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Trump metals tariffs propel gold, China steel under pressure

ByVictoria

China, the biggest steel maker, is not a top direct exporter of steel to the U.S. but Trump said that China’s exports had forced others to ship more to the U.S., while rising imports “support a conclusion” of transshipment or processing of steel products via third party countries into the U.S.

“Today is a great day for the U.S. aluminum industry,” said Mark Duffy, president of the APAA.

“Unfair trade practices have devastated the domestic aluminum industry and President Trump’s actions today will protect thousands of American workers and their families.”

Source – Reuters

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    Kentuckians could sue Gov. Andy Beshear over a gold and silver sales tax

    ByVictoria
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    Follow up on Kentucky considers bill to entice gold and silver investors

    House Bill 2, introduced last week by Rep. T.J. Roberts, R-Burlington, and backed by several other GOP representatives, would void a controversial line-item budget veto by Beshear last year that prevented state lawmakers from exempting “bullion currency” — or gold and silver coins — from taxation.

    The proposed bill would also give people who have paid sales taxes on gold and silver since August — when the exemption was set to take effect — the power to use the courts to seek a refund along with $1,000 for “each day that the violation occurred,” paid by the governor’s office.

    Source – Louisville Courier-Journal

  • Largest gold deposit in the world: NASA scientists discovered

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    NASA scientists estimate that there are almost 20 million tons of gold dissolved in the water of the seas and oceans.

    Estimates suggest that nearly 20 million tons of gold are dissolved in seawater. However, the concentration of this metal is extremely dilute across a vast volume of water, making its extraction highly complex.

    Source – AS USA

  • Three men on trial over stolen GOLD toilet

    ByVictoria
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    The one-of-a-kind 18-carat gold toilet was swiped in under five minutes from Blenheim Palace, the sprawling English country mansion where British wartime leader Winston Churchill was born, in the predawn hours of September 14, 2019, a prosecutor told jurors Monday.

    The toilet has never been recovered but is believed to have been cut up and sold.

    All the defendants have pleaded not guilty.

    Source – CNN

    I thought this was interesting and thought I’d share. I’m not entirely surprised that something was stolen I am surprised that the burglars got away with the darn thing! I feel like this is actually kinda funny but hopefully justice will be served. – V.

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    Gold prices rise after sweeping tariffs

    ByVictoria
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    Gold rose after President Donald Trump delivered on threats to hit Canada and Mexico with sweeping tariffs and doubled a charge on China, spurring swift reprisals.

    Bullion climbed above $2,915 an ounce as Beijing announced 15% duties on some American farm goods, including cotton. Geopolitics was also in the spotlight after the US paused all military aid to Ukraine.

    Spot gold rose 0.8% to $2,914.45 an ounce at 10:45 a.m. in London. The Bloomberg Dollar Spot Index fell 0.2%. Silver and palladium gained, while platinum was little changed.

    Source – Bloomberg

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    Silver prices showing momentum as US tariff Mexico and Canada

    ByVictoria
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    Putting tariffs on the world’s largest silver producer, Mexico, and a bullish seasonal window has woken the silver bulls.

    Silver is showing strong signs of bullish momentum, supported by seasonal demand, a favorable technical picture, and a fundamental catalyst in the form of tariffs on Mexico and Canada.

    Source – Barchart / Written by Don Dawson

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    Dubai jewelers affected by gold prices

    ByVictoria
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    While U.S. tariffs and other factors have added fire to already hot demand for gold as an investment, the impact is different for gold jewellery, according to Andrew Naylor

    “In markets like Dubai, this creates a two-fold effect: on one hand, you see stronger interest in gold as a safe-haven asset, on the other, high prices dampen jewellery demand.”

    “There are no potential customers nowadays because of the gold prices,” said Fahad Khan, a sales representative at retailer Damas Jewellery.

    “Higher gold prices are likely to dampen demand for jewellery, in a classic example of how the best cure for high prices is high prices,” said Russ Mould, investment director at AJ Bell.

    Source – Reuters