Nugget News November

30 Day Market Moves

Gold Outlook...Gold prices have slipped amid dwindling expectations that the Federal Reserve will cut interest rates until a backlog of data provides a clearer picture of the world’s biggest economy. A faction of Fed policymakers has stepped up warnings that inflation progress could slow or stall, casting doubt over the prospects for another rate cut in December.

Meanwhile, US Fed Governor Christopher Waller repeated his view that the central bank should again lower interest rates when policymakers meet next month citing a weak labor market and monetary policy that is hurting low- and middle-income consumers. Lower interest rates typically make non-yielding bullion more appealing to investors

-Gold is still up about 54% this year and remains on target for its best annual performance since 1979.

Silver Outlook...A slowing economy is taking its toll on silver’s industrial consumption, with demand expected to fall by 4% however, demand won’t fall enough to reset the current imbalance in the marketplace. Last week, the Silver Institute reiterated its outlook that silver will see its fifth annual supply deficit of 95 million ounces.

Although the deficit is significantly less than last year’s, analysts noted that it is still enough to support prices at record highs. Although silver has twice been unable to hold gains above $76 an ounce, the selling pressure has been limited. Spot silver last traded at $70 an ounce, and prices are up nearly 76% so far this year.

-These prices reflect investor concerns over stagflation, the Federal Reserve’s independence, government debt sustainability, the US dollar’s role as a safe haven, and geopolitical risks.

Fishermen's Luck...He was hoping for a lucky day of fishing. As it turned out, he was luckier than he could have imagined. An unnamed Swedish fisherman was digging around for worms at his summer home, prepping for a day on the lake. Along with some slimy invertebrates, the fisherman also dug up a corroded copper cauldron.

Inside was nearly 13 pounds of treasure dating back to the Middle Ages. Among the rings, pendants, and other pieces of jewelry were as many as 20,000 silver coins. According to county administrative board member Sofia Andersson, it’s one of the largest treasure troves from that period ever discovered in Sweden.

The coins date back to the 12th century. Some are embossed with KANATUS, the Latin name of King Knut Eriksson, who ruled the country from 1172 until his death in 1195. There were also “bishop coins” in the treasure trove. These coins were minted in Europe and were used by clergy.

-Unfortunately for our intrepid fisherman, he won’t get to keep the silver. But he is entitled to a finder’s fee under Swedish law.

It's Official...The U.S. Geological Survey (USGS) has officially added silver to its list of “critical minerals.” This could put further demand pressure on a metal already in short supply. It also increases the possibility of tariffs on silver. The USGS critical mineral list was established in 2017, and it guides federal strategy, investment, and mine permitting decisions.

USGS defines a critical mineral as, “Those commodities which are essential to the economic or national security of the U.S.; have a supply chain that is vulnerable to disruption; and serve an essential function in the manufacturing of a product, the absence of which would have significant consequences for the economic or national security of the U.S.”

-The USGS also added copper, metallurgical coal, potash, rhenium, silicon, and lead to the list.

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