Gold

The Global Precious Monthly Metals Index (MMI) fell 7.0% this month.

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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 storylines here on MetalMiner, including coverage of: oil prices, Section 232 steel tariffs, the gold market, PMI numbers, steel production and more.

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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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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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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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phonlamaiphoto/Adobe Stock

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.

Looking for metal price forecasting and data analysis in one easy-to-use platform? Inquire about MetalMiner Insights today!

Read more

misunseo/Adobe Stock

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

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The Global Precious Monthly Metals Index, a basket of precious metals, gained five points for a January MMI reading of 110.

Platinum, palladium prices rise after South Africa outages

Palladium and platinum prices received a boost last month after outages at South African mines, MetalMiner’s Stuart Burns explained.

“Power cuts earlier this year pushed the country close to recession,” Burns wrote. “The most recent outages have intensified over the last 36 hours, as heavy rains have flooded some power stations.

“Multiple failures affecting about a quarter of the country’s power plants have forced the utility to introduce severe rolling ‘stage 4’ cuts of 4,000 megawatts of power on Tuesday of last week, but it was still scrambling to fix breakdowns affecting another 15,000 megawatts — roughly a third of its generating capacity — by the end of the week.

“The rolling blackouts were escalated to stage 4 on Friday last week, with a rise to stage 6 (a complete loss of power) bringing many mining companies to a complete halt.”

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