Latest news with #metals
Zawya
an hour ago
- Business
- Zawya
Saudi Arabia qualifies 31 firms for 3 mining sites in Madinah, Riyadh
Saudi Arabia's Ministry of Industry and Mineral Resources has qualified 31 local and international companies to compete for exploration licenses across three mineral-rich belts spanning over 24,000 sq km. The winning companies will be announced in September, the ministry said in a post on the social messaging platform X. In March, the ministry sought pre-qualification applications for the ninth round of exploration license competitions. The targeted belts included Nuqrah and Sukhaybrah Al-Safra in the Madinah region, as well as Nabitah in the Riyadh region. These sites contain a variety of precious and base metals, including gold, copper, silver, zinc, and nickel. The ministry aims to launch exploration tenders for an area of 50,000 sq km by year-end, Khalid Al-Mudaifer, Vice Minister of Industry and Mineral Resources for Mining Affairs, Saudi Arabia, has said. (Editing by Anoop Menon) (
Yahoo
16 hours ago
- Business
- Yahoo
As Silver Scores a Nearly 14-Year High, New Records Could Be Just Around the Corner for Precious Metals
Comex silver futures (SIU25) scored a nearly 14-year high today of $39.85 an ounce as of this writing. Gold prices (GCQ25) today notched a five-week high of $3,451.00, basis August Comex futures. Especially impressive this week is that the two safe-haven metals are rallying at the same time as major U.S. stock indexes are hitting record highs and risk appetite in the general marketplace has ticked up. That's a solid signal that more price upside in the two precious metals is likely in the near term. I suspect one reason the gold and silver markets are rallying despite less risk aversion in the marketplace is because of recent business media attention on soaring copper futures (HGU25) prices that this month hit a record high, as well as recent news that the U.S. and China are wanting to stock up on more rare earth metals and minerals. More News from Barchart Dollar Falls due to Lower T-note Yields Dollar Weakens and Gold Rallies as T-note Yields Slide Will Metals Stay in the Spotlight Wednesday? Markets move fast. Keep up by reading our FREE midday Barchart Brief newsletter for exclusive charts, analysis, and headlines. My bias is that rallies in both the hard assets (metals) and the paper assets (stocks) cannot be sustained. Here's a scenario that could play out in the coming weeks or months: With the major U.S. stock indexes hitting record highs this week, it would not surprise me to see the stock indexes now trade sideways, or maybe just a bit higher, into the Labor Day holiday weekend in early September. Gold and silver prices may also move into more sideways and consolidative trading ranges in the coming weeks — but not before likely gaining further in the very near term. It is highly possible that gold and silver could set new record highs before the Labor Day holiday — and especially silver. For perspective, the all-time high in Comex gold futures was scored in April 2025, at $3,485.60 an ounce. The all-time high in Comex silver futures occurred in December 1979, at $50.36 an ounce. The fact that gold hit a record high in April, while silver is still more than $10 away from its record high, suggests that silver has more room to run on the upside in the near term, compared to gold. My bias is that silver is still a value-buying opportunity even though prices hit a nearly 14-year high today. After the U.S. Labor Day Holiday… The Labor Day holiday in early September marks the unofficial end of summer for Americans. Summer vacations are over, kids are back in school, days are getting shorter and cooler, Europeans are back from their August break — and traders and investors are getting back to business following the summer doldrums. History shows the months of September and October can be very unkind to stock market bulls. That may especially be the case this year, since the U.S. stock indexes hit record highs over the summer. It seems that in the fall, traders and investors become more worried about things, which this year will likely include an overbought stock market, global trade tensions, government debt problems, and geopolitics. If the U.S. stock markets start to wobble this fall, which I think will be the case, then global stock markets will likely also become shaky. To extrapolate further, currency markets may then also become more volatile as government debt worries may increase. This scenario is bullish for the safe-haven gold and silver markets. Other fundamental elements that are likely to work in favor of the gold and silver markets bulls in the coming weeks and months include: Geopolitics, which have the potential to come to a boil rapidly and become a front-burner issue. The Middle East remains a potential powder keg. Russia-U.S. relations are strained at present. The Aug. 1 U.S. tariff deadline is rapidly approaching, and the U.S. and European Union have not come to an agreement. Technical charts for gold and silver remain overall bullish from both shorter-term and longer-term perspectives. That's going to keep chart-based traders and investors playing the long side of the metals. Upbeat economic data coming from the U.S. and China means likely better consumer and commercial demand for precious metals, especially from China. To my valued Barchart readers: Enjoy the rest of your summer but then buckle up for some turbulence after Labor Day. Tell me what you think. I really enjoy getting email from my valued Barchart readers all over the world. Email me at jim@ On the date of publication, Jim Wyckoff did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on 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
18 hours ago
- Business
- Yahoo
Silver's hot streak gathers pace; market at highest since 2011
By Polina Devitt and Sherin Elizabeth Varghese (Reuters) -Silver prices surged to their highest in almost 14 years on Wednesday, aided by worries about U.S. tariff policy, signs of tightness in the spot market and growing investor interest in alternatives to gold. Spot silver was up 0.3% at $39.40 per troy ounce as of 1354 GMT, its highest level since September 2011. Silver, both a precious and industrial metal, is up 36% this year, outperforming gold's 31% growth and coming within a whisker of the key $40-per-ounce mark. The metal hit a record high of $49 in 2011. U.S. President Donald Trump's plan to impose 50% import tariffs on copper from August 1 and the U.S. import tariffs for Mexico widened the premium of the U.S. futures for silver and other metals against the London benchmarks in July, leading to a growth in lease rates in the spot market. Gold, silver, platinum and palladium were excluded from Trump's April reciprocal tariffs, but "the broader market isn't trading it that way and is taking a page out of Comex copper's handbook", Nicky Shiels, head of metals strategy at MKS PAMP. Spot silver prices may hit $42 per ounce this year, according to Shiels. Analysts also noted that industrial demand for silver, heading for the fifth year of structural market deficit, remains solid, while investment demand is gaining momentum as a more affordable alternative to gold. Silver's recent rally has improved its ratio with gold to the strongest level in seven months. It currently takes 87 ounces of silver to buy an ounce of gold, compared with 105 ounces in April. "It is the copper tariff that sent some spinning off at odd tangents that captured the other metals," said a precious metal trader based in London, adding that the lease rates in the spot market should fall once the borrowing activity caused by the U.S. tariff fears subside. The current momentum could be hot enough to take silver over $40/oz in the short term, said Nitesh Shah, commodity strategist at WisdomTree. "But with positioning stretched, we would not be surprised if it fell back to $35/oz, before it starts its march higher to $45/oz next year," Shah added. 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
Reuters
18 hours ago
- Business
- Reuters
Silver's hot streak gathers pace; market at highest since 2011
July 23 (Reuters) - Silver prices surged to their highest in almost 14 years on Wednesday, aided by worries about U.S. tariff policy, signs of tightness in the spot market and growing investor interest in alternatives to gold. Spot silver was up 0.3% at $39.40 per troy ounce as of 1354 GMT, its highest level since September 2011. Silver, both a precious and industrial metal, is up 36% this year, outperforming gold's 31% growth and coming within a whisker of the key $40-per-ounce mark. The metal hit a record high of $49 in 2011. U.S. President Donald Trump's plan to impose 50% import tariffs on copper from August 1 and the U.S. import tariffs for Mexico widened the premium of the U.S. futures for silver and other metals against the London benchmarks in July, leading to a growth in lease rates in the spot market. Gold, silver, platinum and palladium were excluded from Trump's April reciprocal tariffs, but "the broader market isn't trading it that way and is taking a page out of Comex copper's handbook", Nicky Shiels, head of metals strategy at MKS PAMP. Spot silver prices may hit $42 per ounce this year, according to Shiels. Analysts also noted that industrial demand for silver, heading for the fifth year of structural market deficit, remains solid, while investment demand is gaining momentum as a more affordable alternative to gold. Silver's recent rally has improved its ratio with gold to the strongest level in seven months. It currently takes 87 ounces of silver to buy an ounce of gold , compared with 105 ounces in April. "It is the copper tariff that sent some spinning off at odd tangents that captured the other metals," said a precious metal trader based in London, adding that the lease rates in the spot market should fall once the borrowing activity caused by the U.S. tariff fears subside. The current momentum could be hot enough to take silver over $40/oz in the short term, said Nitesh Shah, commodity strategist at WisdomTree. "But with positioning stretched, we would not be surprised if it fell back to $35/oz, before it starts its march higher to $45/oz next year," Shah added.
Yahoo
2 days ago
- Business
- Yahoo
BMO Capital Markets lead financial adviser in metals & mining M&A rankings for H1 2025
BMO Capital Markets leads the mergers and acquisitions (M&A) rankings for financial advisers in the metals and mining sector, both by deal value and volume, for the first half of 2025 (H1 2025), according to the latest league table published by GlobalData, a data and analytics company. As per GlobalData's Deals Database, BMO Capital Markets secured its top spot by advising on seven transactions, which collectively amounted to $4.1bn. In the value category, Macquarie held second position, advising on deals worth $2.3bn. The third place was a tie between GenCap Mining Advisory and National Bank of Canada, with each advising on deals valued at $2.1bn. In terms of deal volume, Canaccord Genuity Group took second spot, having advised on four deals. It was followed by a trio of companies – INFOR Financial, Evans & Evans and SP Angel Corporate Finance – each also contributing to four deals. GlobalData lead analyst Aurojyoti Bose said: 'There was an year-on-year (YoY) improvement in the total volume and value of deals advised by BMO Capital Markets in H1 2025 as well as its rankings by these metrics. However, the growth was more prominent in terms of value. 'BMO Capital Markets' ranking by volume improved from the third position to the top position. Meanwhile, its ranking in terms of value jumped from 18th position to the top position. It is also noteworthy that the company registered more than a six-fold jump in the total value of deals advised by it in H1 2025.' GlobalData's league tables are based on the real-time tracking of thousands of company websites, advisory firm websites and other reliable sources available on the secondary domain. A dedicated team of analysts monitors all these sources to gather in-depth details for each deal, including adviser names. To ensure further robustness to the data, the company also seeks submissions of deals from leading advisers. "BMO Capital Markets lead financial adviser in metals & mining M&A rankings for H1 2025" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. 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
