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Zambia allows geologists to explore copper deposits

ByVictoria

India has dispatched a team of geologists to Zambia to explore copper and cobalt deposits, two Indian government sources said, as New Delhi steps up efforts to secure critical mineral supplies essential to its energy transition.

The Zambian government this year agreed to allocate 9,000 square km (3,475 square miles) to India for the exploration of cobalt – a key component in batteries for electric vehicles and mobile phones – as well as for scouting copper, which is widely used in power generation, electronics, and construction.

The exploration project will last for three years and most of the analysis will be done in laboratories in India, one of the sources said.

Source – Reuters

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    KY gold and silver tax bill gets governor sued

    ByVictoria
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    In a complaint filed in Boone Circuit Court on March 27, the same day the legislation was delivered to the secretary of state’s office, an online bullion exchange and three Northern Kentucky residents said they and others are owed refunds on taxes improperly collected for their precious metals in the past eight months, naming Gov. Andy Beshear and several state offices as defendants.

    The state representative, a frequent foil to Beshear who told colleagues in the House he sponsored the bill to ensure Kentuckians do not “pay taxes that were never lawful in the first place.”

    HB 2 ensures the sale, use, storage or other consumption of “bullion currency” — gold, silver, platinum and other precious metals — cannot be taxed, overriding a line-item veto by Beshear that was included in a separate bill passed in 2024.

    HB 2, which was filed in January and approved on party-line votes in the House and Senate, allows anyone who paid taxes on gold and silver after that Aug. 1 deadline to seek a refund in court.

    Source – Courier Journal

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    Codelco boots copper 2024 but strains workers, delays maintenance

    ByVictoria
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    An internal document seen by Reuters showed Codelco’s production reached 1.328 million tons in 2024, at the low end of its target range and just about 3,500 tons higher than the quarter-century low in 2023.

    The worker, who asked not to be identified because they were not authorized to talk about internal operations, said Codelco has yet to fix bottlenecks in transporting minerals in the mine.

    Cristian Cifuentes, an analyst at the Center for Copper Studies (CESCO), said that the Ministro Hales mine is still at reduced capacity and the ramp up of Chuquicamata Underground has been “slower than we all thought.”

    Source – Reuters

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    Precious metals fall, Gold eased

    ByVictoria
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    Gold prices slipped more than 1% on Tuesday, as optimism over trade deals between U.S. and its trading partners weighed on safe-haven flows, with a firmer U.S. dollar and rising Treasury yields adding further pressure.

    Spot gold eased 0.8% to $3,307.16 per ounce, as of 01:49 p.m. EDT (1749 GMT), after hitting its lowest in over one week earlier in the session. U.S. gold futures settled 0.8% lower at $3,316.9.

    “Focus is on trade as the July 9 deadline nears, with the Trump administration ramping up pressure. But some optimism related to trade deals is fuelling risk-on sentiment, keeping gold subdued,” said Peter Grant, vice president and senior metals strategist at Zaner Metals.

    Spot silver lost 0.3% to $36.64 per ounce, platinum dropped 0.8% to $1,359.90, while palladium was flat at $1,111.36.

    Source – Reuters

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    Largest inflow for gold EFTs

    ByVictoria
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    Physically backed gold exchange-traded funds (ETFs) registered the largest quarterly inflow in three years in January-March, 2025, data from the World Gold Council (WGC) showed on Tuesday.

    Investors seeking shelter from political and economic volatility were moving into gold ETFs, which store bullion for investors, in the first quarter.

    Gold ETFs saw an inflow of 226.5 metric tons worth $21.1 billion in the first quarter, the largest amount since the first quarter of 2022, when global markets were grappling with the immediate consequences of Russia’s invasion of Ukraine.

    Source – Reuters

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    Central banks are stocking up

    ByVictoria
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    They bought over 1,000 tonnes of the precious metal last year, double the average amount purchased in the previous decade, according to a European Central Bank report published on Wednesday.

    The authors wrote that global holdings of gold by reserve banks increased to 36,000 metric tons in 2024, close to the record of 38,000 metric tons reached around 60 years ago.

    Now, central bank reserves are composed of, on average, the dollar, at 46%, gold, at 20%, other currencies at 18%, and the euro at 16%.

    Source – Business Insider

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    Robert Kiyosaki takes to X again

    ByVictoria
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    Taking to his official X account, Kiyosaki called silver “the biggest investment bargain today.”

    Kiyosaki wrote, “GOOD NEWS for people with not much money. I am buying more silver eagles today.”

    “The good news is silver is the biggest investment bargain today.” He added, “Gold has already hit all-time highs. I have plenty of Bitcoin. And silver is still 50% below its all-time high… today about $35.”

    “If a poor person bought a few ounces of gold or silver, or 1/2 of a Bitcoin…. I predict they may become the new rich….once this Depression is over.”

    Source – ET Now