“We believe the demand is across the board. We see institutions either adding to or establishing long term strategic asset allocation type positions. We see individual investors doing the same. We see a certain amount of FOMO. There’s a fear of missing out whenever the price gains momentum to the upside” George Milling-Stanley, Chief Gold Strategist at State Street Global Advisors, told FOX Business.
Source – FOX News
Shares of Barrick Gold Corp.
ABX-3.10% rose 2.32% to C$26.47 Wednesday, in what proved to be an all-around positive trading session for the Canadian market, with the S&P/TSX Composite Index
Source – Market Watch
Although the high gold-silver ratio might suggest that silver has been a laggard, that is far from the case. Silver has rallied 43% in the past year, and gold has been just a bit better with a 44% gain. This year, using popular exchange traded funds as a gauge, iShares Silver Trust (SLV) is up 10% and SPDR Gold Shares (GLD) is up 11%.
Source – Barron’s
Spot gold was down 1.2% at $2,882.49 an ounce as of 09:42 a.m. ET (1442 GMT), after hitting its lowest level since February 12 earlier in the session. Prices hit a record high of $2,956.15 on Monday, driven by safe-haven flows.
“The direction of gold is very evident, and these short-term bumps and some profit taking is just a normal part of the cycle,” said Alex Ebkarian, chief operating officer at Allegiance Gold.
Spot silver retreated 0.5% to $31.67 an ounce, platinum fell 0.9% to $957.10 and palladium dropped 0.9% to $917.96.
Source – Reuters
Proposed designs for the obverses of the Proof 2027 and 2028 American Eagle platinum $100 coins — for the second and third years in the three-coin Charters of Freedom series — were recommended Feb. 18 by the Citizens Coinage Advisory Committee.
Source – Coin World
Spot gold fell 0.7% to $2,894.55 an ounce as of 09:44 a.m. ET (1444 GMT). Bullion, a preferred hedge against uncertainty and inflation, hit a record high of $2,956.15 on Monday amid trade war concerns emerging from tariff threats.
“Bullish trend is still in place… We are not surprised by a period of consolidation ahead of some piece of important data,” said David Meger, director of metals trading at High Ridge Futures.
Spot silver was down 0.5% to $31.57, platinum eased 0.4% to $963 and palladium dropped 0.4% to $924.01.
Source – Reuters
Zinc, the biggest loser in the LME complex, is currently trading 4.8% lower than at the start of the year.
Meanwhile, tin prices have increased by 13.5% in the first few weeks of the year, making it the biggest winner.
Copper refining grew as expected at 4.2%, but mine production surprised at 2.3%, 0.5% higher than the ICSG September forecast.
The supply of refined copper is under threat due to mine production, which has put downward pressure on processing fees in copper smelters, according to Commerzbank.
The lead market experienced a minor oversupply due to a substantial increase in mine production.
This increase, just under 2%, was fueled by significantly higher supply in the US, Australia, Peru, and Mexico.
Source – Invezz
Pan American Silver has an analyst consensus of Strong Buy, with a price target consensus of $28.36, implying a 15.14% upside from current levels. In a report released on February 11, National Bank also maintained a Buy rating on the stock with a C$47.25 price target.
Source – Markets Insider
Spot gold fell 0.6% to $2,934.99 an ounce as of 09:55 a.m. (1455 GMT), after reaching $2,956.15 on Monday.
U.S. gold futures declined 0.5% to $2,948.60.
Trump said on Monday that tariffs on Canadian and Mexican imports were “on time and on schedule”
“I still think that there’s enough uncertainty out there associated with tariffs (and) trade more generally… dips are going to continue to be viewed as buying opportunities,” said Peter Grant, vice president and senior metals strategist at Zaner Metals.
Spot silver shed 1.2% to $31.96 an ounce, platinum dropped 0.8% to $959.35 and palladium lost 0.8% to $932.50.
Source – Reuters
Proposed designs for a half-ounce .9999 fine gold Sacagawea dollar to be issued in 2025 by the United States Mint, to recognize the 25th anniversary of the 2000 release into circulation of the manganese-brass clad Sacagawea dollar, were reviewed and recommended Feb. 18 by the Citizens Coinage Advisory Committee.
The U.S. Mint is preparing to strike the coins with a W Mint mark at the West Point Mint.
Source – Coin World
