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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.
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The US dollar's weakness and growth in GDP has led to a record-breaking price for copper of $12,300.
The?U.S. economy grew at a robust pace, boosting demand prospects and supporting prices. Economic growth increased demand prospects, and a weaker US dollar supported prices. As of 1010 GMT on the London Metal Exchange, benchmark three-month copper was up 1.1% to $12,195 per metric tonne, after earlier hitting a record high $12,282. This week the metal gained 2.6%, December saw a 9% increase and 2025 is on track to see a 39% jump as supply restrictions lead to bullish bets. Copper also reached a record high of 96.750 yuan (13,793) per ton at the Shanghai Futures Exchange on Wednesday. John Meyer, an analyst at SP Angel, said: "It wouldn't surprise me to learn that the Chinese are purchasing physical copper on the market. They will get as much as possible while no one else is watching." The Yangshan premium The, a measure of Chinese demand for copper, has risen to $55 per tonne, its highest level since September 24. The U.S. economic growth accelerated to its highest rate in two years during the third quarter. Meanwhile, the dollar is headed for its worst performance in over two decades due to investors' bets on more rate cuts in 2019. The greenback is weakening, making metals more affordable to holders of other currencies. Copper has been flowing in large quantities to the United States over the past few months. This includes more than 50,000 tonnes from China in November. Aluminium was up 0.6% to $2,956 per ton on the LME after reaching its highest level since May 2022. Zinc grew 0.2% to $3 098, while lead increased 0.6% to $1 994.50. Tin climbed by 1% to $43,005. Nickel was up 0.6% to $15,835, and rose for the sixth consecutive day, on the expectation that Indonesia will reduce ore production next year. The LME Ring, or the open-outcry floor, will close at 1440 GMT on Wednesday before closing on Thursday and Friday to celebrate Christmas.
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Gold, silver and Platinum extend record streak
Silver and platinum both reached new records on Wednesday, as the speculative demand for precious metals and expectations of future U.S. interest rate cuts fuelled speculation. At 1023 GMT the spot gold price was up by 0.1% to $4,493.76 an ounce, after hitting a session high of $4,525.19. U.S. Gold Futures for February Delivery climbed 0.3%, to $4.520.00. Silver reached an all-time peak of $72.70, and last rose 0.9% to $72.09 per ounce. Platinum peaked at 2,377.50, before reversing gains, now standing 0.3% higher, at $2282.70. Palladium fell?2.5% to $1,815.25, after reaching its highest level in three years. Gold is supported by the lack of bearish factors, strong momentum and solid fundamentals. These include central bank purchases, a declining U.S. Dollar and some haven demand, according to?Fawad Rasaqzada. "Other metals, like copper, have been rising. This is supporting the whole commodities complex." Gold is up more than 70% in 2018, its largest annual gain since 1979. Investors are flocking to safe-haven investments amid geopolitical tensions, and they expect the U.S. Federal Reserve to continue to ease their monetary policy. U.S. president Donald Trump said Tuesday that if the markets are performing well, he would like to see the next Fed chair lower interest rates. 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 year. The price of silver has risen by more than 150% in the past year, surpassing that of gold, due to strong demand for investment, its inclusion on?U.S. The inclusion of silver on the U.S. critical minerals list, and its increasing industrial use have all contributed to this increase. In a recent note, analysts at Societe Generale stated that the risk of a significant drop in gold prices is largely related to a slowing in outright gold purchases by central banks in emerging markets. Investor positions indicate that, barring such a situation, the unprecedented rise in gold prices will continue. This is consistent with our Commodities Strategists' forecast of $5,000/oz for end-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.
Why one Eastern European nation was slow to give up its Russian oil addiction: Vladimirov
By Martin Vladimirov
Czechia, on April 7, has the infrastructure, reserves and access to other suppliers that it needs to stop importing Russian oil. Three years after Russia's invasion of Ukraine on a large scale, the Czech Republic has continued to delay a strategic shift despite viable alternatives. According to a Center for the Study of Democracy analysis, Czechia imported Russian crude oil worth 1.5 billion euros in 2024. The volume was down 30% compared to 2023. However, this wasn't due to a proactive strategy to phase out Russian crude. It was mainly the result of 3 major disruptions in the Druzhba Pipeline. After the completion of the Trans-Alpine pipeline expansion in 2024, Czechia should have been able to replace Russian crude. As of February, however, neither the state-owned MERO CR nor the dominant refiner Orlen Unipetrol were able to fully exploit this new resource. In the end, each month more than 100 millions of euros were sent to the Kremlin.
This is not a technical problem. MERO CR had confirmed, even before the final certification of TAL-plus was granted, that the spare capacity in pipelines would be sufficient to meet Czechia’s entire annual crude oil demand.
The country's strategic reserve of 3.6 millions tonnes could also cover almost half its annual consumption. The volume of Russian oil imported in 2024's final quarter increased by 30% compared to the previous year, and reached 970,000 tonnes. This was the highest quarterly level since the European Union oil embargo came into effect in 2022. In 2025, Czechia purchased an additional 220,000 tons of Russian crude. Orlen Unipetrol claims that Rosneft's long-term contract obligations, which expire in mid-2025 prevented an immediate withdrawal from Russian crude. It is not certain that this is the case. Take-or-pay provisions - which are often used as a justification – are uncommon in the global oil market, where flexibility of supply is the norm. Orlen appears to be primarily motivated by financial concerns. Russian crude, on average, was 20% cheaper than Azeri oil in 2023-2024. Retail fuel prices were stable, with average gasoline and diesel costs of 1,500 euros and 1,360 euro per tonne respectively. Orlen Unipetrol, which relied heavily on Russian crude oil during its peak years, was able to take advantage of the cost difference and report EBITDA in excess of 600 million euros per year.
The discount on Russian crude could increase in the future, as tariffs recently implemented by the U.S. government may dampen demand for oil globally, forcing Russia lower its prices.
REPERCUSSIONS
This passive attitude has had important geopolitical consequences. Since the beginning of the war, Czechia has contributed almost 3 billion euros to the Russian government in the form of tax revenue. Czechia spent 8.4 billion euro on Russian gas and oil since February 2022. This is more than six-times the amount of money it gave to Ukraine in aid.
Czechia also continues to import refined petroleum products from Slovakia, Hungary and other EU-exempt countries, where refineries are processing Russian crude oil. This exemption is extended until June 2025. Slovakia exported 710,000 tons of fuel worth 520 millions euros to Czechia in 2024 despite alternatives being available. Germany, for example, only charges a 6-7% higher price than Slovak suppliers on gasoline and diesel.
Czechia also follows a similar pattern in its natural gas imports. Czechia's Russian gas purchases increased by almost 400% in 2024 in anticipation of Ukraine terminating its Russian transit in January 2025. Imports of Russian gas in the last quarter of 2024 were 62% more than average.
The Czech government can unilaterally ban Russian crude imports. It can also stop purchases of fuels refined using Russian oil in Slovakia or Hungary. And it can make full use both of the TAL pipe and its domestic reserves. Bulgaria has shown that a complete phase-out of Russian oil is possible. Sofia ended its exemption early in 2024 by invoking the force majeure clause, and cut off Russian crude over night. The result was neither an increase in fuel prices nor a threat to the security of oil supplies, despite Bulgaria relying on Russian crude for 90% of its crude imports.
Czech Government Officials on April 17,
The country is now fully independent from Russian oil after the completion of the capacity upgrades to the TAL pipeline. Czechia appears to be able to align its actions with European imperatives for energy security without suffering severe economic consequences. If the current halt of Russian oil imports doesn't hold, then it will struggle justifying why it has not done so.
(source: Reuters)