The Mali situation will rumble on for some time: the company has already paid the country $160mn, agreed while Holohan was still detained, but will only have its longer-term future confirmed once signed on to the 2023 mining code. Berenberg analysts have slashed their cash profit forecasts for 2025 and 2026 by 34 and 39 per cent, respectively, taking them to $261mn and $219mn.
Source – Investors Chronicle
Source – APMEX
Gold tests historic highs as the strong rally continues.
A move above the $2850 level will open the way to the test of the $2900 level.
In case silver stays above the $32.00 level, it will head towards the next resistance at $32.75 – $33.00.
In case platinum settles back above the $1000 level, it will move towards the resistance level at $1025 – $1030.
Source – FXEMPIRE
“In our bull case, we see gold prices reaching $3,500 per ounce by year-end, underpinned by much higher hedging/investment demand on fears of US hard landing/stagflation,” analysts at Citi said in a note.
Source – Reuters
U.S. President Donald Trump sprang a double surprise on the copper market when he announced import tariffs of 50% effective next month.
The August 1 start date signals the end of the race to ship physical metal to the United States to capture the tariff arbitrage.
A lucky few with cargoes already afloat may yet cross the finishing line in time, but the physical tariff trade is rapidly unwinding.
The LME benchmark spread is now in a comfortable contango of $66 per ton, compared with a backwardation of more than $300 per ton at the end of June.
Source – Reuters
Riversgold Ltd has exercised its option to acquire an 80% interest in the Kalgoorlie Gold Project’s Northern Zone in Western Australia after meeting the required A$600,000 minimum exploration expenditure.
Exploration efforts have identified a significant blind porphyry gold system, with widths of up to 600 metres and mineralisation extending beyond 400 metres in depth.
Source – Proactive Investors
Goldman Sachs is tipping a continued rise in Newmont’s share price with a target for its New York listed shares set at $47.20, up 17% on last sales at $40.23 while the company’s Australian listed shares are forecast to rise from A$64.80 to A$76.20.
Strong central bank demand is expected to continue lifting the gold price towards $3000 an ounce from its current $2670/oz, according to Goldman Sachs
“We expect our Australian gold coverage is set for a growing cash harvest over the next 12-months as price increases outweigh cost escalations, supporting further balance sheet strength, growing capital returns and prospective merger and acquisition activity,” Goldman Sachs said.
Source – Forbes
Harvesting (in finance), also known as an exit or liquidity event, is the act of cashing out of an ownership position in a company.