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Gold Miners Trapped in Congo Landslide

A landslide at an informal gold mine in the Democratic Republic of Congo where thousands of people were working has left an unknown number of people trapped underground since Sunday.

Twelve people have been rescued, Mr. Rubabura said, adding that the number of missing would be released only once the search was over.

The Lomera site is an artisanal mine, meaning it is not operated by a mining company with professional equipment but by workers who use basic tools to extract ore, often in dangerous conditions.

On Tuesday, M23 members walked around the site issuing instructions to those who remained, telling them not to film or speak to journalists. There was no sign that a serious search for survivors was underway.

Source – New York Times

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    Gold-Silver Ratio exceeds 90:1

    Gold has reached new all-time highs, and the gold-to-silver ratio now exceeds 90:1. Such a high ratio has often signaled an impending breakout for silver prices. It indicates that silver could be undervalued, and we may be on the verge of a major price surge. Sometimes, if you miss a price run-up for gold, you can make up for it by buying silver instead as it catches up to its yellow cousin.

    Source – Seeking Alpha / SchiffGold

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    Ero Copper Corp. Advances While Market Declines

    In the latest market close, Ero Copper Corp. (ERO) reached $13.17, with a +1.15% movement compared to the previous day. The stock outperformed the S&P 500, which registered a daily loss of 0.27%. On the other hand, the Dow registered a loss of 0.51%, and the technology-centric Nasdaq increased by 0.03%.

    The the stock of company has fallen by 6.67% in the past month, lagging the Basic Materials sector’s gain of 7.68% and the S&P 500’s gain of 4.27%.

    The company’s earnings report is set to go public on March 6, 2025.

    Source – Zacks.com

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    Silver Prices Strengthen [SMM REVIEW]

    According to SMM, the cash spot prices for national standard silver ingots in Shanghai today were quoted at a discount of 4 yuan/kg to 1 yuan/kg, while the premiums and discounts for large-scale silver ingots were quoted at a range of a discount of 2 yuan/kg to parity.

    Source – SMM

  • Over the Weekend!

    The Price Of Gold From 2021-22 Has Long Rejected ‘Bidenflation’

    Considering the price of gold throughout 2021, it averaged out to roughly $1,798/ounce, meaning the value of the dollar actually rose around 3 percent right at the time that the economy-sapping tax that is government spending continued under Biden, and allegedly caused “inflation.” To be clear, government spending is the worst tax of all exactly because it substitutes central planning of resources by the government for that of the private sector. Still, it logically doesn’t cause higher prices, or “inflation,” and it didn’t if gold is to be believed.

    Source – Forbes

    Silvercorp Metals Boosted By El Domo

    Silvercorp’s El Domo project in Ecuador is set to boost revenues by 50% when it begins operations and diversify operations reducing jurisdictional risk.

    Source – Seeking Alpha / Mountain Valley Value Investments

    Hope you had a LOVEly Valentines weekend!

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    U.S. Copper tariffs cause relocation of metal

    U.S. President Donald Trump’s threatened tariff on copper imports has generated a mass relocation of physical metal, swamping the U.S. market and draining the rest of the world.

    The physical response has been so powerful that it has caused the futures arbitrage between the CME contract and the London Metal Exchange (LME) price to collapse.

    CME copper inventory has risen by 81% since the start of the year and is now at an eight-year high of 168,563 short tons (152,919 metric tons).

    LME copper inventory has slumped to a one-year low of 179,375 tons, with 40% of what remains awaiting physical load-out.

    China’s imports of refined copper fell 5% on a year-over-year basis and 20% on a quarter-over-quarter basis in the January-March period as metal was diverted to the U.S.

    Source – Reuters

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    HSBC on gold prices

    HSBC raised its 2025 average gold price forecast to $3,215 an ounce from $3,015 and its 2026 forecast to $3,125 from $2,915, citing elevated risks and government debt.

    “We anticipate a wide and volatile trading range of $3,600-3,100/oz for the rest of the year and year-end prices of $3,175/oz for 2025 and $3,025/oz for 2026,” the bank said in a note on Tuesday.

    Source – Reuters

    HSBC – is a British universal bank and financial services group headquartered in London, England.