What's good for gold is also good for copper

The same news that drove gold higher this week also gave copper a lift, noted mining audiences manager Michael McCrae.  

On Thursday McCrae recorded Kitco Roundtable with correspondent Paul Harris.

Gold started off the week strong due to wobbles in the banking sector. Credit Suisse, the European banking giant, was taken over by UBS on the weekend.  

The markets then turned to the Fed and its rate hike. The Federal Reserve raised its main interest rate by a quarter-point, but the Fed also suggested that rates would not continue to rise. A weakening U.S. dollar also worked in favor of the metals, noted Kitco contributor Jim Wyckoff. On Thursday April gold was last up $47.70 at $1,996.90 and May silver was up $0.509 at $23.30.

The lower dollar also worked in copper's favor. The metal reached $4.11 pound mid week.  

Looking ahead, McCrae noted that the resource sector should get a boost when the senior gold producers announce their first quarter financial results in April, which should be exceptional due to higher than average gold prices during the start of 2023.

Roundtable also talked about First Majestic Silver's Jerritt Canyon woes and Albemarle's big investment.