Precious Metals

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Presidential dollars and First Spouse gold coins legislation extension

ByVictoria
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A flurry of legislative activity in both chambers of Congress in February includes more than a half dozen bills, one of which seeks an extension of production of Presidential dollars and First Spouse gold coins.

S. 633, introduced Feb. 19 by Sen. Catherine Cortez Masto, D-Nevada, seeks to extend the Presidential dollar and First Spouse gold coin series to include deceased presidents and their spouses not yet honored.

Jimmy Carter Presidential dollars would be authorized to be struck with a circulation finish in bags and rolls offered for sale from the Denver and Philadelphia Mints, and Uncirculated finish versions from both production facilities and Proof coins from the San Francisco Mint.

For the First Spouse gold coins, Proof and Uncirculated versions would be produced as numismatic products at the West Point Mint bearing the facility’s W Mint mark.

Source – Coin World

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Platinum supply and demand forecast

ByVictoria
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Platinum demand outpaced supply by 995,000 ounces last year. That was 46 percent higher than forecast.

Meanwhile, platinum jewelry sales grew by 8 percent in 2024, and investment demand took off, rising by 77 percent.

The WPIC forecasts that jewelry demand will reach 2 million ounces this year, an increase of 2 percent year-on-year.

Source – Money Metals

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Gold eases, Investors wait for US inflation data

ByVictoria
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Gold eased on Wednesday as the dollar ticked up, while investors awaited U.S. inflation data to gauge the Federal Reserve’s rate cut path amid trade tensions and economic slowdown fears and market focussed on news of a potential Ukraine-Russia ceasefire.

Spot gold fell 0.2% to $2,908.93 an ounce as of 0720 GMT, while U.S. gold futures lost 0.2% to $2,908.93.

“Gold is operating in ‘consolidation mode’ ahead of the next batch of U.S. inflation data,” KCM Trade chief market analyst Tim Waterer said.

“I expect gold to remain a favoured asset whilst investors are concerned about tariff wars and growth slowdowns. So, the bias for gold remains to the upside due to ongoing tariff dramas,” Waterer said.

Spot silver shed 0.7% to $32.70 an ounce, platinum rose 0.7% to $981.29 and palladium slipped 0.8% to $938.00.

Source – Reuters

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Gold, not Bitcoin, becomes investor safe haven

ByVictoria
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Gold prices rallied on Tuesday, regaining ground after a slight pullback at the start of March. Spot gold was up 0.4%, reaching $2,900.78 an ounce as of 7:30 AM UTC. The rally was supported by a weakening US dollar spot index that has dropped to 103.5, a 24-hour 0.2% downtick.

Gold’s more “resilient” performance against the dollar is giving investors more incentives to turn against Bitcoin, with its price falling by more than $15,400 over the past month.

“Now that Bitcoin fell below $77K, it’s down 30% from its January record high,” Schiff posted on X. “It’s hard to see the rationale for the U.S. government holding Bitcoin as a reserve asset when it can lose that much market value so quickly. The rationale will be even harder to see when it’s down 50%.”

Source – Cryptopolitan

Weak dollar and Treasury yields

ByVictoria
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“U.S. dollar and Treasury yields are lower, which is helping gold catch a bit of support… The overall uptrend remains intact and the path of least resistance favours the upside,” said Ilya Spivak, head of global macro at Tastylive.

“Prices have been stable in a range between about 2,830 and 2,960 for the past four weeks… We would need to see a convincing break above or below these boundaries to conclude that some sort of lasting directional move is resuming.”

Spot silver added 0.3% to $32.19 an ounce, platinum was steady at $957.89 and palladium lost 0.3% to $940.47.

Source – Reuters

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Gold prices rise higher, tariff concerns

ByVictoria
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Gold prices ticked higher on Tuesday as focus turned to U.S. jobs and inflation data, that could influence the Federal Reserve’s policy decision in the face of rising economic growth concerns. 

Spot gold (XAUUSD:CUR) +0.93% to $2,911.21 an ounce after hitting its lowest since March 3 in the previous session.

Meanwhile, worries over Trump’s tariff policies have also pushed safe-haven gold to a record high of $2,956.15 on February 24, as the metal is seen as a hedge against political risks and inflation.

Source – Seeking Alpha

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Idaho House Bill 40 to end taxes on gold and silver

ByVictoria
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Idaho yesterday formally ended state income taxes on gold and silver as part of its largest tax cut in state history.

House Bill 40, sponsored by House Speaker Mike Moyle and begrudgingly signed by the state’s liberal Republican governor Brad Little, provides a sweeping $253 million income tax cut for Idahoan taxpayers by lowering the rate from 5.695% to 5.3% while also adding two specific exemptions.

Moyle said today, “I’m proud to help secure another $253 million in income tax cuts for Idaho families. Meanwhile, it makes no sense for Idaho to tax gold and silver, the only money mentioned in the U.S. Constitution.”

Source – Money Metals