With Comex’s August contract running off the board and copper’s collapse it is hardly surprising that precious metals traded lower this week. In European trade this morning, gold was $3294, down $43 from Friday’s close, and silver at $36.48 down $1.65. The gold/silver ratio has returned to 90.
Before observing this week’s action in gold and silver, a comment on copper and other base metals is required. President Trump has relented on US import tariffs on copper ore, concentrates, and cathodes leaving 50% tariffs on imports of semi-finished items such as wires and pipes. Consequently, copper futures fell by 25% this week hitting every paper-traded metal, including silver. Copper’s chart is below:
