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The stakes could hardly be higher. Gold set a record of $5,595 per ounce on January 29 and has since shed more than 22% of its value, driven largely by the collapse of rate-cut expectations and the easing of geopolitical tensions that had underpinned bullion through the first quarter. The April CPI reading of 3.8% year-over-year — the highest since May 2023, fueled by energy costs that spiked as the Iran-Israel conflict stoked supply fears — was the pivotal moment that began to turn the tide against gold. Now, with consensus calling for May’s headline rate to accelerate further to 4.2%, traders are bracing for a print that could do lasting damage to gold’s near-term outlook.
The bearish scenario is well-defined. A reading at or above the 4.2% consensus would confirm that inflation is not merely sticky but re-accelerating, a development that markets would almost certainly translate into intensified rate-hike expectations. Core CPI is already expected to remain lodged in the 3% to 4% range with limited disinflation progress, and headline figures risk ticking higher still as crude oil’s earlier surge passes through to consumer prices. Goldman Sachs, which last weekend removed all remaining 2026 rate cuts from its baseline and pushed its first expected cut back to June 2027, simultaneously raised the probability of a minor rate hike from 10% to 20%. BNP Paribas has gone further, now expecting the Fed to begin raising rates in December with hikes continuing into 2027. A hot CPI print Wednesday would validate both calls and send real yields sharply higher — the most direct mechanism through which rate expectations pressure gold. The $4,300 level, which has served as intermittent support since April, would immediately come under threat.
The bullish scenario is narrower but meaningful. For gold to mount a credible recovery, the May CPI would need to come in convincingly below expectations, signaling that April’s surge was an energy-driven aberration rather than the beginning of a new inflationary leg. A soft print would ease pressure on real yields, likely weaken the dollar, and restore at least some probability that the Federal Reserve retains optionality for a September cut — the dovish outcome that gold bulls have been clinging to. In such a scenario, bullion could recover toward the $4,500 area and enter next week’s Federal Open Market Committee meeting with genuine upside momentum rather than the defensive crouch it currently occupies.
The timing makes Wednesday’s release uniquely consequential because of what follows it. The FOMC convenes June 16–17 for the first meeting under new Fed Chair Kevin Warsh, who took the helm on May 15 following Jerome Powell’s departure. Warsh’s debut is a Summary of Economic Projections meeting, meaning traders will receive not just a rate decision but an updated dot plot and a fresh set of economic forecasts — the most complete signal the Fed can send about where rates are headed. The CPI and the FOMC together form a two-event sequence that will almost certainly define gold’s direction through the summer. Wednesday’s number sets the table; June 17 serves the meal. A hot CPI followed by a hawkish Warsh debut would be the worst-case combination for gold, potentially driving a sustained break below $4,300. A soft CPI followed by a measured, data-dependent tone from Warsh would represent the clearest path to a recovery.
May’s nonfarm payrolls report, which showed 172,000 new jobs added — well ahead of consensus — has already removed any serious probability of a June cut and reinforced the argument that the labor market is too resilient for the Fed to ease. That backdrop means the CPI now bears additional weight: it is the one variable left in this week’s data calendar that could meaningfully alter the policy calculus. The Producer Price Index follows on Thursday, offering a secondary read on wholesale cost pressures, but the direction will largely be set by Wednesday morning’s headline figure.
What has kept gold from a more disorderly decline is the persistence of structural demand that operates largely independent of short-term rate dynamics. The People’s Bank of China added approximately 9.95 tonnes in May, bringing its reserves to 2,331.52 tonnes, the 19th consecutive month of accumulation. Central banks globally purchased 1,237 tonnes in 2025, the third straight year exceeding 1,000 tonnes, and the World Gold Council reports that global demand reached a record $193 billion in the first quarter of 2026. These flows have provided a durable floor beneath each wave of the current correction, and gold remains more than 28% above its year-ago level even after the pullback from January’s peak.
Wednesday’s CPI arrives at 8:30 a.m. Eastern Time. For gold, the number is binary in its implications: confirmation of re-accelerating inflation tips the balance toward a more extended bear phase with $4,300 as the next line in the sand; a downside surprise opens the door to recovery ahead of the most consequential Fed meeting of the year. The structural bull market’s integrity remains intact by most measures, but in the near term, it is one inflation print that stands between gold and its next decisive move.
","author":"By: Mining Discovery","createdAt":"2026-06-10T04:49:54.688Z","updatedAt":"2026-06-10T04:49:54.688Z","publishedAt":"2026-06-10T04:49:54.832Z","publish_on":"2026-06-10","sponsoredPost":null,"mailSent":false,"sendToMailchimp":false,"hideOnLauraStein":null},{"id":10433,"documentId":"c370sfpwm78pa5xuxaswd2xv","title":"FOMC minutes show a Fed united on rates and communications, but concerned about impacts of Iran, tariffs and AI on inflation","short_description":"The minutes from the June 16-17 Federal Open Market Committee (FOMC) meeting showed members united on monetary policy and changes to the Fed’s post-meeting communications but concerned about the economic impacts of the Iran war, tariffs, and the AI buildout, with the majority still seeing upside risks to inflation.","description":"In the staff review of the financial situation, they noted that the information available at the time of the meeting “indicated that inflation remained elevated and had moved higher, partly reflecting the effects of energy and other supply shocks,” while “labor market conditions remained stable, and real gross domestic product (GDP) continued to expand at a solid pace.”
The staff noted that economic growth abroad slowed in Q1 of 2026, with weakness seen in Canada, the euro area, and Mexico. “By contrast, output growth in several high-income Asian economies remained robust, as their exports of high-tech goods continued to surge, driven by the AI buildout,” they wrote. “Recent indicators suggested that the conflict in the Middle East was weighing on foreign economic activity because of higher energy costs and weaker consumer and business confidence, particularly in lower-income Asian economies and in Europe.”
The staff also noted that foreign headline inflation “had increased significantly since the start of the conflict in the Middle East, with a sharp rise in retail energy and producer prices across Europe and much of Asia.”
On inflation expectations, the staff noted that “optimism around the Iran conflict pushed market-based measures of expected inflation significantly lower over the period, leaving near-term inflation expectations only moderately higher than they were before the onset of the conflict.”
“Longer-term inflation expectations remained well anchored near the Committee's 2 percent longer-run inflation objective,” they added.
On monetary policy expectations, the minutes said that while market participants “generally expected no change in the target range of the federal funds rate at the June FOMC meeting,” they noted that “market- and survey-based measures of expected policy rates moved higher” over the intermeeting period. “Market pricing suggested that one rate hike was priced for mid-2027, but the manager noted that these measures were likely boosted, in part, by term premiums,” they said.
Turning to the economic outlook, Fed staff noted that their inflation forecast for 2026 and 2027 “was higher than the one prepared for the April meeting, reflecting incoming data, higher energy prices and other input costs due to the conflict in the Middle East, and the effects of the AI buildout on consumer prices.”
“Total inflation was projected to slow over the second half of this year from its recent pace, as retail gasoline prices were expected to decline, although core inflation was forecast to change little over the rest of the year,” they wrote. “Inflation was projected to step down next year, as some of the factors lifting inflation this year—such as tariffs—were expected to wane, and then move down further to about 2 percent in 2028.”
The staff's outlook for real GDP growth was slightly lower than the one prepared for the previous meeting. “Real GDP was forecast to expand at about the same pace as potential this year and to slightly outpace potential over the next two years, buttressed by persistently strong productivity growth, continued gains in AI-related capital spending, and supportive financial conditions,” they said. “The unemployment rate was expected to remain close to the staff's estimate of its longer-run rate this year and next before edging slightly below it in 2028.”
Fed staff continued to view the uncertainty around their forecast as elevated, mainly due to the conflict in the Middle East and the potential economic effects of AI investment and adoption. “On balance, risks to the forecasts for employment and real GDP growth were seen as tilted somewhat to the downside,” they wrote. “Risks to the inflation projection were seen as more skewed to the upside. With inflation having run significantly above 2 percent over the past five years and in light of some emergent price pressures that appeared unrelated to tariffs or energy prices, the staff continued to view the possibility that inflation would be more persistent than projected as a salient risk.”
Turning to FOMC members’ deliberations, the minutes noted that participants observed that “inflation had increased further and remained well above the Committee's 2 percent longer-run objective, with both core and total inflation moving higher, which they attributed to “the lingering effects of tariffs, supply chain disruptions related to the closure of the Strait of Hormuz, and strength in demand for some goods and services stemming from robust AI-related investment.”
“Several participants commented that price pressures had become more broad based, with a large share of goods and services—including transportation, airfares, petrochemical products, and agricultural inputs—experiencing substantial increases,” the minutes noted. “Several participants remarked that services price inflation excluding housing had declined little and remained high.”
The majority of participants were recorded as saying that “most measures of medium- and longer-term inflation expectations remained at levels consistent with the Committee's 2 percent objective,” and they anticipated that inflation “would remain elevated in the near term and then begin to decline as the effects of tariffs and energy price increases wane and other supply disruptions related to the closure of the Strait of Hormuz diminish. Participants judged that the risks to the inflation outlook were still tilted to the upside.”
Regarding the labor market, participants observed that payroll employment gains “had strengthened this year and appeared roughly consistent with underlying labor force growth,” with several participants saying that “labor market indicators, such as job openings, initial unemployment insurance claims, and layoffs had remained stable in recent months and that such data pointed to a balanced labor market.”
“Several participants noted, however, that declines in the job-finding rate and certain survey measures of job availability reflected a labor market with relatively low dynamism.”
In their consideration of monetary policy, the minutes noted that “all participants supported maintaining the current target range for the federal funds rate.”
“Participants generally assessed that information received over the intermeeting period suggested that upside risks to price stability remained elevated while downside risks to achieving maximum employment had moderated a bit,” the minutes stated. “A few participants commented that, in light of these developments, there was a case for raising the target range for the federal funds rate, but those participants indicated that they supported maintaining the current target range at this meeting. Several participants remarked that they did not see the current policy stance as restrictive, while a few other participants commented that they saw the current policy stance as slightly restrictive.”
Regarding the outlook for monetary policy, while acknowledging “high assessed uncertainty,” FOMC members “discussed a range of scenarios for the evolution of the economy and for future monetary policy actions.”
“Most participants remarked on scenarios in which inflationary pressures would dissipate and inflation would soon begin to return to 2 percent,” the minutes said. “In such scenarios, almost all of these participants noted that it would likely be appropriate to maintain or eventually lower the target range for the federal funds rate. Most participants, however, also pointed to scenarios in which, in the context of stable labor market conditions, inflation would remain elevated due to strong AI-related demand, the conflict in the Middle East, or the effects of tariffs. In such scenarios, almost all of these participants indicated that some policy firming would likely be warranted to return inflation to 2 percent.”
“Regarding participants' individual assessments of appropriate monetary policy under what each participant judged to be the most likely scenario for the economy, many participants indicated that the appropriate level of the federal funds rate would be within or slightly below the current target range at the end of this year,” they stated. “Many other participants, however, assessed that the appropriate level of the federal funds rate would be above the current target range at the end of this year.”
Members also discussed the significant overhaul of the post-meeting statement. “A majority of participants remarked that they saw advantages in shortening the statement,” the minutes said. “Most participants emphasized that they preferred not to repeat the language in the previous postmeeting statement that had suggested an easing bias regarding the likely direction of the Committee's future interest rate decisions.”
Gold prices saw little reaction to the 2 pm Eastern release as they continued to trade in a narrow $10 range.
Spot gold last traded at $4,068.44 for a loss of 0.92% on the session.
Jeffrey Roach, Chief Economist for LPL Financial, told Kitco News that the minutes suggest the FOMC had a 'good family fight' over the various scenarios under review.
\"There’s some ambiguity in the minutes, suggesting several competing views on policy,\" he said. \"One thing is certain: future policy is heavily contingent on the political situation in the Middle East.\"
\"If we can tease out any forward guidance from the minutes, it would be the committee is working through a wide range of scenarios and will not commit to a specific scenario until the incoming data provides necessary clarity,\" Roach added. \"I don’t expect the committee to alter policy at the next meeting.\"
","author":"By: Mining Discovery","createdAt":"2026-07-09T05:22:19.515Z","updatedAt":"2026-07-09T05:22:19.515Z","publishedAt":"2026-07-09T05:22:19.761Z","publish_on":"2026-07-08","sponsoredPost":null,"mailSent":false,"sendToMailchimp":false,"hideOnLauraStein":null},{"id":10720,"documentId":"f7h90hb75ko92r3hdpk7y6x2","title":"Retail investors remain confident in gold despite recent selling as healthy profit-taking replaces panic, says EverBank's Gaffney","short_description":"Although gold continues to struggle near $4,000, support is holding, and retail investors are showing little sign of capitulation, according to one market expert, who said the current selling reflects disciplined profit-taking rather than financial distress.","description":"In an interview with Kitco News, Chris Gaffney, President of World Markets at EverBank, said that while his trading desk has recently seen more sellers than buyers, the shift does not reflect panic or a loss of confidence in gold's long-term outlook. Instead, investors who benefited from the metal's historic rally are simply locking in gains while waiting for a better opportunity to re-enter the market.
\"We're not seeing the liquidity selling,\" Gaffney said. \"We've seen liquidity selling in the past with the equity markets, where people sell the one asset that has held its value to offset losses elsewhere. We're not seeing that.\"
Instead, Gaffney said retail investors recognize they are sitting on substantial profits after gold's powerful advance and are choosing to step aside near an important technical inflection point.
\"They understand the value,\" he said. \"They're selling and waiting to see if they can come back in at a better price. It's not desperation, and it's not because they have to offset losses elsewhere.\"
For Gaffney, that distinction is critical because it suggests the precious metals market remains fundamentally healthy despite the recent correction.
\"I think this sentiment is a sign of a healthy market,\" he said.
His comments come as gold wrestles with competing macroeconomic forces. On one hand, persistent geopolitical uncertainty and steady central bank purchases continue to provide long-term support. On the other, elevated interest rate expectations and the opportunity cost of holding a non-yielding asset have kept many retail buyers on the sidelines.
Gaffney said EverBank continues to see solid support from central banks even as individual investors have become net sellers.
\"We've been seeing more sellers than buyers, which isn't surprising given the move in the market,\" he said. \"They're taking profits. They're happy with where they are.\"
At the same time, he noted that investors are not rushing into gold-backed exchange-traded funds as a safe-haven trade because many still expect the current tensions in the Middle East to ease.
\"I think, for the most part, individual investors are thinking this Middle East situation is going to get resolved,\" he said. \"The longer it lasts, though, the more inflation becomes sticky.\"
Rather than chasing short-term price swings, Gaffney said many investors are waiting for greater clarity on Federal Reserve policy before committing fresh capital.
\"I think a lot of buyers are saying, 'We're going to see cheaper prices, so why buy now?'\" he said. \"A lot of this sentiment is based on where the Fed goes next. If we see another rate hike, the opportunity cost could weigh on gold.\"
While higher interest rates may be limiting near-term demand, Gaffney emphasized that inflation concerns, geopolitical uncertainty and portfolio diversification remain compelling long-term reasons to own precious metals.
Despite the recent consolidation, Gaffney said he remains optimistic that retail investors have not abandoned gold. He pointed out that most commodity analysts expect prices to finish the year higher than current levels.
\"I think we're in a good place still,\" he said. \"If you add to your position at these prices, I think you'll be happy a year from now that you did.\"
","author":"By: Mining Discovery","createdAt":"2026-07-24T05:05:39.158Z","updatedAt":"2026-07-24T05:05:39.158Z","publishedAt":"2026-07-24T05:05:39.383Z","publish_on":"2026-07-24","sponsoredPost":null,"mailSent":false,"sendToMailchimp":false,"hideOnLauraStein":null},{"id":10786,"documentId":"zaztpyv9kq4mhan7s9tbdy71","title":"Technology Minerals secures two-year extension for research permit","short_description":"London-listed Technology Minerals has secured a two-year extension of the St Patrick research permit in north-west Spain.","description":"The licence, which includes the historic Aramo mine and is held through the company's wholly-owned Spanish subsidiary Asturmet Recursos, is now valid until June 21, 2028.
This extension secures ongoing access to an advanced copper/cobalt/nickel project that could support the UK's future technology, energy and defence needs by contributing to more resilient supply chains for designated critical minerals.
It also provides time for the company, working alongside potential partners, to complete a more thorough assessment of the asset's scale, grade continuity and potential value within the company’s Mantle strategy framework.
As part of its Mantle strategy, Technology Minerals notes that it is focused on combining upstream resources and downstream processing to strengthen the UK's access to critical minerals and battery metals.
In this context, the company explains that St Patrick is being evaluated against clear criteria: its potential to contribute to UK and European supply security in copper, cobalt and nickel; its ability to support future domestic processing and manufacturing capability; and its attractiveness as a project for strategic partners from industry and government.
Technology Minerals notes that copper, cobalt and nickel are designated critical minerals in the UK, essential to power transmission, battery storage, high-performance alloys and defence platforms.
The company says, however, that the UK currently has no domestic primary production of these minerals.
Hence, it notes that Mantle's purpose is to reduce the UK's dependency on supply agreements with third countries by securing resource and manufacturing capability, adding that St Patrick is one of the few European assets of its type that could contribute across all three metals.
Importantly, Technology Minerals says, the extension does not in itself commit the company to material further expenditure. Any next phase of work will be scoped and sequenced in line with the company's capital discipline, undertaken alongside a partner and assessed against its existing working capital and portfolio of early‑stage critical mineral investments.
\"Securing this extension protects an important, advanced exploration asset and gives us the time we need to assess, within the Mantle framework, how best to deploy it in support of UK's critical minerals and defence resilience agenda.
“Our focus is on value-accretive decisions for shareholders made in partnership with industry. The extension itself does not commit the company to material further spend, which is consistent with the capital discipline supporting Mantle,” says Technology Minerals COO Nick Bridle.
BACKGROUND
The St Patrick licence forms part of the company's Asturmet project, acquired in August 2021 and focused on cobalt/nickel/copper mineralisation across a package of exploration permits in the Principality of Asturias.
The licence was originally awarded in June 2019 and includes the historic Aramo mine. An application for extension was submitted in May; the plan of work submitted with that application has been approved and the licence extended for a further two years.
Technology Minerals notes that the extension remains subject to the condition that the planned underground drilling campaign at the Aramo mine may not begin until separately authorised under the related drilling-project application, which remains under review by the regional mining authority.
The company says this staged regulatory approach is consistent with Technology Minerals' strategy of progressing projects in a measured, derisked manner.
Work completed to date on the St Patrick Licence includes a lithogeochemical characterisation sampling survey confirming high-grade copper/cobalt/nickel mineralisation at the historic Aramo mine; underground sampling at the Aramo mine (Level 3, across four historically partially stoped areas); a 3D laser survey of levels 3 and 4, providing high-quality data for more intensive underground mapping, 3D modelling and sampling; underground grab sampling across multiple mineralised veins and alteration zones, with assays ranging up to 28% copper, up to 1.88% cobalt and 0.1% to 1.68% nickel; and a broad characterisation study of the extensive zones of alteration and mineralisation observed on levels 3 and 4.
Technology Minerals explains that grab samples are selective by nature and are taken to identify the presence and style of mineralisation, noting that they are not necessarily representative of the mineralisation hosted at the Aramo mine as a whole.
The company says the assay results referred to above should not be interpreted as indicative of average grade across the licence area.
\"St Patrick has the potential to become a flagship European copper/cobalt/nickel project of its type.
“The work completed to date demonstrates high-grade mineralisation and provides a strong platform for further evaluation. Developing domestic and European sources of copper, cobalt and nickel is an important part of reducing reliance on non-European supply of these critical materials and St Patrick is a rare asset with exposure across all three,” says Technology Minerals head of exploration and development Lester Kemp.
","author":"By: Mining Discovery","createdAt":"2026-07-27T10:38:23.447Z","updatedAt":"2026-07-27T10:38:23.447Z","publishedAt":"2026-07-27T10:38:23.673Z","publish_on":"2026-07-27","sponsoredPost":null,"mailSent":false,"sendToMailchimp":false,"hideOnLauraStein":null},{"id":10839,"documentId":"v92wvlxwmnawhethk9n0r13j","title":"Investors are still cashing in unwanted gold jewelry, but panic selling has faded - House of Kahn Estate Jewelers","short_description":"Gold is stuck in neutral, holding support at $4,000 an ounce, and the market could remain under pressure as consumers continue to take advantage of elevated prices by selling their unwanted jewelry.","description":"In an interview with Kitco News, Tobina Kahn, President of the House of Kahn Estate Jewelers, said that the sharp correction in gold prices has done little to slow the flow of unwanted jewelry into estate dealers, but the motivation behind those sales has changed dramatically from the frenzy seen at the peak of this year's rally.
She explained that the panic and opportunistic selling that accompanied gold's surge to nearly $5,600 an ounce in January has largely disappeared. Instead, today's market is being driven by practical financial decisions and shifting consumer tastes, particularly among younger generations who inherit jewelry they have no intention of wearing.
\"Although gold prices are down, we have still been pretty busy,\" Kahn told Kitco News. \"I think in January it was more like, 'I want to get in, I want to get in,' because people were worried at such a high price. Nobody knew what it was going to do.\"
The urgency at the start of the year has since given way to a more measured environment. She pointed out that the estate jewelry business is no longer being driven by fears that gold prices could suddenly collapse. Instead, many customers simply view unused jewelry as an asset that can be converted into cash for more productive purposes.
She noted that one customer received about $16,000 for an 18-inch, 18-carat heavy gold chain.
\"It's sort of like, 'I need money. Let me look at what grandma gave me that I don't use anymore,'\" she said. \"Healthcare bills, the cost of living, college, a new car for a grandchild—people are putting the money to better use.\"
One of the biggest trends Kahn has noticed is a growing number of younger consumers bringing in inherited jewelry from their parents and grandparents.
\"The older population is passing on. The kids or grandkids are inheriting this jewelry, these gold items; it’s not their style, it's not their taste,\" she said. \"They're coming in to sell it to do something else with the money.\"
Rather than waiting for gold to revisit its record highs, these sellers are liquidating pieces that no longer fit modern fashion trends.
\"We're seeing older pieces from the 1970s and 1980s,\" Kahn said. \"We're seeing a lot of the heavy, bulky chains.\"
She added that heirs often keep a few sentimental items while selling the rest.
\"If they inherited 10 pieces, they're usually selling six or seven that they don't want because no one in the family is ever going to wear them,\" she said.
Kahn noted that today's sellers are generally less concerned about where gold prices will trade next year than they are about whether the proceeds can improve their current financial situation.
\"I don't think anybody was waiting for gold to go to $5,000 an ounce because nobody thought it would,\" she said. \"They're looking at it mathematically: How much can I get for it, and can I put this money to better use?\"
Although she believes gold could eventually climb back toward $5,000 an ounce, Kahn said waiting for another rally isn't always the best financial decision.
\"It could go up, it could go down,\" she said. \"But if you don't use it, what else can you be doing with the money?\"
","author":"By: Mining Discovery","createdAt":"2026-07-30T04:58:46.635Z","updatedAt":"2026-07-30T04:58:46.635Z","publishedAt":"2026-07-30T04:58:46.858Z","publish_on":"2026-07-29","sponsoredPost":null,"mailSent":false,"sendToMailchimp":false,"hideOnLauraStein":null},{"id":7063,"documentId":"dagpi3905twx6vrg6j4satyi","title":"Phenom Announces up to $1,275,000 Private Placement Financing","short_description":"February 17, 2026 - Vancouver, British Columbia – Phenom Resources Corp. (TSX-V: PHNM; FSE: 1PY0) (“Phenom” or the “Company”) announces that it proposes to undertake a non-brokered private placement of up to 5,100,000 units (the “Units”) at a price of $0.25/Unit to raise total gross proceeds of up to $1,275,000 (the “Offering”). Each Unit will be comprised of one common share and one warrant. Each whole warrant will entitle the holder thereof to purchase one common share for a period of 4 years at a price of $0.35.","description":"The gross proceeds received from the sale of the Units will be used for work programs on the Company’s exploration properties and for general working capital.
The Units will be offered to qualified purchasers in reliance upon exemptions from prospectus and registration requirements of applicable securities legislation. A finder’s fee may be paid to eligible finders in relation to this financing, subject to compliance with applicable securities laws and the policies of the TSX Venture Exchange.
All securities issued and sold under the Offering will be subject to a hold period expiring four months and one day from their date of issuance. Completion of the Offering remains subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.
Certain directors and officers of the Company (the “Insiders”) are expected to participate in the Offering. Participation by Insiders in the private placement is considered a “related party transaction” pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company expects that it will be exempt from the requirements to obtain a formal valuation and minority shareholder approval in connection with the Insiders’ participation in the private placement in reliance of sections 5.5(a) and 5.7(a) of MI 61-101, respectively, on the basis that participation in the Offering by the Insiders will not exceed 25% of the fair market value of the Company’s market capitalization.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available.
About Phenom Resources Corp.
Phenom has 100% interest in the Carlin Gold-Vanadium Project, located six miles south from the town of Carlin, Nevada, and Highway I-80 in Elko County, which hosts the Carlin Vanadium deposit, North America’s largest highest grade primary vanadium resource. The Company has options on three gold projects in Nevada - the Dobbin and King Solomon Properties, which are Carlin Gold-type targets, and the Crescent Valley Property, a Bonanza high grade gold vein-type target.
ON BEHALF OF PHENOM RESOURCES CORP.
per: \"Paul Cowley\" CEO & President
(604) 340-7711
Email: pcowley@phenomresources.com
Web: www.phenomresources.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking information
Certain statements in this news release constitute \"forward-looking\" statements. These statements relate to future events or the Company's future performance and include the Company’s ability complete the proposed non-brokered private placement financing on the terms as described above. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results to vary from those expressed or implied by such forward-looking statements. Forward-looking statements involve significant risks and uncertainties, they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether or not such results will be achieved. Actual results could differ materially from those anticipated due to a number of factors and risks. Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions on the date of this news release, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. Readers should not place undue reliance on forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.
In a recent analysis, Norman explained that precious metals prices once again followed the familiar pattern of taking the ‘stairs’ incrementally higher, before riding the ‘escalator’ lower again – slowly up, then rapidly down.
“January delivered dramatic rallies and record highs across the complex, while February has brought sharp corrections, partial recoveries, momentum loss and then renewed volatility, leaving the market in an ambiguous consolidation phase,” he said. “Chinese derivatives plays are having an outsized impact on price action just now, with moves often at odds with the underlying fundamentals. In short, markets are becoming unruly and unreadable.”
“In such volatile trading conditions, retail investors get burned, institutional players walk away, industrial clients re-double efforts to substitute, central banks hit the pause button and specs end up trading with themselves in a zero-sum game,” he noted. “Not helpful.”
Norman said that conventional technical analysis would want to see a retracement approximately 50% following any major decline to confirm a bull market continuation. “Most metals have achieved only partial rebounds, stalling short of key resistance levels before entering trading ranges,” he noted. “This creates an ‘amber light’ environment: encouraging for bulls due to the rebound's speed amid macro headwinds (stronger U.S. data, dollar strength, deferred Fed rate cuts), yet insufficient for bears to declare a definitive top.”
In the current environment, Norman said that gold is the standout performer, surpassing this 50% retracement threshold and trading only 12% below its recent price peak.
“Structural support from central bank accumulation, de-dollarization trends, and sovereign debt concerns persists,” he noted. “Physical demand stays exceptionally strong with bullion showrooms in the UK, Europe, and Asia reporting ‘off-the-scale’ interest, Indian premiums near but just off decade highs despite elevated prices, though Chinese seasonal demand has softened slightly.”
“Asian offtake resilience reinforces the view that the broader bull market is structurally intact, even as near-term price action is dominated by speculative flows and exchange margin adjustments,” he added.
Meanwhile, silver has shown the most weakness, still hovering around 38% below its January all-time high of $122 per ounce.
“Its explosive January gain of ~60% was largely speculatively driven, outpacing fundamentals and leaving it vulnerable to deleveraging,” Norman said. “Encouragingly, the recent wash-out in silver has removed most of the Chinese spec positions on SGE … but ...they will be back. Despite six consecutive years of supply deficits and robust industrial/jewellery demand, current dynamics are detached from these factors. Solid state batteries being produced by Samsung (and others) in particular are set to transform the market which, if it accounts for about 10% of vehicles bais 1 kg per car, would suggest fresh demand of between 6,000 and 8,000 tonnes of silver by 2035 (about one quarter of global mine supply).”
“Extreme volatility has prompted concerns among end-users; notably, major jewellery producer Pandora is shifting toward platinum-plated products to reduce silver exposure,” he cautioned.
Turning to the platinum-group metals, Norman pointed out that platinum surged nearly 50% in January to draw closer to $3,000 per ounce, but has since erased all its 2026 gains and fallen further still.
“Like its peers, it faces speculator fatigue amid synchronized hard-asset selling,” he wrote. “Fundamentals remain supportive (tight supply, backwardation, elevated lease rates), but macro factors and derivatives-driven deleveraging—exacerbated by global margin hikes (notably on China's GFEX)—dominate. Industrial clients find planning challenging amid lottery-like volatility.”
“Palladium gained ~36% in January but saw those advances fully reversed in early February (now roughly unchanged YTD, trading near $1,650–$1,680/oz after recent dips),” he added. “Demand benefits from rising hybrid vehicle production and industrial uses (AI, electronics, catalysts, up ~5% YoY), while supply contracts ~3% due to South African disruptions and North American mine output drops. Recycling provides partial offset.”
Norman’s key takeaway from the recent performance of precious metals is that speculators rather than fundamentals remain in the driver’s seat.
“Short-term price behavior across the complex is being significantly influenced by large speculative positioning, heavy adjustments in initial margins on futures exchanges, stop-loss cascades, U.S. economic resilience (strong jobs data pushing rate-cut expectations to summer), and dollar strength, rather than underlying fundamentals,” he wrote. “For long term players, nothing changes as fundamentals become more relevant – for nervous, shorter-term players, get used to being technically correct but financially wrong … oh yes, and getting stopped out too.”
Norman said that gold's relative resilience “highlights institutional conviction,” while the sharper price declines and weaker retracements in silver and platinum “reflect leveraged excess unwinding.”
“Physical indicators (especially Asian demand) suggest the structural bull case endures, but repeated flash volatility risks eroding broader investor participation,” he concluded. “Upcoming U.S. inflation data will likely provide the next major directional catalyst.”
","author":"By: Mining Discovery","createdAt":"2026-02-19T03:51:08.156Z","updatedAt":"2026-02-19T03:51:08.156Z","publishedAt":"2026-02-19T03:51:08.324Z","publish_on":"2026-02-19","sponsoredPost":null,"mailSent":false,"sendToMailchimp":false,"hideOnLauraStein":null},{"id":4671,"documentId":"drb9qskdhfldvll4hscmdafx","title":"First shipment from Kodal’s Bougouni project departs San Pedro port","short_description":"Aim-listed Kodal Minerals’ maiden shipment of 28 950 t of lithium spodumene concentrate (vessel capacity) has completed loading onto a dedicated bulk cargo vessel at the Port of San Pedro, in Côte d’Ivoire.","description":"The vessel arrived on November 9 and the loaded vessel subsequently departed on November 30, bound for the destination port in Hainan province, China.
Following completion of loading, Kodal’s Mali-registered mining company, Les Mines de Lithium de Bougouni (LMLB), will submit an invoice for the initial 95% of the cargo value with the offtake partner, Hainan Mining.
LMLB is a subsidiary of Kodal Mining UK, in which Kodal has a 49% shareholding.
LMLB is subsequently due to receive the first payment from this shipment for a total expected value of about $24-million.
The focus of LMLB’s operations over the recent weeks has been the transport of over 30 000 t of lithium spodumene concentrate from the Bougouni lithium project in Southern Mali to its dedicated stockpile facility at the Port of San Pedro, an about 880 km road journey, ahead of first shipment.
This successful transport operation, as well as the subsequent loading and departure of the vessel from the port, highlights the effectiveness of the transport route, Kodal Minerals avers.
To date, the Stage 1 dense media separation (DMS) processing plant at Bougouni has produced over 45 000 t of lithium spodumene product, grading an average lithium oxide content of 5.39%.
“The completion of the loading and the departure of our first shipment of lithium spodumene concentrate to our joint development and offtake partner, Hainan, is a major milestone for our team and will result in the receipt of the first revenues from the project,” Kodal Minerals CEO Bernard Aylward highlights.
“Additionally, the significant improvement in the lithium pricing environment in recent weeks will be reflected in the sale price for our spodumene concentrate as per the terms of the offtake agreement.
“The final sale price for the lithium spodumene product will be adjusted to account for the actual grade and quality of product delivered and deducting the cost of sea freight, the company expects the price to exceed $930 per dry metric tonne of spodumene concentrate,” he informs.
“I would like to thank all of our stakeholders who have made this critical step possible – our loyal shareholders, dedicated workforce, supportive Malian stakeholders, including the Malian government, the office of the governor of the Bougouni region and the entire Bougouni community, many of whom are among the 650-strong team on site at Bougouni.
“Additionally, I would like to thank Hainan for its unwavering support of the project as our joint development and offtake partner, without which today’s momentous achievement would not have been possible,” Aylward adds.
Construction on the Bougouni project started in mid-2024 and the mine has produced over 45 000 t of spodumene to date.
The Stage 1 DMS processing plant processes coarse-grained spodumene material sourced from the Ngoualana mine, with a planned feed of one-million tonnes a year of lithium ore into the DMS processing plant.
The project is the second-only lithium mine in Mali.
","author":" By: Mining Discovery","createdAt":"2025-12-01T10:31:45.329Z","updatedAt":"2025-12-01T10:31:45.329Z","publishedAt":"2025-12-01T10:31:45.572Z","publish_on":"2025-12-01","sponsoredPost":null,"mailSent":null,"sendToMailchimp":null,"hideOnLauraStein":null},{"id":7069,"documentId":"oxxxysqcbxvzqx0hpnle8ile","title":"Gold, silver rally on bargain buying","short_description":"Gold and silver prices are sharply higher near midday Wednesday. Prices are seeing corrective bounces from Tuesday’s losses, as well as some perceived bargain hunting. April gold was last up $116.10 at $5,022.50. March silver prices were up $4.30 at $77.81.","description":"Traders and investors will closely scrutinize the Federal Reserve’s Open Market Committee (FOMC) meeting minutes, due out this afternoon. At the January FOMC meeting Fed policymakers opted to hold U.S. interest rates steady. An appetite for cutting rates would be a tailwind for raw commodity markets, potentially creating more demand. Fed Governor Michael Barr said on Tuesday rates should remain steady “for some time” until officials see more evidence that inflation is heading toward the central bank’s 2% goal. Fed Bank of Chicago President Austan Goolsbee, meanwhile, said on Tuesday there was potential for more cuts this year if inflation continued on its path toward that target.
The key outside markets today see the U.S. dollar index a higher, with crude oil prices solidly higher and trading around $64.25 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently around 4.1 percent.
Note: The gold market operates through two primary pricing mechanisms. The first is the spot market, which quotes prices for on-the-spot purchase and immediate delivery. The second is the futures market, which sets prices for delivery at a future date. Due to year-end positioning market liquidity, the December gold futures contract is currently the most actively traded on the CME.
![\"1.gif\"](\"https://acceptable-desire-0cca5bb827.media.strapiapp.com/1_2bd9121598.gif\")
Technically, April gold futures bulls’ next upside price objective is to produce a close above solid resistance at $5,250.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at last week’s low of $4,670.00. First resistance is seen at $5,100.00 and then at $5,200.00. First support is seen at $4,900.00 and then at this week’s low of $4,854.20. Wyckoff's Market Rating: 6.5.
![\"2.gif\"](\"https://acceptable-desire-0cca5bb827.media.strapiapp.com/2_57017b5fe1.gif\")
March silver futures bulls see the next upside price objective is closing prices above solid technical resistance at $90.00. The next downside price objective for the bears is closing prices below solid support at the February low of $63.90. First resistance is seen at $80.00 and then at $82.50. Next support is seen at this week’s low of $71.815 and then at $70.00. Wyckoff's Market Rating: 5.0.
","author":"By: Mining Discovery","createdAt":"2026-02-19T04:50:32.511Z","updatedAt":"2026-02-19T05:02:16.745Z","publishedAt":"2026-02-19T05:02:16.823Z","publish_on":"2026-02-18","sponsoredPost":null,"mailSent":false,"sendToMailchimp":false,"hideOnLauraStein":null},{"id":7073,"documentId":"ndjka9g2pq6sda2qpo7aapli","title":"Spot gold spikes to $4,969/oz after U.S. housing starts rise 3.9% in November, 6.2% in December ","short_description":"Gold prices are trading near session highs this morning after the latest data showed the U.S. housing market improving more than expected in November and December.","description":"Housing starts rose 3.9% in November to a seasonally adjusted annual rate of 1.322 million units, the Commerce Department announced on Wednesday. The data was better than expected as economists looked for a decrease to 1.270 million units. October’s number was 1.246 million units.
Housing starts also rose in December to a seasonally adjusted annual rate of 1.448 million units. The data was better than expected as economists looked for a reading of 1.400 million units.
The report said that building permits for future homebuilding fell -1.6% to a rate of 1.388 million in November, which was better than the consensus expectation for 1.360 million permits, and December's figure was 1.448 million against an expectation for 1.400 million.
Gold prices shot higher following the 8:30 am EST housing data, spiking to a session high of $4,969.10 per ounce. Spot gold last traded at $4,954.34 per ounce for a gain of 1.57% on the daily chart.
![\"63450191-9bec-4bc7-b965-b8a11d43cc47.png\"](\"https://acceptable-desire-0cca5bb827.media.strapiapp.com/63450191_9bec_4bc7_b965_b8a11d43cc47_9089021dd7.png\")
Overnight, gold prices managed to push to a session high around $5,032 an ounce but weren’t able to attract much bullish momentum, with Chinese markets closed for the week to celebrate the Lunar New Year.
The precious metal has seen muted but consistent selling pressure since its overnight highs. Analysts are not expecting to see any major moves Monday, as U.S. markets are closed in recognition of Presidents’ Day. Even Canada’s Toronto Stock Exchange is closed Monday as Ontario celebrates Family Day.
Spot gold prices last traded at $4,978.1 an ounce, down 1.25% on the day.
![\"ca70bb68-f9bf-4240-bd15-321c26f77b2c.png\"](\"https://acceptable-desire-0cca5bb827.media.strapiapp.com/ca70bb68_f9bf_4240_bd15_321c26f77b2c_431f6a95a5.png\")
The silver market is seeing similarly quiet trading. Spot silver last traded at $75.96 an ounce, down 1.75% on the day. Silver has a slightly bigger disadvantage than gold, as it has been unable to hold gains above $80 an ounce and is well off its highs seen last month.
Although gold prices are establishing a new trading channel around $5,000 an ounce, analysts warn that the market is still trying to find a bottom, which will keep volatility elevated. However, most analysts expect that corrections will eventually be bought, as fundamentals in the market remain strong.
In a comment to Kitco News, Elior Manier, Market Analyst at OANDA, said that gold prices remain well supported around $5,000 an ounce as geopolitical uncertainty remains elevated.
“Gold can only really correct if the geopolitical risks abate. In any case, at current prices, the rise may stall,” he said. “To me, more downside is warranted but contingent on geopolitics.”
David Morrison, Senior Market Analyst at Trade Nation, said that he sees some downside risks to gold, with momentum indicators still signalling relatively overbought conditions.
“The big question now is whether it can stage a sharp rally from here to attempt a fresh all-time high, or if it requires more of a pullback to reset momentum. While the daily MACD has pulled back from overbought levels, it is a long way above the ‘neutral’ line. At the very least, gold may have to consolidate further before higher prices are seen. And there’s always the possibility that the top is already in,” he said in a note.
Morrison said that gold and silver could continue to consolidate until they get a clear message from the Federal Reserve, as it is expected to maintain a neutral monetary policy stance until at least June.
Daniel Hynes, Senior Commodity Strategist at ANZ, said that, following cooler-than-expected inflation data, expectations have picked up for a potential third rate cut by December.
“The long-term story for gold also remains positive. The macroeconomic environment looks supportive,” he said. “Geopolitical and economic uncertainties will likely persist, with Trump continuing to use tariffs as threats. The market’s attention is gradually shifting to the potential impact of tariffs, which has yet to fully emerge in economic and inflation data, and doubts remain around future Fed credibility. Such a backdrop will intensify investors’ appetite for real assets like gold.”
","author":"By: Mining Discovery","createdAt":"2026-02-19T05:20:11.521Z","updatedAt":"2026-02-19T05:20:11.521Z","publishedAt":"2026-02-19T05:20:11.673Z","publish_on":"2026-02-16","sponsoredPost":null,"mailSent":false,"sendToMailchimp":false,"hideOnLauraStein":null},{"id":7077,"documentId":"h83giyy55wh7i6tk1kmyxfi2","title":"Gold near session highs after U.S. durable goods post -1.4% loss in December","short_description":"The gold market is trading near session highs and approaching $5,000 per ounce after the latest economic data showed sales of durable goods for December fell less than expected.","description":"The Commerce Department announced Wednesday that U.S. durable goods orders fell -1.4% in December, following November’s unrevised increase of 5.3%. The data was better than expected, as the consensus view of economists called for a decrease of -2.0%.
Core durable goods, which strip out the volatile transportation sector, rose 0.9% in December, above the consensus forecast for a 0.3% reading and November’s revised core print of 0.4%.
Meanwhile, non-defense capital goods orders excluding aircraft manufacturing rose 0.6% in December, better than the expectation for a 0.4% increase and November’s revised 0.6% print.
Spot gold continued to trade near session highs following the 8:30 am EDT release, and last traded at $4,959.21 per ounce for a gain of 1.67% on the session.
![\"4aef7183-a67e-4ba3-b417-9ab029310737.png\"](\"https://acceptable-desire-0cca5bb827.media.strapiapp.com/4aef7183_a67e_4ba3_b417_9ab029310737_a007f5bb6e.png\")
Based on key short-term technical support and resistance levels, I show potential buy and sell price entry points. (Remember, most successful traders buy on early price strength and sell on early price weakness.) If you are an active intra-day trader of gold, you definitely want to check out this unique and exclusive daily trading/analytical tool found only at Kitco.
![\"f471f927-74d4-4689-abc1-245285b04a2c.png\"](\"https://acceptable-desire-0cca5bb827.media.strapiapp.com/f471f927_74d4_4689_abc1_245285b04a2c_a2bd0bf261.png\")
“Gold has had a ferocious rally over the last five years, skyrocketing over 170%, wrote Kriti Gupta, Executive Director of J.P. Morgan Private Bank, and Justin Biemann, Global Investment Strategist. “There’s a laundry list of reasons why, but the biggest driver may be a new era of geopolitical volatility and fragmentation incentivizing investors to buy the precious metal.”
“Now add on worries about currency debasement, growth, inflation and irresponsible fiscal finances that haven’t been fully reflected in sovereign assets,” they continued. “It’s no wonder the precious metal has been a popular asset for investors during times of stress.”
“Gold has averaged a return of 1.8% and a median of 3.0% during major geopolitical shocks, outperforming other asset classes.”
![\"1.png\"](\"https://acceptable-desire-0cca5bb827.media.strapiapp.com/1_3f7b4059d0.png\")
So if gold performs well in times of geopolitical turmoil, and that turmoil isn’t about to resolve itself, this begs the question: What stops gold’s rally?
Gupta and Biemann outline two major areas of risk. First, the possibility that central banks halt the recent years’ buying binge.
“The biggest driver of gold prices has been central banks,” they write. “Net purchases of gold have doubled since Russia’s war on Ukraine began in 2022. Central banks have fueled demand for the precious metal in efforts to diversify reserves away from the U.S. dollar after the United States froze Russian assets.”
The authors point out that outside of the IMF, the top five largest holders of gold are the United States, Germany, Italy, France and Russia. “What if that structural demand from global central banks waned?” they asked. “Or worse, what if they wanted to outright sell the commodity?”
They note that this has actually happened before. “From 1999 to 2002, the United Kingdom carried out a series of public auctions to sell over 50% of its gold holdings and diversify its reserves into foreign currencies,” they said. “During the same time, Switzerland voted to delink the Swiss franc from gold. Gold prices fell 13% in the three months following the United Kingdom’s announcement—a move equivalent to a ~$650 drop in today’s terms. The selling only stopped after several central banks signed The Washington Agreement on Gold to coordinate and cap large, price-moving gold sales. The agreement lapsed in 2019, as central banks largely became buyers of gold, not sellers.”
“In theory, that means sales are still possible. As is plateauing demand,” they wrote. “Rest assured, it’s unlikely to happen. At least, not anytime soon.”
Gupta and Biemann then explain why this is the case.
“As of 2025, gold has made up ~19% of emerging market reserves, relative to ~47% of developed market reserves,” they write. “Among the emerging markets piling into the precious metal, China stands out. Both an emerging market and a competitor to the United States, the country has actively been rotating its reserve assets into gold. Even though China is the seventh-largest custodian of gold holdings in the world, the metal only makes up 8.6% of its reserves according to the World Gold Council. If the trend continues, China has a lot more gold reserve purchases in the pipeline. And it’s not alone: Poland, India and Brazil have also been driving the structural demand.”
As far as G-10 central banks are concerned, the authors say there’s been no indication whatsoever that gold sales are being considered. “Even for the Federal Reserve, it would first require large legislative changes and a major break with over a century of precedent,” they write. “Furthermore, in 2025, 95% of central banks expected global gold holdings to increase, with 5% saying unchanged, and none of the respondents expecting a decrease, according to a YouGov/World Gold Council poll.”
The second major risk to gold’s continued price rally is the possibility that retail investors turn their backs on the yellow metal.
“Don’t forget retail investors,” Gupta and Biemann warn. “They’ve also been flocking to gold. These new buyers are often building a position as a hedge against rising geopolitical risks and macro uncertainty.”
But while this pattern has definitely contributed to gold’s price appreciation, there’s another side to the story. “New investors could drop the metal as quickly as they picked it up if risks die down or another hedge emerges,” they said. “The volatility at the end of January paints a clear picture. Gold shot up 20% in a week before crashing by the same margin in two days. Some investors would point to the episode as an example of short-term investors driving prices.”
To examine this argument, the authors place the current retail involvement into its broader context. “Retail activity is high, but not outrageous compared to history,” they note. “ETF holdings of gold (a good proxy for retail interest) stand at ~100 million ounces, the equivalent of only ~8% of global central bank holdings. It’s still below the record ~110 million ounces recorded in 2020, and while it could increase, retail activity isn’t in a position to set prices over the long term.”
![\"2.png\"](\"https://acceptable-desire-0cca5bb827.media.strapiapp.com/2_34a7bfa4bf.png\")
And there are other good reasons for retail investors to hold onto their gold – or buy more.
“In addition to hedging against short-term geopolitical risks, gold is a long-term diversifier,” Gupta and Biemann point out. “It’s an asset that can protect against inflation, outperform during drawdowns and reduce overall portfolio volatility, given its relatively low correlation to other assets.”
In December, J.P. Morgan Global Research said that new demand from Chinese insurance giants and the crypto community will push gold prices higher in 2026.
“While this rally in gold has not, and will not, be linear, we believe the trends driving this rebasing higher in gold prices are not exhausted,” said Natasha Kaneva, head of Global Commodities Strategy at J.P. Morgan. “The long-term trend of official reserve and investor diversification into gold has further to run.”
The weaker dollar, lower U.S. interest rates, and economic and geopolitical uncertainty are traditionally positive drivers for gold prices, and all have played a role in the ongoing rally, and the investment bank noted that the metal has served both as a debasement hedge and as a non-yielding competitor to U.S. Treasuries and money market funds.
J.P. Morgan Global Research’s price forecasts are based on strong ongoing investor demand, along with continued central bank demand, which they project to average 585 tonnes per quarter in 2026.
","author":"By: Mining Discovery","createdAt":"2026-02-19T05:17:10.425Z","updatedAt":"2026-02-19T05:17:10.425Z","publishedAt":"2026-02-19T05:17:10.518Z","publish_on":"2026-02-17","sponsoredPost":null,"mailSent":false,"sendToMailchimp":false,"hideOnLauraStein":null},{"id":7083,"documentId":"giqulcyf5uacr31zxlblifub","title":"Gold’s pullback is a reset, not the end of the metals bull market - American Pacific CEO","short_description":"The metals market has delivered a sharp reminder: nothing moves vertically forever. Although precious metals investors are still recovering from last month’s gut punch, one mining executive noted that the supportive fundamentals in the marketplace remain intact.","description":"“Despite the price volatility, the world is still going to need more copper, and gold remains a safe-haven asset,” said Warwick Smith, CEO of American Pacific Mining, in an interview with Kitco News. “Nothing ever just goes straight up. But it doesn't change the long-term picture.”
Gold’s explosive rally from the second half of 2025 through last month triggered significant momentum in the mining sector. Over the last 12 months, the VanEck Gold Miners ETF has rallied 140%, compared to gold’s 64% gain.
Smith acknowledged some psychological damage in the marketplace inflicted by the speed of the reversal; however, he added that, over the long term, there is still plenty of value in the equity space.
“Six months ago, we were trying to get comfortable with $3,000 gold,” he said. “Now gold is near $5,000 and mining stocks are being cut in half. That kind of swing shakes confidence,” he said.
Despite the correction, Smith said he does not see any change in gold’s macro role. Global fragmentation, protectionism, and geopolitical tension continue to underpin demand for monetary metals, he said, adding that the January selloff was more about positioning and overextension than a meaningful shift in demand.
“Nothing fundamentally changed,” Smith said. “There’s been no massive discovery that suddenly alters the supply curve.”
Copper: The Story Hasn’t Changed
If gold and silver are navigating volatility, copper remains, in Smith’s view, the most compelling long-term story in the metals complex.
“Copper is absolutely the metal to watch. The world simply doesn’t have enough of it,” he said. “I still believe this is the start of a true bull market in metals. And copper is at the center of it.”
Smith said he does not expect the world’s copper deficit to disappear anytime soon, as electrification, defense spending, grid expansion, and the reshoring of supply chains continue to drive demand for more copper than current production pipelines can deliver.
“We’re all learning more about how much copper is going to be required,” Smith said. “And we still haven’t discovered the mines that will supply it.”
Permitting timelines remain measured in decades, he noted. Grades at existing mines are declining. Few major discoveries have emerged in recent years.
“There’s been no new discovery that changes the curve,” Smith said. “Those challenges are still ahead of us.”
Volatility vs. Opportunity
The January correction has exposed a divide between institutional traders and retail investors. Hedge funds thrive in volatility; retail investors often struggle with it.
For long-term investors, Smith’s advice is straightforward: be highly selective, focus on companies with strong projects and either cash on hand or reliable access to capital, and maintain a long-term perspective on the metals cycle.
He also said investors should not hesitate to take profits when markets turn euphoric.
“No one ever lost money taking a profit,” he said. “When things get euphoric, sell a little. When you get these big corrections and you believe in the long term, that’s when you look to reinvest.”
Smith noted that, despite the selloff, major producers remain in strong financial shape.
“The balance sheets of mid-tier and major miners are pristine compared to the last cycle,” he said. “They’re printing cash.”
That strength could ultimately flow downstream to developers and explorers—though Smith acknowledges that junior equities have yet to experience the full retail rush seen in past cycles. However, he said there is still time, adding that the current correction resembles a mid-cycle reset.
Smith said that the January pullback may have damaged sentiment—but it has not diminished the world’s need for copper, nor gold’s role in a volatile geopolitical era.
“There will be painful pullbacks along the way,” he said. “But if the long-term thesis is that the world needs a lot more copper—and I believe it does—then this isn’t the end of the story. It’s part of it.”
","author":"By: Mining Discovery","createdAt":"2026-02-19T05:18:35.225Z","updatedAt":"2026-02-19T05:18:35.225Z","publishedAt":"2026-02-19T05:18:35.376Z","publish_on":"2026-02-17","sponsoredPost":null,"mailSent":false,"sendToMailchimp":false,"hideOnLauraStein":null},{"id":7087,"documentId":"bd13h3lh5eyjkc5kpoztwlrg","title":"DOJ brief backs Pebble veto; Northern Dynasty shares slump","short_description":"Shares in Northern Dynasty Minerals slumped nearly 40% on the TSX and NYSE American on Wednesday after the US Department of Justice (DOJ) filed a court brief in Alaska supporting the Environmental Protection Agency’s (EPA’s) veto of the company’s flagship Pebble project.","description":"The DOJ lodged its brief in Alaska Federal Court on Tuesday, backing the EPA’s prior determination to restrict development of the proposed copper/gold/molybdenum project.
Northern Dynasty and its wholly owned US subsidiary, Pebble Limited Partnership, are seeking summary judgment in their legal challenge against the EPA’s veto of the Pebble mine project.
“We find it surprising that despite the executive orders and the many statements made by the administration related to Alaskan development, pro-energy, pro-critical metals, pro-defense and military support, removing roadblocks to permitting, on the need for copper, etc., this EPA would choose to defend the unlawful Obama-Biden veto,” said Northern Dynasty president and CEO Ron Thiessen.
“This precedent will be used by future Democratic administrations to reverse all of the progress this administration has made with its pro-energy, pro-mining, pro-development agenda.”
The EPA’s veto, originally issued under Section 404(c) of the Clean Water Act, effectively blocks the disposal of mine waste in certain waters within the Bristol Bay watershed area, preventing the project from advancing through the federal permitting process.
Thiessen said the company is reviewing the DOJ’s filing with its legal advisers.
","author":"By: Mining Discovery","createdAt":"2026-02-19T05:38:33.521Z","updatedAt":"2026-02-19T05:38:33.521Z","publishedAt":"2026-02-19T05:38:33.810Z","publish_on":"2026-02-19","sponsoredPost":null,"mailSent":false,"sendToMailchimp":false,"hideOnLauraStein":null},{"id":10435,"documentId":"d5bdb2y1y380k3qaa6sprsoh","title":"Investors flee gold ETFs in June as hawkish Fed expectations drive liquidation","short_description":"Although gold prices are holding support above $4,000 an ounce, June proved to be a difficult month as rising opportunity costs continued to push investors out of gold-backed exchange-traded funds, according to the latest report from the World Gold Council.","description":"In its monthly ETF report, the WGC said that 74.3 tonnes of gold, valued at nearly $9 billion, flowed out of the ETF market last month. However, despite the ongoing liquidation, the global ETFs ended the first half of the year on a positive note, with net inflows of 17.6 tonnes, valued at $8 billion.
North American-listed gold ETFs remained the biggest drag on the global market. Regional funds saw outflows of 42.4 tonnes last month, valued at $5.5 billion.
“As new Fed Chair Warsh sent hawkish – as the market interpreted – signals and the US-Iran conflict pushed inflation fears up, expectations intensified of higher interest rates ahead. This anticipation contributed to rising real yields and a strengthening dollar, pushing up investors’ opportunity costs of holding gold,” the analysts said.
Gold saw significant bearish price action, with prices falling below their 200-day moving average and briefly dipping below $4,000 an ounce as investors fled the ETF market.
Looking ahead, commodity analysts expect the gold market to stabilize as the months-long correction toward support at $4,000 creates attractive value.
Analysts at the World Gold Council expect inflows to pick up in the second half of the year.
“The macro consensus scenario in our 2026 Mid-Year Gold Outlook suggests relatively stable gold performance in H2, with potential catalysts possibly brewing a breakout in other scenarios. Meanwhile, uncertainties surrounding geopolitics, economic growth and financial markets linger. This backdrop may continue to support investor demand for portfolio protection and sustain interest in gold ETFs as a strategic safe-haven allocation,” the analysts said.
Meanwhile, across the Atlantic, European funds also saw a more modest decline, with holdings falling by 12.1 tonnes, valued at $817 million.
“The European Central Bank hiked rates by 25bps, the first time since September 2023 citing inflation concerns amid the ongoing US-Iran conflict. This move may have deterred some investors from gold. We have also observed continued outflows from FX-hedged products listed in the region, mainly in Switzerland, amid local currency depreciation against the dollar, adding to European fund losses in June,” the analysts said.
Rounding out the global trend, Asian-listed ETFs saw outflows of 71.5 tonnes, valued at $2.2 billion. Despite the monthly volatility, analysts noted that Asian funds experienced their strongest first half of the year ever.
“The June loss was mainly from Chinese funds, as local investor risk appetite continued to improve amid equity market gains and a weaker gold price. Japanese funds also saw outflows in the month as the Bank of Japan hiked rates, pushing up local investors’ opportunity cost of holding gold. India buckled the trend, attracting inflows in the month as local investors remained optimistic about the gold price and viewed the dip as a buying opportunity,” the analysts said.
","author":"By: Mining Discovery","createdAt":"2026-07-09T05:23:16.635Z","updatedAt":"2026-07-09T05:23:16.635Z","publishedAt":"2026-07-09T05:23:16.884Z","publish_on":"2026-07-08","sponsoredPost":null,"mailSent":false,"sendToMailchimp":false,"hideOnLauraStein":null},{"id":7089,"documentId":"t2j41kysg1467p28vckbft2e","title":"Kefi starts construction at Tulu Kapi gold project","short_description":"Aim-listed Kefi Gold and Copper has broken ground at the Tulu Kapi gold project, in Ethiopia, which will produce about 140 000 oz/y of gold from 2027.","description":"
The start of construction at the project comes after Kefi undertook more than 10 years of development and preparation since acquiring the project between 2013 and 2014.
The ceremony was officiated by Ethiopia Prime Minister Abiy Ahmed Ali and Ethiopian State President of Oromia Shimelis Abdisa, as well as other senior government, local community representatives and other project stakeholders.
The ground-breaking ceremony took place at the construction site of the new precinct in the local village of Genji being built by Kefi’s subsidiary Tulu Kapi Gold Mines (TKGM) to house resettled farmers from the Tulu Kapi mining licence area.
This is part of the livelihood restoration and development programme being undertaken by TKGM as part of the project, which includes financial compensation, new farmlands, vocational training and education and health facilities.
Kefi founder and executive chairperson Harry Anagnostaras-Adams said he was honoured and proud to be entrusted with the responsibility of implementing the Tulu Kapi project, which Kefi considered to be Africa's highest-grade and highest-recovery gold development.
\"Having been banked by major African development institutions, as well as international mining specialist investors, we have designed and now implement all aspects of the project to the highest Ethiopian and international standards for environment, social, technical and financial disciplines,” he stated.
Tulu Kapi will initially produce gold from an openpit but there is potential for underground expansion. About 1.2-million ounces of gold will be produced over the current projected mine life of 10 years.
Meanwhile, Kefi also announced that an existing investor, Jonathan Evans, exercised broker warrants and as a result had been issued with 9.8-million new ordinary shares in the company for aggregate gross proceeds of £54 000.
Following the issue of the broker warrant shares, the company’s total issued share capital will comprise of 10.7-billion shares.
","author":"By: Mining Discovery","createdAt":"2026-02-19T06:26:40.178Z","updatedAt":"2026-02-19T06:26:40.178Z","publishedAt":"2026-02-19T06:26:40.244Z","publish_on":"2026-02-18","sponsoredPost":null,"mailSent":false,"sendToMailchimp":false,"hideOnLauraStein":null},{"id":7091,"documentId":"y63lyrsr5ggr19r083bcakh1","title":"Silver miner Hecla achieves multiple records in 2025","short_description":"US-based silver producer Hecla Mining has delivered a record-breaking financial and operational performance in 2025, generating $563-million in operating cash flow and $310-million in free cash flow, while sharply reducing debt and strengthening its balance sheet.","description":"The NYSE-listed firm on Tuesday reported record revenue of more than $1.4-billion for the year, a 53% increase over 2024, alongside record net income applicable to common shareholders of $321-million, or $0.49 a share. Adjusted earnings before interest, taxes, depreciation and amortisation reached a record $670-million, nearly double the prior year.
Hecla ended 2025 with total debt of $276-million and net debt of just $34-million, reflecting a 50% reduction in total debt year-on-year.
“2025 was a transformational year for Hecla with strong operational and financial results across a number of key metrics,\" said president and CEO Rob Krcmarov.
\"Our balance sheet improved significantly and we are now well positioned to invest in value-surfacing initiatives focused on our best-in-class project pipeline.\"
All three silver operations delivered strong results - Lucky Friday achieved record production, Keno Hill reached a significant milestone, achieving its first full year of profitability under Hecla's ownership, and Greens Creek continued generating substantial cash flow.
\"The pending sale of Casa Berardi for up to $593-million, which is expected to close in the first quarter of this year, positions us as North America's premier silver company,\" said Krcmarov.
Silver production for 2025 totalled 17-million ounces, exceeding 2024 output by more than 5% and landing at the top end of consolidated guidance. Consolidated silver cash costs, after by-product credits, were negative $1.75/oz, with all-in sustaining costs (AISC) of $11.28/oz.
Gold production from Casa Berardi and Greens Creek reached 151 000 oz, exceeding the top end of guidance. Casa Berardi reported gold cash costs of $1 851/oz and AISC of $2 029/oz.
At the mine level, Greens Creek produced more than 8.7-million ounces of silver and over 59 000 oz of gold, with negative silver cash costs of $8.02/oz and negative AISC of $2.36/oz after by-product credits.
Lucky Friday achieved record silver production of 5.3-million ounces, surpassing the upper end of its guidance range. Construction of the surface cooling project was 79% complete at year-end and it remains on track for completion by mid-2026.
Keno Hill delivered its first full year of profitability and positive free cash flow under Hecla ownership, setting a new production record of more than three-million ounces of silver. Construction of the backfill plant was completed and commissioning is under way.
The company also improved its safety performance, reducing its total recordable injury frequency rate by 13% year-on-year to 1.69.
","author":"By: Mining Discovery","createdAt":"2026-02-19T06:30:03.900Z","updatedAt":"2026-02-19T06:30:03.900Z","publishedAt":"2026-02-19T06:30:04.027Z","publish_on":"2026-02-18","sponsoredPost":null,"mailSent":false,"sendToMailchimp":false,"hideOnLauraStein":null},{"id":9875,"documentId":"j1yalxiej1p5kddjfhfgmj1d","title":"Gold market could see further ETF redemptions as prices turn negative on the year - Standard Chartered’s Cooper","short_description":"The gold market continues to test its lower bounds, with one analyst seeing further fragility in the marketplace.","description":"Although gold remains above its March lows, the precious metal hit another bearish marker as prices turned negative for the year. Spot gold last traded at $4,221.10 an ounce, down nearly 1% on the day. The precious metal is down more than 2% so far this year. Gold prices have dropped more than 5% since Friday, when prices broke below critical support at the 200-day moving average.
In her latest precious metals note, Suki Cooper, Global Head of Commodities Research at Standard Chartered Bank, said that the selloff could intensify as investors liquidate losing positions in gold-backed exchange-traded funds.
“We expect price action to become more vulnerable in the near term, driven by macro headwinds. Gold has started taking its cue from real yields again,” she said.
Cooper explained that, traditionally, investment demand in ETF markets has a closer correlation to real yields than to other structural factors in the physical market. Rising inflation is forcing markets to price in a rate hike from the Federal Reserve by the end of the year.
These market expectations are driving real yields higher, raising the opportunity cost of holding a non-yielding asset like gold.
“Tactical positioning turned positive in May, but ETP holdings fell (-16t) and have continued to decline in June,” she said.
Cooper said that the first technical price level investors need to watch is around $4,250 an ounce.
“An analysis of gold ETP flows shows that at least 270t of holdings are in loss-making territory at recent price lows of c.USD 4,250/oz; this rises to 465t if we assume the net redemptions this year were profitable and established at lower price levels, on a FIFO basis,” she said. “Loss-making positions would rise to 298t if prices fell to USD 4,000/oz. ETP holdings are vulnerable in the near term and could expose gold to further downside risk, with the next technical support level around USD 4,100/oz.”
Cooper added that renewed bullish momentum in the U.S. dollar is also adding to gold’s headwinds; however, she remains optimistic that gold prices can recover in the medium term.
“Loss-making positions would rise to 298t if prices fell to USD 4,000/oz. ETP holdings are vulnerable in the near term and could expose gold to further downside risk, with the next technical support level around USD 4,100/oz,” she said.
","author":"By: Mining Discovery","createdAt":"2026-06-10T04:51:21.357Z","updatedAt":"2026-06-10T04:51:21.357Z","publishedAt":"2026-06-10T04:51:21.481Z","publish_on":"2026-06-10","sponsoredPost":null,"mailSent":false,"sendToMailchimp":false,"hideOnLauraStein":null},{"id":7093,"documentId":"ejqrqy59qd9thno8fdgyf89u","title":"Iamgold FY profit rises sharply","short_description":"Canadian miner Iamgold has posted a sharp profit rise in 2025 on the back of strong gold prices and robust output from its operating mines.","description":"The miner reported adjusted net earnings of $709-million in the year, compared with $296-million in 2024.
Attributable gold production reached 765 900 oz for the full year, achieving the midpoint of its 2025 production guidance of 735 000 oz to 820 000 oz. The performance followed record quarterly production across its operations, including at Côté Gold, which achieved the top end of its annual guidance range.
President and CEO Renaud Adams said the group had benefited from operational momentum and favourable market conditions. “The timing has been highly favourable for the company, as we deliver record margins and cashflow while our mines move into robust production phases, further supported by strong gold market conditions.\"
\"In 2025, Iamgold reported adjusted earnings before interest, tax, depreciation and amortisation (Ebitda) of $1.5-billion, with a monumental fourth quarter in which adjusted Ebitda was $710.1-million. The combination of strong operating results and cash flows has allowed the company to enact its strategy to de-lever the balance sheet and deliver value to shareholders through the share buyback programme, which has purchased approximately $100-million in Iamgold shares since being deployed in December.\"
Fourth-quarter revenue totalled $1.09-billion from sales of 259 000 oz at an average realised gold price of $4 191/oz. For the year, revenue reached $2.85-billion on sales of 817 800 oz at an average realised price of $3 482/oz. Excluding the impact of a 2024 gold prepay arrangement, the average realised price for 2025 was $3 549/oz.
Net earnings attributable to equity holders amounted to $406.6-million for the fourth quarter and $664.4-million for the year, while adjusted net earnings were $405.8-million and $709.2-million, respectively.
All-in sustaining costs were $1 750/oz in the fourth quarter and $1 900/oz for the full year, within the guided range of $1 830/oz to $1 930/oz. Cash costs, including royalties, averaged $1 484/oz for the year, in line with guidance.
The company generated record mine-site free cash flow of $626.6-million in the fourth quarter and $1.2-billion for the year. Available liquidity stood at $868.6-million at year-end, including cash and cash equivalents of $421.9-million. Net debt declined by $514.9-million over the year to $344.4-million.
Looking ahead, Iamgold expects 2026 attributable production of 720 000 oz to 820 000 oz, as Côté focuses on achieving sustainable nameplate rates ahead of an updated technical report outlining expansion plans in the fourth quarter.
The miner also updated its mineral reserves and resources, reporting proven and probable reserves of 9.9-million ounces on a 100% basis, with measured and indicated resources increasing 16% year-on-year to 31.0-million ounces.
","author":"By: Mining Discovery","createdAt":"2026-02-19T06:32:52.598Z","updatedAt":"2026-02-19T06:32:52.598Z","publishedAt":"2026-02-19T06:32:52.795Z","publish_on":"2026-02-18","sponsoredPost":null,"mailSent":false,"sendToMailchimp":false,"hideOnLauraStein":null},{"id":10437,"documentId":"yu33qn1twvl5x3bbky5infjo","title":"Russia’s gold reserves fall below $300 billion in June after sixth straight monthly decline","short_description":"Russia's state gold reserves fell below $300 billion at the end of last month amid a broader drop in the country's total reserve assets, according to the latest data from the Central Bank of Russia (CBR).","description":"The CBR valued the country's gold reserves at $298.99 billion at the end of last month, according to a report released on Tuesday.
The decline in reserve assets was also reflected in the central bank’s broader balance sheet. Total official reserve assets stood at $720.4 billion at the end of June, down from $747.4 billion in May.
Meanwhile, foreign currency reserves were flat over the same period at $392.4 billion at the end of June, compared with $392.3 billion in May.
This marks the sixth consecutive month that Russia’s official gold reserves have dropped, and the decline has been dramatic. In April, the CBR revealed that Russia's gold reserves recorded the sharpest drop in a quarter century.
As of May 1, the Central Bank of Russia (CBR) held 73.9 million ounces of gold bullion in its international reserves. In just one month, its gold reserves decreased by 200,000 ounces, bringing the total decline since the start of 2026 to 900,000 ounces. Consequently, the CBR’s total gold reserve fell to its lowest level since March 2022.
In metric terms, the central bank lost 27.9 tonnes of gold between January and April, representing the most significant drop in their sovereign bullion reserves since 2002, according to World Gold Council data. In May of 2002, the CBR saw its gold holdings plummet by 41.5 tonnes in a single month.
Over the course of the next 24 years, Russia’s central bank was generally a gold buyer, frequently purchasing hundreds of tonnes per year, and never sold more than 100,000 ounces or 3.1 tonnes of bullion in a single month. The lone exception was July of 2005, when 7.7 tonnes of gold came off the bank's balance sheet.
The CBR is selling gold to match parallel transactions involving sales of assets from the National Wealth Fund, which are part of the country's gold and foreign exchange reserves.
“First and foremost, it is to cover the budget deficit, which reached 4.6 trillion rubles by the end of March,” Freedom Finance Global analyst Natalia Milchakova told The Moscow Times. “Without partial compensation from the Central Bank amid modest oil and gas revenues at the start of the year, this figure could have surpassed 5 trillion rubles.”
“Additionally, the gold sales could have been aimed at building up foreign currency reserves, as a shortage emerged due to weak export earnings early in the year,” she added. “The precious metal was exchanged for yuan.”
The April numbers are the latest in a string of larger-than-usual gold sales as Russia struggles under the combined weight of the Ukraine war and international sanctions. Russia’s gold reserves declined to 2,304.76 tonnes as of April 1, 2026, including a decrease of 6.22 tonnes in March alone, the Central Bank reported a month ago.
Domestic demand for gold within Russia has skyrocketed as the country’s economy struggles in the fifth year of its war with Ukraine. According to the Moscow Exchange, the volume of gold transactions last month was up more than 350% compared to March of 2025, reaching 42.6 tonnes – 28.6 tonnes in swap transactions and 14 tonnes in spot transactions. With the ruble’s decline, the increase was even more dramatic: a 500% increase from the prior year, reaching 534.4 billion rubles, or $7.1 billion.
“Sales to finance the budget deficit may continue amid a sharp increase in government spending compared to budget targets,” said Natalia Milchakova, lead analyst at Freedom Finance Global, in a comment to Reuters. “Such sales of gold from reserves by the Central Bank of Russia are entirely consistent with what other central banks are doing, especially in developing countries.”
Russia’s gold reserves were built up primarily between 2002 and 2025, when it purchased over 1,900 tons of gold, buying just over 500 tonnes between 2008 and 2012, and 1,200 tonnes between 2014 and 2019. According to Finam analyst Nikolai Dudchenko, Russia’s net gold purchases have amounted to only 55.4 tons since 2020.
“Currently, a number of central banks continue to sell gold due to the need to cover expenses, including defense costs,” Dudchenko said, adding that the money is also used to cover “rising energy prices and to support national currency exchange rates.”
On Feb. 20, Russia’s central bank announced it had sold 300,000 ounces of gold from its reserves in January as prices hit record highs above $5,500 per ounce, lowering its total holdings to 74.5 million ounces. This was the first decrease in Russia’s gold reserves since October.
Gold prices averaged roughly $4,700 per ounce in January, but peaked at $5,600 per ounce, so the bullion sales likely brought in somewhere between $1.41 billion and $1.68 billion.
Even with the sale, the value of Russia’s gold reserves rose 23% in January to $402.7 billion as prices shot to record highs.
In July, Bloomberg reported that Russia’s precious metals exports to China nearly doubled in value during the first half of 2025.
“Chinese imports of Russian precious metal ores and concentrates, including gold and silver, jumped 80% to $1 billion from the same period a year earlier,” Bloomberg reported at the time, citing data from Trade Data Monitor and China’s customs office. “Bullion prices have climbed about 28% this year, boosted by heightened geopolitical risks and trade tensions, alongside buying by central banks and exchange-traded funds.”
Russia is the world’s number-two gold producer – second only to China – with an annual output of over 300 tonnes. Russia’s central bank was also one of the world’s biggest sovereign gold buyers, but its purchases have fallen off since the full-scale invasion of Ukraine in 2022. The People’s Bank of China continues to be among the leading central bank buyers in recent years.
Russia’s gold exports to China are up in volume terms, but much of the difference is also due to the gold price rally over the last 12 months, with spot prices rising nearly 43% over the last 12 months.
The country’s gold miners are also supporting rising domestic retail demand, which hit a record high last year as Russians clamored for precious metals to protect the value of their savings. Russian consumers purchased 75.6 tonnes of gold in 2024, representing approximately 25% of the country’s annual production.
The more recent rally in other precious metals has also boosted revenues among Russia’s top miners. “MMC Norilsk Nickel PJSC, one of the world’s top producers of palladium and platinum, has ramped up exports to China this year,” the report noted. “Prices for the two metals jumped 38% and 59%, respectively [in 2025].\"
","author":"By: Mining Discovery","createdAt":"2026-07-09T05:24:22.986Z","updatedAt":"2026-07-09T05:24:22.986Z","publishedAt":"2026-07-09T05:24:23.239Z","publish_on":"2026-07-08","sponsoredPost":null,"mailSent":false,"sendToMailchimp":false,"hideOnLauraStein":null},{"id":10439,"documentId":"f1zv6911pgx1gz2qohtoykxe","title":"Trump's statement on Iran slams gold","short_description":"Gold prices fell as much as 2% in a matter of two hours on Wednesday, as oil prices surged and inflation concerns intensified after President Donald Trump said an interim agreement aimed at ending the conflict with Iran was “over.” Speaking at the NATO summit in Ankara, Trump added that he no longer wished to engage with Tehran, unraveling the memorandum of understanding signed only weeks earlier to end their four-month conflict.","description":"In an outburst of aggression, Iran said it had targeted U.S. military sites in Bahrain and Kuwait after U.S. forces struck Iranian targets in response to attacks on tankers in the Strait of Hormuz. Crude oil prices jumped more than 5%, touching a two-week high, while the U.S. Dollar Index firmed to its best level in about a week as traders bet the standoff will keep energy costs, and inflation, elevated longer.
Later in the day, the Minutes were released from Kevin Warsh’s first FOMC meeting as the new Chairman of the Federal Reserve. The meeting summary provided few details of what the new Chairman described as a “family fight” over policy direction. Just like the Chairman himself, the Minutes offered little forward guidance since he took the gavel; the post-meeting statement had already been trimmed to a terse pledge that “the Committee will deliver price stability,” and the Minutes were similarly spare.
Ultimately, Fed officials remained split on where rates should head next. Of the eighteen policymakers who submitted year-end rate projections, nine penciled in at least one increase, eight saw no change at all, and one favored a cut — an even split on further tightening. The Minutes cited tariffs, elevated energy costs, and lingering disruption from the Strait of Hormuz closure as the forces keeping inflation elevated near-term, with risks still tilted to the upside. Warsh himself withheld a projection, the first sitting Chairman to do so since the Fed’s “dot plot” began in 2012.
Towards the end of the session, crude oil gave back approximately half of its earlier gains, trading about 2.5% higher on the day. That retreat, along with the lack of a clearly hawkish slant in the Fed’s Minutes, allowed gold to regain some of its earlier drawdown. Spot gold finished the day trading down $26, or 0.66%, and silver gave up 2.5% in value.
Wednesday’s reversal did not occur in a vacuum. Gold’s 50-day moving average crossed below its 200-day counterpart on June 30, confirming a “death cross” that chart watchers view as a warning that momentum has turned firmly lower — a signal that followed an earlier bearish crossover on May 11, when the 50-day slipped below the 100-day. Neither trend offers the metal much cover as the fundamental backdrop keeps growing more complicated.
Not every signal points the same direction, however. China’s central bank reported its largest monthly increase in gold reserves in more than two and a half years for June, underscoring that official-sector buying has continued even as prices correct. Blaming the renewed inflation concerns, Bank of America lowered its 2026 average gold forecast by 14% to below $4,400 in a note released Tuesday, though the bank continues to see gold reaching $5,000 an ounce once the current tightening cycle concludes.
","author":"By: Mining Discovery","createdAt":"2026-07-09T05:25:18.167Z","updatedAt":"2026-07-09T05:25:18.167Z","publishedAt":"2026-07-09T05:25:18.408Z","publish_on":"2026-07-09","sponsoredPost":null,"mailSent":false,"sendToMailchimp":false,"hideOnLauraStein":null},{"id":7095,"documentId":"jio9m1qf5t305q1hwjcint18","title":"Copper 360 mourning the loss of mining master Jan Nelson","short_description":"Copper 360 is mourning the loss of Jan Nelson, one of its founders and the driving force behind the JSE-listed company and several other mining companies ahead of that.","description":"Since September 2024, Nelson, who would have turned 56 on June 7 this year, mounted a courageous fight with cancer, meeting this journey with the same strength, dignity, and determination that defined his leadership and his life, Copper 360 reports on LinkedIn.
“Jan was more than a founder. He was a visionary, a builder, and a believer in what was possible, even when the road ahead was uncertain. His courage, integrity, and unwavering commitment shaped not only the company we are today, but also the people within it.
“He led with purpose, inspired with conviction, and built a legacy rooted in values that will continue to guide Copper 360 forward.
“We are profoundly grateful for his leadership, his passion, and the mark he leaves on our Company and on all who had the privilege of working alongside him.
“Our deepest condolences go to his family, friends, and loved ones during this difficult time. May his legacy live on,” Copper 360 adds.
Nelson matriculated at Helpmekaar Boys High School in Johannesburg and obtained a BSc (Hons) Geology from the University of Johannesburg. His first job was as postgraduate geologist at Gold Fields.
Copper 360, under Nelson’s leadership, listed on the AltX of the JSE in 2023 with more than two-million tonnes of copper at its 12 mines, which was worth R560-billion.
That copper is shallow, on surface and pre-developed, an upbeat Nelson outlined during a presentation to the Junior Indaba later that year.
The Rietberg underground mine alone was said to have has 25 000 t of copper metal to mine, worth R1.4-billion.
Chaired at the time by Shirley Hayes, Copper 360 had 629-million shares in issue, a market capitalisation of R2.5-billion, with the 15% to 20% of its shares in free float experiencing considerable liquidity.
As South Africa’s only junior copper producer at the time, it had no peer group in the country. Its predeveloped resource was seen to be positioning the company for a capital expenditure and operational expenditure advantage over any new entrant, and the R260-million it had raised in South Africa was confirmed as being sufficient for envisaged expansions.
Focus on simplicity, reliability, high margins and high returns were outlined by Nelson as being positives in its favour in not experiencing any capital raising problems in South Africa for the development of South African mineral assets.
In-house engineering capability plans, designs, pilots, and then scales up. Its investors appear to like that model, which generates cash flow fast and results in high margins.
What was also viewed as giving Copper 360 advantage was its cluster mining model deployed over the nearly 19 000 ha hosting the dozen mines and 60 prospects with a collective 200-year post-drilling life-of-mine.
It was described as having a centralised modular plug-and-play processing facility at Nababeep and all the sources of ore that feed into it, as well as a solvent extraction and electrowinning facility for the production of copper plate from rock sources left behind by US mining major Newmont and former copper miner Gold Fields, companies that formerly mined in the area, which was once one of the world’s major copper districts.
Newmont developed an underground mine that goes down 2 km. There are more than 30 mines in a tectonic environment of large forgotten copper deposits.
“We’re just picking that up, putting it through the plant, making copper plates, and then we neutralise our discard, pump it back into the underground holes and fill up all the old underground mines. So, from that perspective, we’re also cleaning up the environment,” Nelson pointed out at the time.
“Our operations are green and clean and the rocks left behind there are some of the rocks we are processing, so no mining is required. This is all the rock that was left behind by Newmont and Gold Fields, running at between 1% and 5% copper.
“We’ve just discovered in our Wheal Julia openpit area we’ve got an area of 150 m by 100 m on surface running at an average grade of 5% copper, with 9%, 10% and 8% copper on surface.
“We’ve got a couple of these anomalies that we’ll trace up and drill in the next coming months but this certainly will put South Africa back on the map as one of the major copper districts,” added Nelson in the Junior Indaba presentation covered by Mining Weekly.
Nelson was leading the copper mining comeback of the Okiep copper Ddstrict of the Northern Cape after a hiatus of more than four decades.
Nelson was one of the more colourful characters in South Africa's mining industry. He came to prominence while running Pan African Resources which he developed from an exploration-intensive company into a recognised junior gold-mining company.
","author":"By: Mining Discovery","createdAt":"2026-02-19T06:34:47.207Z","updatedAt":"2026-02-19T06:34:47.207Z","publishedAt":"2026-02-19T06:34:47.316Z","publish_on":"2026-02-18","sponsoredPost":null,"mailSent":false,"sendToMailchimp":false,"hideOnLauraStein":null},{"id":7097,"documentId":"b6yd12oscsi20q7vdf0x8mqx","title":"Ontario places Kinross gold project on accelerated development path","short_description":"The government of Ontario has earmarked Kinross Gold’s Great Bear project for accelerated development under its new ‘One Project, One Process’ (1P1P) permitting framework.","description":"Gold Bear is the first gold mine, and the third project overall, to be accepted under the regime launched in October.
The project is expected to become one of Canada’s largest gold mines, representing a capital investment of more than C$5-billion. It is forecast to create about 900 jobs during its operational life, with peak employment of 1 100 workers, as well as thousands of construction and indirect roles during the 2027 to 2029 build-out phase.
Announcing the move, Energy and Mines Minister Stephen Lecce said on Tuesday the province was seeking to fast-track strategic mining developments amid global economic volatility.
“At a time of global economic uncertainty, Ontario is choosing to build – to build faster, to build more at home, and to build Canada’s self-reliance,” Lecce said.
“Ontario is proud to designate this project under ‘One Project, One Process’, unlocking one of Canada’s largest mines that will create over 1 000 good-paying jobs. By fast-tracking Kinross Gold’s Great Bear project, we’re getting shovels in the ground, proving that world-class projects can be built with speed and in partnership. Ontario’s accelerated permitting regime, reliable energy, and skilled workforce is positioning our province as the world’s most attractive and predictable investment opportunity.”
The Great Bear project is located about 24 km south-east of Red Lake in a region with a long mining history. The development is planned as a high-grade combined openpit and underground operation with an initial mine life of 12 years.
Kinross has identified Great Bear as a cornerstone asset within its global development pipeline. A preliminary economic assessment outlines average peak production of more than 500 000 oz/y of gold and potential initial production of 5.3-million ounces, with longer-term expansion potential supported by regional exploration.
Kinross CEO Paul Rollinson said the 1P1P designation would help streamline the path to commercial production.
The 1P1P framework establishes the Ministry of Energy and Mines as a single point of contact to coordinate provincial approvals and Indigenous consultation, with the province aiming to reduce review timelines by up to 50%. The Crown’s duty to consult remains in place under the framework.
The designation also aligns with broader regional infrastructure initiatives, including consultation on the proposed Red Lake Transmission Line, which would run from Dryden to Red Lake, to support new mines and expanding communities.
Major construction at Great Bear is expected to begin in 2027, with first production targeted for 2029.
","author":"By: Mining Discovery","createdAt":"2026-02-19T06:36:20.135Z","updatedAt":"2026-02-19T06:36:20.135Z","publishedAt":"2026-02-19T06:36:20.246Z","publish_on":"2026-02-18","sponsoredPost":null,"mailSent":false,"sendToMailchimp":false,"hideOnLauraStein":null}],"meta":{"pagination":{"page":1,"pageSize":25,"pageCount":154,"total":3829}}}