Make Kitco Your Homepage

What's good for gold is also good for copper

Kitco News

The same news that drove gold higher this week also gave copper a lift, noted mining audiences manager Michael McCrae.

On Thursday McCrae recorded Kitco Roundtable with correspondent Paul Harris.

Gold started off the week strong due to wobbles in the banking sector. Credit Suisse, the European banking giant, was taken over by UBS during the weekend.

The markets then turned to the Fed and its rate hike. The Federal Reserve raised its main interest rate by a quarter-point, but the Fed also suggested that rates would not continue to rise. A weakening U.S. dollar also worked in favor of the metals, noted Kitco contributor Jim Wyckoff. On Thursday April gold was last up $47.70 at $1,996.90 and May silver was up $0.509 at $23.30.

The lower dollar also worked in copper's favor. The metal reached $4.11-pound mid-week.

Looking ahead, McCrae noted that the resource sector should get a boost when the senior gold producers announce their first quarter financial results in April, which should be exceptional due to higher-than-average gold prices during the start of 2023.

Roundtable also talked about First Majestic Silver's Jerritt Canyon woes and Albemarle's big investment.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.