gold news

Welcome back to our weekly update. I'm Charlotte Mloud with investingnews.com and we're going to run through a few of this week's biggest stories in the mining industry. If you enjoyed this video, don't forget to hit the like button, subscribe to our channel, and of course, leave us a comment below. Let's get into it. The gold price saw peaks and troughs this week. After rising to almost 3350 per ounce on May 26th, the yellow metal took a dive, dropping just below the 3260 level on May 28th. It was back on

the rise the next day, hitting 3324. Trade tensions were in focus throughout the period. Concerns lessened early in the week when US President Donald Trump said he would delay raising tariffs on the EU, but uncertainty ratcheted back up on May 28th when an American trade court issued a ruling that blocked most of his tariffs. The decision prompted a flurry of activity and backlash from the Trump administration with the federal appeals court ultimately reinstating the tariffs on May 29th. The turmoil was beneficial

for gold as was news that the US economy shrank by 0.2% annually in Q1. The GDP estimate is the second of three from the Bureau of Economic Analysis and comes in lower than the first calculation of a 0.3% contraction. [Music] Commodities giant Glenor has quietly moved billions worth of global coal and ferro alloys assets into an Australian subsidiary. The Australian Financial Review was the first to report the news and it's already sparked speculation about renewed emin talks between Glenor

and Riotinto. The two major companies reportedly engaged in discussions last year but in the end did not move forward. With this restructuring from Glenor and Rio Tinto's CEO due to step down later this year, market watchers see potential for a deal to be done. Anglo-American made headlines this week as the firm finished demmerging its platinum group Metals unit, Voltera Platinum. Voltera, formerly Anglo-American Platinum, began trading on the Johannesburg Stock Exchange on May 28th and will have a secondary

listing in London as of June 2nd. Anglo made the decision to spin off Voltera after heading off a 49 billion takeover bid from BHP last year. The company embarked on a restructuring plan that will see it hone in on copper and iron ore. Interestingly, Voltera's debut comes alongside a platinum price boost. The metal has been fairly rangebound for some time, but recently broke out to its highest level in about 2 years, nearly reaching 1,100 per ounce. Edward Sturk of the World Platinum Investment Council

believes it's too soon to tell whether the rise is sustainable, but he does see a perfect storm brewing for platinum. Here's how he explained it. Look, I mean, I think platinum's fundamentals are just highly attractive. You've got really constrained supply. you've got demand um that is actually beginning to to show some real signs of growth driven principally by an inflection in jewelry demand um and by you know ongoing growth in investment demand and so given those things are resulting in these these

really significant deficits. This is the third year of almost million ounces deficit out of 8 million ounce market that those are just rapidly depleting their above ground stocks as I've already mentioned by the end of this year we get down to only just 3 months of demort of rule of thumb 6 months um that is considered to be a sustainable level in commodity markets. So you know this is all generally coming together as a perfect storm. we are seeing that tightness in the market and I feel I feel quite optimistic that we're going

to see that long- awaited price response um come through. I'll leave the link to the full interview with Edward in the video description. Check it out for a more in-depth look at supply and demand dynamics for platinum. Thank you for watching. If you like this video, make sure you hit the like button and subscribe to our channel. We'd also love to hear your thoughts, so leave us a comment below. [Music]