Which US presidential candidate does gold prefer?
Gold loves chaos and should be hitting new highs, especially with inflation coming down and with it, two rate cuts likely before year’s end.
Indonesia’s government and Freeport McMoRan Inc on Thursday failed to reach a deal on extending the U.S. mining giant’s six-month export permit, potentially halting shipments from the country’s massive Grasberg copper and gold mine.
An export stoppage would deal a blow to Freeport’s profits and deny the Indonesian government desperately needed revenue from one of its biggest taxpayers. It could also buoy global copper prices, which have slipped 3 percent so far this year on worries about oversupply.
Freeport’s six-month export permit for its Indonesian unit expired on Thursday and it was unclear how soon a new one would be issued as the two sides have yet to resolve a government demand that the U.S. firm first pay a $530 million deposit.
