Treasury Secretary Scott Bessent told CNBC yesterday that the Trump administration will set price floors across a range of industries including mining to combat market manipulation by China. Bessent also said the US will set up a strategic mineral reserve and that JPMorgan Chase is interested in working with the Trump administration to make that happen.
And because these days everyone is watching the markets, for those keeping track, precious metals continued to climb yesterday with gold and silver once again hitting record highs. Copper also rebounded after Federal Reserve Chair Powell signaled the Fed is on track for another quarter-point interest-rate cut this month.
Finally with President Zelensky set to meet with President Trump tomorrow to discuss ways to push Russia towards peace, NMA President and CEO Rich Nolan has a new op-ed on Real Clear Energy today on Russian coal as a potential pressure point. The Russian economy – and therefore its ability to wage war on Ukraine – is supported in large part by its energy exports. While President Trump has pressured allies to shun Russian oil and gas, Russia's coal export revenues are larger than both pipeline gas and crude oil. So, as President Trump considers pathways to peace, coal should be on the discussion agenda.
