Category Archives: Precious Metals

By Manya Saini and Niket Nishant (Reuters) – A raft of U.S. banks reported higher fourth-quarter profits on Friday, extending … Continue reading →

Gold is glittering to kick off 2025.The most active futures on gold are currently trading at $2745.10, up $27.30 or 1% from a day earlier. That level is just about 2% shy of its all-time settlement high of $2800.80 marked on Oct. 30. If the contract closes at current levels, it would be the highest close since last month, according to the Dow Jones Market Data.Gold has been on a tear lately. Investors in gold-related exchange-traded funds like the VanEck Gold Miners ETF and SPDR Gold Shares are sitting on gains of 25% and 31%, respectively, over the past year. It matches the returns passive equity investors have gotten over the past year, with the SPDR S&P 500 ETF up 26%. Continue reading →

CUS stocks wavered on Thursday, with the major indexes struggling to build on the previous day’s surge amid another round … Continue reading →

After a multi-year effort backed by Money Metals, the Sound Money Defense League, and other in-state allies, the Kentucky legislature approved a bill that included ending the sales tax on purchases of precious metals in 2024.

However, Gov. Beshear used an unconstitutional line-item veto on the gold and silver sales tax exemption when he did not have the power to do so, sneering, “If you own gold, you can afford to pay sales tax.”

Despite the sales tax exemption on the metals being codified in state statutes and an opinion from the state Attorney General declaring the veto invalid, the governor directed his department of revenue to continue collecting the tax, threatening businesses and investors who did not comply with legal action.

In response, freshman legislator Rep. T.J. Roberts has introduced House Bill 2, a measure that would give aggrieved taxpayers a legal remedy to sue state officials for improper taxation on the purchase of gold and silver in the Bluegrass State.

The bill says, “any aggrieved taxpayer who has had taxes collected from them in any purchase that are exempt under KRS 139.480(37), may maintain an action for a refund on behalf of themselves and others similarly situated, without need to resort to any administrative process, against any person collecting or holding such tax funds, including the Secretary of the Finance and Administration Cabinet and the Commissioner of the Department of Revenue.”

This bill is supported and sponsored by the majority of GOP-leadership and was even assigned a single-digit House Bill number, a designation usually assigned to priority bills with strong support.

Rep. Roberts told the Sound Money Defense League, “Gov. Beshear has engaged in illegal action in order to block legislation he does not like. This is a blatant abuse of separation of powers.”

“Citizens of Kentucky, or of any state in the United States, for that matter, shouldn’t be taxed for trying to use, buy, or transact in honest, sound money,” the liberty firebrand from District 66 continued.

Aggrieved taxpayers who prevail will be entitled to reimbursement of their attorney’s fees and legal costs. Continue reading →

Raoul Pal discussed his bullish outlook on Bitcoin, the S&P 500, and gold, while emphasizing the profound impact of AI. … Continue reading →

Gold has been consolidating since the U.S. presidential election, but it may soon be poised to resume its upward climb. … Continue reading →

Gold prices were rising in early trade as traders await key U.S. inflation data for more clues abut the path of monetary policy.Futures were up 0.2% to $2,684 a troy ounce, boosted by a softer dollar and concerns over the impact of potential U.S. trade tariffs on inflation after President-elect Donald Trump takes office.Prices fell in the previous trading session amid a stronger dollar and rising Treasury yields, but the long-term outlook for gold remains positive. Continue reading →

Excerpt from this week’s: Technical Scoop: Volatile Chaos, Underrated Jobs, Wildfire SparkOn the week, gold rose 2.3%, silver was up 4.1%, platinum and palladium showed some life, both up 5.0%, while copper gained 5.7%. A good week for the precious metals. Also great were the gold stocks as the Gold Bugs Index (HUI) rose 3.1% and the TSX Gold Index (TGD) was up 2.8%. Gold has been gaining on all the currencies as well, primarily due to the strength of the US$ Index. Gold in Cdn$ rose 2.1%, in euros up 2.9%, Swiss franc up 3.2%, pound sterling up 4.1%, and Japanese yen up 2.6%.

Gold still needs to regain above $2,740/$2,750 to suggest to us that we should see new all-time highs above $2,802. We thought we had completed a potential five-wave advance to the October high at $2,802. The subsequent pattern appears to have taken on the shape of an ABC flat correction. But only new highs above $2,802 can confirm the pattern. Next targets then could be $3,050, once they are through $2,802. We are always reminded that gold does have some positive seasonals during this time, usually topping out during the Prospectors and Developers Association of Canada (PDAC) annual get-together on March 2–5.

But gold rising against a strong jobs report, rising bond yields, and a rising US$ Index we have to view as positive for higher prices.

Source: www.stockcharts.com

Like gold, silver had a good week. With a gain of 4.1% this past week, silver outpaced gold. Silver is now up 7.1% in 2025 vs. gold up 2.8%. That is a positive development as we need to see silver leading if we are to go higher. But the reality is silver is a lot further from telling us we should see new highs than gold is. We believe we have to break above $34 to suggest new highs above the October high of $35.07. We also have downtrend line resistance just above at $32.00. The 50-day MA stopped our advance this past week. Other encouraging signs were the higher low we saw on December 31 that was above the one seen on December 14. Despite the good week and start to 2025, silver still lags. Gold is within calling distance of further new all-time highs. Silver, on the other hand, still seems a long way from $50 and the highs of 1980 and 2011. On an inflation-adjusted basis, we’d have to reach $67 to equal 2011 and $175 to equal the 1980 high. A lot of work to be done. Support is down to $29.50 with interim support at $30. We could be forming an ascending triangle, so a breakout over $35.50 could project us up to $44.00. Interim stop would be at $39/$40.

Source: www.stockcharts.com

We suppose we should be encouraged by the rise in gold stocks so far in 2025. So far, they’ve been the big winners with the Gold Bugs Index (HUI) up 6.5%, including the 3.1% gained this past week, and the TSX Gold Index (TGD) up 6.7%, including the 2.8% gain this past week. That’s encouraging, but don’t get too excited just yet, as there is resistance above, first at 375 for the TGD and then at 400 and 415. Above 400, new highs could be seen. The all-time high set in 2011 remains at 455. Because of inflation, we’d have to get to 610 to equal that lofty level. We did break a small downtrend from the October high so that is encouraging. But we note we stopped this past week at the 100-day MA. The recent low at 332 should hold on any pullback with interim support at 340/345. The pattern is encouraging as we see gold stock prices (TGD and HUI) going higher.

Read the FULL report here: Technical Scoop: Volatile Chaos, Underrated Jobs, Wildfire Spark

Disclaimer

David Chapman is not a registered advisory service and is not an exempt market dealer (EMD) nor a licensed financial advisor. He does not and cannot give individualised market advice. David Chapman has worked in the financial industry for over 40 years including large financial corporations, banks, and investment dealers.  The information in this newsletter is intended only for informational and educational purposes. It should not be construed as an offer, a solicitation of an offer or sale of any security.  Every effort is made to provide accurate and complete information. However, we cannot guarantee that there will be no errors. We make no claims, promises or guarantees about the accuracy, completeness, or adequacy of the contents of this commentary and expressly disclaim liability for errors and omissions in the contents of this commentary.  David Chapman will always use his best efforts to ensure the accuracy and timeliness of all information. The reader assumes all risk when trading in securities and David Chapman advises consulting a licensed professional financial advisor or portfolio manager such as Enriched Investing Incorporated before proceeding with any trade or idea presented in this newsletter. David Chapman may own shares in companies mentioned in this newsletter. Before making an investment, prospective investors should review each security’s offering documents which summarize the objectives, fees, expenses and associated risks.  David Chapman shares his ideas and opinions for informational and educational purposes only and expects the reader to perform due diligence before considering a position in any security. That includes consulting with your own licensed professional financial advisor such as Enriched Investing Incorporated.   Performance is not guaranteed, values change frequently, and past performance may not be repeated.  Continue reading →

Visual Capitalist, a publisher known for its amazing economics-focused infographics, recently released an eye-catching infographic titled “Could Copper Be the Next … Continue reading →

Gold softened early Monday as investors continue to digest Friday’s jobs report and the boosted dollar while awaiting this week’s … Continue reading →