The gold price fell below the US$2,600 per ounce level this week, responding to the US Federal Reserve’s interest rate cut at its final meeting of the year.
“I think the actual cuts that we make next year will not be because of anything we wrote down today. We’re going to react to data; that’s just the general sense of what the committee thinks is likely to be appropriate” — Jerome Powell, US Federal Reserve
Gold hasn’t been below US$2,600 since mid-November, a decline that followed Donald Trump’s victory in the US election. The yellow metal was quick to recover at that time, and in the long term many of the experts I’ve been speaking to see it going much higher.
The popular cryptocurrency has been on a tear since Trump was elected, buoyed by the president-elect’s pro-crypto attitude and talk of a Strategic Bitcoin Reserve. Powell’s comments had a dampening effect, pushing Bitcoin below US$100,000.
Paladin Energy (ASX:PDN,OTCQX:PALAF) has received approval from Canadian authorities for its acquisition of Fission Uranium (TSX:FCU,OTCQX:FCUUF).
Fission’s main asset is its Patterson Lake South project in Saskatchewan’s prolific Athasbasca Basin.
Paladin sees the asset as a “natural fit” for its portfolio, and said when the deal was announced that it had the resources to advance it to production.
“There is overwhelming evidence that China dumps artificially cheap graphite into global markets, which is made possible by state-sponsored policies and massive subsidies” — Erik Olson, American Active Anode Material Producers
The American Active Anode Material Producers coalition is petitioning the US Department of Commerce and International Trade Commission to initiate a trade investigation and put tariffs on both natural and synthetic graphite from China.
While the US has a 25 percent tariff on most Chinese graphite, the group argues it’s “far too low.”
So far there hasn’t been a response from the government.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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