Gold news

 welcome back to our weekly update I'm Charlotte McLoud with investing news.com and I'm here to give you a quick look at the mining stories I found most interesting this week gold and silver prices both made Moves this week with gold passing 2400 per ounce once again and silver finally breaking through the important 30 per ounce Mark it's the first time the white metal has been there since 2013 and the Milestone has sparked speculation about just how high it could go in this cycle momentum kicked in on May 15th after the

release of the latest us Consumer Price Index data it shows that inflation was up 3.4% year on year in April the first time it's cooled in 2024 on a monthly basis it was up 0.3% the US Federal reserve's target for inflation is 2% and the first quarter's higher CPI readings have weighed on hopes for interest rate reductions CME group's bedwatch tool now shows that most Market participants don't expect the central bank to start cutting until its September meeting on May 16th several fed officials emphasized

separately that they want to see more evidence that inflation is cooling before rate Cuts begin the next fed meeting is set to take place from June 11th to 12th with another summer Gathering happening in July Michael bur of The Big Short Fame made headlines this week when new regulatory filings showed that his firm added over 440,000 shares of this BR physical gold trust to its port portfolio in q1 the trust now makes up 7.37% of Canan asset Management's Holdings and is its fifth largest component we last spoke about bur back

in November 2022 when he said on Twitter that he's long thought the time for gold would be when crypto scandals merge into contagion he didn't elaborate and ultimately deleted the Tweet but at the time Market Watchers saw it as a reference to the collapse of crypto trading platform FTX and related issues well the gold price has been on the move this year many of the experts I've been speaking with have emphasized that the metal will really get going once it starts gaining traction with the wider

audience is that finally happening time will tell the uranium sector was in Focus this week as US President Joe Biden signed into law a bill Banning Imports of uranium products from Russia though prohibiting Russian uranium Imports Act is making its way toward the president since late last year and was widely expected to pass the ban will go into effect on August 12th although waivers will be available for utilities until January 2028 since it got the green light Russian state-owned uranium supplier

tenx has sent out a force measure notice and told its us customers they have 60 days to get waivers Additionally the US government has issued a notice saying that next month it will be asking American suppliers to bid on contracts for as much as 3.4 billion worth of low enriched uranium currently the country country has only one commercial enrichment facility I'll leave the links to these stories in the video description if you'd like to learn more that's all for this week if you like

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