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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.
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Global shares hover near record highs; gold, silver scale new highs
As 2025 approaches, global shares remained near their record highs, capping an?abundant artificial intelligence-driven year. Commodities, like gold and silver have extended their bullish trend to new?highs?. Overnight, on Wall Street the S&P 500 closed at a record high as the long-elusive Santa Claus rally finally took hold. The U.S. economic data that showed the economy expanding at a faster rate than expected in the third quarter helped boost risk sentiment but hurt bonds. The STOXX 600 Index in Europe was unchanged at the start of trading, while the UK's blue-chip FTSE 100 dropped 0.2%. The bourses in Amsterdam, Brussels, and Paris will be closed for a half-day session, while those in Germany, Milan, and Brussels are open. Nasdaq and S&P 500 futures also remained unchanged amid low liquidity. This week, gold and silver were among the biggest movers as markets prepared for a shorter trading day before the holidays. Gold spot prices remained unchanged at $4489.91 an ounce. They had earlier reached a record high of $4525.86, bringing their gain for the year to 72%. Silver prices jumped by 1.2%, to $72.27, a new record. This was the best year for silver ever. Chris Zaccarelli of Northlight Asset Management, the chief investment officer, said that the data released on Tuesday showing that the U.S. economic growth grew at its fastest rate in two years during the third quarter is "exceptional". He wrote that if the economy continues to produce at the same level, there's less reason to be concerned about a slowing down economy. Instead, the focus may shift to price stability. Goldman Sachs economists expect a global GDP growth rate of 2.8% for 2026. This is slightly higher than the 2.5% consensus and 2.6% for the U.S., compared to 2% consensus. In a note, the Wall Street Bank's U.S. chief economist David Mericle said that "our 2026 global outlook" argues for growth above consensus and declining inflation next year. Goldman's outlook reflects a reduced drag on the economy from tariffs, as well as tax cuts and easier financial conditions. ASIAN Shares Higher, Traders Eye Yen The broadest index for Asia-Pacific stocks outside Japan rose 0.4%, following the Wall Street rally. The index has risen 26% this year, which is its best performance in years. Scott Chronert is a U.S. Equity Strategist at Citi. He predicts that equities will continue to rise in value and earnings over the next year. "Yet high-performance dispersion in themes, sectors and the market cap is expected." The yen has gained on the foreign exchange markets for the third session in a row amid the risk of intervention by?Japanese officials. The dollar fell 0.3% to 155.83 Japanese yen and retreated from the previous 158-level zone which drew interventions. The euro remained largely unchanged at $1.18 after a 14% increase this year. The dollar has been down around 10% against other major currencies this year. Treasuries rose this year as the Fed resumed rate cuts. The yield on two-year Treasury bonds remained at 3.532% despite falling by 72 basis points in the past year. Meanwhile, the yield on the 10-year Treasury bond was 4.1589% despite a 42 basis point decline for the same period. Early trade saw oil prices remain stable, but they were on track for a decline of a third consecutive year. Brent crude futures rose 0.1% to $62.45 per barrel but are down 16% on the year. (Editing by Shri Navaratnam & Tomasz Janowski)
Trump team listens to pitches on Myanmar's rare Earths
Four people who were directly involved in the discussions confirmed that the Trump administration had heard competing proposals to change the longstanding U.S. foreign policy towards Myanmar. The goal was to divert its huge supplies of rare earth mineral reserves away from China, the strategic rival. Experts say that there are many logistical challenges and nothing has been decided. If the proposals are implemented, Washington will need to make a deal with ethnic rebels who control most of Myanmar's heavy rare earth deposits.
One proposal calls for talks with Myanmar's ruling junta in order to reach a peace agreement with the Kachin Independence Army (KIA) rebels. Another proposes that the U.S. work directly with KIA, without engaging with the junta. Washington avoided direct talks after the military overthrew the democratically-elected government of Myanmar in 2021.
Sources said that a U.S. lobbyist for business, a former advisor to Aung San Suu Kyi and a few outside experts had proposed the ideas to the administration officials in indirect discussions with the KIA.
Conversations that have never been reported before
Rare earths is a grouping of 17 metals which are used to produce magnets, which turn energy into motion. The so-called heavy rare Earths are used in the construction of fighter jets, as well as other high-performance weapons. The U.S. is dependent on imports of heavy rare Earths, as it produces very little. The Trump administration is focused on securing the supply of these minerals in order to compete with China. According to the International Energy Agency, China is responsible for almost 90% of global processing capability. The United States would make a radical change if they engaged the junta, especially given the sanctions Washington has placed on military leaders as well as the violence perpetrated against the Rohingya minority that Washington describes in its report of genocide and crimes committed against humanity. The Trump administration lifted sanctions on several junta ally last week. However, U.S. officials stated that this did not reflect a change in U.S. policies toward Myanmar. People familiar with the matter say that the ideas presented to the U.S. government include the following: easing President Donald Trump's threat of 40% tariffs against Myanmar; reversing sanctions against the junta, as well as its allies; working with India to process heavy rare earths exports from Myanmar and appointing an envoy for these tasks.
A person in Vance’s office confirmed that some of these suggestions were discussed at a meeting held on July 17 in Vice President JD Vance’s offices. Adam Castillo was present, who is the former director of the American Chamber of Commerce of Myanmar and runs a security company in the country. Vance's advisers on Asian trade and affairs were present. Vance was not present, according to the source.
Castillo said he suggested that U.S. officials play a role as peace broker in Myanmar. He also urged Washington, to take a leaf out of China's book by first brokering a bi-lateral self-governance agreement between the Myanmar military KIA.
The ruling junta of Myanmar and the KIA have not responded to a comment request.
Vance's Office declined to comment on Castillo’s visit to White House. However, a person familiar with the matter said that the Trump Administration has been reviewing its policy on Myanmar (also known as Burma) since Trump's inauguration in January and had considered direct discussions with junta regarding trade and tariffs.
The White House refused to comment.
REVIEWING MYANMAR POLITICS
People familiar with the discussions described them as exploratory, in their early stages, and added that the talks could result in Trump not changing his strategy, given his reluctance to intervene in foreign conflicts or in Myanmar's complicated crisis.
When asked about the meeting on July 17, a senior official in the administration said, "The officials met as a favor to the American business community to support President Trump’s efforts to reduce the U.S. trade deficit of $579 million with Burma."
Castillo, who described Myanmar's rare-earth deposits as China's 'golden goose', said he told U.S. official that key ethnic armed group - especially the KIA – were tired of being exploited and wanted to collaborate with the United States.
Heavy rare earths are produced in large quantities by mines in Myanmar's Kachin Region and exported to China.
He said he repeatedly urged Washington officials to pursue a deal that included cooperation with U.S. Partners in the Quad Grouping - India - to process resources and eventually supply heavy rare earths to the United States. The United States, India, Australia and Japan are all part of the so-called Quad Grouping.
The Indian Ministry of Mines has not responded to an email seeking comment.
Unknown to the public, an Indian government official said that he did not know if Trump's administration had informed India of any such plan. However, he stressed that it would take several more years for such a move to become a reality, as infrastructure would need to be constructed to process rare earths.
One pitch was in line with former president Joe Biden's Myanmar policy.
Sean Turnell is an Australian economist who was a former advisor to Suu Kyi's government, which the junta overthrew in 2021. He said that his proposal for rare earths was meant to encourage the Trump Administration to continue to support Myanmar's democratic movements.
Turnell met with officials of the State Department, White House National Security Council, and Congress during a trip to Washington in the early part of this year. He urged them to continue their support for the opposition.
He said that KIA, for example, could provide rare earths to the U.S.
In recent months there have been several discussions on rare earths between U.S. government officials and the Kachin Rebel Group through intermediaries, according to a source with knowledge of these talks. These discussions were not previously reported.
OBSTACLES
Since the coup, Myanmar is wracked by civil war. The junta, along with its allies, has been pushed from much of the borderlands of the country, including the rare-earths mining belt, which the KIA currently controls.
According to a source in the rare earths sector, U.S. officials contacted the Kachin rare Earths mining industry around three months after the Kachin tookover of the Chipwe Pangwa mining belt.
A person said that a new major supply chain for rare earths, which would involve moving minerals from remote, mountainous Kachin State to India and beyond, might not be feasible.
Bertil Lintner is a Swedish author and expert in Kachin State. He said that the idea of China stealing rare earths out of Myanmar was "totally insane" due to the mountainous terrain.
Lintner stated that there was only one way to get the rare earths out of these mines on the Chinese border to India. "And the Chinese will certainly stop it."
The junta, for its part appears eager to engage Washington after years in isolation. Trump, as part of his trade offensive against the world, threatened to impose new tariffs on Myanmar exports bound for the United States this month. He did so personally in a letter signed by Min Aung Hlaing, chief of the junta.
Min Aung Hlaing, in response, praised Trump's "strong leadership", while also asking for lower rates and a lifting of sanctions. He stated that he would be willing to send a negotiation team to Washington if necessary. Senior Trump administration officials claimed that the decision to lift certain sanctions had nothing to do with the general's email.
(source: Reuters)