Indonesia has restricted raw material exports to pressure companies to refine minerals locally and add value to its exports. Freeport has local refining capacity, but is seeking to keep exporting concentrate due to a fire last October at its Manyar smelterin East Java.
Should exports resume, it will relieve, although not reverse, a shortage of copper concentrate that has hit the profits of smelters.
Source – Reuters
Source – Money Metals
Considering we only listed on the ASX in December 2024, it is pleasing that we have already reported multiple targets from our geochemical survey, achieved excellent results at the Hakes Find project and now unveiled some exceptional intercepts at Hopes Hill
As the Phase 1 drill program continues over the next three to four weeks, our aim is to validate the historic drill results, refine our targeting practices to allow for further follow-up resource development and target depth and down-plunge opportunities in the high-grade zones that we are seeing in the current drilling
Source – Trading View
Experts have confirmed that dozens of gold coins scattered across the ocean floor off the coast of Colombia belonged to the San José, an ill-fated Spanish treasure galleon that sank over 300 years ago during a battle with British warships. The findings were published on June 10 in the journal Antiquity.
The 64-gun, three-masted Spanish flagship alone carried as much as 200 tons of treasure with a modern value estimated as high as $17 billion by today’s standards.
The key pieces of evidence were dozens of rough gold coins sitting on the ocean floor. The treasure had an average diameter of 1.3 inches and each weighed around one ounce.
“Hand-struck, irregularly shaped coins—known as cobs in English and macuquinas in Spanish—served as the primary currency in the Americas for more than two centuries,” Daniela Vargas Ariza, a maritime archeologist and the study’s lead author said in a statement.
Source – Popular Science
“We have found hundreds of billions of dollars of fraud so far. And we’ve just started. We’re actually going to Fort Knox to see if the gold is there, because maybe somebody stole the gold. Tons of gold,” Trump said.
“I think the gold is probably there. It’s probably almost certainly there,” David Sacks, Trump’s crypto czar, told Fox News last week, though he still agreed with the president’s calls to investigate the matter.
“Nobody thinks this is a crazy idea to go check because we don’t know,” Sacks added, arguing that “we cannot fully trust that our gold is still in Fort Knox” because of the “corruption” in Washington.
Source – ABC News
Barrick Gold (NYSE:GOLD) +3.2% in Wednesday’s trading to its highest in more than two months following a Reuters report that the miner has signed a new agreement with Mali’s government, which would end the dispute over the company’s mining assets in the country.
As part of the new deal, Barrick (GOLD) reportedly will pay 275B CFA francs, or $438M, to the government in return for the release of detained employees and seized gold, allowing for the restart of operations at the Loulo-Gounkoto mine.
Source – Seeking Alpha / Reuters
The yellow metal could zoom all the way to $4,000 if investors continue to lose their appetite for risk, which would mean ditching assets like stocks and cryptocurrencies, and redirecting that money into gold and Treasury bonds, according to a note Friday from Bloomberg Intelligence Strategist Mick McGlone.
“The key competitors for gold, at least for the past few years, have been the strong rise in U.S. stocks, the rise in U.S. bond yields, and the rise in digital gold—that is Bitcoin,”
Source – Barron’s
