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Gold and Silver

Goldman puts $4,000 gold on the agenda as hunt for havens grows – by Sybilla Gross (Bloomberg News – April 14, 2025)

https://www.bnnbloomberg.ca/

Goldman Sachs Group Inc. and UBS Group AG issued another round of bullish calls for gold, with stronger-than-expected central bank demand and the metal’s role as a hedge against recession and geopolitical risks underpinning expectations for even higher prices in 2025.

Goldman analysts including Lina Thomas now see gold rallying to $3,700 an ounce by the end of this year — with prices set to hit $4,000 an ounce by mid-2026 — while UBS strategist Joni Teves pointed to $3,500 an ounce by December 2025, according to two separate notes on Friday.

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Strong safe-haven demand sees gold surge as stocks struggle – by Jim Wyckoff (Kitco News – April 10, 2025)

https://www.kitco.com/

(Kitco News) – Gold prices are posting very strong gains and silver is modestly up in midday U.S. trading Thursday. More robust safe-haven demand amid a wobbly U.S. stock market again amid worries about a U.S.-China trade war, as well as a cooler U.S. inflation report are propelling the precious metals traders late this week.

Also, there are still some lingering worries about the stability of the U.S. Treasury market. June gold was last up $100.60 at $3,180.50. May silver prices were last up $0.37 at $30.775. Mostly overshadowed by the tariff news Wednesday, today’s key U.S. consumer price index report for March came in at up 2.4%, year-on-year, and was expected to come in up 2.6% and compares to up 2.8% in the February report.

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Agnico Eagle explores extending life of Meadowbank, Meliadine mines – by Jeff Pelletier (Nunatsiaq News – April 9, 2025)

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Hope Bay in Kitikmeot Region is also part of company’s future, VP says

Agnico Eagle Mines Ltd. is looking at extending the lives of its two Kivalliq Region mines beyond their planned closure dates. “It’s safe to say that Nunavut is an important platform for Agnico Eagle,” said Chris Adams, Agnico Eagle’s vice-president for Nunavut, speaking alongside executives from B2Gold Corp. and Baffinland Iron Mines Corp. on a panel Wednesday at the Nunavut Mining Symposium in Iqaluit.

Agnico Eagle’s Meadowbank site, which produced 504,719 ounces of gold last year and employs 1,831 people, is scheduled to close in 2028.

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In the rush for Canada’s critical minerals, Indigenous rights and sovereignty are being ignored – by Jon Thompson (Ricochet Media – April 9, 2025)

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First Nation leader warns that a proposed gold mine in northwest Ontario would impact their water source

A First Nation chief in northwestern Ontario says political rhetoric about running roughshod over Indigenous consultation to fast-track mining and other extraction projects is emboldening an abusive approach to resource engagement.

Onigaming Chief Jeff Copenace says his community “fundamentally opposes” a proposed gold mine and warns that the development “will be opposed at any cost necessary including peaceful protest and direct action.”

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Wesdome to acquire Angus Gold in $28 million deal – by Cecilia Jamasmie (Mining.com – April 7, 2025)

https://www.mining.com/

Wesdome Gold Mines  is acquiring junior explorer Angus Gold in a cash-and-share deal valued at approximately C$40 million ($28 million), expanding its footprint in Ontario’s Mishibishu Lake greenstone belt.

The transaction will quadruple Wesdome’s land position at its Eagle River operation, creating a 400 km² contiguous land package. Wesdome already owns 6.3 million Angus shares, about 10.4% stake in the target company.

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Lakota artist smudges the former gold mine inside the Black Hills – by Graham Lee Brewer (Toronto Star/Associated Press – April 5, 2025)

https://www.thestar.com/

When Lakota artist Marty Two Bulls Jr. looks at the Black Hills of South Dakota, he doesn’t just see its natural beauty. He also sees a scar cut deep into the heart of the universe.

The mountain range is central to the origin story of several tribal nations, including his, and it has become an international symbol of the ongoing struggle for Indigenous land rights and the destruction of sacred sites. To the Lakota, Mount Rushmore is the most visible scar on the mountains. The former gold mine beneath is another, and that’s what motivated Two Bulls to use his performance art to cleanse it.

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Gold price down over 2% as safe-haven metal falls victim to market selloff – by Staff (Mining.com – April 4, 2025)

https://www.mining.com/

Gold slumped more than 2% on Friday as the metal fell victim to the global markets sell-off following US President Donald Trump’s new round of tariffs that turned out to be more aggressive than expected.

Spot gold fell 2.2% to $3,044.28 per ounce by 10:40 a.m. ET, erasing all of its gains for the week despite setting a new all-time high just two sessions ago. US gold futures lost 1.7% to trade at $3,068.70 per ounce.

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OPINION: Nigeria’s Illegal Gold Trade – Elites And Bandits Are Working Together – by Dr Oluwole Ojewale (The Nigerian Voice – April 3, 2025)

https://www.thenigerianvoice.com/

Illegal mining activities in Nigeria are devastating the country’s economy, as well as fuelling violence. Strategic minerals mined in the country’s north-west region include granite, gypsum, kaolin, laterite, limestone, phosphate, potash, silica sand and gold.

The Nigeria Extractive Industries Transparency Initiative has estimated that the legal mining sector contributed N814.59 billion (US$527 million) in 15 years. Earnings were highest in 2021.

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Gold is in the final stages of its decade-long rally – by Avi Gilburt (Kitco News – March 31, 2025)

https://www.kitco.com/

It is now almost 14 years since I published my first public article on gold analysis. Back in August of 2011, I outlined my expectation for a top in gold at $1,915 even though it was involved in a parabolic rally at the time. Well, needless to say, that gold article was not viewed favorably by readers at the time.

In fact, I was summarily told in the comments section that I knew nothing about the gold or financial markets. Yet, one brave commenter asked me where I foresee gold heading if it does top at my expected target. And, when I answered that I expected it could drop back to the $1,000 region he responded by chiming in as the others and telling me I know nothing about the gold or financial markets.

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Gold surges toward $3,100 amid unrelenting rally – by Neils Christensen (Kitco News – March 28, 2025)

https://www.kitco.com/

(Kitco News) – After holding initial support at $3,000 an ounce, gold’s rally continues unabated, ending the week at another record high.

Gold prices are moving within striking distance of $3,100 an ounce. While momentum indicators show growing overbought conditions, analysts say the market continues to benefit from solid fundamental support. Gold is trading at $3,077.30 an ounce, up 0.68% on the day, and is set to end the week with a nearly 2% gain.

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In War-Torn Sudan, a Gold Mining Boom Takes a Human Toll – by Omnia Saed and Fred Pearce (Yale Environment 360 – March 26, 2025)

https://e360.yale.edu/

As civil war rages in Sudan, a surge in gold production is helping finance and arm the warring factions. Most of the mining is done on a small scale by villagers who process the gold using mercury and cyanide, posing serious threats to their health and to the environment.

Amid Sudan’s brutal civil war, where famine threatens millions of displaced people, many have turned to small-scale gold mining, risking their lives by using toxic chemicals to extract the precious metal. But this pursuit of survival comes at a devastating cost to public health and the environment.

Across thousands of communities, mercury and cyanide used in the mining process are poisoning miners and their families, degrading farmland, and seeping into underground water reserves. After floods in 2022 and again last year, toxins even reached the Nile River, endangering the country’s most vital water source.

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Gold dominates mining M&A again in 2024: S&P Global – by Staff (Mining.com – March 22, 2025)

https://www.mining.com/

Gold was once again the dominant theme of mergers and acquisitions (M&A) deals within the precious and base metals mining space in 2024, accounting for 70% of the year’s transaction count and total value, says S&P Global.

According to data tracked by S&P, the number of M&A transactions with gold as the primary resource metal more than doubled those in base metals at 43 (versus 19). The total transaction value was also nearly three times higher for gold at $19.31 billion, compared to $7.23 billion for base metals.

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Restart date for White River mine remains in the vault – by Ian Ross (Northern Ontario Business – March 19, 2025)

https://www.northernontariobusiness.com/

Vault Minerals charts a new mine plan, eyes more ounces at Sugar Zone

The cone of silence prevails on a possible restart date of the Sugar Zone mine, north of White River. Vault Minerals, however, is shedding some light on how things will come together to resume production at the mothballed underground operation based on some details in a February news release and an investor presentation this month.

Vault is a merged entity of two Australian mining companies, consisting of Silver Lake Resources, which originally acquired Sugar Zone in 2022, and Red 5. The companies rebranded to its current name last June.

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New urgency over Arctic defence can’t come soon enough for major gold miner – by Gabriel Friedman (Financial Post – March 18, 2025)

https://financialpost.com/

Northern development could ultimately unlock big growth for Agnico Eagle

Warming temperatures are opening the Northwest Passage as a shipping lane and raising so many concerns about who controls the Arctic that one of Mark Carney’s first trips as Canada’s new prime minister was to Iqaluit on Tuesday as part of an effort “to reassert Canada’s sovereignty in the North.”

It followed a visit over the weekend by NDP Leader Jagmeet Singh, who also talked about shoring up Arctic sovereignty in the face of threats from United States President Donald Trump. Conservative Leader Pierre Poilievre also visited last September to make his own remarks on the same subject.

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UBS and ANZ raise their gold target to $3,200/oz as bullion gets a further boost from geopolitics, tariffs and rate cuts – by Ernest Hoffman (Kitco News – March 18, 2025)

https://www.kitco.com/

(Kitco News) – Banking giants UBS and ANZ both raised their gold price targets well above the key $3,000 per ounce threshold in the latest sign that financial institutions believe the yellow metal’s rally can run higher as geopolitical conflict and trade wars loom large.

The Chief Investment Office of Swiss banking behemoth UBS said in a report on Monday that “[t]he defensive asset has benefited from geopolitical and trade frictions, and renewed expectations for US rate cuts on growth fears.”

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