Articles in Category: Precious Metals

The usually highly liquid gold market hit turbulence last week as transport restrictions prevented contract settlement procedures at New York’s COMEX futures market.

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The Financial Times reported the price of gold futures traded on COMEX and expiring this month widened to a $70-per-ounce premium above the London physical gold market Tuesday. The spread marked the highest on record, prompted by fears the physical 100-ounce gold bars traded on the exchange would not be available as retail demand surged.

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Before we head into the weekend, let’s take a look back at the week that was and some of the metals coverage here on MetalMiner, including: the coronavirus outbreak’s impact on share prices and commodities prices; a look back at Norsk Hydro’s 2019; precious metals prices’ plunge; Moody’s releases a coronavirus heat map; and “negative oil” prices.

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This morning in metals news, U.S. Steel unveiled its guidance for the first quarter, Glencore issued its response to the COVID-19 crisis, and gold prices are rising in relative value compared with copper and silver.

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The price of all precious metals plummeted on Friday and again on Monday as investors sort to liquidate profitable positions to raise cash.

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Gold, in particular, has been the victim of its own success, rising strongly this quarter on the back of growing investor anxiety about the wider economy.

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This morning in metals news, precious metals prices have taken a hit, Washington state repealed a tax break that had benefited Boeing and the Pilbara Ports Authority released February shipping data.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

The Global Precious Monthly Metals Index (MMI), which tracks a basket of precious metals, rose four points this month for an MMI reading of 129.

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Before we head into the weekend, let’s take a look back at the week that was with some of the metals coverage here on MetalMiner, including: oil prices, global steel production, Chinese steel stocks, U.S. automotive sales and more.

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Those enamored with charts and those preferring fundamentals are, for once, aligned.

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The gold price hit a 10-year high as markets took fright at the impact of the coronavirus (Covid-19) on supply chains and productivity.

The flight to safe havens took a temporary battering last Friday, as sharp falls on stock markets prompted day trader margin calls and investors liquidated precious metal holdings to meet the costs.

But the horrendous volatility on the stock market is matched only by the horrendous potential damage widespread infection of the virus could potentially cause.

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Before we head into the weekend, let’s take a look back at the week that was and the metals storylines here on MetalMiner, including coverage of: U.S. steel prices, 2019 metals sector M&A activity, palladium prices, the copper market amid the coronavirus outbreak, the British automotive sector and more.

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Metal prices fluctuate. Key is knowing when and how much to buy with MetalMiner Outlook. Request a free trial.

The Global Precious Monthly Metals Index (MMI) gained 10 points for a February 2020 reading of 125.

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