Gold has become Range-Bound After Breaking Above $2500

Wall Street experts turn bearish on gold, Main Street investors don’t stop believing  

Gold looks a little toppy next week as markets price in a 25-basis point cut 

Market sell-off deepens: Bitcoin falls to $53k, stocks plummet, gold loses $2,500

Fed rate cut: A double-edged sword for markets

$3.50/lb copper is possible before 2024 ends, warns Scott Pollan

Markets wait for a rate cut, and First Majestic Silver announces $970 million acquisition

Russia ramps up daily gold purchases by 700% beginning today

Economic uncertainty fuels gold demand as ETFs see fourth month of inflows – World Gold Council

‘It is now appropriate to dial down the degree of restrictiveness in the stance of policy’ – Fed’s Williams

US jobs report sparks market sell-off, Bitcoin tumbles below $55k

M&A heats up in the mining space into conference season

Gold price trading at session highs as US economy creates 142K jobs in August, unemployment rate falls to 4.2%

What is next for the gold price?

Gold’s downside risk mean it’s a buy at $2,300, platinum prices have found a floor, copper headed lower still – TD Securities’ Ghali

Gold retreats from near record high as Fed rate cut speculation grows

Newest jobs data fail to resolve Fed debate over September cut

The Federal Reserve blackout starts at midnight

Gold, silver, platinum forecasts – gold dives below $2500 amid broad pullback in commodity markets

The Fed is in a tricky spot - CIBC

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Gold positioning is extreme – TDS

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US yields fall as job gains miss expectations   

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ETFs show continued interest in Gold – Commerzbank

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Gold’s breakout this year is a big deal - Topdown Charts 

Gold price unable to break above $2,550 as ISM Services PMI rises to 51.5%

Gold prices climb higher after ADP says private sector created 99K jobs in August

Solid price gains for gold, silver on hopes for dovish Fed  

Gold market analysis for September 5 - key intra-day price entry levels for active traders

Natixis sees gold prices holding around $2,500 this year and rising to $2,600 in 2025

Gold will see sovereign, investor and physical demand, but Fed policy is a risk – UBS’ Joni Teves

Gold/silver cross poised for upward breakout toward 100 – Mike McGlone

Gold shines as stocks and cryptos slide, traders bet on 4 rate cuts in 2024

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Bitcoin price struggles below $58k as put options signal short-term bearishness

Markets shaky as yield curve turns positive, stoking recession fears; Bitcoin trades near $58k

Cryptos expected to rally into year-end despite rising recession signs – ETC Group’s André Dragosch

Studies show institutional adoption of crypto is rising following ETF launches

Dollar strength halts market rally ahead of PCE reading, rate cut decision

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Sony launches L2 blockchain Soneium, reports suggest BlackRock could follow suit 

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Gold between $2,700 to $3,000 - World Gold Council's Joe Cavatoni says a lot of the market expects metal to rise

First Majestic Silver to acquire Gatos Silver in $970 million deal

One of the highest-grade open pit gold projects in the US gets key permit - Perpetua Resources and Stibnite gold project

Two head traders at Trafigura’s iron ore team in China recently left the commodity group, seven sources with knowledge of the matter said.It was not immediately clear whether the people leaving would be replaced, but the departures came after global prices of the key steel-making ingredient tumbled almost 40% due to faltering demand in top consumer China.The two departures were Julian Ho, head of iron ore trading for Trafigura in China and Yang Naizhang, a senior trader who was also previously co-head of Trafigura’s iron ore team in China, three of the sources with knowledge of the matter said.Trafigura declined to comment.Yang declined to comment. Ho did not respond to a request for comment on LinkedIn.Sources said the two were involved in handling the physical iron ore book for Trafigura in China, the world’s biggest buyer of seaborne iron ore. China buys about 75% of the global iron ore output.Benchmark iron ore hit a 22-month low on Friday at $91.50 a metric ton, its lowest since November 2022.Stockpiles also grew to a two-year high of 150.5 million metric tons in China to signal a weaker demand.Chinese steelmakers scaled down production in July and August, due to property market troubles and a dearth of new infrastructure projects.Trafigura’s bulk mineral trade volumes rose 25% year-on-year to 54.7 million tons for the six months ended March 31, according to its half-year report.The growth was driven by an increase in iron ore trading volumes, due to more trades from Australia and India, as well as higher throughput at the Porto Sudeste port in Brazil, it said in June.Trafigura is looking to sell the Porto Sudeste port, which it co-own with Mubadala Capital, Reuters reported in late July.(Reporting by Amy Lv in Beijng and Julian Luk in London; Editing by Veronica Brown and David Evans)

Trafigura’s top China iron ore traders leave group

China will take Canada to the World Trade Organization to challenge Ottawa’s decision to impose new tariffs of up to 100% on Chinese-made electric vehicles, steel and aluminum.The Ministry of Commerce labeled the tariffs as “trade protectionism” that distort global supply chains and urged Canada to withdraw the measures, according to a statement Friday.This is the third time China has brought EV tariffs to the WTO this year, following cases against the US in March and the European Union in August. As China’s exports rise to counter its slowing domestic economy, more countries are raising or contemplating tariffs on Chinese goods.Canada announced last week it would impose 100% tariffs on Chinese-made EVs effective October 1. The new tariff will also apply to certain hybrid passenger cars, trucks, buses, and delivery vans, in addition to the existing 6.1% tariff on Chinese EVs. A 25% levy on Chinese steel and aluminum will go into effect on October 15.Beijing has also started an anti-dumping probe into rapeseed imports from Canada, the Commerce Ministry said this week, adding that China will take all necessary actions to safeguard the legitimate rights and interests of Chinese companies.

China lodges WTO complaint over Canada’s EV and metal tariffs

Russian aluminum producer Rusal said on Friday that the company’s board had recommended not paying dividends for the first half of 2024.The shareholders’ meeting will be held on Sept. 30.Rusal, controlled by EN+ group, last paid а dividend for the first half of 2022, the first time in five years. It returned $304 million to shareholders.The company decided not to pay a final dividend for 2022 and did not pay for 2023.(Reporting by Anastasia Lyrchikova. Editing by Mark Trevelyan)

Rusal says board recommends not paying H1 dividend

The Biden administration is close to announcing it will block Nippon Steel’s acquisition of US Steel, two sources familiar with the situation said on Wednesday, amid growing bipartisan political opposition to the $14.9 billion deal.The panel that is reviewing the proposed merger for national security reasons has not sent its recommendation to the president, the White House said.The Washington Post first reported the thinking of the administration of President Joe Biden. Shares of US Steel fell 19%.The Treasury Department, which is overseeing the national security approval process for the deal, declined to comment.US Steel had earlier warned on Wednesday that a failure to merge with Nippon Steel would put thousands of US union jobs at risk and signaled that it would close some steel mills and potentially move its headquarters out of the politically important state of Pennsylvania.Nippon’s planned acquisition of the US steelmaker faces opposition from Democrats and Republicans, with Vice President Kamala Harris on Monday saying she wants US Steel to remain “American owned and operated.” Her Republican rival Donald Trump has pledged to block the deal if elected.Pennsylvania is a crucial battleground state that could sway the outcome of the 2024 presidential election and both candidates are making repeat visits there.“We want elected leaders and other key decision makers to recognize the benefits of the deal as well as the unavoidable consequences if the deal fails,” US Steel CEO David Burritt said in a statement. Employees will hold a rally later on Wednesday outside its headquarters in favor of the deal, the statement said.He said that without the deal, “US Steel will largely pivot away from its blast furnace facilities, putting thousands of good-paying union jobs at risk (and) negatively impacting numerous communities across the locations where its facilities exist.”He added that the failure of the deal would raise “serious questions about US Steel remaining headquartered in Pittsburgh.” He told the Wall Street Journal it would likely move its headquarters to the south if the deal collapsed.The United Steelworkers union criticized Burritt, accusing him of “making baseless and unlawful threats.”“Today’s pathetic attempt to orchestrate a rally in downtown Pittsburgh shows that US Steel is becoming increasingly desperate to save the deal,” the union said.The Trump campaign did not immediately respond to a request for comment on the US Steel comments. The Harris campaign declined to comment as well.Nippon Steel said last week that it plans to invest over $2.7 billion in union-represented facilities at Mon Valley Works in Pennsylvania and Gary Works in Indiana in support of the future of manufacturing for those communities.US Steel said that if the deal does not get approved it “would not make the same financial commitments.” The steelmaker has cut jobs in recent years including in Michigan.Nippon said earlier on Wednesday that the core senior management as well as a majority of board members at the US company would be US citizens if the deal goes ahead.Nippon’s planned $14.9 billion acquisition has received all regulatory approvals from outside the United States and a green light from US Steel’s shareholders. It is now under regulatory review in the United States.(By David Shepardson and Aatreyee Dasgupta; Editing by Krishna Chandra Eluri, Mark Porter, Deepa Babington and Anna Driver)

Biden close to blocking Nippon Steel deal to buy US Steel

Piedmont LithiumPLL.O has pulled its application for a debt package from a popular U.S. government loan program and is scaling back ambitious expansion plans across two continents, as tumbling prices of the electric vehicle battery metal force the U.S. miner to conserve cash.The retrenchment is among the starkest yet by a lithium company due to an 83% drop in prices in the past year fueled in part by Chinese overproduction and tepid EV sales rates that have caused industry layoffs and spooked investors.Once a darling of Wall Street and retail investors because of supply agreements with TeslaTSLA.O and LG Chem 051910.KS, Piedmont has canceled its application with the U.S. Department of Energy’s (DOE) Loan Programs Office (LPO) due in part to costs associated with the process, a company official told Reuters. Details of the move have not previously been reported.The move – which comes after Piedmont canceled plans for a Tennessee lithium project that had received a $141.7 million government grant – is fueling questions about where the company hopes to secure financing for its flagship North Carolina project, projected to cost more than $1 billion.Forgoing the grant was a gamble by Piedmont that it could get more government money by applying for a loan through the LPO.Piedmont in May told shareholders it aimed to secure debt financing in the range of 65% to 75% of the cost of its North Carolina project, in line with conditional loans the LPO has extended to Lithium Americas LAC.TO, ioneer INR.AX and others.The loan review process requires that applicants pay for technical experts who bill at an hourly rate as they advise the LPO. The LPO also typically extends financing in tranches after expenses have been incurred, according to two applicants not connected to Piedmont, putting further financial stress on loan recipients.In a statement to Reuters, Piedmont CEO Keith Phillips said the company does not feel “a sense of urgency at this stage” to move forward on the LPO application given market conditions and changes to its North Carolina plans. He added that the company will “maintain discipline and manage cash, which invariably means that our timelines for development will” be delayed.“We would expect to submit a fresh application at a point in the future and we would look forward to working with (the DOE) when that time comes,” Phillips said.Piedmont, which reported $59 million in cash at the end of June, laid off nearly a third of its workforce earlier this year. Since last October, the company has spent $1.9 million on DOE loan application-related costs and stock and transaction-related expenses, although it declined to break each item out individually.The LPO said it was unable to comment due to confidentiality requirements around applicant information.Reuters reported last week that LPO applicants have been rushing to close loans ahead of the Nov. 5 U.S. presidential election.‘Lack of trust’ Piedmont was founded in 2016 in Australia and moved its headquarters in 2021 to North Carolina, where it hopes to dig a 500-foot-deep (150-meter-deep) open-pit mine and build one of the largest U.S. lithium refineries.Amid a surge in lithium prices, the company in 2021 invested in Ghana and Quebec. In 2022, Piedmont said it would build a second lithium refinery in Tennessee, plans that garnered the government grant and praise from President Joe Biden.Piedmont last month canceled its Tennessee project – which had received all necessary permits – and said it would now plan to build two refineries in North Carolina, where the company received a state mining permit in April but must still obtain a zoning variance from the Gaston County Board of Commissioners.Piedmont has not applied for the variance and commissioners will not consider any change until 2025 at the earliest, a delay from previous expectations for the process to start two months ago.Phillips, the CEO, told investors last month he does not know when the North Carolina site could open.“Our board’s issues with Piedmont have never been about the EV transition, but about our lack of trust in the company and its project,” said Chad Brown, chair of the county board of commissioners. Phillips and Brown plan to meet on Sept. 11, their first face-to-face meeting since 2021.Piedmont would have to amend its state mining permit if it makes significant changes to its operational plans, state officials told Reuters.In Quebec, Piedmont is a minority investor in Sayona Mining’s SYA.AX North American Lithium project. The project is Piedmont’s only source of cash, a reliance that in part led Macquarie analysts last month to downgrade the company’s stock.Piedmont is also the second-largest shareholder in Atlantic LithiumA11.AX, which is developing a mine in Ghana that needs approval from the country’s parliament. Piedmont has been selling its Atlantic shares to boost cash reserves, data from financial firm LSEG showed.Piedmont is also searching for a customer to buy its portion of the project’s lithium, which had been slated to supply the Tennessee refinery, Phillips told shareholders last month. Funds from that offtake would be used to pay for Piedmont’s portion of the Ghana project’s cost.“The industry needs stronger pricing for big projects to be built. Full stop,” said Phillips.(Reporting by Ernest Scheyder; Editing by Veronica Brown and Marguerita Choy)

Piedmont Lithium pulls US government loan application as prices slump

US Steel warned on Wednesday that a failure to merge with Nippon Steel would put thousands of US union jobs at risk and signaled that it would close some steel mills and potentially move its headquarters out of politically important Pennsylvania.The announcement comes as Nippon’s planned acquisition of the US steelmaker faces growing bipartisan opposition, with Vice President Kamala Harris on Monday saying she wants US Steel to remain “American owned and operated.” Her Republican rival Donald Trump has pledged to block the deal if elected.Pennsylvania is a crucial battleground state that could sway the outcome of the 2024 presidential election and both candidates are making repeat visits there.“We want elected leaders and other key decision makers to recognize the benefits of the deal as well as the unavoidable consequences if the deal fails,” US Steel CEO David Burritt said in a statement. Employees will hold a rally later on Wednesday outside its headquarters in favor of the deal, the statement said.He said that without the deal, “US Steel will largely pivot away from its blast furnace facilities, putting thousands of good-paying union jobs at risk (and) negatively impacting numerous communities across the locations where its facilities exist.”He added that the failure of the deal would raise “serious questions about US Steel remaining headquartered in Pittsburgh.” He told the Wall Street Journal it would likely move its headquarters to the south if the deal collapsed.The United Steelworkers union criticized Burritt, accusing him of “making baseless and unlawful threats.”“Today’s pathetic attempt to orchestrate a rally in downtown Pittsburgh shows that US Steel is becoming increasingly desperate to save the deal,” the union said.The Trump campaign did not immediately respond to a request for comment. The Harris campaign declined to comment.US Steel shares rose nearly 3% in morning trading.Nippon Steel said last week that it plans to invest over $2.7 billion in union-represented facilities at Mon Valley Works in Pennsylvania and Gary Works in Indiana in support of the future of manufacturing for those communities.US Steel said that if the deal does not get approved it “would not make the same financial commitments.” The steelmaker has cut jobs in recent years including in Michigan.Nippon said earlier on Wednesday that the core senior management as well as a majority of board members at the US company would be US citizens if the deal goes ahead.Nippon’s planned $14.9 billion acquisition has received all regulatory approvals from outside the United States and a green light from US Steel’s shareholders. It is now under regulatory review in the United States.(By David Shepardson and Aatreyee Dasgupta; Editing by Krishna Chandra Eluri, Mark Porter and Deepa Babington)

US Steel warns Nippon deal failure would put thousands of jobs at risk

Russia’s new Ozernoye plant, located next to its largest zinc mine, launched zinc concentrate production on Wednesday, the company said, after delays caused by a fire last year as well as US sanctions.Ozernoye, situated in a remote area about 200 km (124 miles) from the border with Mongolia, aims to process up to 6 million tons of zinc ore with output volumes of up to 600,000 tons of concentrate with 53% zinc content when it reaches full capacity in 2025.The plant will be the fifth in the world in terms of concentrate production volume with a 4.5% share of global concentrate output.Sanctions imposed in 2023 on Ozernoye’s owner, metals magnate Vladislav Sviblov, and his companies by Washington and London complicated the search to replace Western equipment that was destroyed in the fire.The company said on Wednesday that it had relied on domestic technology to replace the equipment.“The launch of the Ozernoye plant contributes to ensuring the economic sovereignty of the state,” deputy prime minister Yuri Trutnev said at the opening ceremony.The launch of Ozernoye is expected to help ease tight global supply of zinc concentrate that is being felt in top consumer China this year, with global mine production heading for a third consecutive year of decline.Despite tight supply of the raw material, the global refined zinc market is currently in surplus. Zinc is used to galvanize steel with the construction sector being the main market.Analysts at Macquarie expect the global surplus of refined zinc to grow in 2025 as both mine supply and smelter production increase.Ozernoye said that demand for its concentrate from buyers in the Asia region was sufficient.“Countries in the Asia-Pacific region are strategic markets for our products. The capacity of these markets is sufficient for product sales. There is interest in the concentrate from major buyers,” a company representative said.He did not specify which other markets, apart from China, it was targeting. Russia’s trade with China has been hampered by payment delays as Chinese banks tightened their compliance for fear of secondary Western sanctions.Russian domestic demand for zinc has also been growing, as the metal is widely used in the military industry, which is ramping up production to meet the army’s needs for what Russia calls its “special military operation” in Ukraine.Chelyabinsk Zinc Plant in the Urals, the only producer of the metal in Russia, has been quickly increasing its output after a decline in recent years following reconstruction work, which added 15% to its capacity.Another smelter, the New Verkhny Ufaley, is expected to start production in 2025 with a projected annual output of 120,000 tons. By 2027, Russia will be able to produce 322,000 tons of refined zinc annually, up from last year’s 205,000, consultancy CRU said.(By Anastasia Lyrchikova, Polina Devitt and Gleb Bryanski; Editing by Andrew Osborn and Mark Heinrich)

Russia launches major zinc concentrate plant after delays linked to fire, US sanctions

Glencore’s head of Peruvian operations is stepping down from her position, according to two sources with knowledge of the matter.Victoria Soyer Toche, the general manager at Glencore Peru SAC, has resigned, the sources said. Veteran copper concentrates trader Alvaro Ilamas also recently left Glencore’s Lima office, according to same sources.Glencore declined to comment on personal moves.Her departure came after Glencore sold its stake in zinc-lead producer Volcan Compania Minera to Argentine group Integra Capital in May.The commodity giant owns stakes in major Peruvian copper mines such as Antamina and Antapaccay.For years, Peru was the world’s second largest copper miner behind Chile, but its No. 2 position was taken last year by the Democratic Republic of the Congo(DRC) in Africa in terms of production.It is expected to miss the government’s annual production target of 3 million tons.(Reporting by Julian Luk; Editing by Kim Coghill)

Glencore’s Peru boss Soyer to step down after Volcan sale, sources say

France’s state-owned nuclear fuel company Orano has selected Oak Ridge, Tennessee as a preferred site to build a multi-billion dollar US uranium enrichment plant, Tennessee and Orano officials said on Wednesday.The move comes months after the administration of President Joe Biden signed legislation meant to eventually end dependence on Russia, the world’s top supplier of enriched uranium. The law imposed a ban on imports of Russian enriched uranium and freed up to $2.7 billion in US funding for domestic uranium projects.Jean-Luc Palayer, CEO and president of Orano USA, said the company is preparing the next required steps for the plant, including securing US federal support, customer commitments, and obtaining a license from the Nuclear Regulatory Commission and approval from Orano’s board.“But today we celebrate this major milestone towards bringing a new enrichment facility online to help meet our country’s need for an increased, secure domestic nuclear fuel supply,” said Palayer. Orano USA’s headquarters are in Bethesda, Maryland.The officials said the plant would create more than 300 jobs in Tennessee. The project is also being supported Tennessee’s Nuclear Energy Fund, which has about $60 million in approved funding.(By Timothy Gardner and Benjamin Mallet; Editing by David Gregorio)

Orano selects Tennessee site to build uranium enrichment plant

Sibanye Stillwater on Monday said it will report a half-year loss hurt by a 7.5 billion rand ($420 million) writedown on its US assets reflecting sliding palladium prices.The South African miner expects to report a loss per share of between 2.508 rand and 2.772 rand for the six months to June 30 after posting a profit of 2.62 rand per share for the period last year.Sibanye said its earnings were impacted by the impairment of its two US mines, which predominantly produce palladium. The US operations produced 238,139 ounces of palladium and platinum in the first half of 2024.The writedown was “primarily due to lower medium- to long-term forecast consensus palladium price assumptions that resulted in a decrease in expected future net cash flows”, Sibanye said in a trading statement.There had been a 5% to 8% reduction in medium to long-term market consensus palladium price forecasts assumed for valuation purposes, Sibanye said.The long-term prospects of PGMs have dimmed as the auto sector switches its focus to electric vehicles.The price of palladium, which along with other platinum group metals (PGMs) is used in vehicle exhaust systems to curb emissions, fell 40% in 2023 and is down 10% this year.Sibanye said in the half year it saw a 30% decline in the average dollar price for its US metal and a 28% decline in the rand basket price for its southern African PGMs, significantly reducing revenue.In 2023, Sibanye reported a $2 billion loss after taking $2.6 billion impairments at its US palladium mines, a nickel operation in France and a gold mine in South Africa.Sibanye’s peers Impala Platinum and Northam Platinum have recently raised concerns about the country’s platinum industry’s long-term prospects due to the metal price slump.Sibanye will release its financial results on Sept 12.($1 = 17.8435 rand)(By Nelson Banya; Editing by Jason Neely)

Sibanye flags loss after $420 million US asset writedown

Wall St Week Ahead Economic worries back on Wall Street's radar after jobs data

US job openings hit 3-1/2-year low as labor market eases

Gold drops from near-record level as US jobs data blurs rate outlook

BofA lowers 2025 Brent forecast by $5/bbl on softer demand

Dollar edges up after August US payrolls paints mixed picture

Traders see Fed starting with 25 bps cut in Sept

Fed might deliver upsized rate cut as US job growth cools

Fed's Williams says time has arrived to start rate cuts

Canada's Ivey PMI shows activity contracting in August

US equity funds see major outflows on growth concerns

Canada's unemployment rate at 6.6%, surges past seven year high excluding pandemic

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