Precious metals news

Copper prices reached a 2024 peak, with May delivery hitting $4.323 per pound in New York, marking its highest level since June 2022. The London Metal Exchange saw three-month copper prices increase by 0.6% to $9,477 per metric ton. This surge in copper prices is significant as copper demand is often viewed as an indicator of global economic health, suggesting a positive outlook on the economy's strength.

Bank of America forecasts a significant rise in gold prices, reaching $3,000 per ounce by 2025, driven by robust demand from central banks and investor anticipation of interest rate cuts by the Federal Reserve. The bank's commodity strategist, Michael Widmer, points out gold's strong performance despite global central banks' monetary tightening.

HSBC Chief Commodities Analyst James Steel discusses the gold market’s latest surge, particularly in China and India, as geopolitical risks swirl around other areas of the broader market. James speaks to Tom Keene and Paul Sweeney on Bloomberg Radio.

In investing, “Buy low, sell high” is among the most well-known sayings, and generally, it’s good advice. But with gold still holding near its historic all-time highs, central banks led by China are bucking the classic adage and smash-buying more, buying the top to fortify themselves against a global monetary and financial blow-up.

Gold prices fell from their peak following the release of U.S. inflation data that was hotter than anticipated, boosting the U.S. dollar and Treasury yields. This development dampened the market's hopes for an imminent rate cut by the Federal Reserve. With the consumer price index for March rising more than expected, gold, which does not yield interest, became less appealing to investors.

Gold's recent ascent to record highs has captivated our attention again. Amidst a backdrop of mounting public debt, inflation fears, and central banks' dovish tendencies, gold's allure strengthens. However, these factors have been in play for years, prompting us to ask: Why is gold surging now? A recent analysis by Louis-Vincent Gave at Gavekal offers a compelling perspective, pointing not towards the usual suspect, the Federal Reserve, but towards the Bank of Japan.

When John Bogle died in 2019, people around the world mourned. Bogle created the Vanguard Group and made the index fund mainstream. Index funds are investment vehicles that invest in a class of investments as a whole, rather than trying to predict what specific stocks or securities will do best. So an investor could invest in an index fund that represented American companies as a whole rather than trying to predict whether Disney, Apple, or Meta would have a better quarter.

In March, inflation rates exceeded forecasts, as the US Consumer Price Index (CPI) surged by 0.4% from the previous month and climbed 3.5% year-over-year, marking an uptick from February's 3.2% annual price increase. This acceleration suggests that inflationary pressures in the economy remain robust, challenging policymakers and consumers alike. The data underscores the ongoing battle against inflation and may influence future economic policies aimed at stabilizing prices.

According to the EIA, U.S. oil production plunged in January, supposedly due to a Big Freeze.  However, some sources believe the significant drop in production was due to other factors purposely overlooked by the U.S. Energy Information Agency...

On Thursday, Peter appeared on OAN’s Real America with Dan Ball to discuss the U.S. Strategic Petroleum Reserve, the costs of home ownership, and the debt crisis. Peter argues the Biden administration won’t be able to refill the reserve, given oil’s 22% price increase this year. With the CRB exploding, Jerome Powell’s claim that inflation is coming down seems unlikely to be true. 

Gold's impressive rally shows no signs of slowing, marking the start of the new quarter with unprecedented highs. This surge is primarily fueled by expectations of monetary easing from major central banks, coupled with escalating tensions in the Middle East and Ukraine, which have amplified gold's status as a safe haven asset. The convergence of these factors has kept investor interest in gold exceptionally high, signaling continued upward momentum in its price.

Gold's recent performance has defied expectations, reaching new all-time highs by surpassing the $2,365 mark, showcasing a robust bullish trend not seen since the surge in 2011. This rally, driven by anticipation of Federal Reserve rate cuts and gold's appeal as a hedge against inflation, continues despite mixed economic signals. Whether reacting to prospects of a strong economy or the anticipation of easing inflation, investors are increasingly turning to gold, indicating a widespread belief in its value retention and potential for growth amidst varying rate cut expectations for 2024.

The World Gold Council shares important data on global gold ETF flows.

Mike Maloney and Russ Gray delve into the world of economics, focusing on the inverted yield curve and its potential implications for the economy.

Zimbabwe is launching a new currency, the ZiG (Zimbabwe Gold), in an effort to stabilize its economy, backed by $185 million in gold and other reserves. This initiative represents the country's sixth attempt to establish a reliable currency, following the dramatic depreciation of its previous currency, which lost 80% of its value since the beginning of this year alone. After experimenting with gold coins and digital currency versions, the Zimbabwean central bank views the ZiG as an opportunity to create a "solid and stable" national currency, aiming to rectify the longstanding issues of currency devaluation and economic instability.

Hong Kong authorities made their largest gold smuggling bust, confiscating $10.7 million worth of gold cleverly disguised as machine parts destined for Japan. The 146 kilograms of gold were ingeniously molded into shapes resembling screws and cylinders, painted to look like parts of air compressors in an airplane's cargo. The discovery was made during a routine examination on March 27, leading to the arrest of a 31-year-old man connected to the smuggling operation. While the suspect has been released on bail, the case highlights the lengths smugglers will go to in circumventing customs laws, which could result in up to seven years of imprisonment and a $2 million fine for those convicted.

With escalating geopolitical tensions, including a more assertive Russia, instability in the Middle East, and China's military expansion, global defense spending hit a record $2.2 trillion last year. Despite this, experts argue that European Union nations and their allies need to significantly increase their military budgets to meet 21st-century security demands. While political leaders praise progress towards NATO's defense spending goal of 2% of GDP, security officials suggest that spending levels reminiscent of the Cold War era, possibly as high as 4% of GDP, are necessary to fulfill the alliance's strategic objectives.

The price of gold reached a new peak, marking a record high for the eighth straight session, driven by geopolitical tensions and the support from momentum-following funds, trading up 0.7% to $2,354.37 per ounce. This surge reflects the traders' strategy to buy on dips, buoyed by concerns over the Russia/Ukraine conflict and tensions in the Middle East. Despite shifting focus from lower rate cut expectations to concerns over persistent high inflation, gold continues to attract investors seeking a safe haven amidst the uncertainty.

Gold prices soared to a new record, reaching as high as $2,365.35 an ounce, in anticipation of the upcoming US inflation data. This surge, marking an 18% increase since mid-February, reflects investors' expectations that the Federal Reserve might ease interest rates based on the inflation trends. While economists predict a slight cooling off in March’s inflation, which could justify rate cuts, gold's appeal strengthens as lower interest rates make non-yielding assets like gold more attractive. This unexpected rally comes despite diminishing expectations for aggressive rate cuts by the Fed.

The Biden-Harris Administration is set to announce new initiatives aimed at canceling student debt for tens of millions of Americans. These latest plans, alongside previous efforts, aim to deliver relief to over 30 million individuals, marking a significant step in the Administration's commitment to addressing student debt.