Edition:
United States

Peter Hobson

REFILED-U.S. will not prosecute Miami gold refinery after money laundering probe

Apr 18 2019

LONDON, April 18 The U.S. Attorney's Office said it has agreed not to prosecute one of the country's biggest gold refineries, Republic Metals Corporation (RMC), after an investigation into possible money laundering.

Indian demand surge drives silver consumption to three-year high

Apr 11 2019

LONDON Global silver demand rose 4 percent last year, chalking up its first increase since 2015 thanks to sharply higher consumption in India, with a supply fall creating a small deficit, an industry report said on Thursday.

Indian demand surge drives silver consumption to three-year high

Apr 11 2019

By Peter Hobson LONDON, April 11 Global silver demand rose 4 percent last year, chalking up its first increase since 2015 thanks to sharply higher consumption in India, with a supply fall creating a small deficit, an industry report said on Thursday. The world consumed 1,033.5 million ounces in 2018, up from 998.4 million ounces in 2017, according to the Silver Institute's World Silver Survey 2019, prepared by GFMS analysts at Refinitiv. Driving the increase was India, where high gold prices spurred many consumers and investors to switch to cheaper silver, analyst Johann Wiebe said. India's consumption of silver jewellery jumped 16 percent to 76.5 million ounces in 2018, which along with a rise in the United States helped to push up overall jewellery demand by 4 percent to 212.5 million ounces. Purchases of silver investment bars in India, meanwhile, surged by 160 percent to 69.4 million ounces, lifting global bar and coin investment by 20 percent to 181.2 million ounces, Wiebe said. Use in electronics rose slightly, but efforts by solar panel manufacturers to cut costs by reducing silver use dragged industrial demand down 1 percent to 578.6 million ounces. Supply of silver, meanwhile, dipped 3 percent to 1,004.3 million ounces owing to reduced mined and scrap output, leading to a physical market deficit of 29.2 million ounces, the report said. Demand is likely to fall this year by about 1 percent, Wiebe said, but would rise again in 2020 and 2021 as production of solar panels picked up and U.S. coin sales expanded. He said supply would rise by about 1 percent in 2019 before falling again in the early 2020s. Silver prices are affected by supply and demand but heavily influenced by investors who often buy precious metals as a perceived safe-haven asset during times of economic or political uncertainty. Wiebe said he expects rising economic and political turbulence, along with a likely weakening of the dollar, to push prices higher, with silver averaging $16.75 in 2019 and $17.50 in 2020. A weaker dollar is supportive for silver, which is priced in the U.S. currency, by making it cheaper for buyers outside the United States. Silver is currently trading around $15.25 an ounce. It averaged $15.71/oz last year, down about 8 percent from 2017 and underperforming gold, which fell 1 percent to average $1,268 last year. SILVER SUPPLY AND DEMAND 2017 2018 % change Mine production 876.9 855.7 -2% Scrap 153.8 151.3 -2% Hedging 1.9 -2.8 TOTAL SUPPLY 1,032.6 1,004.3 -3% Jewellery 204.5 212.5 4% Bar and coin 150.4 181.2 20% Silverware 57.6 61.1 6% Industrial 585.8 578.6 -1% TOTAL DEMAND 998.4 1,033.5 4% Source: Silver Institute World Silver Survey 2019, GFMS, Refinitiv (Reporting by Peter Hobson Editing by David Goodman)

Gold refiners to get dedicated LBMA committee after complaints

Apr 10 2019

LONDON The London Bullion Market Association (LBMA) plans to create an official committee for gold and silver refineries, after some complained their interests were being ignored.

Valcambi loses deal to refine Newmont's gold: sources

Apr 10 2019

LONDON Swiss gold refiner Valcambi has lost a contract to refine around 4 million ounces of gold a year from Newmont Mining Corp, one of the world's biggest producers, five sources familiar with the matter told Reuters.

METALS-Copper falls as German factory data adds to demand worries

Apr 04 2019

LONDON, April 4 Copper prices fell on Thursday as weak German factory data underlined concerns about the outlook for demand and a big inflow of metal into London Metal Exchange (LME) warehouses suggested supply was adequate.

METALS-Base metals rise on optimism over trade talks, Chinese data

Apr 03 2019

LONDON, April 3 Prices of copper and other industrial metals rose on Wednesday as strong Chinese manufacturing data and reports of progress in U.S.-China trade talks bolstered the demand outlook.

Palladium crashes from record high, but there's still not enough metal

Mar 29 2019

LONDON A spectacular rally that last week took palladium to record highs has hit the buffers, with the metal plummeting almost 15 percent in three days this week.

METALS-Copper rises as U.S.-China trade talks begin in Beijing

Mar 28 2019

LONDON, March 28 Copper prices rose on Thursday as the threat of disruption at a mine in Peru underlined fears that the market is undersupplied, while investors waited for news from U.S.-China trade talks starting in Beijing.

Palladium tumbles seven percent as stunning rally hits buffers

Mar 27 2019

Palladium prices plummeted around 7 percent on Wednesday, the biggest daily percentage drop in more than two years, as investors worried that prices had risen too far too fast and breaks below technical levels triggered automatic selling.

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