welcome back to our weekly update I'm Charlotte McLoud with investing news.com and I'm sure to give you a quick look at our top stories for the [Music] week gold was in Focus this week as the US Federal Reserve met for the first time in 202 for as was widely expected the Central Bank left rates unchanged at 5.25 to 5.5% and indicated that it's likely to do the same at its next meeting in March speaking in a January 31st press conference chair jome Powell said that before it cuts the FED wants to see more


evidence that confirms inflation is heading in the right direction he also said he doesn't yet believe a soft Landing is guaranteed gold fell in the immediate aftermath of the meeting sinking to just above 2030 per ounce how however it since recovered and was close to 2060 at the time of this recording on February 1st many gold market participants believe the yellow metal was stage a true breakout once the FED starts lowering rates we also saw a couple of interesting developments in the silver


space this week on January 30th the silver Institute said it's forecasting silver demand of 1.2 billion ounces in 2024 which would be the second highest amount ever if achieved the organization points to strong industrial use as a key demand driver and is projecting a silver deficit of 176 million ounces this year that would be 9% lower than 2023 is 194 million ounce deficit but still very high compared to previous years also on the silver side this week a group of company Executives wrote to the Canadian


government to recommend that the country recognize the white metal as a critical mineral the document focuses on Silver's role in the lowc carbon and digital future but also highlights tight Supply I'll leave a link to the letter in the video description if you want to learn more uranium investors got a piece of news they've been waiting for on February 1st when Kazam prom officially cut its 2024 production Guidance the company is now expecting to produce 54 to 58 million pounds of u308 for the


year down from its previous forecast of 65 to 66 million the amount is also 20% lower than the maximum output levels laid out in its sub soil use deal Kaz adamr warned on January 12th that it was expecting to adjust its 2024 guidance so this week's confirmation is no surprise at the time the company pointed to challenges obtaining sulfuric acid as well as delays in completing construction works at newly developed deposits however it said it was committed to meeting its 2024 delivery obligations uranium Market Watchers are


taking the news as yet another positive Catalyst in the commodity's seemingly Unstoppable story the Sprat uranium miners ETF and the Sprat physical uranium trust were both on the rise at the time of this recording on February 1st up about 10% in 5 days I spoke about uranium with a number of experts at the recent Vancouver resource investment conference and although the market is moving quickly I think they're still worth a watch I'll leave the links below for interviews with Rick R Lobo and Gwen


pron that's all for this week if you like this video make sure you subscribe to our Channel we'd also would love to hear your thoughts so leave us a comment below we'll see you next time thank you for watching if you like this video make sure you subscribed to our Channel we'd also love to hear your thoughts so leave us a comment below we'll see you next [Music] time