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US regulator extends the driving time limit waiver to heating fuel haulers
To speed up deliveries, the U.S. Transport Safety Regulator has extended an 'emergency waiver' on driving time limits for truckers transporting heating fuels. The extension was given on Tuesday because extreme cold and severe winter storms in Pennsylvania, as well as a major power outage at an important gas refinery, had 'disrupted' propane supplies and created immediate dangers to the public health, safety, and welfare of those states. U.S. regulations normally require truck drivers to take mandatory rest breaks and cap their daily?and weekday driving hours in order to reduce fatigue-related crashes. However, regulators may temporarily waive these limits to speed up deliveries of essential supplies during emergencies. The extension comes after an earlier emergency declaration by the U.S. Federal Motor Carrier Safety Administration that relaxed'mandated rest and drive-time limits for trucks transporting heating 'fuels like propane, natural gas and heating oil in parts of the U.S. Northeast until December 26. The FMCSA stated that the affected states and jurisdictions include Connecticut, Delaware Maryland, Massachusetts New Hampshire New Jersey New York Pennsylvania West Virginia. (Reporting by Varun Sahay in Bengaluru; Editing by Shinjini Ganguli)
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After record rally, gold, silver and platinum are taking a break
Gold prices fell on Wednesday after a record-breaking surge that saw them surpass the $4,500 an ounce barrier earlier in the session. Silver and platinum also saw some of their gains trimmed. At 01:57 pm, spot gold was down by 0.2% to $4,479.38 an ounce. ET (18:57 GMT), following a session high of $4,525.18. U.S. Gold Futures for February Delivery settled 0.1% lower at $4,502.8. Jim Wyckoff, Kitco Metals' senior analyst, said that the gold market was experiencing some chart consolidation as well as a mild profit-taking following record highs. Gold is a good investment in low interest rate environments. It also thrives when there are periods of uncertainty. Donald Trump, the U.S. president, said Tuesday that he would like to see the next Federal Reserve Chair?lower interest rates in a good market. The U.S. central bank has reduced rates 'three times' this year, and traders currently price in two rate reductions next year. A U.S. official said that the U.S. Coast Guard was waiting for more forces to arrive on the geopolitical scene before it could attempt to board and capture a Venezuelan-linked oil tanker, which they have been pursuing since last Sunday. Silver reached a new high of $72.70, and lastly rose 0.7% to $71.94 per ounce. The next target is for the gold market to reach $4,600/oz and for silver, $75/oz before the end of this year. Wyckoff added that the technicals are bullish. Silver prices are up 149% on a year-to date basis, despite strong fundamentals. This is more than bullion which has gained over 70% in the same time period. Platinum?peaking at $2.377.50, before paring its gains to stand at $2.220.44. Palladium fell by more than 9% to $1,683.58 per ounce after reaching its highest level in three years. The price of platinum and palladium, which are used primarily in automotive catalytic convertors to reduce emissions and cut down on pollution, has risen by 145% and over 85% respectively year-to date, due to tight mine supplies, tariff uncertainty and a shift away from gold investment.
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After record rally, gold, silver and platinum are taking a break
Gold prices fell on Wednesday after breaking through the $4,500 per ounce barrier earlier in the session. Silver and platinum also saw some losses following their record-breaking rally. At 11:52 am, spot gold was down by 0.3% to $4,473.49 an ounce. After hitting a high of $4,525.18, the ET session ended at 16:52 GMT. U.S. Gold Futures for February Delivery fell by 0.1% to $4,500.30. Jim Wyckoff, Kitco Metals' senior analyst, says that the gold market has seen some chart consolidation as well as a mild profit-taking following record highs. Gold is a good investment in low interest rate environments. It also thrives when there are periods of uncertainty. Donald Trump, the U.S. president, said Tuesday that he would like to see the next Federal Reserve Chair?lower interest rates in a good market. The U.S. Central?bank cut rates 'three times' this year, and traders currently price in two rate cuts for next year. A U.S. official said that the U.S. Coast Guard was waiting for more forces to arrive on the geopolitical scene before it could attempt to board and capture a Venezuelan-linked oil tanker, which they have been pursuing since last Sunday. Silver reached a new high of $72.70, and lastly rose 0.1% to $71.5 per ounce. The next target is for the gold market to reach $4,600/oz and for silver, $75/oz before the end of this year. Wyckoff added that the technicals are bullish. Silver prices are up 148% on a year-to date basis, despite strong fundamentals. This is more than bullion which has gained over 70%. Platinum peaked at $2.377.50, before reversing its gains and standing 4% lower at $ 2,186.16. Palladium is down by more than 10% to $1,675.43 per ounce after reaching its peak three years ago. The price of platinum and palladium, which are used primarily in automotive catalytic convertors to reduce emissions and cut down on pollution, has risen by 143% and over 85% respectively year-to date, due to tight mine supplies, tariff uncertainty and a shift away from gold investment.
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After record rally, gold, silver and platinum are taking a break
Gold prices fell on Wednesday as they took a breather after soaring past the $4,500 an ounce mark in the earlier part of?the day, while silver and platinum pared some gains from their record-breaking rally. At 10:04 am, spot gold was down by 0.4% to $4,468.96 an ounce. The session began with a high of $4,525.18. This was followed by a low of $4,425.18 at 1504 GMT. U.S. Gold Futures for February Delivery fell by 0.2% to $4,497.90. Jim Wyckoff, Kitco Metals' senior analyst, said that the gold market was experiencing some chart consolidation as well as a mild profit-taking following record highs. Gold is more likely to thrive in periods of uncertainty and low interest rates. U.S. president Donald Trump said Tuesday that he would like the next Federal Reserve chair to lower interest rates in a good market. The?U.S. The?U.S. central bank has reduced?rates a total of three times in the past year. Currently, traders are pricing in two rate reductions next year. A U.S. official said that the U.S. Coast Guard was waiting for more forces to arrive on the geopolitical scene before it could attempt to board and capture a Venezuelan-linked oil tanker, which they have been pursuing since last Sunday. Silver reached a record high of $72,70, but fell last 0.8% to $70.86 per ounce. The next upside target is $4,600/oz for gold and $75/oz for silver by the end the year. Wyckoff said that the 'technicals' remain bullish. Silver prices are up 147% on a year-to date basis, outpacing the bullion price increase of 70% during that same period. Platinum reached a high of $2,377.50, before reversing its gains to stand at $2.198.30, down 3.3%. Palladium fell 9% to $1,692.43 per ounce after reaching its peak three years ago. The price of platinum and palladium used primarily in automotive catalytic convertors to reduce emissions is up 160% and 100% respectively year-to date, due to tight mine supplies, tariff uncertainty and a shift away from gold investment.
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NIPSCO gets federal order to maintain Indiana coal plant
Northern Indiana Public Service Company announced on Wednesday that it had?received an order from the federal government requiring continued operation of R.M. Schahfer generation station will continue to operate 'well beyond?its December 31, 2025 retirement date. The firm said that the order requires the Indiana-based facility to remain open for a period of 90 days following the date of?order. The directive is coming as several U.S. utilities are delaying coal plant retirements in order to meet the 'rising demand for power,' driven by data centers and rising natural gas prices, which have led to a re-focus on coal generation. Donald Trump, the president of the United States, has also advocated for increased coal production. He signed executive orders aimed at increasing coal use in April. NIPSCO, a subsidiary of U.S. utility NiSource Inc., had previously stated that it intended to retire the two remaining coal units at the Schahfer Plant by the end 2025. Vince Parisi, President and Chief Operation Officer of NIPSCO, said that they were reviewing the overall impact on their customers and business. They would comply with any orders received. (Reporting from Yagnoseni das in Bengaluru, editing by Vijay Kishore.)
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SolGold accepts a $1.2 billion acquisition by Jiangxi Copper, a top investor
SolGold, a gold and copper mining company, announced on Wednesday that it had reached an agreement to be purchased by Jiangxi Copper. The deal valued SolGold at $867 million pounds ($1.17billion). The 28 pence per share deal represents a 43% premium over SolGold, a company focused on Ecuador that closed its stock price the previous day (November 19), the day Jiangxi approached the company to do a deal. SolGold's share price closed at 25.65 pence on Wednesday, a trading session that was shortened due to the holiday. The agreement gives Jiangxi the control of SolGold's Cascabel Project in Ecuador's Imbabura Province, as miners rush to secure copper supplies amid increasing demand driven by electric vehicles and AI infrastructure investment. One of the largest undeveloped copper and gold?deposits is located in South America. The London-listed mining company said that earlier this month, it was inclined towards recommending?the offer. Jiangxi was the third bid to acquire the company. "JCC is delighted to receive the unanimous recommendation from the SolGold board, and the strong support of other large shareholders for the acquisition. JCC is excited about the potential of the Cascabel Project," said Shaobing Zhou in a press release. SolGold's top investors also include BHP, a global mining company, and Newmont.
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Silver, platinum and gold all reach new heights
On Wednesday, gold broke the $4,500 mark for the first-ever time. Silver and platinum also reached new records, as speculation and a demand for'safe havens' and further U.S. interest rate cuts in 2019 fueled speculative metals. At 1220 GMT the spot gold price was up by 0.2% to $4,494.49 an ounce, after hitting a session high of $4,525.19. U.S. Gold Futures for February Delivery climbed 0.4%, to $4,523.10. Platinum peaked at 2,377.50, but then pared gains to end up at 2,312.70, a 1.6% increase. Silver reached an all-time record high of $72.70, and it was lastly up 1.3%. Palladium fell 1.5% to $1,830.37 per ounce after reaching its highest level in three years. Fawad Rasaqzada is a market analyst for City Index and FOREX.com. He said that the lack of bearish factors, and strong momentum are all backed up by solid fundamentals. These include central bank purchases, a declining U.S. Dollar, and some haven demand. "Other metals, like copper, have been rising. This is providing support for the entire commodities complex." As investors seek safe-haven assets in the face of geopolitical tensions, and as they expect that the U.S. Federal Reserve would continue to ease its monetary policy, gold has gained more than 70% over this past year. U.S. president Donald Trump said Tuesday that he wanted the next Fed chair to lower interest rates if the markets were doing well. Gold and other non-yielding investments tend to perform well in an environment of low interest rates. Traders are currently pricing in at least two rate reductions?next. Silver's price has risen by more than 150% in the past year, surpassing gold, due to strong investment demand and its inclusion on "the U.S. Critical Minerals List" as well as rising industrial usage. Analysts at Societe Generale wrote in a report that the risk of a significant drop in gold prices is largely tied to a'slowing down of outright gold purchases, such as those by central banks in emerging markets. Investor positions indicate that, barring such a situation, the unprecedented rise in gold prices is likely to continue. This supports our Commodities Strategists' forecast of $5,000/oz by 2026. The price of platinum and palladium (used in catalytic converters for automobiles to reduce emissions) has risen by 160% and 100% respectively year-to date, due to tight mine supplies, tariff uncertainty and a shift away from gold investment.
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Russia plans to build a nuclear plant on the Moon within 10 years
Russia is planning to build a nuclear plant on the Moon 'within the next ten years to power its lunar space program and a joint Russian/Chinese research station, as major powers race to explore Earth's only natural satellite. Since 1961, when Soviet cosmonaut Yuri Gagarin was the first person to enter space, Russia has been a leader in the space exploration field. However, in recent years, it has fallen further behind the United States, and increasingly China. Elon Musk revolutionised space vehicle launches, which were once a Russian specialty. Is that a nuclear reactor on the Moon? Roscosmos, the Russian state space corporation, announced in a press release that it had signed a contract to build a moon power plant by 2036. Roscosmos didn't say that the plant was nuclear, but said that it included the Russian state nuclear corporation Rosatom as well as the Kurchatov Institute - Russia's foremost nuclear research institute. Roscosmos stated that the plant would be used to power the Russian lunar programme. This included rovers and an observatory, as well as the infrastructure for the joint Russian-Chinese International Lunar Research Station. Roscosmos stated that the project is an important step in the creation of a permanently operating scientific lunar station, and the transition from a one-time mission to a long term lunar exploration program. Dmitry Bakanov said that Roscosmos's goal was to build a nuclear plant on the Moon and explore Venus, also known as Earth's "sister planet". The moon is located 384,400 kilometers (238,855 mi) away from our planet. It moderates earth's wobble, which helps to maintain a stable climate. It also creates tides in all the oceans. U.S. PLANS REACTOR ON MOON Russia isn't the only country with such plans. NASA announced in August its intention to place a nuclear reactor on?moon within the first quarter fiscal year 2030. "We are in a race for the moon with China. "We need energy to have a moon base," U.S. Transportation Secretary Sean Duffy stated in August when asked about plans. He also said that the United States is currently "behind" in the race to reach the moon. He said that energy is essential for life to continue?on the Moon and then to reach Mars. Nuclear weapons are prohibited in space, but nuclear energy sources can be placed there as long as certain rules are followed. Some space analysts predicted a gold rush on the Moon: NASA estimates that there is a million tonnes (or more) of Helium-3 on the moon, which is an isotope helium rare on Earth. Boeing's research shows that rare earth metals, such as scandium, yttrium, and 15 lanthanides - which are used in smartphones, computer and advanced technology - can also be found on the Moon. According to Boeing's research, the rare earth metals - used in smartphones, computers and advanced technologies - are also present on the moon. These include scandium, yttrium and 15 lanthanides.
Republican holdouts huddled at White House to discuss Trump's tax cut bill
On Wednesday, a few hardline Republicans from the U.S. House of Representatives, worried that President Donald Trump’s tax-cut bill did not cut spending enough, headed to the White House as the party struggled for unity.
The White House confirmed that House Speaker Mike Johnson would attend the meeting at 3 p.m., 1900 GMT, one day after Trump visited Capitol Hill personally to urge the Republican Party to unite around a bill to extend and add to his tax cuts of 2017.
Analysts from nonpartisan groups have predicted that the U.S. debt of $36.2 trillion will increase by $2 trillion to $5 billion over the next 10 years. Last week, credit rating agency Moody's stripped the U.S. Government of its highest-tier rating due to the nation's increasing debt.
Hardline Republican Andy Harris, who stood with eight other hawks in a Wednesday press conference, said: "We are encouraged by the progress made over the last 24 hours." "I believe this package will pass." "I don't believe it could be done now."
Johnson said: "There's a chance to vote today."
He acknowledged that hardliners had resisted the agreement on state and local tax deductions, a key issue for Republican legislators from New York and California who are crucial to his small majority.
Hardline Republican Representative Chip Roy, of Texas, told reporters that negotiations were progressing, but he still had a way to go before supporting the bill.
Around 1 am EDT (0500 GMT), the House Rules Committee, which is responsible for approving legislation in the House, began debating it. The House's success would pave the way for the expected weeks of debate in the Senate.
The Republicans who control both chambers are waiting on the overall package of amendments to the bill from their leadership, which is intended to unite the various factions within the party. Democrats have proposed over 500 amendments.
If Congress passes this legislation, some food and health benefits would be reduced for low-income Americans. Green-energy programs would also be cancelled, and tens and tens billions of dollars could go to immigration enforcement.
Trump met with Republican legislators on Tuesday in an attempt to convince holdouts to accept what he called a "big beautiful bill," however, the visit did not sway a wide range of lawmakers who are opposed to certain features.
Johnson is in a tight spot, since his party has a 220-212 narrow majority. A few "no" vote from his side can scuttle this bill that Democrats claim favors the rich and cuts social programs.
The bill would extend Trump's 2017 tax cuts, which were his signature achievement during his first term in office. It also added tax breaks for income from tips and overtime wages that were part of Trump's populist push last year on the campaign trail. Analysts say that it could increase the federal debt by $2 trillion to $5 trillion.
Representative Jason Smith, Republican Chairman of the House Tax-Writing Committee, stated during Wednesday's debate that "failure was not an option." "The American people voted to create a new America, where families and workers will prosper again. Main Street will grow and rural towns will flourish again. And America will win again."
Democrats claimed that the bill benefits wealthy people disproportionately and cuts programs for working families.
Gwen Moore said, a Democrat who is a member of the tax-writing panel: "We are going to ask Americans for credit cards to pay tax cuts to billionaires." "This bill is ugly, despite its deficits, because it's a betrayal to the contract we made with our American people and, in particular, our babies and our working people," said Gwen Moore, a Democrat on the tax-writing committee.
DEBT CEILING
Medicaid, the health care program for low income households, has been a major sticking-point. Fiscal hawks have pushed for tax cuts that would offset some of the costs. Moderate Republicans, however, say this will hurt the voters who they need to support them in the midterm elections for the Congress in 2026.
A handful of Republican legislators, mostly from states with high taxes, such as New York and California are also opposed to the bill. They want an increase in the proposed cap for deductions on state and local tax.
The bill would increase the debt ceiling of the United States by $4 trillion. The limit must be addressed by the summer of this year or lawmakers risk triggering an uncontrollable default. (Reporting and writing by Bo Erickson, David Morgan and Andy Sullivan. Editing and proofreading by Scott Malone Daniel Wallis and Howard Goller.
(source: Reuters)