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United States ranks #5 in gold producers

ByVictoria

As many countries mine for their gold and help their economies in the process, the United States is not the number country in gold.

According to Luciano Duque, chief investment officer of C3 Bullion, China leads global gold output — followed by Australia, Russia and Canada before the U.S. rounds out the top five. -Source https://www.msn.com/en-us/money/markets/where-does-the-us-rank-among-the-worlds-gold-producers/ar-AA1w1PiK?ocid=socialshare

There are many benefits to gold and as every day passes it’s growing in price and demand. Many investors will be looking out at the production and where it’s expanding.

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    Bank of England moving gold to US to avoid tariffs

    ByVictoria
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    Gold inventories in New York are on a path to levels last seen at the outset of the COVID-19 pandemic, with stockpiles in the city hitting $82 billion.

    “People can’t get their hands on gold because so much has been shipped to New York, and the rest is stuck in the queue,” an unnamed industry executive told the FT. “Liquidity in the London market has been diminished.”

    “London remains the major gold market in the world. If you are involved in that market and want to trade or use your gold, you really need to have it in London,” BoE governor Andrew Bailey told the U.K.’s Treasury Committee. 

    Source – Fortune

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    Sterling Metals Maiden Exploration Program Delivers Multiple New Drill-Ready Copper Targets Following Successful 3D IP Survey at Copper Road

    ByVictoria
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    This survey covered an expansive 5km by 3km area in the center of the Project, successfully pinpointing multiple high-priority, drill-ready targets. These findings are significant, highlighting both the potential of the near surface target zones as well as the Project’s capacity to host a large-scale copper porphyry mineral system at depth

    Jeremy Niemi, SVP Exploration and Evaluation, commented, “We are very happy with how our maiden exploration season has advanced at the Copper Road Project. We took a very purposeful approach to develop geologically rich evidence for a large-scale copper porphyry mineral system and to identify targets that have the potential to host significant volumes of copper and molybdenum. In just eight months, we have achieved this and set the stage for drilling very exciting targets.”

    The primary objective of the survey was to identify sizeable chargeable anomalies within the priority area of the Project.

    Source – ACCESSWIRE / Yahoo Finance

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    Mitsubishi Materials considering partial shutdown

    ByVictoria
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    Japan’s Mitsubishi Materials is considering scaling back copper concentrate processing at its Onahama Smelter & Refinery as falling treatment and processing charges (TC/RCs) weigh on earnings, it said on Monday.

    Mitsubishi Materials said the worsening TC/RCs from miners were expected to further erode smelting margins.

    “To maintain and improve profitability, we need to raise the ratio of recycled raw materials and accelerate the shift to feedstock less vulnerable to TC/RC fluctuations,” the company said in a statement.

    It is now considering the possibility of a partial shutdown of production facilities and a reduction in copper concentrate processing at Onahama, after planned maintenance from October to November this year, Mitsubishi Materials said.

    Source – Reuters

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    Gold and Silver are surging

    ByVictoria
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    The price of gold of 99.5 per cent purity climbed Rs 500 to Rs 80,900 per 10 grams. It settled at Rs 80,400 per 10 grams in the previous trading session.

    Silver also surged Rs 2,300 to Rs 94,000 per kg from the previous close of Rs 91,700 per kg on Wednesday.

    “Gold surged higher trading above Rs 79,000 in MCX, supported by a rupee depreciation,” Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities, said.

    Source – Press Trust of India

    More Info!

    Rs (abbreviated) is a financial term that you may or may not be familiar with. I have 2 descriptions for this abbreviated term. Rs stands for Relative Strength.

    • A strategy used in momentum investing and in identifying value stocks. It focuses on investing in stocks or other investments that have performed well relative to the market as a whole or to a relevant benchmark.
    • (In stock) a technical analysis indicator that measures the performance of a stock relative to a market index or another stock.
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    Australia and New Zealand Banking Group Limited raise gold forecast

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    ANZ raised its zero to 3-month gold price forecast to $3,100 per ounce and 6-month forecast to $3,200 per ounce, according to a research note on Tuesday.

    For gold “we maintain our bullish view, amid strong tailwinds from escalating geopolitical and trade tensions, easing monetary policy, and strong central bank buying,” the bank said.

    Source – Reuters

  • Silver Price 2024 Year-End Review

    ByVictoria
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    This year has been an up and down ride for silver after 2023 but seems to have taken a turn in the last quarter of the year.

    News!

    “Silver fell to a quarterly low of US$30.11 on November 27, but since then the precious metal has regained some ground. As of December 11, it was trading at US$31.88.

    The next Fed meeting is set to run from December 17 to 18. Most analysts expect the central bank to make one last 25 basis point cut before pausing in 2025.”

    Source – Investing News Network