⛏ Aluminum Supply Shock

Aluminum Supply Shock
Over the weekend, both Emirates Global Aluminum (EGA) - the largest aluminum producers in the Gulf - and Aluminium Bahrain (ALBA) reported drone attacks damaging smelting facilities after hits on Iranian steel infrastructure last week. As Goldman commodity specialist James McGeoch writes, it's "hard to think of a bigger metal supply shock: High degree of expectation this was where it was heading, but the initial reaction was to fade the uncertainty yesterday, that should be replaced by fresh length if history is a guide." Read on »

Just How Much Gold Is There?
One of the things that makes gold valuable is its scarcity. But just how rare is gold? Based on best estimates, geologists at Metals Focus estimate that there are 219,890 tonnes of gold currently above ground. That sounds like a lot, but if you melted all that gold into a cube, it would only measure 22 meters on each side. That’s about 73 feet. Read on »

Gold extends gains on softer dollar; focus remains on Iran war
Gold rose for a fourth straight session to nearly a two-week peak ‌on Wednesday as the U.S. dollar slipped, while traders focused on the war in the Middle East and its implications for global monetary policy. Spot gold was up 1.3% to $4,728.75 per ounce after hitting its highest level since March 19 earlier in the session. U.S. ​gold futures gained 1.7% to $4,755.70. Read on »