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JP Morgan analyst on gold

After a strong run for precious metals, gold mining shares still look undervalued.

That’s the view from JP Morgan’s latest note on listed producers, which argues there’s room for substantial upside, especially if its bullish forecast for the precious metal proves right.

Its commodities team is pencilling in a price of $4,100 an ounce for 2026. That’s well above current spot levels of $3,320 and would mark a new all-time high.

Based on that estimate, JP Morgan sees around 40–50 per cent upside to average analyst expectations for earnings before interest, tax, depreciation and amortisation across the sector.

Source – This Is Money

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    Bank of England is busier than they’ve been in years

    They have been working flat out to do what the Bank describes as “digging out” gold bars for delivery to traders who’ve seized on a rare arbitrage opportunity thrown up by speculation that Donald Trump will impose tariffs on the precious metal, alongside a raft of other imported goods. 

    The Bank’s vault keepers are busier than they’ve been in years, logistics companies are working overtime, and refineries are booked out for months with orders to recast gold bars from London into a form that can be delivered into the US futures market.

    “What’s happening in the London market is a short term logistical thing, but it’s having real consequences,” said John Reade, senior market strategist at the World Gold Council, the industry lobby group. “There’s not as much gold in London as normal, but again, there’s still lots there. And once it can get out from behind the Bank of England, then everything should calm down.”

    Source – Bloomberg

  • Bullion & Coin Exchange (Mesa, AZ)

    Founding Member Spotlight: Bullion & Coin Exchange

    We’re proud to welcome Bullion & Coin Exchange as a Founding Member of the Victorias Coin-National Gold & Silver Dealer Directory.
    Serving Arizona for decades, Bullion & Coin Exchange has built a reputation for honest pricing, exceptional customer service, and deep industry knowledge. Their team is committed to helping customers buy and sell gold, silver, and rare coins with confidence.
    One of their strongest distinctions is their Recommendation from the U.S. Mint, a rare and respected endorsement that reflects their integrity, professionalism, and long‑standing commitment to the precious metals community.
    What They Offer

    • Gold & silver bullion
    • Rare coins
    • Transparent pricing
    • Friendly, knowledgeable service
    • Guidance for both new and experienced buyers
      📍 Arizona
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      Bullion & Coin Exchange continues to be a reliable resource for collectors and investors throughout Arizona, and we’re honored to feature them as a Founding Member.

    Check out this business if you’re in the Mesa area of Arizona. Here is their listing on the Arizona page to get more info.

    -V.

  • Gold IRA storage requirements : What you need to know

    You know what shocked me when I first started learning about Gold IRAs? Finding out that keeping your IRA gold in a home safe isn’t just inadvisable – it’s actually illegal! Can you believe that! After learning more about precious metals and IRAs, this is a shock.

    Yes, the IRS does in fact mandate these storage facilities for IRAs (Individual Retirement Accounts) but specifically for precious metals held in these IRAs.

    On the flip side, if you have personal gold investments that are not in retirement accounts, you have much more flexibility in storage options since those assets have already been taxed.

    We can’t just bury our gold under the big oak tree southeast of some park no one knows about only you. Even if you do it’s not wise to do so. Its overall a bit of a risk and we have to be mindful of where we put our hard-earned precious metals.

    IRS Storage Requirements for Gold IRAs

    Let’s start by a short break down of the essential storage requirements that the IRS mandates:

    1. Approved Depository Requirement
    • Must use IRS-approved depositories
    • No personal possession allowed
    • Strict security protocols required
    • Regular audits mandatory
    1. Segregated Storage Options
    • Individual storage (your metals kept separate)
    • Commingled storage (grouped with other investors)
    • Allocated vs. unallocated considerations
    • Different pricing tiers
    1. Location Requirements
    • Must be within U.S. territory
    • Exception: Some international facilities approved
    • State regulations may vary
    • Transportation considerations

    Understanding Different Storage Options

    Here are pros and cons of various storage methods:

    1. Segregated Storage Pros:
    • Your exact coins/bars returned
    • Extra peace of mind
    • Better for rare coins
    • Easier insurance claims

    Cons:

    • Higher fees (usually 20-30% more)
    • May require minimum holdings
    • Limited facility choices
    1. Commingled (mixed) Storage Pros:
    • Lower fees
    • Same quality guaranteed
    • More facility options
    • Faster liquidation

    Cons:

    • Don’t get exact same metals back
    • Less control over specific items
    • May worry some investors

    Major IRS-Approved Depositories

    Here are the most reputable storage facilities:

    1. Brink’s Global Services
    • Longest track record
    • Multiple U.S. locations
    • High insurance coverage
    • Competitive pricing
    1. Delaware Depository
    • Preferred by many custodians
    • Excellence in segregated storage
    • Full insurance coverage
    • Easy dealer access
    1. International Depository Services (IDS)
    • Multiple location options
    • Modern security systems
    • Competitive rates
    • Good customer service

    These are just a few locations but there are plenty more to choose from.

    Storage Costs and Fees

    Let me share some real numbers I’ve seen recently:

    1. Annual Storage Fees
    • Segregated: 0.5-1% of metal value
    • Commingled: 0.3-0.7% of metal value
    • Minimum fees: $100-250 annually
    • Setup fees: $0-100
    1. Insurance Costs
    • Usually included in storage fees
    • Additional coverage available
    • Value-based pricing
    • Carrier quality matters

    Security Measures Required by Law

    The IRS doesn’t mess around when it comes to security requirements:

    1. Physical Security
    • 24/7 armed security
    • Multiple vault doors
    • Motion detectors
    • Vibration sensors
    1. Electronic Security
    • CCTV surveillance
    • Digital access controls
    • Cyber security protocols
    • Remote monitoring
    1. Personnel Security
    • Background checks
    • Limited access rights
    • Dual control procedures
    • Regular training

    Common Storage Mistakes to Avoid

    Try to avoid these mistakes that could trip up investors:

    1. Home Storage Schemes
    • Absolutely prohibited by IRS
    • Can invalidate entire IRA
    • Heavy penalties possible
    • No exceptions allowed
    1. Using Non-Approved Storage
    • Must be IRS-approved facility
    • Bank safety deposit boxes don’t qualify
    • Foreign storage usually prohibited
    • Proper documentation required

    Required Documentation and Reporting

    Here’s what you need to keep track of:

    1. Storage Agreements
    • Facility contracts
    • Insurance certificates
    • Access procedures
    • Fee schedules
    1. Annual Reporting
    • Account statements
    • Storage receipts
    • Transaction records
    • Valuation reports

    Emergency Access Procedures

    Something often overlooked – how to access your metals in an emergency:

    1. During Business Hours
    • Proper ID required
    • Advance notice needed
    • Custodian approval
    • Transport arrangements
    1. After Hours
    • Emergency contacts
    • Special procedures
    • Additional fees likely
    • Limited circumstances

    Custodian Relationships with Storage Facilities

    Understanding this relationship is crucial:

    1. Direct Relationships
    • Preferred facilities
    • Negotiated rates
    • Streamlined processes
    • Better communication
    1. Third-Party Relationships
    • More options available
    • Potentially higher fees
    • Additional paperwork
    • Longer processing times

    Transportation and Transfer Requirements

    Let me share some insider knowledge about moving your metals:

    1. Initial Transport
    • Fully insured shipping
    • Secure carriers only
    • Chain of custody
    • Delivery confirmation
    1. Facility Transfers
    • Custodian approval required
    • Coordinated timing
    • Security protocols
    • Transfer fees

    Conclusion

    Proper storage of your Gold IRA assets isn’t just about security – it’s about maintaining IRS compliance and protecting your retirement savings. Remember these key points:

    • Always use IRS-approved depositories
    • Understand your storage options (segregated vs. commingled)
    • Consider all costs involved
    • Maintain proper documentation
    • Never attempt home storage

    Take time to research different storage facilities and their specific offerings. Compare fees, security measures, and accessibility options. Most importantly, work with reputable custodians who have established relationships with top-tier storage facilities.

    Remember, cutting corners on storage requirements isn’t worth risking your retirement savings or facing IRS penalties. When in doubt, always consult with qualified professionals who can guide you through the requirements specific to your situation.

    Important Disclosure : This guide id for informational and educational purposes only. I am not a financial advisor, tax professional, or legal expert. The information provided is based on research and general knowledge of IRA regulations. Always consult with qualified financial, tax and legal professionals before making any decisions about your retirement accounts.

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    Barrick Mining maybe under provisional administration

    A Malian court has adjourned to Thursday a hearing on whether to put Barrick Mining’s Loulo-Gounkoto gold complex under provisional administration, the court’s registry office and one of the lawyers involved told Reuters on Monday.

    Granting the request would represent a major escalation of a dispute between the West African country and the Canadian miner after operations at the complex were suspended in January in a dispute over taxes and ownership.

    Barrick has said it can only resume operations when the Malian government removes restrictions on gold exports.

    The government has renegotiated agreements with other multinational miners under the new mining law. Four Barrick employees have been detained since November 2024 and an arrest warrant was issued for Chief Executive Mark Bristow in December 2024.

    Source – Reuters

  • / /

    Trump Tariff Fears Spark Disconnect in Silver and Copper Markets

    “Investors around the world have started the year looking for protection against sticky and potentially rising inflation, fiscal debt worries and the unpredictability of Trump,” said Ole Hansen, head of commodities strategy at Saxo Bank. 

    “The market is sleepwalking into a squeeze right now,” Daniel Ghali, senior commodity strategist at TD Securities, said in an interview. “People are completely disregarding this risk.”

    Source – Bloomberg / Yahoo Finance

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    Gold and Silver up around the world

    Gold prices in India skyrocketed by Rs 6,250 on Friday to reach a historic high of Rs 96,450 per 10 grams in the national capital, fuelled by robust demand from local jewellers and soaring global prices driven by heightened US-China trade tensions, according to the All India Sarafa Association.

    Gold of 99.9% purity also saw a significant jump, closing at Rs 96,450 compared to Wednesday’s Rs 90,200.

    Silver too followed suit, leaping Rs 2,300 to settle at Rs 95,500 per kg from its earlier close of Rs 93,200, mirroring the bullish global momentum.

    Comex gold futures climbed to a record USD 3,249.16 per ounce, signalling strong safe-haven demand.

    “Comex gold prices hit lifetime highs due to surging safe-haven demand, triggered by fears of a deepening global economic slowdown and further retaliation between the US and China,” said Kaynat Chainwala, AVP-Commodity Research at Kotak Securities.

    Source – The Times of India