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Silver tops $66, gold gains 1% due to soft US labor market
Silver prices reached a record-high of $66 per ounce on Wednesday. Gold prices also rose as the Federal Reserve of the United States cut rates after signs of an ailing labor market and escalating tensions between Venezuela and the U.S. boosted demand for safe havens. Spot silver increased nearly 4%, to $66.22 per ounce. It had previously reached a session high of $66.88. Edward Meir, a Marex analyst, said that silver is pulling up gold. "There is money moving out of gold into palladium and platinum," Meir added. "$70/oz" (for silver) seems to be the logical next target for the short term." Gold spot rose 0.7%, to $4334.01 per ounce at 01:56 pm ET (18:56 GMT) after it had risen over 1% in the morning. U.S. Gold?futures closed 1% higher at $ 4,373.9. Silver has risen 129% in the past year, surpassing gold's 65% increase. On Tuesday, data showed a stronger-than-expected increase of 64,000 jobs in the U.S. last month, but the unemployment rate rose to 4.6%, its highest level since September 2021. Gold and other non-yielding investments could benefit from a weak labor market. According to?Bas Kooijman of DHF Capital S.A., the CEO and asset manager, the markets continue to see that the Federal Reserve will cut its interest rates twice during the first half of 2026. This could support gold prices over this period. The U.S. Federal Reserve delivered its final quarter-point rate reduction of the year last week. Investors now price in two 25 basis-point rate cuts in 2026. The market is now awaiting the Consumer Price Index for November, due Thursday. Personal Consumption Expenditures Price Index will be released on Friday. Donald Trump, the U.S. president, ordered a "blockade", of all sanctioned tankers that enter and leave Venezuela, Washington's latest effort to increase pressure on Nicolas Maduro’s government. This move adds to the safe-haven request. Palladium rose 2% to $1635.61 and platinum was up 2.2%, the highest level in over 17 years.
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Silver reaches record price of $65/oz due to a perfect storm
Silver's inclusion on the U.S. Critical Minerals?list and a wave momentum buying has propelled it to a new record high. Prices are expected to end 2025 more than twice where they started. Silver has gained over 120% in the past year, and according to LSEG's data dating back to 1982, is on track for its best-ever annual performance. The metal is beating safe-haven, gold which is expected to rise 64% by 2025. On Wednesday, spot prices reached a new record high of $66.87/oz. The current rally is largely driven by investment. The rally has a strong fundamental basis, but these prices are driven by speculation and investment," said Rhona OConnel, StoneX's head of market research. Silver's fundamentals are robust, with a persistent supply deficit and a healthy outlook for demand from the solar cell, artificial intelligence data centers, and electric vehicles industries. Metals also benefit from the same macroeconomic factors that support gold as well as flows to safe-haven assets due to geopolitical tensions and trade tensions. Nitesh Sha, commodities strategist at WisdomTree, said that these factors and the less abundant inventories outside of the U.S. create a "very supportive environment" for future growth. He added that "Silver could reach a price of up to $75/oz by the end next year." Prices have also been supported by the metal's inclusion in the U.S. Critical Minerals list. Concerns about the potential impact of tariffs on silver prompted a rush to the U.S. in early this year. This led to a shortage of liquidity in London's spot market. Analysts said that the combination of demand from India and China with momentum buying has created a perfect storm for metal. Carsten Menke, Julius Baer's analyst, said that "strong price performances" attract Chinese traders to the market. This is evidenced by the increase in trading volumes and open interest on the exchanges. Analysts remain bullish about silver. They expect the metal to surpass the $70/oz mark next year. This is especially true if U.S. rate cuts boost the demand for precious metals. Others cautioned, however,?that historically volatile metals remain vulnerable to steep corrections. O'Connell said that if gold moves by x% in one direction, silver should move by 2x% to 2.5x% in the opposite direction because it is a smaller, more volatile market.
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Industry says EU carbon tax changes are not sufficient for metals
Industry representatives on Wednesday said that the proposed?changes in the European Union's Carbon Border Adjustment Mechanism are a'step in the right directions' for Europe's?steel?and?aluminium?sector, but not a 'complete solution'. On Wednesday, the European Commission announced plans to extend the CBAM, which imposes a carbon-based tax on imports of metals such as steel and aluminium, and a few other commodities, to include some downstream products that contain a large amount of these metals. These include machinery, appliances and scrap. It did this in response to warnings by metal industry players from Europe regarding "carbon leakage", or the risk that industries worried about losing their competitiveness might move operations out of the region so as to avoid the costs of climate policies. The European Steel Association Eurofer stated in a press release that the proposals were flawed, but did not provide "a comprehensive and lasting response to jobs and carbon leakage", saying the number downstream products included is "very limited". Axel Eggert said that Eurofer, as Eurofer's Director General, was ready to continue discussions with legislators about how to make CBAM watertight. Norsk Hydro, a Norwegian aluminium manufacturer, was in the forefront of the 'lobbying' for the expansion CBAM. It said that 35% of EU aluminum recycling capacity would be lost if remelted scrap aluminium entered the EU free of a carbon levy. It said that the inclusion of "pre-consumer" scrap is a "big move forward". "However,?post-consumer scrap ?must also be added to the scope," a company spokesman ?said. "If we don't, the loophole for scrap will be open to half." Pre-consumer metal is scrap generated during manufacturing before a finished product reaches a consumer. Post-consumer metal, such as aluminum beverage cans, are end-of life metals. (Reporting and editing by Barbara Lewis; Tom Daly)
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The Peruvian Congress extends the informal mining permits program by one year
LIMA, December 17 - Peru’s Congress approved on Wednesday a one year extension to a temporary?permit?program?for small-scale miner amid ongoing protests that?sought to give miners a longer period of time to regularize their operation. The extension will last until the end of 2026. The government previously opposed a bill which sought to extend REINFO by two years. After receiving an initial approval at the beginning of December, the extension was approved by 13 votes in favor, 4 against, and 2 abstentions. The REINFO permits have been extended five times since the program began a little more than a decade ago. This program is for small-scale informal miners that extract gold and/or copper. These permits allow them to continue to work. Sources in the Peruvian industry and police claim that the temporary permits also fueled a'surge' of illegal mining, at a time where precious metals trade at record prices on the international markets. In July, more than 50,000 small-scale miner were removed from REINFO. This left about 31,000 people responsible for bringing the status of their mining up to date before the end 2025. Peru exported $15.5 billion in gold to the world in 2024. This is a huge jump from the $11 billion it had done last year. According to local financial regulator and sector data, it is estimated that 40% of the gold in this country is illegal. (Reporting and Writing by Marco Aquino; Editing and Revision by Brendan O'Boyle).
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Tunisians renew protests against pollution at state chemical plant in Gabes
Around 2,500 Tunisians marched in the coastal city of Gabes, renewing protests against pollution caused by a'state-owned' phosphate complex. The anger was rising over perceived failures regarding public health. The main slogan was "Gabes Wants to Live" on the 15th Anniversary of the pro-democracy revolt of 2011 that ignited the Arab Spring movement. The protest increased pressure on the government of President?Kais saied, who is currently dealing with a financial crisis, growing street unrest and protests by journalists, doctors, banks, and public transport systems. The UGTT, a powerful union in Tunisia, has called for a 'nationwide strike' next month. This is causing great tensions throughout the country. Recent protests have been widely viewed as one of the biggest challenges Saied has faced since he started ruling by decree back in '2021. Protesters marched towards Chatt Essalam (a coastal suburb to the north of the city) where Chemical Group industrial units are situated. Safouan Kbibieh is an environmental activist from the area. She said, "The chemical factory is a crime. We will not pass this environmental disaster on to our children. Residents claim that toxic emissions from the complex of phosphates have increased the rates of cancer, osteoporosis, and respiratory diseases. Meanwhile, industrial waste continues to be dumped into the ocean, causing harm to marine life and livelihoods. The protests in Gabes erupted again after?hundreds? of schoolchildren had breathing problems in the last few months. This was allegedly due to toxic fumes coming from a factory that converts phosphates into fertilisers and phosphoric acids. Saied has described the situation in Gabes, as "environmental murder", and blamed previous governments for their policy choices. He also called for urgent maintenance, to prevent toxic leaks. The protesters are rejecting the temporary measures, and demand the permanent closure of the plant and its relocation. (Reporting and editing by Ed Osmond, Tarek amara)
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Radiant raises more than $300 million for the construction of nuclear microreactors
Radiant, a startup company, announced on Wednesday that it had raised $300 million for its latest funding round to mass-produce nuclear reactors. The funding round was led by Draper Associates & Boost VC, and included funding from Founders Fund ARK Venture Fund Chevron Technology Ventures, and other investors. Why it's important After decades of stagnation, the U.S. nuclear industry is seeing a surge of demand. This is due to the demand for data centers that are used in artificial intelligence technologies as well as electrifications of industries like transportation and manufacturing. The funding round will assist Radiant in commercializing as it prepares for the early next year to break ground on its R 50 'factory' in Oak Ridge Tennessee. CONTEXT Radiant, based in California, is developing nuclear microreactors with a 1 megawatt capacity that are easily transportable. The company signed an agreement earlier this year to supply 20 microreactors for data center developer Equinix. The reactors were designed to provide a constant power source for applications such as disaster response, critical infrastructure, remote industry, and defense. Radiant plans to test its first nuclear reactor in 2026. Initial customer deployments will begin in 2028. KEY QUOTES Tim Draper of Draper Associates said that "portable nuclear power will?provide the bulk of our incremental energy in the coming years. Radiant is working with purpose, not just to turn on their first reactor but also building them in scale within months and not years."
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Tinubu wants a $30 billion budget reset in order to stop fiscal years overlapping
Bola Ahmed Tinubu, the President of Nigeria has asked Parliament to approve a 43.56 trillion Naira (US$29.96 billion), spending plan that repeals and reenacts 2024's budget to?run until December 2025. The goal is to eliminate fiscal cycles that overlapped in recent years and tighten control on public finances. This move comes after months of criticism from lawmakers about the government's reliance upon?rolling forward capital budgets. As a result, the 2024 capital spending was extended to June 2025 and then December 2025. After years of budget mismanagement, the 'proposal' aims to restore discipline and accountability in Africa’s most populous nation. The lawmakers now want to reset the calendar year cycle in 2026. In a letter read by Speaker Tajudeen Abbas on the floor of the House of Representatives on ?Wednesday, Tinubu said the proposed repeal-and-reenactment bill would authorise withdrawals from the federal account and allocate ?1.74 trillion naira for statutory transfers, 8.27 trillion naira for debt ?service, 11.27 trillion naira for recurrent spending, and 22.28 trillion naira for capital projects ?under a single framework. Tinubu stated that the measure would "put an end to running multiple budgets simultaneously"?and improve capital projects execution after repeated rolling over of 2024 expenditure into 2025 along with a separate 54.99 billion naira budget for 2025.
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Silver tops $66, gold gains 1% due to soft US labor market
Silver prices reached a new record of $66 per ounce on Wednesday. Meanwhile, gold prices firmed up as the U.S. Federal Reserve raised expectations of rate cuts after signs of an unsteady labor market. Spot silver increased by about 4%, to $66.3 per ounce. It had previously reached a session high of $66.51. Edward Meir, a Marex analyst, said that "silver is pulling up gold with it... There is some money moving out of gold into silver and platinum and palladium." "$70/oz" (for silver) seems to be the next logical goal in the short term. After rising by over 1% in the morning, spot gold rose 0.7% at 12:10 pm ET (17:10 GMT) to $4332.21 an ounce. U.S. Gold Futures were also 0.7% higher at $4,364. Silver has risen 126% in the past year, surpassing gold which has risen 65%. On ?Tuesday, data showed a stronger-than-expected increase of 64,000 jobs in the U.S. last month, but the unemployment rate rose to 4.6%, its highest level since September 2021. Gold and other non-yielding investments could benefit from a weak labor market. Bas Kooijman is the CEO and asset manager at DHF Capital S.A. The U.S. Federal Reserve announced its final quarter-point rate reduction of the year last week. Investors now price in two 25 basis-point rate cuts in 2026. The market is now awaiting the Consumer Price Index for November, due Thursday. And Personal Consumption Spending Price Index, due Friday. Donald Trump, the U.S. president, ordered a "blockade", of all sanctioned tankers that enter and leave Venezuela. This was Washington's latest effort to increase pressure on Nicolas Maduro, adding to the demand for safe haven. Platinum rose 2.5% to $1,896.90 - its highest level in over 17 years. Palladium was up nearly 2.5% at $1,643.79 and reached its highest level in more than 17 years.
US believe tanks' policy 'grand bargain' offered as bargaining falls from favor
In another era, agreement amongst experts from leading left, center, and rightleaning believe tanks over a sweeping plan to attend to major financial and social concerns might bring some heft in Washington policymaking.
In today's culturally infused, party-line politics, when establishment voices especially amongst the U.S. Republican party have actually been sidelined, maybe not so much.
But after a yearlong debate and analysis, Brookings Organization, Bipartisan Policy Center, and American Enterprise Institute economists and analysts have actually still offered it a shot, describing a national grand bargain addressing everything from immigration and decarbonization to tax and entitlement reform.
Launched on Tuesday with a forum at Brookings, the authors have no illusions about how their strategy will be greeted by the inbound Trump administration. While a few of the concepts aren't. irregular with things the president-elect and his circle. typically favor, such as expanded school option, more stringent instructor. accountability, and regulative reform, it likewise suggests things. they do not, such as embracing a carbon tax, a larger safety net. for the poor, a big federal function in developing out a. decarbonized electrical grid, and increased federal taxes as a. share of gdp.
The point, said American Enterprise Institute economist. Michael Pressure, who co-chaired the group in addition to Brookings. senior fellow and social policy professional Isabel Sawhill, was to. program compromise throughout broad concepts at least was possible.
If someone felt that school choice is a big concession,. possibly they feel happy about a carbon tax or a Social Security. system that is more generous to elderly Americans in hardship, or. higher revenue to GDP, Stress stated. While the document as a. whole might be considered a 2nd- and even third-best set of. services viewed from any specific political position, it. does move the country as a whole in a much better instructions.
You wish to be clear-eyed and sensible. This is a 100%. Republican controlled Congress, and they don't have a lots of. incentives to work together, said Ben Harris, vice president and. head of economic studies at Brookings and a former leading consultant. to President Joe Biden. This is more a medium-term play. To. resolve some of the biggest obstacles we need bipartisan. compromise.
Harris, who participated in Tuesday's online forum, kept in mind in an. interview ahead of time the pain lots of Democrats would feel. around privilege reform, for instance, even as they 'd cheer. things like expanded school nutrition and richer tax credits for. the working poor.
The slate hits enough red lines for one group or another. that the title page notes it represents the views of the. private authors, not their institutions or the sponsoring. company, the Center for Collective Democracy.
The tradeoffs proposed are often specific: Less dedicated to. retirement and healthcare for upscale elders, for example,. in return for higher costs on susceptible senior citizens,. education, and revenues aids for the working poor.
The spending curves of the major privilege programs would. be bent gradually towards monetary sustainability, with a cap on. Medicare costs and a Social Security system made solvent and. more progressive with a higher retirement age and benefits that. grow more slowly for those better off.
Tax boosts would be depended on more in the beginning, phasing. into a much larger share of the savings coming from costs. cuts gradually, the document states. The politically broken. income tax system would be changed to encourage investment and. prevent intake, with worth added taxes changing some. income taxes, for example, and allowance for businesses to fully. subtract investment costs but not interest on financial obligation.
More federal money would be invested in standard research study, in. hopes of enhancing the economy's capacity; migration would. increase, however through a doubling of employment-based permits. in hopes of using the system to increase labor force and financial. growth, fuel development, and increase the nation's stock of. human capital.
None of it may gain traction, Stress stated, absent a requiring. occasion like a continual rise in government loaning costs,. possibly, or Treasury auctions that struggle to discover buyers.
As present White Home Council of Economic Advisers Chair. Jared Bernstein said, it appeared to be a extremely rational report. in a moment that is possibly a little less rational.
But there's still hope for the center even in polarized. times, stated G. William Hoagland, a senior vice president of the. Bipartisan Policy Center and among the document's authors.
The concepts may be aspirational in the current environment,. he said, however I would hope that at least a few of the policy. makers coming in at least glimpse at the document. Maybe they. can't agree. However at the margins I would hope they could see the. advantage in the long run..
(source: Reuters)