Metals News
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Afghanistan’s top diplomat in India resigned days after she was reportedly caught by airport authorities smuggling nearly $2 million worth of gold into the country. Zakia Wardak, the Afghan Consul-General in India’s financial capital Mumbai, posted a statement on social media platform X announcing her resignation. Afghanistan’s embassy in New Delhi shut ...
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The governor of Colombia’s central-northern department of Santander, Juvenal Díaz, denounced the presence of members of the Gulf Clan, also known as the Gaitanista Army of Colombia (EGC), in the Santurbán moor. The EGC is a neo-paramilitary group and likely the country’s largest drug cartel, which was created after the demobilization of the United ...
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The past century has been a wild ride for investors. This article explores ten of the most dramatic plunges the stock market has witnessed, from the tech-fueled Dot-com bubble burst to the global economic shock of the COVID-19 pandemic. Each crash offers a unique story, exposing vulnerabilities in the system and highlighting the interconnectedness of ...
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Both gold and silver prices recorded a hike on the Multi Commodity Exchange (MCX) on Monday, May 6, 2024. Gold futures, maturing on June 5, 2024, stood at Rs 70,944 per 10 grams on the MCX, after recording a jump of Rs 247 or 0.35 per cent. The previous close was recorded at Rs 70,668. Meanwhile, silver futures, maturing on July 5, 2024, witnessed a hike of ...
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The government of Sierra Leone has instructed ASX-listed Sierra Rutile to recommence mining activities in Area 1 by tGovernment views Sierra Rutile’s suspension of mining at Area 1 as a violation of the Mines and Minerals Development Act and has given the company until May 31 to address the situation. In a statement on Monday, Sierra Rutile expressed ...
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Brazil's government debt as a share of gross domestic product rose to 75.7% in March from 75.5% the month before, central bank data showed on Monday. The Brazilian public sector posted a primary surplus of 1.177 billion reais ($232.05 million) for the month, while economists polled by Reuters expected a 1.55 billion-real deficit. ($1 = 5.0722 reais)
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There are multiple reasons to suggest that the US is in a state of decline as an empire. A widening wealth gap. Ongoing cultural issues including racism, violent crime, and drug ...
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Chinese President Xi Jinping kicked off a three-country trip to Europe on Sunday with the continent divided over how to deal with Beijing’s growing power and the U.S.-China ...
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video The latest round of Gaza cease-fire talks ended in Cairo after “in-depth and serious discussions,” the Hamas militant group said Sunday, reiterating key demands that ...
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Germany's service sector made an encouraging start to the second quarter, posting the fastest rise in business activity for ten months, the latest HCOB PMI® survey compiled by S&P ...
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The Federal Reserve Bank of New York today released results from its 2024 SCE Housing Survey, which is part of the broader Survey of Consumer Expectations (SCE) and provides information on consumers’ housing-related experiences and expectations. The results show that the pace at which households expect home prices to rise in the next year has reaccelerated after falling last year, with average one-year ahead expectations now reaching their second highest reading in the survey’s history. In contrast, home price growth expectations for the next five years declined slightly. Expectations about the change in the cost of rent were considerably higher than home price expectations but followed a similar pattern, as rental price growth expectations increased for one-year-ahead and were essentially flat for five-years ahead. Homeowners’ expectations about the likelihood of refinancing their mortgages over the next 12 months rebounded slightly after falling last year, but remain well below pre-pandemic levels. Renters’ views on the ease of obtaining a mortgage deteriorated substantially, with 74.2% stating that obtaining a mortgage is somewhat or very difficult. In fact, renters’ self-assessed probability of ever owning a home decreased to a new series low. The New York Fed also issued an accompanying Liberty Street Economics blog post that estimates the extent to which mortgage rate lock-in is suppressing U.S. household’s post: New York Fed: February Year-Ahead Home Price Rise at 5.1% vs 2.6% in Feb. of 2023 NY Fed: Feb. Five-Year-Ahead Expected Home Price Rise 2.7% vs. Feb. 2023’s 2.8% NY Fed: Feb. Year-Ahead Expected Rent Rise at 9.7% vs. Feb. 2023’s 8.2%Renters’ hopes of being able to buy a home have fallen to a record low, New York Fed survey shows The dream of home ownership has gotten even further away for renters, with higher housing costs and elevated interest rates standing in the way of the American housing dream, according to a New York Federal Reserve survey released Monday. The share of renters as of February who possess hopes of “residential mobility,” or the belief from renters that they one day will be able to afford a home, fell to a record low 13.4% in the central bank’s annual housing survey for 2024. That’s down from 15% in 2023 and well off the 20.8% series high back in 2014. Pessimism about future prospects comes amid a confluence of factors conspiring against the likelihood of renters being able to transition to home ownership. For one, some 74.2% of renters viewed obtaining a mortgage as somewhat or very difficult, which the New York Fed said has “deteriorated substantially” from the 66.5% level in 2023 and 63.1% in 2022. Moreover, mortgage rates have remained high by historical standards. A 30-year fixed-rate mortgage now carries an average 7.22% borrowing rate, the highest since late-November 2023, according to Freddie Mac. Housing affordability has improved little, with the median price in February at $388,700, the highest since November, according to the National Association of Realtors. The NAR’s housing affordability index was at 103 in February, down slightly from January
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Gold was all over the place during the trading session on Friday as the jobs numbers came out lower than anticipated. Looking at the shorter term charts, the market had initially swung all the way up to the $2,323 level in the $2,275 level and then turned around to basically close in the middle of the day at the middle of the candlestick. So, a lot of noise ...
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Silver has seen a significant rise in its value in 2024, with prices soaring from $22.55 USD/oz in February to a peak of $29.90 USD/oz on April 12th, reflecting a dynamic shift in market conditions and investor sentiment. The big problem that the silver market is facing currently is the (too) high number of speculators positioned on the long side. ...
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CME Group, the world's leading derivatives marketplace, today reported its April 2024 market statistics set a new average daily volume (ADV) record of 26.5 million contracts for the month, up 33% from April 2023, with double-digit growth across all asset classes. Additionally, interest rate, equity index, foreign exchange and options products set new April ...