Precious Metals Reach New Heights

Precious metals and mining stocks continue to soar this morning as traders anticipate further monetary easing from central banks. Gold is up 1.3%, trading above $4.250/oz, while Silver is up 1.8%, trading close to $52.50/oz, and Platinum is up 1.3%, trading above $1,700/oz. Bank of Canada Governor Macklem and several Fed officials are scheduled to speak later today, which may provide additional insight into monetary policy and broader economic trends.

Chinese markets were flat overnight in the wake of renewed tariff and trade threats from US Treasury Secretary Bessent yesterday; however, other Asia Pacific markets rallied, including a 1.3% gain for the Nikkei. European trading is mixed this morning, with the DAX flat, the FTSE down 0.3%, and the CAC up 0.9%. Copper has declined 1.5% today amid the China threats, but Crude Oil is up 0.5% after President Trump indicated India intends to purchase more oil from the US and cease buying oil from Russia.

US index futures are trading between 0.1% and 0.5% higher this morning, led by NASDAQ futures. Earnings continue to exceed expectations, with notable results from Bank of New York Mellon ($1.88 vs Street $1.77), Travelers ($8.14 vs Street $6.39), and several US regional banks. Railroad CSX is set to report after the close today, while American Express is due to announce results tomorrow morning.

Canadian economic data continues to signal improvement. Housing starts beat expectation (279K vs Street 255K). The US Philadelphia Fed Manufacturing Index, however, was disappointing (-12.8 vs street +10.0).

*Shares of Bank of New York Mellon are held in some portfolios managed by SIA Wealth Management. 

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