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Gold closes on $5,000 as silver reaches record high.
The price of silver rose to $100 an ounce on Friday for the first ever time, and gold reached a new record on its way to $5,000/oz. Investors are flocking into safe haven assets due geopolitical unrest and expectations that U.S. rates will be cut. Spot silver rose 4.05% at $100.1 per ounce as of 1547 GMT. Metal prices have risen by more than 200 percent in the last year. This is also due to ongoing challenges with scaling up the refining of the metal, and a persistent shortage on the market. Silver should benefit from the same forces that support gold investment demand, said Philip Newman. He is a director of Metals Focus. The London market is still experiencing low liquidity and ongoing tariff concerns. This will provide additional support. Gold spot was 0.48% higher, at $4,959.98 an ounce. This is after hitting a record high of $4,967.03 in the morning. U.S. Gold Futures for February Delivery grew by 0.98% to $4,961.20. Gold's role in providing a safe haven as well as diversification during highly uncertain political and economic times makes it an essential part of strategic portfolios. "It's not just a perfect hurricane that won't last; it's an indication of fundamentally changing circumstances," said Tai Wong. Friction between the U.S. The tension between the?U.S. Gold's increase has also been attributed to central bank purchases and a move away from dollars. The?U.S. On the policy front, it is expected that the Fed will hold interest rates at its meeting on January 27-28, but the markets still expect two further rate reductions in the second half 2026. Gold is often a preferred asset during low-interest rate periods because it's a non-yielding investment. Spot platinum rose 4.21%, to $2.740.25 per ounce. In a recent note, HSBC stated that platinum was "attracting investor interest as a more affordable alternative to gold." "We expect the production/consumption deficit to widen to over 1.2 moz in 2026," the note added. Palladium meanwhile jumped 4.79%, to $2012.11. Ashitha Shivprasad, Kavya Baliaraman and Susan Fenton in Bengaluru contributed to the report.
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What one year's Trump's climate censorship has revealed
EPA reportedly removes a climate page that mentions "human-caused" Data preservation and tracking changes are a priority for groups The future of climate reporting is in the air By David Sherfinski The administration has removed all references to climate justice and environmental change from government resources. It even deleted or blocked access to data and information which could contradict or undermine his agenda. The implications of this are huge - and they could be even more severe during his remaining term. There is a perception among some that scientists who don't support the agenda will be muzzled, and that findings that are misrepresented or incorrectly found out, in order to promote the agenda, will be published. This was said by Jonathan Gilmour of the Public Environmental Data Partners. Trump has called climate change a "con-job" and his administration is working to reopen coal plants that have been closed, increase oil and gas production and eliminate tax incentives for renewable resources such as wind and solar. The White House has not responded to any requests for comments. Gilmour stated that "it undermines the very premise of democracy" to try to hide what's happening inside and outside the government, and to silence scientists. He also said it was a mistake to stop data streams which tell us about our world and public health as well as the environment. "I am afraid that we may be less safe and healthier and will not understand the risks affecting our lives and livelihoods." "NATURAL" CLIMATE CHANGE In December, the Environmental Protection Agency began removing references to "human-caused" climate change from their online resources. Izzy Pacenza, a member of the Environmental Data & Governance Initiative (EDGI), a group that tracks changes on federal sites, reported the removal of about 80 pages. Many of these pages were related to climate change and its causes and effects. She said that "on certain pages that are still accessible, what was removed is very specific information that discusses the anthropogenic cause of climate change." She said that the EPA page on climate change causes still has the same information, but the part about human-caused changes being impossible to explain by natural events is gone. All the remaining information is about the natural factors for Earth's climate variations. In a report released by the Energy Department in July, a few climate scientists who were against global warming downplayed its dangers. A spokesperson for the EPA said that the agency no longer "takes marching orders" from the "climate cult." The spokesperson stated that "At Trump EPA we adhere to gold-standard science and total transparency. We are also committed to fulfilling our statutory duties." The public can access previous versions of the site that did not meet the standards. The administration also stopped adding information to the database of natural catastrophes that caused damages totaling at least $1 billion. It has also limited public access to the National Climate Assessment (NCA), a report mandated by Congress that is released every four years. The NCA documents the human impact on global warming. Pacenza stated that "the biggest thing I learned is that there's no rhyme or reason for the changes we see on federal websites." She said that "targeted removal of facts" will "lead a lack in trust". Fight Back Pacenza and Gilmour's groups are members of Public Environmental Data Partners. This group is working on preserving or moving some climate data that the administration has limited. Gilmour stated that "this crisis has forced community to mobilise in a manner it likely would not have", "And this means more exchange of ideas. This means that funders will be re-energized and pay more attention to the project. We can engage in these big questions, and we can engage with each other. Last year, the Public Environmental Data Partners and the research group Climate Central released their own versions of the billion dollar disaster database. Gilmour is concerned that the job cuts may also be causing major damage. As the administration cuts the federal workforce, many climate experts have lost their jobs. Their knowledge is not replaced. He said: "What we see is that the human infrastructure is... being cut, reassigned and intimidated." He added, "It has downstream effects we haven't yet understood." "There is so much work that won't get done, because offices are now empty." 'HATCHET' Rachel Cleetus remembered receiving an email last year saying that her contributions to the National Climate Assessment were no longer required. The administration had stated last year they were in the process of reviewing the scope. The initiative was formed in 1990 and due to publish its sixth report by?2027. The report was not completed after Trump cut funding, and the experts who wrote it were fired last year. The website that hosted past reports has been taken down. "This kind of science is not prescriptive. It is the kind we really need." It's not political. Cleetus, of the Union of Concerned Scientists (a nonprofit advocacy organization), said that it is not partisan. The assessment is a key policy tool that helps the government and private sector prepare for climate change. It's... factual information you can use. To cut this off, it's a scandal."
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US Targets Iran's "Shadow Fleet" over Crackdown on Protesters
The United States imposed sanctions Friday on 'nine vessels from what is called 'the shadow fleet' and eight firms related to them, according to the United States. The Treasury Department issued a statement as Washington sought to increase pressure on Iran for the recent killings of protesters. Treasury stated that the vessels, their owners, or management companies, including?entities located in India, Oman, and the United Arab Emirates have collectively "transported hundreds millions of dollars worth of Iranian petroleum and oil products to foreign markets." The sanctions imposed today are aimed at a key component in how Iran raises funds to suppress its own citizens. Treasury will continue, as previously stated, to "track" the tens and millions of dollars the regime has stolen that it is desperately trying to wire to foreign banks," Treasury Secretary Scott Bessent explained in the statement. Human rights groups claim that thousands of people were killed, including bystanders, during the unrest which occurred in Iran. They describe this as the largest crackdown since Shiite Muslim clerics seized power in 1979. Trump repeatedly threatened to intervene against Iran for the recent killings there. But protests have dwindled in recent weeks and President Donald Trump’s rhetoric towards Iran has 'eased. Shadow fleets are ships that transport oil under sanctions. They are usually old, have an opaque ownership and sail without top-tier insurance coverage needed to meet the international standards of oil majors and ports.
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India looks for better oil deals, as Russian imports are slowing down, says minister
Hardeep Singh Puri, the Oil Minister, said on Friday that India could leverage its increasing energy demand to secure better deals for oil and gas supplies, while its refiners are still looking for alternatives to 'Russian oil. India was the largest buyer of Russian crude oil after Moscow invaded Ukraine in February 2022. However, Western sanctions forced Indian refiners eventually to import more from other sources. Puri, a senior Indian official, said that Indian officials had avoided directly mentioning Russian oil imports. However, he added that the supply from "one source", which had surged following February 2022 is now decreasing. Data from trade sources revealed that India's Russian imports in December fell to the lowest level for two years, bringing OPEC imports up to a '11-month high. Puri says that India's increasing oil demand gives it a "little bit of a position inside the world" for better deals. Brazil, Guyana, Suriname, and the United States, which are among the world's largest oil producers and importers, should be able to meet their needs, given that global supplies are plentiful and production is on the rise. Indian refiners are buying more oil in Middle Eastern, African, and South American countries to compensate for the drop in Russian oil imports. This is expected to help India negotiate with Washington a tariff agreement. Puri stated that Bharat Oil Corp. Ltd. had doubled its annual contract with Brazil's Petrobras. Trade sources say that Indian Oil Corp., the country's largest refiner, purchased 7 million barrels of oil from Brazil's Petrobras for March loading in order to replace Russian oil. IOC bought its first Colombian crude oil last month and also for the first time, Ecuadorean Oriente.
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Data shows that Russian oil exports to China increased in January, as India and Turkey reduced their purchases.
China will increase its imports of Russian crude oil in January. This will absorb barrels that were previously going to?India or Turkey. As tougher Western sanctions forced Moscow to redirect the flow, LSEG data and traders reported. The United States, the European Union, and other countries imposed sanctions on Russian oil sellers, shippers and energy giants, Rosneft, and Lukoil in 2025. This impacted global buyers' purchases and increased scrutiny of Russian crude exports. According to preliminary LSEG figures, China will receive 1.5 million barrels of Russian oil per day by sea in January, compared to 1.1 million bpd last month. Beijing, a 'key consumer of Russian Far East ESPO Blend oil, increased imports of Russian Urals Oil to a record high in January of 405,000 bpd, the highest level since mid-2023. Data provided by energy consulting firm Kpler. LSEG data shows that India, which was formerly 'the largest buyer of Russian Urals oil by sea, since the EU embargo against?Moscow’s oil in 2022', slashed its purchases in December to less than 1 million bpd, down from a previous average of 1.3million bpd, LSEG said. Indian refiners will likely keep Russian oil imports at around 1 million bpd during January, as they seek to diversify their supply sources. Turkey, another major Russian oil purchaser, has reduced Urals imports to 250,000 bpd from 275,000 bpd on average in 2025. This is well below the 400,000 bpd record reached in June last year. A trader in Russian oil sales said that some Urals cargoes were destined for China as Indian and Turkish buyers reduced their purchases. He said that the excess of Urals barrels was weighing on prices. According to two traders in the Asian markets, discounts for Urals crude to be delivered to China by late '2025 have widened up to $12 per barrel. The traders said that the EU's ban on fuels made from Russian crude has caused a slump in demand for Urals, particularly in India and Turkey. Both are major diesel exporters to Europe.
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U.S. pressures Iraq for Iranian influence, as it controls the oil dollars
Sources say that the U.S. is pushing Iraqi politicians to avoid armed groups in the new government Iraqi MPs with Iran links are to be excluded from the cabinet The Federal Reserve Bank controls the dollars of Iraq's oil revenues Maha El Dahan and Humeyra Pauk DUBAI/WASHINGTON - Four sources have confirmed that Washington has threatened to impose sanctions on the Iraqi government if Iran-backed groups were included in the new government. This could include a potential cut-off of the vital oil revenue coming from the Federal Reserve Bank of New York. This warning is the most stark example of President Donald Trump’s campaign to curb Iran linked groups' influence in Iraq. The country has been walking a tightrope for years between Washington and Tehran, its closest allies. Joshua Harris, the U.S. Charge d'Affaires at Baghdad's Embassy, has repeatedly warned Iraqi officials, influential Shi'ite leadership, and even'some heads of Iran linked groups' via intermediaries in the last two months, according to three Iraqi official sources and one source who is familiar with this matter. This story was written by a source familiar with the matter and three Iraqi officials. Harris and the Embassy did not respond to comments. Sources?requested anonymity in order to discuss private conversations. Since taking office one year ago, Trump has taken steps to weaken Iran's government, including through its neighbor Iraq. U.S. officials and Iraqi officials claim that Iran has used Baghdad's bank system for years to avoid the sanctions. In an attempt to choke off this dollar flow, successive U.S. Administrations have placed sanctions on more than a dozen Iraqi Banks over the last years. The New York Fed has never stopped sending dollars to the Central Bank of Iraq. "The United States support the sovereignty of Iraq and every country in the area." This leaves no place for Iran-backed groups that spread sectarian rifts, pursue malign objectives, or cause terrorism in the region. The spokesperson refused to answer any questions regarding the sanctions threats. Trump, who bombed Iran’s nuclear program in June, threatened to intervene militarily again in the country when protests took place last week. The office of Iraqi Prime Minister Mohammed Shia al-Sudani, the Central Bank of Iraq, and the Iranian mission to the United Nations have not responded to requests for comments. (Reporting and editing by Frank Jack Daniel; Additional reporting and reporting by Ahmed Rasheed.
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Andy Home: The nickel market in Indonesia plays the numbers game.
The nickel price has been rocketing as investors bet that Indonesia, which is the world's biggest producer of battery metals, will slow down its explosive output growth. The London Metal Exchange's (LME) 3-month metal price has risen from a low in mid-December of $14,235 to a high of $18,905 on January 14, a level that was last traded in 2022. Indonesia's Energy and Mineral Resources Minister Bahlil?Lahadalia, mid-December, sparked the nickel revival with a promise of reducing production. An official from the Energy Ministry confirmed that this year's annual "mining" permits will be reduced to 250-260 millions wet tons ore, down from 379,000,000 tons in 2025. This is a big deal, given that Indonesia supplies 65% of the global nickel and has been the cause of the glut in the past two years. This is why the market reacted. There's much more to the headline figures than meets the eye. NUMBER-CRUNCHING First, Indonesian mining quotas refer to wet tons. Macquarie Bank analysts point out that the headline figures are "difficult" to convert to "actual recoverable units of nickel due to the wide range of moisture content in ores. The moisture content of ores can reach up to 40%. The bank says that neither the operators nor the government report formally quotas and production levels. This makes it difficult to understand what's happening in Indonesia's nickel industry. It is clear, however, that the quota set for last year was much higher than the actual production. According to the nickel smelter associations of Indonesia, FINI, last year's total ore demand was just 300 million wet tonnes. According to the World Bureau of Metal Statistics, imports of ore from the Philippines reached 14 million tonnes in the first eleven months of 2025. The'slashing' of the quotas this year will not mean the production reductions implied by "slashing". FINI predicts that the demand for ore by smelters will rise to 340 to 350 million tons in this year. This gap is significant and can only be partially filled by imports. Come back in June The FINI ore demand forecast shows you the amount of processing capacity that is still ramping-up in Indonesia. The government is faced with a difficult problem: How to limit ore production without harming existing smelters or those that are in the process or construction? Indonesian resource policies is aimed at creating greater value through the processing of ore, intermediate products and finished nickel. It won't help to deny new projects feed. Jakarta's stated goal is to match the ore supply and smelter demands, but both are still increasing fast. A mid-year review will provide a safety valve if tensions grow between ore production capped by quotas and the smelter's demand. In other words, the headline annual mining permits number may change as the year progresses. Take back control It's clear that Jakarta wants to take more control over a sector?that is growing too large too fast. The government has cracked down on illegal mining, as well as on operators who violate environmental rules. In November, it stopped the approval of new smelters that produce intermediate products like nickel pig iron or matte. These are primarily used by the stainless steel sector and not the electric vehicle batteries. Reduced annual quotas are?another aspect of the strategy, but don't expect Indonesian nickel to suddenly come to a halt. It could take a while for this to happen and it is likely that the numbers will change again. Andy Home is an author and columnist. Andy Home is a columnist. You like this article? Check it out Open Interest (ROI) Your essential source for global financial news. Follow ROI on LinkedIn, Listen to the song Morning Bid daily podcast Spotify Or the . Subscribe to the podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
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Gold steadies after record run, silver hovers near $100/oz
Silver prices were just shy of $100, with momentum buying and solid fundamentals boosting silver prices. At 1332 GMT the spot gold price was unchanged at $4,931.28 per ounce, after reaching a record of $4,967.03 an ounce earlier in day. U.S. Gold Futures for February Delivery increased by 0.4% to $4934.20. Gold's role as an asset and diversifier during highly uncertain political and economic times makes it a necessity for portfolios. Tai Wong, a metals trader, said that it is more than just a perfect storm which will not last. It is a sign of fundamentally changing times. The?demand for safe haven assets has risen since the beginning of the year due to friction between the U.S., NATO, and Greenland over Greenland. Also, there are concerns over the independence of the Federal Reserve and the uncertainty surrounding tariffs. The rise of gold has also been attributed to central bank purchases and a general move away from the dollar. Analysts at SP Angel stated that "we also consider the White House’s increasing aggravation with Fed policy by pushing for lower interest rates and a dovish Fed chair as reducing trust in U.S. Government debt." Markets still expect two more rate cuts to occur in the second half of 2026. Gold is a popular asset during low-interest rate periods because it does not yield any income. After hitting a new record of $99.65, spot silver jumped by 3.1% and now stands at $99.19 per ounce. Silver prices rose by 147% in 2012, mainly due to a strong?demand for the metal. Wong said that "silver has been helped by anecdotal reports of long lines in Shenzhen, and the huge retail demand in Turkey and Dubai." After hitting a record of $2,718.40, spot platinum rose 2.6%, to $2,696.57 per ounce. The metal has risen by?31% in the first three months of this year. HSBC stated in a report that platinum "attracts investor demand as a more affordable alternative to gold." "We expect the production/consumption deficit to widen to over 1.2 moz in 2026," the note added. Palladium prices, on the other hand, rose by 2.3%, to $1,963.18. (Reporting and editing by Tasim Zaid in Bengaluru)
Ukraine's grid operator claims that the energy situation in Ukraine has'significantly worsened'
Kyiv's grid operators said that Ukraine's energy situation has "significantly worsened" since the recent Russian air attacks, which triggered emergency power outages across most regions. Denys Schmyhal, Ukraine's Energy Minister, said on Thursday that the country's power grid had experienced its worst day since November 2022 when Russia began attacking it.
In recent weeks, Moscow has intensified its strikes. This has further damaged the already damaged?infrastructure. It also left a large swathe of the population with no power or heating during an icy cold snap.
As a result, several power generation facilities have undergone emergency repairs. This was announced by?Ukrenergo on the Telegram messaging application.
The equipment was operating at its 'limits,' it stated. It also said that the power?blocks carried a "tremendous overload" due to damage caused by?Russian attacks.
Last week, President Volodymyr Zelenskiy declared a?energy crisis.
Ukrenergo stated that it hoped to complete repairs in the "near future" so as to allow planned outages. (Reporting and writing by Yuliia Dyesa, Anna Pruchnicka and Dan Peleschuk; editing by Daniel Flynn).
(source: Reuters)