Demand for gold surged to an 11-year high last year. This is due to large-scale purchases on the back of high activity by retail investors and a slowdown of ETF outflows.
Wells Fargo profits fall as costs rise
Wells Fargo & Co. reported a 31% drop in third-quarter profit last Friday, due to rising costs at the bank because of the fake-accounts scandal and an increase in provisions for possible loan losses in preparation for a potential economic downturn.
The bank incurred $2 billion in operating losses due to litigation, customer remediation and regulatory aspects as a result of a six-year scandal involving its sales policies.
Mike Santomassimo, chief financial officer of Wells Fargo & Co. said unresolved litigation, customer loss remediation and other important regulatory issues remain unresolved and are likely to incur additional costs that could be significant in the next few quarters.
Charlie Scharf, CEO, stressed in a statement that their top priority continues to be improving controls and risk management, which includes addressing unresolved issues from past years and issues that will be identified as this work progresses.
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Energy and Precious Metals Market events for February 2-3, 2023
Last year recorded an increased demand for gold up to the levels of 2011
Exxon Mobile is criticized for $56 billion profit
White House Supports Alaska Oil Project
Aluminum buyers from Japan agreed to pay extra charges in the first quarter
Latest news
Last year recorded an increased demand for gold up to the levels of 2011
1 February
Exxon Mobile is criticized for $56 billion profit
1 February
The White House expressed a negative assessment of the record profit of Exxon Mobile in 2022. The company earned $56 billion, and it’s a maximum for both itself and the whole oil industry of Western countries.
White House Supports Alaska Oil Project
1 February
The US Interior Department’s Bureau of Land Management supports an accelerated plan of oil production. It includes 3 new wells across the Willow site in the Petroleum Reserve-Alaska, instead of having 5 wells predetermined earlier.
Energy and Precious Metals Market events for February 2-3, 2023
2 February
On February 2, the focus is on natural gas reserves in the United States. On February 3, data on oil rigs from Baker Hughes and speculative positions on oil and gas, gold, silver, aluminum and copper are on the agenda.
Aluminum buyers from Japan agreed to pay extra charges in the first quarter
1 February
Japan was buying aluminum at a surcharge. Shipments from January to March were at $85-86 per ton, which is 13-14% less than in the previous quarter. Resources report weak demand and strong reserves of aluminum.