Gold Hits One-Month Low; Coinbase Launches Coin 50 Index
Key Takeaways
- Gold prices fell to a one-month low as trade war tensions eased.
- Coinbase launched Coin 50 and aims for S&P 500 inclusion; 52M Americans use crypto.
- Oil prices surged 3%; US crude stockpiles rose by 3.45 million barrels last week.
- Indonesia raised its crude palm oil export levy to 10% starting May 17, 2025.
- The global cobalt market is projected to see a deficit in the early 2030s.
Top Stories
Gold prices slip to one-month low on trade war ease
On 2025-05-14, gold prices decreased to a one-month low as tensions in the global trade war eased, diminishing safe-haven demand. An analysis by Investing.com suggests potential support levels at $3,150 and $3,125 as safe-haven demand fades.
Coinbase launches Coin 50, eyes S&P 500 inclusion
On 2025-05-14, Coinbase CEO Brian Armstrong announced the launch of Coin 50, an index of the top 50 crypto assets. Armstrong also discussed Coinbase's potential inclusion in the S&P 500, regulation, M&A activities, and the need for U.S.-built stablecoin technology, highlighting that 52 million Americans use crypto; Coinbase is also working to bring Deribit to the U.S.
Oil surges 3%; US crude stockpiles rise
On 2025-05-14, oil prices surged 3% due to a US-China tariff truce and demand optimism. The Energy Information Administration reported that US crude stockpiles rose by 3.45 million barrels last week, the largest weekly increase since March; WTI slipped below $63, and Brent closed near $66.
Indonesia raises palm oil export levy to 10%
Starting May 17, 2025, Indonesia increased its export levy on crude palm oil from 7.5% to 10% to fund a biofuel program and replanting efforts. The government also raised levies for other palm oil products' outbound shipments.
Global cobalt market to see deficit in 2030s
Published on 2025-05-13, the global cobalt market is projected to shift from a surplus to a deficit in the early 2030s (2030-01-01).
Commodity Corner
Rising Silver/Gold Ratio signals broader commodity rally
OPEC trims 2025 non-member oil supply growth forecast
On 2025-05-14, OPEC published a report that trimmed its forecast for oil supply growth from non-member countries in 2025.
US-China truce to reduce scrap metal pileup
On 2025-05-14, a temporary truce in the US-China trade dispute is expected to alleviate the accumulation of scrap metal in Salt Lake City. Utah Metal Works Inc. had 300,000 pounds of copper stockpiled due to halted US shipments to China, but with reduced levies, the waste metal is anticipated to start moving again over the next three months.
US soybean exports may fall 20% without China deal
On 2025-05-14, AgResource reported that US soybean exports could decrease by 20% if a trade deal with China is not reached.