a land swap from the U.S. government to Resolution Copper

During the hearing, attorneys representing the tribe asked a federal judge to grant a temporary injunction pausing an upcoming land swap from the U.S. government to mining giant Resolution Copper.

Attorneys for the tribe argued May 7 that a pause is necessary as the Supreme Court considers whether to take up the case.

Source – ABC 15 Arizona

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Gold up .6%, Silver at $32.44 an ounce

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Spot gold was up 0.6% to $3,325.20 an ounce at 1134 GMT. The metal has gained 2.5% so far this week. U.S. gold futures were up 0.8% to $3,334.30.

The dollar index slipped 0.3%, making gold more attractive for holders of other currencies.

“The exaggerated moves (in gold) suggest there is strong buying on the one hand on economic uncertainty, while strong selling is in evidence as some see the higher prices as an opportunity to take profit,” said Ross Norman, an independent analyst.

Elsewhere, spot silver eased 0.2% to $32.44 an ounce, platinum rose 0.6% to $981.94 and palladium climbed 0.4% to $980.15.

Source – Reuters

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Congo gold miner pauses because of dispute on taxes

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Twangiza Mining, a gold miner operating in the rebel-controlled South Kivu Province in the eastern Democratic Republic of Congo, said it has been ordered to suspend operations by the rebel administration, according to a company-wide letter seen by Reuters.

Manu Birato, who was recently installed as M23 governor of the South Kivu Province, said Twangiza Mining must adapt to new regulations and pay taxes they have not been paying.

“We are in talks with them and showing them that from now on they must start paying taxes,” Birato told Reuters.

Source – Reuters

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Missouri passes bill on gold and silver

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The Missouri legislature has passed a bill that would allow the state government to accept gold and silver as payment for taxes and other transactions

The legislation, led by Republicans, would require state government entities to accept electronic versions of gold and silver, called “electronic specie currency,” as payment for taxes and public debts. The bill doesn’t require businesses to accept gold and silver as payment for private uses, but it would allow them to do so.

“The goal is about restoring economic and political freedom back to everyday Missourians,” state Rep. Bill Hardwick (R) said.

Source – Just The News

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Gold prices fall, trade deal soon

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Gold prices fell on Thursday, reversing earlier gains, as U.S. President Donald Trump hinted at a potential trade deal with Britain, easing trade tensions and reducing the precious metal’s appeal as a safe-haven investment.

Spot gold was down 0.7% to $3,342.22 an ounce, as of 1157 GMT. U.S. gold futures slipped 1.3% to $3,347.90.

“As it becomes confirmed that there is some sort of trade deal in the wings that could help to firm up the dollar a bit and take some of the steam off of gold,” said Nitesh Shah, commodities strategist at WisdomTree.

Spot silver eased 0.2% to $32.40 an ounce, platinum gained 0.6% to $979.91 and palladium fell 0.2% to $970.91.

Source – Reuters

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Gold EFTs rise

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The inflow into physically backed gold exchange-traded funds in April was the largest since March, 2022, with China-listed funds leading the move due to the country’s trade war with the U.S., data from the World Gold Council showed on Thursday.

Gold ETFs saw an inflow of 115.3 metric tons worth $11.2 billion last month, the largest amount since March 2022, when global markets were grappling with the immediate consequences of Russia’s invasion of Ukraine.

This move raised Gold ETFs’ total holdings by 3.3% to 3,560.8 tons by the end of April

Source – Reuters

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Silver falls but stays the same

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The silver market has been somewhat sideways over the last few weeks, but the Wednesday session could provide enough information to get people moving again.

Silver fell in the early hours of Wednesday as we have tested the crucial $33 level again. This is an area that of course has been like a magnet for price for some time.

Talks between the United States and China are seemingly a thing now, and that, of course, will help the idea of industrial demand for silver, but it takes away that precious metal trade as well.

Source – FX Empire

Mayor of Pataz, Peru “Gold is a curse”

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Pataz has become Peru’s largest gold-producing region, in no small part due to artisan or informal mines, which operate under temporary REINFO permits.

“Gold is a curse for Pataz,” the mayor of Pataz, Aldo Mariño, told Reuters.

He said that despite the area’s great mineral wealth, his community lives in poverty, without basic services and on deteriorating or unpaved roads.

“This has been going on for several years, with the difference that now everything has collapsed. It’s due to the absence of the State,” he said. “People continue to die.”

Poderosa has reported the deaths of 39 workers in recent years in attacks on its facilities or small mines that supply it with gold. And in the last four years, 15 of the company’s high-voltage towers have been destroyed with explosives.

Source – Reuters

Mining in Peru suspended

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Mining in Peru’s northern district of Pataz will be suspended for 30 days, President Dina Boluarte said on Monday, after 13 gold mine workers in the area were kidnapped and killed by illegal miners.

On Sunday, miner Poderosa said the bodies of 13 workers from a local firm, R&R, which held a mining contract with Poderosa, had been recovered by police after they were kidnapped last month.

“The armed forces will take control of the area where Poderosa operates,” Boluarte said, but did not provide details on how the mining pause would work.

Peru is the world’s third-largest copper producer, but the deposits of the red metal are largely in the south. Gold and silver are mined in the north.

Jorge Montoro, said the 30-day pause could be extended.

Source – Reuters

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Gold prices, Silver gained

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Gold prices rose to a two-week high on Tuesday, supported by post-holiday buying from China and concerns over potential U.S. tariffs on pharmaceutical imports, while investors await the outcome of the Federal Reserve’s policy meeting.

Spot gold was up 1.9% at $3,395.94 an ounce at 1200 ET (1600 GMT). Earlier in the session, prices rose around 2% to the highest since April 22, when they hit a record high of $3,500.05/oz.

“The bull market is being driven by China’s latest gold investing surge, plus the ongoing bid from central banks wanting to cut their exposure to U.S. assets, most especially the dollar,” said Adrian Ash, BullionVault director of research.

Spot silver gained 1.5% to $33 an ounce, platinum rose about 2.4% to $982.18 and palladium added 3.4% to $972.46.

Source – Reuters