welcome back to our weekly update I'm Charlotte McLoud with investing news.com and I'm here to tell you about the mining industry stories that I found most interesting this [Music] week the gold race hit a major Milestone this week Midway through the period it broke through the 2,300 per ounce Mark for the first time ever the yellow Metals rise has been a long time coming but in some ways it's been quicker than expected I spoke with many experts at pdac about a month ago and while a
number of them thought 2300 was in the cards for 20124 they didn't necessarily see it happening so fast Gold's increase came even as US Federal Reserve chair Jerome Powell said the Central Bank needs to see more evidence that inflation is heading toward its 2% Target before begins cutting interest rates I repeatedly heard from industry commentators that gold will really start moving when the FED pivots and it's notable to see it remains strong without any firm commitment on when that
turnaround will happen Ross Norman of metals daily wrote an interesting article that I'll link to in it he explains why gold's price jump this week has left him nonplused while Gold's ever increasing price is grabbing headlines silver shouldn't be forgotten the white metal broke through 27 per ounce this week and although it's pulled back since then it remained above 26 at the time this video was recorded experts often emphasize that silver tends to initially lag behind gold but then out performs once
it gets going whether that holds true during the cycle remains to be seen but this week's movement has definitely created some excitement gold and silver weren't the only medals on the move this week copper prices Rose to their highest level in 14 months the red metal got a boost several weeks ago when Chinese smelters agreed to cut output on short supply since then growing awareness of the red metals tightening Supply demand situation has provided further support I recently spoke with John chalia of sprout Asset
Management about copper and I recommend checking out the interview if you'd like a more in-depth look at the market he said prices could be 10 to 20% higher in the next 6 to 12 months in the uranium sector two ASX listed companies made progress this week with Paladin energy Achi commercial production at ITS m in Namibia and boss energy passing the final technical Milestone needed for the restart of its Australia based honeymoon mine although miners are starting to turn uranium Supply on the broad consensus is that it
won't be enough to State increasing demand for nuclear power 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 this video don't forget to subscribe to our Channel we'd also love to hear your thoughts so leave us a comment below we'll see you next [Music] time
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