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Tariff deadline might extend for China

ByVictoria

Gold futures reversed early losses to reach new all-time highs Tuesday, gaining for a third straight session on weaker U.S. bond yields and persistent trade and monetary policy uncertainty as investors continue to anxiously await President Trump’s August 1 tariff deadline.

The yield on benchmark U.S. 10-year notes fell near two-week low, making non-yielding bullion more attractive.

U.S. Treasury Secretary Scott Bessent said he plans to meet his Chinese counterpart next week, suggesting a possible extension of an August 12 tariff deadline, but European Union diplomats hinted that the E.U. is looking at broader counter-measures against the U.S. as prospects for a trade agreement dwindle.

“Trade uncertainty is prompting some safe haven demand,” Kitco Metals senior analyst Jim Wyckoff wrote. “The U.S. has got several trade deals in the works and there’s rumors that the E.U. and the U.S. might not be able to come to an agreement or certainly are not anywhere close yet.”

Source – Seeking Alpha

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    Silver Price Forecast – Silver Continues to Look Sideways Overall

    ByVictoria
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    The silver market was rather quiet during the early hours on Wednesday as we continue to see a lot of choppiness.

    I think this is a scenario where you have to be somewhat hesitant to buy silver, and I think really what we are looking at is a situation where we are just simply consolidating overall. I believe that the $28.75 level is significant support, just as the $31 level is significant resistance.

    Source – FXEMPIRE

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    3 Gold Stocks And 1 Silver Stock are hitting new highs

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    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

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    Discovery Silver

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    Copper price up.4%

    ByVictoria
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    Benchmark copper on the London Metal Exchange (LME) was up 0.4% at $9,418 a metric ton by 1000 GMT, having hit a peak of $9,481.50 in the previous session for its highest since April 3.

    “It’s almost impossible to see what is happening from one day to the next. No doubt the tariff optimism that triggered the risk-on rally early in the week has faded again,” said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen.

    U.S. Comex copper futures gained 0.5% to $4.87 a lb, bringing the premium over LME copper to $1,314 a ton.

    Source – Business Recorder

  • Barrick gold seeks arbitration to settle disagreement with Mali

    ByVictoria
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    Barrick is a sector leading gold and copper production. One of the biggest in the world and comes in at 2nd in gold mining.

    “The miner this week threatened to suspend operations in Mali over deteriorating mine conditions. Jefferies analysts wrote in a note this week that closure of the mine would reduce Barrick’s earnings before interest, taxes, and amortization by 11% next year.”

    “Mali, under interim President Assimi Goita, has increased pressure on western miners in a bid to raise its revenue share from gold mines. In the last two months, the junta has detained senior executives of western miners, including employees of these companies for alleged non-payment of mining taxes.” Source – https://www.msn.com/en-ca/money/economy/barrick-gold-seeks-arbitration-over-mali-gold-mine-dispute/ar-AA1w6s2W?ocid=socialshare

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    Gold set for eighth weekly gain

    ByVictoria
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    Spot gold shed 0.4% to $2,927.95 an ounce by 1204 GMT. Bullion has gained around 1.6% this week after rising to a record $2,954.69 on Thursday.

    “The non-stop rally since December remains unchallenged unless prices drop to around $2,850,” said Ole Hansen, head of commodity strategy at Saxo Bank.

    “Gold has been displaying resilience with short-lived retracements, as lingering U.S. trade uncertainties reinforce its appeal as a hedge,” IG market strategist Yeap Jun Rong said.

    Spot silver was flat at $32.92 an ounce, and palladium dipped 0.3% to $974.75. Both metals were headed for weekly gains.

    Platinum shed 0.2% to $976.80 and eyed a weekly decline.

    Source – Reuters

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    President Trump said he will impose tariffs on aluminum and copper

    ByVictoria
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    “We have to bring production back to our country,” he said.

    “In the US, manufacturers will have little choice but to pass on higher costs from imports to consumers until the downstream industry (refining/smelting) has undergone suitable investment,” said Natalie Scott-Gray, senior metals analyst at StoneX.

    “If Trump imposes tariffs, it will have an adverse impact particularly on aluminum because Europe is already on path to impose a carbon tax and the UK might do it too,” said B.K. Bhatia, additional secretary general at the Federation of Indian Mineral Industries.

    Source – Mining.com