Latest news with #Sprott
Yahoo
2 days ago
- Business
- Yahoo
Gold futures in New York whipsaw as tariff confusion sweeps precious metal market
Gold (GC=F) futures in New York retreated from record intra-day highs on Friday after the White House indicated it would clarify its trade position on the precious metal amid reports that imports of Swiss gold bars would not be exempt from tariffs. 'The White House intends to issue an executive order in the near future clarifying misinformation about the tariffing of gold bars and other specialty products," a White House official told Yahoo Finance. At around 2:30 p.m. ET, futures on the COMEX exchange traded near $3,461. Futures had hit an intraday high of $4,490 per ounce earlier in the session after a Financial Times report said Customs and Border Patrol classified Swiss one-kilogram and 100-ounce bars of gold as subject to 39% tariffs recently imposed on Switzerland by the Trump administration. "The move is significant because 1-kilo and 100-ounce gold bars form the backbone of much of the gold trading activity in the United States," Ryan McIntyre, senior managing partner at investment manager Sprott, told Yahoo Finance. McIntyre highlighted contracts on the Comex with physical delivery requirements are based in large part on Swiss bars, noting "the introduction of tariffs will likely inject additional uncertainty into that market." Read more: How to invest in gold in 4 steps The prospect of tariffs on gold bars had sent gold futures in New York skyrocketing as traders assessed the implications on transfers of the precious metals and how the futures market could be reshaped. UK-based Metals Daily CEO said those tariffs would amount to "pouring sand into an otherwise well functioning engine." Gold inventories in New York skyrocketed earlier this year as institutional investors shipped elevated amounts of physical bars to vaults in Manhattan ahead of tariff announcements. In late March, inventories reached their highest level since the pandemic in 2021, according to Bloomberg data. Read more: What to know before buying gold, silver, or platinum from Costco Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre. Click here for in-depth analysis of the latest stock market news and events moving stock prices Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 days ago
- Business
- Yahoo
Gold futures in New York whipsaw as tariff confusion sweeps precious metal market
Gold (GC=F) futures in New York retreated from record intra-day highs on Friday after the White House indicated it would clarify its trade position on the precious metal amid reports that imports of Swiss gold bars would not be exempt from tariffs. 'The White House intends to issue an executive order in the near future clarifying misinformation about the tariffing of gold bars and other specialty products," a White House official told Yahoo Finance. At around 2:30 p.m. ET, futures on the COMEX exchange traded near $3,461. Futures had hit an intraday high of $4,490 per ounce earlier in the session after a Financial Times report said Customs and Border Patrol classified Swiss one-kilogram and 100-ounce bars of gold as subject to 39% tariffs recently imposed on Switzerland by the Trump administration. "The move is significant because 1-kilo and 100-ounce gold bars form the backbone of much of the gold trading activity in the United States," Ryan McIntyre, senior managing partner at investment manager Sprott, told Yahoo Finance. McIntyre highlighted contracts on the Comex with physical delivery requirements are based in large part on Swiss bars, noting "the introduction of tariffs will likely inject additional uncertainty into that market." Read more: How to invest in gold in 4 steps The prospect of tariffs on gold bars had sent gold futures in New York skyrocketing as traders assessed the implications on transfers of the precious metals and how the futures market could be reshaped. UK-based Metals Daily CEO said those tariffs would amount to "pouring sand into an otherwise well functioning engine." Gold inventories in New York skyrocketed earlier this year as institutional investors shipped elevated amounts of physical bars to vaults in Manhattan ahead of tariff announcements. In late March, inventories reached their highest level since the pandemic in 2021, according to Bloomberg data. Read more: What to know before buying gold, silver, or platinum from Costco Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre. Click here for in-depth analysis of the latest stock market news and events moving stock prices Sign in to access your portfolio
Yahoo
2 days ago
- Business
- Yahoo
Gold futures in New York surge as tariff confusion sweeps precious metal market
Gold (GC=F) futures in New York hit intraday record highs on Friday amid reports that imports of Swiss gold bars would not be exempt from tariffs. The precious metal hit $4,490 per ounce on the Comex exchange after the Financial Times reported one-kilogram and 100-ounce bars of gold are indeed subject to 39% reciprocal tariffs on Switzerland recently announced by the Trump administration. "The move is significant because 1-kilo and 100-ounce gold bars form the backbone of much of the gold trading activity in the United States," Ryan McIntyre, senior managing partner at investment manager Sprott, told Yahoo Finance. McIntyre said contracts on the Comex exchange in New York are based on 100-ounce bars, noting "the introduction of tariffs will likely inject additional uncertainty into that market." The clarification from Customs and Border Patrol, also reported by Bloomberg, sent gold futures in New York skyrocketing as traders assessed the implications on transfers of the precious metals and how the futures market could be reshaped. "Likely imposing 39% tariffs on Swiss kilobars is akin to pouring sand into an otherwise well functioning engine," wrote Ross Norman, CEO of UK-based Metals Daily. Traders are still weighing whether the steep tariffs on Swiss kilo-bars reflect a real policy shift or a possible misclassification error. "On a broader scale, the gold market is highly liquid and global, meaning we would expect gold flows to adjust in ways that minimize disruptions," McIntyre said. Gold inventories in New York skyrocketed earlier this year as institutional investors shipped elevated amounts of physical bars to vaults in Manhattan ahead of tariff announcements. In late March inventories reached their highest level since the pandemic in 2021, according to Bloomberg data. Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre. Click here for in-depth analysis of the latest stock market news and events moving stock prices Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 days ago
- Business
- Yahoo
Gold futures in New York surge as tariff confusion sweeps precious metal market
Gold (GC=F) futures in New York hit intraday record highs on Friday amid reports that imports of Swiss gold bars would not be exempt from tariffs. The precious metal hit $4,490 per ounce on the Comex exchange in New York after the Financial Times reported one-kilogram and 100-ounce bars of gold are indeed subject to 39% reciprocal tariffs on Switzerland recently announced by the Trump administration. "The move is significant because 1-kilo and 100-ounce gold bars form the backbone of much of the gold trading activity in the United States," Ryan McIntyre, senior managing partner at investment manager Sprott, told Yahoo Finance. McIntyre highlighted contracts on the Comex with physical delivery requirements are based in large part by Swiss bars noting "the introduction of tariffs will likely inject additional uncertainty into that market." The clarification from Customs and Border Patrol, also reported by Bloomberg, sent gold futures in New York skyrocketing as traders assessed the implications on transfers of the precious metals and how the futures market could be reshaped. "Likely imposing 39% tariffs on Swiss kilobars is akin to pouring sand into an otherwise well functioning engine," wrote Ross Norman, CEO of UK-based Metals Daily. Traders are still weighing whether the steep tariffs on Swiss kilo-bars reflect a real policy shift or a possible misclassification error. "On a broader scale, the gold market is highly liquid and global, meaning we would expect gold flows to adjust in ways that minimize disruptions," McIntyre said. Gold inventories in New York skyrocketed earlier this year as institutional investors shipped elevated amounts of physical bars to vaults in Manhattan ahead of tariff announcements. In late March inventories reached their highest level since the pandemic in 2021, according to Bloomberg data. Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre. Click here for in-depth analysis of the latest stock market news and events moving stock prices
The Market Online
5 days ago
- Business
- The Market Online
Eric Sprott refreshes stake in Canadian gold stock
Teuton Resources (TSXV:TUO) closed a C$1.6 million non-brokered private placement, including participation from top Canadian mining investor Eric Sprott Teuton is a mineral prospect generator with interests in more than twenty properties in British Columbia's mineral-rich Golden Triangle region The Canadian gold stock has given back 11.88 per cent year-over-year and 79.01 per cent since 2020 Canadian gold explorer Teuton Resources (TSXV:TUO) closed a C$1.6 million non-brokered private placement, including participation from top Canadian mining investor Eric Sprott. This content has been prepared as part of a partnership with Teuton Resources Corp., and is intended for informational purposes only. The company issued 2 million units priced at C$0.80, with each unit composed of one share and half a warrant, and each warrant entitling the owner to purchase one share for C$1.20 up to two years from closing. Sprott acquired 660,000 units through 2176423 Ontario Ltd., a corporation he beneficially owns, joining Dino Cremonese, Teuton's president, who acquired 100,000 units. According to Tuesday's news release, Sprott is a company insider, meaning he owns at least 10 per cent of Teuton Resources shares. Teuton will allocate the proceeds to working capital and to exploring its sizeable portfolio in British Columbia's Golden Triangle, which includes: A 20 per cent carried interest in the Treaty Creek project, one of the largest gold discoveries over the past three decades, in addition to a 0.98 per cent net smelter returns (NSR) royalty covering the project's flagship Goldstorm gold-silver-copper deposit and a 0.49 per cent royalty in the peripheral claims, neither subject to a buyback. Numerous royalties in claim packages south of Seabridge Gold's KSM property, the world's largest undeveloped gold project by resources. Additional royalties south of Newmont Mining's Brucejack property, one of the world's highest-grade gold mines in production, generating 286,000 ounces in fiscal 2023. The TSXV conditionally approved the transaction on July 25, 2025, subject to satisfactory closing, with no finder's fees or commissions associated with the final amount raised. The news follows May's spinout of Luxor Metals, to which Teuton allocated 20,481 hectares in mineral claims in northwestern British Columbia. About Teuton Resources Teuton is a mineral prospect generator with interests in more than twenty properties in British Columbia's mineral-rich Golden Triangle region. The Canadian gold stock (TSXV:TUO) is up by 2.3 per cent on the news trading at C$0.89 as of 10:27 am ET. The stock has given back 11.88 per cent year-over-year and 79.01 per cent since 2020. Join the discussion: Find out what investors are saying about Eric Sprott investing in this Canadian gold stock on the Teuton Resources Corp. Bullboard. Additionally, make sure to explore the rest of Stockhouse's stock forums and message boards. Stockhouse does not provide investment advice or recommendations. All investment decisions should be made based on your own research and consultation with a registered investment professional. The issuer is solely responsible for the accuracy of the information contained herein. For full disclaimer information, please click here.
