Notable & Quotable: ‘We Are a Big-Tent Party'
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Yahoo
5 minutes ago
- Yahoo
Silver's hot streak gathers pace; market at highest since 2011
By Polina Devitt and Sherin Elizabeth Varghese (Reuters) -Silver prices surged to their highest in almost 14 years on Wednesday, aided by worries about U.S. tariff policy, signs of tightness in the spot market and growing investor interest in alternatives to gold. Spot silver was up 0.3% at $39.40 per troy ounce as of 1354 GMT, its highest level since September 2011. Silver, both a precious and industrial metal, is up 36% this year, outperforming gold's 31% growth and coming within a whisker of the key $40-per-ounce mark. The metal hit a record high of $49 in 2011. U.S. President Donald Trump's plan to impose 50% import tariffs on copper from August 1 and the U.S. import tariffs for Mexico widened the premium of the U.S. futures for silver and other metals against the London benchmarks in July, leading to a growth in lease rates in the spot market. Gold, silver, platinum and palladium were excluded from Trump's April reciprocal tariffs, but "the broader market isn't trading it that way and is taking a page out of Comex copper's handbook", Nicky Shiels, head of metals strategy at MKS PAMP. Spot silver prices may hit $42 per ounce this year, according to Shiels. Analysts also noted that industrial demand for silver, heading for the fifth year of structural market deficit, remains solid, while investment demand is gaining momentum as a more affordable alternative to gold. Silver's recent rally has improved its ratio with gold to the strongest level in seven months. It currently takes 87 ounces of silver to buy an ounce of gold, compared with 105 ounces in April. "It is the copper tariff that sent some spinning off at odd tangents that captured the other metals," said a precious metal trader based in London, adding that the lease rates in the spot market should fall once the borrowing activity caused by the U.S. tariff fears subside. The current momentum could be hot enough to take silver over $40/oz in the short term, said Nitesh Shah, commodity strategist at WisdomTree. "But with positioning stretched, we would not be surprised if it fell back to $35/oz, before it starts its march higher to $45/oz next year," Shah added. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNET
7 minutes ago
- CNET
Trump Just Dropped His AI Action Plan. Here's What's In It
The Trump administration on Wednesday laid out the steps it plans to take in a bid for "global AI dominance," including reducing regulations to speed up the development of artificial intelligence tools and the infrastructure to power them. Other components of President Trump's AI Action Plan include steps to encourage open-source and open-weight AI models, ensure AI "protects free speech and American values" and promote the use of AI in the Department of Defense. "The Action Plan's objective is to articulate policy recommendations that this Administration can deliver for the American people to achieve the President's vision of global AI dominance," the report said. President Trump is expected to speak on AI priorities later Wednesday during a forum with the hosts of the All-In Podcast. Ahead of the plan's release, a coalition of advocacy groups and tech critics urged the administration to ensure the government would hold large tech firms accountable as AI grows. "We can't let Big Tech and Big Oil lobbyists write the rules for AI and our economy at the expense of our freedom and equality, workers and families' well-being, even the air we breathe and the water we drink -- all of which are affected by the unrestrained and unaccountable roll-out of AI," the People's AI Action Plan coalition said. This is a developing story.
Fox News
8 minutes ago
- Fox News
Virginia is a 'big winner' in Trump's deal with Japan, says Gov. Glenn Youngkin
Gov. Glenn Youngkin, R-Va., joins 'America's Newsroom' to discuss the impact of President Donald Trump's 'historic' trade deal with Japan and the advancements in artificial intelligence.
