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Arizona Sonoran Copper makes big announcement valued at C$19.9m ($13.83m) with Hudbay Minerals

ByVictoria
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Under this agreement, Hudbay will subscribe for 11,852,064 common shares of Arizona Sonoran at C$1.68 per share.

Arizona Sonoran president and CEO George Ogilvie said: “We are pleased and appreciative to welcome this further endorsement of our project and the go-forward plan by the team at Hudbay. It is the company’s objective to develop Cactus to be a significant producer of copper cathodes for direct use by industry in the state of Arizona and the larger US supply chain.

“We welcome Hudbay, a mid-tier base metal producer with decades of base metal successes in the Americas and a strong existing footprint in Arizona, as a larger and increasingly engaged shareholder, able to lend its experience and expertise as we advance and develop Cactus.”

Source – Global Data

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Gold reaching $3,000/oz in near-term, says Citi

ByVictoria
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“The gold bull market looks set to continue under Trump 2.0 with trade wars and geopolitical tensions reinforcing the reserve diversification/de-dollarization trend and supporting EM official sector gold demand, and with global growth concerns (tariff and cycle related) set to raise ETF and OTC investment demand,” Citi stated in a note.

“We expect gold to continue to rise as a hedge against growth and other risks, including actual and perceived rising growth risks, including trade wars, still-high interest rates weighing on growth, continued deterioration in the U.S. labor market, ex-U.S. currency devaluation risks, and potential U.S. equity drawdown risks,” the bank noted.

Source – Reuters

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Over the Weekend!

ByVictoria
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Bitcoin Lags Behind Gold

Bitcoin has gained just over 3% year-to-date, trailing gold’s 9% jump, according to data compiled by Bloomberg. The precious metal reached a record high of $2,882 an ounce after President Trump on Feb. 4 said the US could take over Gaza — a comment his aides sought to tone down. Bitcoin is currently about 10% below its peak.

Source – Bloomberg

Mali gold production  plunges 23%

Mali’s industrial gold production plunged 23% to 51 metric tons last year from 66.5 tons in 2023, the West African country’s mines ministry said.

With an estimated 6 tons produced in artisanal mines, Mali’s total gold production in 2024 is expected to reach 58.7 tons, the mines ministry said.

Source – Reuters

Michael Oliver says Gold’s Making All-Time Highs, SILVER To Follow

“I think that once you punch a hole in the stock market… you’re going to have a lot of that money moving,” he predicted, suggesting that a 5-10% drop could trigger a significant shift in investor sentiment, driving capital towards safer havens like gold and silver.

“Silver didn’t move with commodities in moved with gold,” he asserted, countering arguments that silver has lost its monetary significance.

Source – The Jerusalem Post / Opinion

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Gold prices above $3000 for the second time

ByVictoria
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Gold prices scaled a record peak above the crucial $3,000-mark on Tuesday for the second time in a week, as investors sought cover from economic concerns fuelled by U.S. President Donald Trump’s tariff policies.

Spot gold rose 0.2% to $3,006.88 an ounce as of 0525 GMT after hitting a record high of $3,016.92 per ounce earlier in the session.

“Gold is moving higher on account of a weaker dollar and continued tariff uncertainties… With Gold at record highs there is a lot of technical and chart based buying that kicks in since there is no resistance apparent on the charts,” said Marex analyst Edward Meir.

Spot silver firmed 0.1% to $33.85 an ounce, platinum added 0.2% to $1,002.50 and palladium rose 0.4% to $968.96.

Source – Reuters