This Morning in Metals: Precious metals prices take a tumble

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This morning in metals news, precious metals prices have taken a hit, Washington state repealed a tax break that had benefited Boeing and the Pilbara Ports Authority released February shipping data.

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Precious metals tumble

Earlier this week, we noted gold prices surged above $1,700/ounce, as investors rushed to the safe haven amid the ongoing coronavirus (COVID-19) outbreak.

However, the gold price closed Thursday at around $1,575/ounce and fell lower still early Friday, down to $1,547/ounce late Friday morning.

After closing Wednesday at around $16.72/ounce, the silver price closed Thursday at $15.80/ounce and traded even lower as of Friday morning, down below $15.00/ounce.

Washington state repeals Boeing tax break

Washington state has opted to repeal an aerospace tax break that benefited U.S. manufacturer Boeing, Reuters reported.

Boeing has for 16 years represented one half of the ongoing Boeing-Airbus tariff battle between the U.S. and E.U.

A decision from the World Trade Organization (WTO) regarding potential E.U. tariffs on U.S. goods is expected later this year. Late last year, the WTO gave the U.S. the green light to impose up to $7.5 billion in tariffs on E.U. goods in response to European subsidies of Airbus.

PPA releases February ports data

Australia’s Pilbara Ports Authority reported total monthly throughput of 49.7 million tons in February, which marked a 9% year-over-year decrease.

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Throughput at Port Hedland, the vital iron ore terminal, reached 39.0 million tons (38.7 million of which was iron ore), down 1% from February 2019.

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