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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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    Barrick Gold signs new agreement with Mali’s government

    ByVictoria
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    Barrick Gold (NYSE:GOLD) +3.2% in Wednesday’s trading to its highest in more than two months following a Reuters report that the miner has signed a new agreement with Mali’s government, which would end the dispute over the company’s mining assets in the country.

    As part of the new deal, Barrick (GOLD) reportedly will pay 275B CFA francs, or $438M, to the government in return for the release of detained employees and seized gold, allowing for the restart of operations at the Loulo-Gounkoto mine.

    Source – Seeking Alpha / Reuters

  • “Richest shipwreck” gold coins confirmed

    ByVictoria
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    Experts have confirmed that dozens of gold coins scattered across the ocean floor off the coast of Colombia belonged to the San José, an ill-fated Spanish treasure galleon that sank over 300 years ago during a battle with British warships. The findings were published on June 10 in the journal Antiquity.

    The 64-gun, three-masted Spanish flagship alone carried as much as 200 tons of treasure with a modern value estimated as high as $17 billion by today’s standards.

    The key pieces of evidence were dozens of rough gold coins sitting on the ocean floor. The treasure had an average diameter of 1.3 inches and each weighed around one ounce.

    “Hand-struck, irregularly shaped coins—known as cobs in English and macuquinas in Spanish—served as the primary currency in the Americas for more than two centuries,” Daniela Vargas Ariza, a maritime archeologist and the study’s lead author said in a statement.

    Source – Popular Science

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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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    Over the Weekend!

    ByVictoria
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    The US is moving towards sound money movement

    “Everything else that could function as money has been saddled with taxes and disincentives,” Jp Cortez explained, emphasizing how the current monetary system traps people in the Federal Reserve’s fiat currency.

    “Ten years ago, only a handful of states were considering sound money policies. Last year, more than 27 states introduced over 65 bills related to sound money.”

    Source – Money Metals

    Sound money – refers to a reliable and stable medium of exchange that maintains its value over time.

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    Gold ETF AUMs Surged 26% In 2024, Says World Gold Council

    ByVictoria
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    Total assets under management (AUMs) in gold-based exchange-traded funds (ETFs) hit record highs of $271 billion in 2024, according to the World Gold Council (WGC).

    This represented a 26% year-on-year increase and was driven by a soaring bullion price.

    The yellow metal hit new all-time highs on 40 occasions last year, the WGC noted. Over the whole year, gold appreciated 26% in value to around $2,629 per ounce.

    Source – Forbes

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    Canadian investors add gold, uranium a substitute

    ByVictoria
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    As the threat of a trade war grows, Canadian investors are seeking protection in gold and in shares of companies producing goods with few substitutes, such as uranium, while looking to take advantage of a weaker loonie and expected volatility.

    “Tariffs are going to hurt all parties quite a bit but if you’re going to spare some industries, you probably spare industries that you don’t have a substitute for and are currently reliant on,” said Ben Jang, a portfolio manager at Nicola Wealth, noting U.S. dependence on Canadian oil, critical minerals and uranium.

    Major producers of uranium include TSX-listed Cameco Corp (CCO.TO)shares of which Nicola Wealth owns. Cameco has pulled back from an all-time high in December but has still managed to advance roughly 46% since early September.

    Source – Reuters