welcome back to our weekly update I'm Charlotte McLoud with investingnews decom and we're going to run through a few of this week's biggest stories in the mining industry if you like this video don't forget to hit the like button subscribe to our Channel or leave us a comment below let's get into it it was yet another record setting week for the gold price which broke through 2,800 per ounce and continued Rising reaching the 2880 level on February 5th what's behind this new high
experts are pointing to widespread concerns about global trade as Donald Trump settles back into his role as US president these worries are fueling Safe Haven demand from investors and have also spurred activity among major gold market players they're reportedly looking to front run potential tariffs by Shifting the yellow metal from London to New York according to the financial times Traders and financial institutions have moved 393 metric tons of gold into comac's vaults in New York since the US
election in November boosting in Tories by nearly 75% to the highest level seen since August 2022 the number could be larger depending on how much has been sent to private vaults this steady stream of gold from London to New York has created withdrawal delays at the bank of England which stores the precious metal for third parties although the central bank has said the process is happening in an orderly fashion withdrawal slots are in high demand and wait times have created an interesting situation where Bank of
England bars are trading at a discount to The Wider Market there's 's also a broader disconnect between New York Futures prices and London physical prices that has further fueled Traders desire to send metal to the US this is a complicated scenario and I'm hoping to bring on guests that can share more details on what's going on leave a comment below if there's an expert you'd like to hear from on this topic or if you have any questions you'd like to have answered while us tariffs on Canadian
and Mexican goods were deferred on February 3rd the Trump Administration has gone ahead with an additional 10% tariff on all Chinese Imports China responded swiftly saying that starting on February 10th it will impose 15% tariffs on us coal and liquefied natural gas plus 10% tariffs on crude oil farm equipment and some vehicles in a separate decision the country's Commerce and Customs divisions have put export controls in place on tungsten torium malinam bismuth and indium with the aim of safeguarding National Security
interests China is the top producer of all of those medals accounting for a whopping 80% of the world's tungsten and bisou output speaking to Bloomberg Lewis Black of tungsten Explorer Al Monte Industries called the move from China a warning shot noting that the metal is key for defense and Manufacturing shares of the company were up nearly 50% for the week as of February 6th Inn's videos from the Vancouver resource investment conference are now all posted and if you haven't seen them already I definitely
encourage you to take a look I spoke with experts like Rick rule Adrien day Lobo and many more and although news is moving quickly they all shared insights that remain valuable for portfolio planning I'll leave the link to the playlist below one of my key takeaways from the event was basic but worth repeating know yourself as an investor because what works for one person may not align with your goals 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]
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