BRUSSELS: European Parliament Brexit chief Guy Verhofstadt warned Tuesday there had not been enough progress in talks so far to move on to negotiations on a future EU-Britain trade deal.
European Union leaders are set to decide at a summit in late October whether talks on divorce issues, including the bill Britain must pay, have made enough headway to start discussions on future relations.
Verhofstadt urged British Prime Minister Theresa May to address the parliament as part of the negotiating process, but another senior MEP warned she would be “out of her depth.”
Verhofstadt, a former Belgian prime minister, told a news conference in Strasbourg, France, where the parliament is meeting: “For the moment we don’t see sufficient progress, clearly.”
MEPs are set to vote on a motion early next month about whether there has been enough progress.
The European Parliament will have the final vote on any Brexit deal when Britain leaves in March 2019.
Verhofstadt said May should give a speech to all 750 members of the European Parliament in public, after she said she would only address its top officials behind closed doors.
Manfred Weber, the head of the largest group in the EU parliament, the European People’s Party, agreed that “the progress is not really that strong.”
“It seems to be that Great Britain is still thinking that they can follow the full cherry picking approach, I think that will not work,” said Weber, a German MEP who is a key ally of Chancellor Angela Merkel.
Brussels insists Britain cannot “cherry pick” benefits of EU membership, such as the single market, while opting out of things it doesn’t like, such as open immigration of European nationals.
It also says Britain — which voted to leave the EU in a referendum last year — must settle the divorce terms first before discussing a future trade deal.
With the European Parliament effectively having a veto on any Brexit deal, its members say Britain needs to do more to convince them.
Greens leader Philippe Lambaerts said that May “gives me the impression of being, to use an English expression, out of her depth.”
“If I was her media consultant I would tell her not to come here because she would have to take more punches than she would be able to give.”
EU Parliament chiefs say not enough Brexit progress
EU Parliament chiefs say not enough Brexit progress
Silver crosses $77 mark while gold, platinum stretch record highs
- Spot silver touched an all-time high of $77.40 earlier today, marking a 167% year-to-date surge driven by supply deficits
- Spot platinum rose 9.8% to $2,437.72 per ounce, while palladium surged 14 percent to $1,927.81, its highest level in over 3 years
Silver breached the $77 mark for the first time on Friday, while gold and platinum hit record highs, buoyed by expectations of US Federal Reserve rate cuts and geopolitical tensions that fueled safe-haven demand.
Spot silver jumped 7.5% to $77.30 per ounce, as of 1:53 p.m. ET (1853 GMT), after touching an all-time high of $77.40 earlier today, marking a 167% year-to-date surge driven by supply deficits, its designation as a US critical mineral, and strong investment inflows.
Spot gold was up 1.2% at $4,531.41 per ounce, after hitting a record $4,549.71 earlier. US gold futures for February delivery settled 1.1% higher at $4,552.70.
“Expectations for further Fed easing in 2026, a weak dollar and heightened geopolitical tensions are driving volatility in thin markets. While there is some risk of profit-taking before the year-end, the trend remains strong,” said Peter Grant, vice president and senior metals strategist at Zaner Metals.
Markets are anticipating two rate cuts in 2026, with the first likely around mid-year amid speculation that US President Donald Trump could name a dovish Fed chair, reinforcing expectations for a more accommodative monetary stance.
The US dollar index was on track for a weekly decline, enhancing the appeal of dollar-priced gold for overseas buyers.
On the geopolitical front, the US carried out airstrikes against Daesh militants in northwest Nigeria, Trump said on Thursday.
“$80 in silver is within reach by year-end. For gold, the next objective is $4,686.61, with $5,000 likely in the first half of next year,” Grant added.
Gold remains poised for its strongest annual gain since 1979, underpinned by Fed policy easing, central bank purchases, ETF inflows, and ongoing de-dollarization trends.
On the physical demand side, gold discounts in India widened to their highest in more than six months this week as a relentless price rally curbed retail buying, while discounts in China narrowed sharply from last week’s five-year highs.
Elsewhere, spot platinum rose 9.8% to $2,437.72 per ounce, having earlier hit a record high of $2,454.12 while palladium surged 14% to $1,927.81, its highest level in more than three years.
All precious metals logged weekly gains, with platinum recording its strongest weekly rise on record.
