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TD Securities’ Daniel Ghali says gold and silver won’t return to the UK

ByVictoria

The massive outflows of gold and silver bullion from the UK into the U.S. will not likely return even after the tariff and trade situation is resolved, and while gold prices are poised to continue setting fresh all-time highs, the setup for silver is even stronger, according to TD Securities’ senior commodity strategist Daniel Ghali.

“This isn’t the silver squeeze narrative that you’ve heard about, this is the silver squeeze that you can buy into,” Ghali added.

Source – KITCO News

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    African banks are getting into gold

    ByVictoria
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    Sub-Saharan African central banks that have added gold to their reserves in recent years could face price and liquidity crises if the value of the precious metal slides, BMI, a unit of Fitch Group, said on Wednesday.

    Ghana, Tanzania and Nigeria have been buying gold domestically to beef up their reserves, BMI said, a move accelerated by this year’s broader market volatility stoked by U.S. trade tariffs and other geopolitical risks.

    Policymakers in Kenya and Uganda are exploring a move into gold, Rwanda and Namibia have taken active steps towards adding the metal into their reserves.

    Governments could also struggle to convert their gold holdings into liquid assets like hard currencies, Gard said, pointing to India and Argentina when they faced acute balance of payments challenges in the 1990s and 2000s, respectively.

    Source – Reuters

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    Copper futures fell by 22%

    ByVictoria
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    US President Donald Trump went ahead with 50% tariffs on copper imports but exempted refined metals, which are the mainstay of international trading. The move triggered a record plunge for US prices after a period of fat profits for traders who hurried metal to America before the levies kicked in. A large premium for New York futures over London evaporated.

    “The blow-out in the CME-LME spread has been touted as one of the most profitable commodity trades in modern history,” Daniel Ghali of TD Securities Inc. wrote in a note. “In a single session, the White House’s proclamation on copper tariffs annihilated the spread and catalyzed CME copper’s largest intraday fall on record.”

    Copper futures on Comex in New York fell by 22% as traders recalibrated the value of metal in the US versus the rest of the world.

    Source – Bloomberg

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    Kentucky vetos House Bill 2

    ByVictoria
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    In a landmark victory for coin dealers, collectors, and investors, the Kentucky General Assembly has overridden Governor Andy Beshear’s veto of House Bill 2, officially enacting a sales-tax exemption for currency, bullion, and coins.

    Introduced Jan. 10, 2025, HB 2 passed the House with a 76–17 vote and the Senate with a 30–6 vote earlier this year. The veto override, finalized on March 27 with an 80-19 vote in the House and an 31-6 vote in the Senate, marks the successful conclusion of a year-long effort to protect Kentucky taxpayers.

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    Gold, Silver, Platinum Forecasts

    ByVictoria
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    Gold

    Gold made an attempt to settle below the support at $2870 – $2880 but lost momentum and climbed back above the $2900 level.

    Silver

    Silver rallied above the $32.00 level as gold/silver ratio pulled back below the psychologically important 90 level.

    Platinum

    Platinum is trying to settle above the resistance at $1025 – $1030 as demand for precious metals stays strong.

    Source – FXEMPIRE

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    Gold prices and gold futures drop

    ByVictoria
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    Spot gold, which dipped 0.5% to $2,904.51 an ounce as of 1211 GMT, has gained over 10% year-to-date. It hit a record high of $2,956.15 on February 24.

    U.S. gold futures also dropped 0.5% to $2,912.10.

    “Gold seems to be experiencing profit-taking as investors closely watch tariff developments with prices trading toward $2,900 ahead of the non-farm payrolls report,” Lukman Otunuga, senior research analyst at FXTM, said.

    Platinum prices were flat at $964.68 per ounce.

    Spot silver dipped 0.7% to $32.39 an ounce and palladium shed 0.5% to $937.74.

    Source – Reuters