Ok, we admit it with respect to last week’s piece “Gold’s Near-Term Brush with the 1600s”: we were a bit dubious about the 1600s potentially getting teased. To be sure as a broad-term 2Gold bull, penning negatively about price hardly is pleasant. But we’re guided by what the numbers are and as to what then generally occurs when said numbers are what they are.
Both bitcoin and stocks had been showing signs of weakness since the beginning of the week.
Freeport-McMoRan Inc is set to approve expansions at several of its U.S. copper mines to capitalize on surging demand for the red metal as President Joe Biden moves to electrify the nation's automobiles and combat climate change, Chief Executive Richard Adkerson told Reuters. The expansions would be a major bet on the U.S. economy - one of the company's largest markets - and also on the rising demand for electric vehicles (EVs), which use twice as much copper as internal combustion engines. Adkerson also said he has no desire to combine Freeport with Barrick Gold Corp or another gold producer and is working to give COVID-19 vaccines to about 25,000 workers at the Grasberg copper mine in Indonesia, which Freeport owns with that country's government.