Chapter 1: What is the main topic discussed in this episode?
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The prices of gold, silver and copper have all plunged as a route in the metals market continues to deepen following Friday's sell-off. Bullion has fallen by as much as 10% today, silver tumbling by more than 16%. Copper has also seen its losses mount with the metal dropping by as much as 5%. The rapid declines come after a record-breaking rally. that appeared to have run too far too fast.
Bloomberg's Martin Ritchie says the correction was overdue.
I think throughout last week, all that kind of frenzied trading, all the bulls piling in, I think there was a lot of warnings that this price was going ahead of reality. But now we're in a situation, I think, across gold, silver and perhaps even copper and metals, where we're looking to see where people start to buy the dip.
Martin Ritchie speaking there after Friday's dramatic sell-off, which was triggered by news that President Donald Trump would nominate Kevin Walsh to lead the US Federal Reserve. That announcement sent the dollar higher and undercut sentiment among investors who had bet on Trump's willingness to let the currency weaken.
In other news, the fallout is growing following Friday's release of around 3 million pages of material related to the convicted sex offender Jeffrey Epstein. Britain's former ambassador to the United States, Peter Mandelson, has resigned his Labour Party membership over his links to the disgraced financier.
Mandelson said he took the decision to avoid further embarrassment after documents revealed that payments totalling Ā£75,000 were made by Epstein to him and his partner in 2003. The documents also show that in 2009, Mandelson attempted to prevent the UK from introducing a tax on bankers' bonuses following a request from Epstein.
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Chapter 2: What is the current state of the metals market?
He told reporters over the weekend that it, quote, makes good sense for Europe in the widest sense of the word to work more closely together as the continent looks to counter Russian aggression. Stormer's remarks came ahead of a series of meetings between senior UK and EU officials in London this week.
If a deal is reached, British defence firms would be able to bid for contracts funded by SAFE, the Security Action for Europe programme.
Iran's supreme leader has warned of a regional war as President Trump threatens military action. The news comes after weeks of escalating tensions over Tehran's deadly crackdown on civilian protests. In a broadcast on state television on Sunday, Ayatollah Ali Khamenei said the Iranian people will strike back forcefully against anyone who wants to attack or cause harm.
Speaking to reporters in Florida over the weekend, the US president said his forces are ready to act.
We have the biggest, most powerful ships in the world over there. Very close. A couple of days. And hopefully we'll make a deal. If we don't make a deal, then we'll find out whether or not he was right.
President Donald Trump also said he's hoping that Iran and the U.S. will reach an agreement. Oil prices have plunged, however, after President Trump disclosed talks between Washington and Iran.
The British engine maker Rolls-Royce has halted its plans to put a nuclear reactor on the moon by the end of the decade. The Telegraph reported the UK government-backed programme is at a standstill due to a lack of potential partners. Bloomberg's Freddie Fulston has more.
Could nuclear power be used to support a moon base for astronauts? Backed by millions in government funding, Rolls-Royce had been looking to answer that question. However, the UK firm said that for now at least there are no current contracts in place to progress the project. By contrast, NASA in the US is accelerating plans to develop nuclear power on the moon.
In London, Freddie Fulston, Bloomberg Radio.
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Chapter 3: What triggered the recent sell-off in metals prices?
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