Gold

The US dollar index has declined 6% since its peak in mid-March.

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This decline gave a boost to commodities and, of course, precious metals were not left behind. However, their upside moves look anything but impressive. Despite the weaker dollar, it seems as if precious metals are having a hard time moving away from their lows.

Gold prices rose a shy 6% since mid-May. The yellow metal is still near record lows. A bit more encouraging is the move silver is making, up 12% since mid-May. The grey metal, however, is still near record lows as well. The metal is trading at $17.71/oz and we’ll see if it can break medium-term resistance at $18.5/oz.

A bit more encouraging is the move silver is making, up 12% since mid-May. The gray metal, however, is still near record lows as well. The metal is trading at $17.71/oz and we’ll see if it can break medium-term resistance at $18.5/oz.

Platinum is up 7%. A very small movement compared to its huge decline since summer last year. The metal has a long way up to reach last year’s levels.

Palladium rose 8% after making a 1-year low in March. Palladium is clearly the best performer among precious metals but since summer of last year is also being dragged down with the rest of precious metals.

What This Means For Metal Buyers

Recent weakness in the dollar is giving a boost to precious metals. However, these price movements have been quite shy so far. It still makes sense to be long-term bullish on the dollar and bearish on precious metals.

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It is one of those delicious ironies of life that India, the world’s largest consumer of gold, has very little to show when it comes to actually mining the yellow metal.

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That’s poor form because India sits on very large resources of gold, revealed by several geological studies in the past. One such study pegged India’s primary gold resources at about 491 metric tons. Despite its 6,000-year mining history, the country mines just around a pitiful 25 mt of gold annually.

Imports Flourishing

India is one of the biggest importers of gold, despite a punitive 10% import tax. In the financial year ended March 31, gold imports had touched 900 mt, up 36% from a year ago.

Perhaps keeping all this in mind, and the fact that gold mining could mean earning some big bucks, Western Australia recently expressed interest in developing gold mines in India, as part of the bilateral cooperation in minerals and energy sectors between the two nations.

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Today in MetalCrawler; the Chinese economy continues to disappoint, gold breaks a key support level and nobody agrees about when copper prices might recover.

Chinese Economy May Be Stimulus-Proof

In many ways China doesn’t really look like an economy growing at even 7%, with exports plunging in March, power generation dropping 3.7%, the biggest fall since 2008, and a host of other indicators pointing to sluggish growth.

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Reuters Clyde Russell writes that increased economic stimulus spending by Beijing may not be able to do much to help the Chinese economy this year.

Gold Falls

Gold slid below $1,200 an ounce on Thursday as the dollar pared losses after upbeat US factory data and demand for physical metal stayed weak, though uncertainty over the timing of a Federal Reserve rate increase underpinned prices.

The dollar index, strength in which tends to weigh on gold, recovered from lows against a basket of currencies after a survey showed factory activity in the mid-Atlantic region accelerated in April.

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Investments in automotive aluminum keep popping up in MetalCrawler.

Constellium Expands Plant

Aluminum manufacturer Constellium recently said it has invested $40 million for a 210,000-square-foot expansion of its Detroit are plant to meet the increasing demand for aluminum by automotive manufacturers.

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Constellium has hired nearly 200 additional workers at the Van Buren site and will employ a total of 370 there after it hires about 20 additional workers.

Freeport Plans to Expand

Freeport McMoRan Inc. is expanding and that has it poised to become the world’s biggest copper producer at a time of slowing China growth.

The Phoenix-based company will close the gap with current world No. 1 Codelco next year after expanding mines in Peru and the US and as the Chilean state-owned company runs out of profitable ore at a mine in the Atacama Desert.

US Dollar Climbing Again

Gold eased Monday as the US dollar gained ground against other currencies, sapping foreign investors’ interest in the dollar-denominated metal.

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US Sen. Lisa Murkowski, (R-Alaska), last week, introduced the American Mineral Security Act of 2015, a bill that promises “to prevent future mineral supply shocks and boost the competitiveness of our energy, defense, electronics, medical, and manufacturing industries.”

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The AMSA would require that the director of the US Geological Survey establish a list of minerals critical to the American economy and provide a comprehensive set of policies to address issues associated with their discovery, production, use, and reuse. It also would require that the federal government establish a methodology for the designation of critical minerals, based on potential supply disruptions and the importance of their use, and require the list to be reviewed and updated at least every two years.

Critical Minerals

There are also changes in permitting, the Federal Register process and the bill would extend an executive order issued by President Obama in 2012, regarding the permitting of important infrastructure projects, to mines that produce critical minerals and critical mineral manufacturing projects. The full bill is available online at the Senate website.

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MetalCrawler crawls the web for the latest metal news so you don’t have to. We even get that hard to reach metal news from China.
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We’ve also got more on the Gold Apple Watch and Chile’s copper mining industry.

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Metalcrawler finds metal news so you don’t have to.

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MetalCrawler scours the web for the latest metal news, whether it’s Apple inventing a new gold alloy just for its devices, major acquisitions, the price of steel or whether Marvel/Disney will finally cave and accurately change the name of its trillion dollar movie franchise to Titanium Alloy Man.

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I would like to report the culprits in Indian gold’s biggest smuggling case were carried off the plane with a hernia after trying to get their carry-on bag into the overhead locker, or that the wheels dropped off the carry-on as they left the arrivals hall but the reality is the single biggest seizure of smuggled gold in India was a simple tip off.

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But what a tip off, according to the India Business Standard the Special Operation Group of the Ahmedabad City Police seized 60 kg of the yellow metal worth an estimated $2.35 million at the Sardar Patel International Airport. Six individuals were arrested including three who had flown in from Dubai on an Emirates Airlines flight and three that met them on arrival and helped load the heavy cases into a car.

The previous highest quantity of pure gold bars and coins seized was in Mumbai last year when about 16 kg of the metal was seized at the airport. The biggest seizure on the country’s border was in 2013 when about 35 kg of gold was seized at Indo-Nepal border in 2013.

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This month our base metals took a big tumble. Some industrial metal prices that faltered in January fell of a steeper cliff.

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The Copper MMI®, Raw Steels MMI® and Construction MMI® all recorded drops of more than 5% and only our Global Precious Metals MMI® and Rare Earths MMI® were able to post price increases this month as low oil prices continued to drag down other commodities.

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Several base metals are reaching the point where they’ll either start new trends or fall even further as we speak. Nickel, lead, aluminum and tin are all right there and copper, well, it’s gone so far past its sell-by date even the spoiled milk is looking down at it.

Free Download: Trade Automation Can Save Millions

In light of the bearish environment around our metals these days, we released several reports this week on how to tighten your corporate belt and achieve the cost certainty that will make your business run better. Executive Editor Lisa Reisman researched how trade automation can lock in prices and keep you from having to renegotiate international trades at the dock or the railway station.

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