Metals Plunge Deepens, Epstein Revelations Fallout, More
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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 £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. Mandelson, who remains a peer in the House of Lords, says he believes the allegations of financial payments to him from Epstein are false and need investigating by him.
Among the material are images appearing to show former British Prince Andrew Mountbatten Windsor kneeling over a woman. UK Cabinet Minister Steve Reid says the former prince should now testify before the US Congress about his relationship with Jeffrey Epstein.
The principle here is very, very clear. If Andrew Mountbatten-Windsor clearly has insight into what was going on and he should testify because the victims deserve and need him and anybody else who may have witnessed things to do that.
Steve Reid was speaking as UK Prime Minister Keir Starmer also called on Prince Andrew to testify. The growing pressure comes as the wider document release revealed fresh insights into the rich and well-connected figures who circulated in the orbit of the late disgraced financier. The documents show that some individuals, including the current US Commerce Secretary Howard Lutnick and the former Microsoft executive Steve Sinofsky, maintained contact with Epstein far longer than than they had previously claimed. Lutnick told the New York Times on Friday that he spent zero time with Epstein but declined to comment on the documents. Meanwhile, representatives for Anderson Horowitz did not respond to a request for comment.
The British Prime Minister, Keir Starmer, says he still wants the UK to join the European Union's 150 billion euro defence fund after negotiations last year ended in failure.
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.
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