Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Treasure Mountain. Nicola Mining’s (TSX.V: NIM, OTCQB: HUSIF) Treasure Mountain Project is a 100% owned high-grade silver, lead, and zinc past-producing underground mine located 29 kilometers northeast of Hope, British Columbia. It offers significant exploration potential and has a valid permit (M-239) for mining operations through April 26, 2032, that permits the company to mine up to 60,000 tonnes per year. The company holds 31 contiguous mineral claims over an area of approximately 2,200 hectares and one mining lease covering 335 hectares, including 248 hectares of historic workings.
Receipt of exploration permit. On June 4, Nicola Mining received a multi-year area-based (MYAB) exploration permit to conduct extensive exploration at Treasure Mountain. The MYAB permit allows the company to carry out exploration activities, including 30 drill holes, 1,400 meters of trenching, 4,500 meters of trail building, and 20 kilometers of geophysical surveys over the next five years within certain boundaries of the project.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Comstock (NYSE: LODE) innovates technologies that contribute to global decarbonization and circularity by efficiently converting under-utilized natural resources into renewable fuels and electrification products that contribute to balancing global uses and emissions of carbon. The Company intends to achieve exponential growth and extraordinary financial, natural, and social gains by building, owning, and operating a fleet of advanced carbon neutral extraction and refining facilities, by selling an array of complimentary process solutions and related services, and by licensing selected technologies to qualified strategic partners. To learn more, please visit www.comstock.inc.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Amended agreement with Mackay Precious Metals. Comstock Inc. amended the membership interest purchase agreement to sell 100% of its northern most patented and unpatented mining claims, mineral exploration rights and town lots owned by Comstock Northern Exploration, LLC, plus the 25% issued and outstanding membership interest that Comstock owns in Pelen LLC to Mackay Precious Metals Inc. Consideration includes $2.95 million in cash plus a 1.5% NSR production royalty associated with the properties.
More favorable terms. The amendment increases the sale price to $2.95 million in cash from the previous $2.75 million in both cash and stock, thus increasing the cash component of the transaction by $1.2 million. Comstock previously received $1.0 million in cash. The remaining $1.95 million is due in a series of payments in June, July, and ending on or before August 30. Additionally, Mackay will transfer approximately 300 acres of patented and unpatented mining properties in Lyon County, Nevada, that are adjacent to and expand the area of Comstock’s Dayton Consolidated and Spring Valley mineral claims and lands for no consideration.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
VANCOUVER, BC, June 9, 2025 – Nicola Mining Inc. (the “Company” or “Nicola”) (TSX: NIM) (OTCQB: HUSIF) (FSE: HLIA) is pleased to announce that it has received a multi-year area-based exploration permit, Permit Number MX-15-121 (the “MYAB Permit”) on June 4th, 2025. The MYAB Permit allows Nicola to conduct extensive exploration on its wholly owned Treasure Mountain Silver Project[1] (the “Treasure Mountain”), a fully permitted silver mine (Permit 239) located 30 km northeast of Hope and about a 3-hour drive from Vancouver, British Columbia (Fig. 1).
Figure 1. Treasure Mountain location
Receipt of the MYAB Permit, follows the Company’s August 30th, 2024, announcement that it had received a ten-year mining lease extension (the “Extension”) for Treasure Mountain[2] under its M-239 permit. The Extension is valid through April 26, 2032, and receipt of the MYAB Permit positions the Company to leverage both mining and exploration options.
Treasure Mountain consists of an historic underground silver mine with a resource estimate in accordance with CIM definition standards[3] and exploration upside to the north and west of the historic mine. The MB Zone is approximately 800 m northwest of the current mine workings on undrilled northern flank of the mountain. The Cal Vein was discovered at this location in 2010 and return a surface sample grading as high as 9,221g/t Ag, 1.02% Cu, 1.14% Pb and 1.03% Zn[4]. Subsequent soil sampling was conducted in 2011/2012 and 2013 with encouraging results.[5] Small exploration programs conducted between 2019 and 2021 on the northwestern side of the mountain included soil sampling, rock sampling, mapping, and shallow drilling campaigns. These programs successfully identified a 2 km soil anomaly which appears to be related to a vein system of roughly the same strike length. Drill testing of the exposed vein confirmed continuity of mineralization coincidental with the soil anomaly.[6]
The MYAB Permit allows the Company to carry out the following exploration activities over the next five years in the areas shown below (Fig. 2):
30 drill holes
1,400 m of trenching
4,500 m of trail building
20 km of geophysical surveys with exposed electrodes
Figure 2. Site map with MYAB Permit boundaries
Peter Espig, CEO of Nicola Mining Inc., commented, “Receipt of the MYAB under Permit Number MX-15-121 coupled with our recently received ten-year mine life extension under Permit M-239, puts Nicola into an envious position as the confluence of mine and exploration potential brings forth a project that most investors have forgotten. Bolstered by solid silver prices and with permits in hand, we are very excited about its potential and look forward to exploring our Treasure Mountain Project for the first time in over a decade”
Qualified Person
William Whitty, P. Geo., the Company’s VP Exploration, is the Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects and supervised the preparation of, and has reviewed and approved the technical information in this release.
About Nicola Mining
Nicola Mining Inc. is a junior mining company listed on the TSX-V Exchange and Frankfurt Exchange that maintains a 100% owned mill and tailings facility, located near Merritt, British Columbia. It has signed Mining and Milling Profit Share Agreements with high-grade BC-based gold projects. Nicola’s fully permitted mill can process both gold and silver mill feed via gravity and flotation processes.
The Company owns 100% of the New Craigmont Project, a property that hosts historic high-grade copper mineralization and covers an area of over 10,800 hectares along the southern end of the Guichon Batholith and is adjacent to Highland Valley Copper, Canada’s largest copper mine. The Company also owns 100% of the Treasure Mountain Property, which includes 30 mineral claims and a mineral lease, spanning an area exceeding 2,200 hectares.
On behalf of the Board of Directors
“Peter Espig”
Peter Espig
CEO & Director
For additional information
Contact: Peter Espig
Phone: (778) 385-1213
Email: info@nicolamining.com
URL: www.nicolamining.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
VANCOUVER, BC, June 4, 2025 – Nicola Mining Inc. (the “Company” or “Nicola”) (TSX: NIM) (OTCQB: HUSIF) (FSE: HLIA) is pleased to announce that it has hired Vicente García as Senior Geologist. His experience is expected to deepen the Company’s copper porphyry expertise, as it commences an aggressive 2025 exploration program.
Mr. García has over seven years of exploration experience across porphyry Cu-Mo, IOCG, stratabound-copper, epithermal gold-silver, and lithium-rich brine systems. He holds a B.Sc. in Geology from the University of Concepción in Chile. After graduating, he worked for several years with Kura Minerals, an exploration consulting company, where he was involved in programs targeting a variety of commodities. He later joined Quiborax, where he focused on the exploration of Ulexite in salar environments. In 2020, he founded Mayal Exploration, a consulting company through which he provided geological services including drill core re-logging, surface mapping, and 3D geological modeling for various mining clients in Chile. In 2022, Mr. García relocated to Canada and joined Dahrouge Geological Consulting, contributing to Ni-Cu sulfide and lithium pegmatite exploration projects in the Timmins region of Ontario and the James Bay area of Quebec. Before joining Nicola Mining, he worked at Anglo American, where he supported international exploration programs targeting Cu-Mo porphyry systems in Arizona and orthomagmatic Ni-Cu-PGE systems in Greenland. Mr. García’s experience and technical knowledge is a valuable addition to Nicola’s exploration team.
Peter Espig, CEO of Nicola Mining Inc., commented, “Nicola continues to aggressively execute on both operations and exploration. Recently, the Company has garnered significant media relating to gold and silver production; however, we truly believe in the copper exploration upside of our New Craigmont Project. In addition, Vincente and Will Whitty, our VP of Exploration, will look at conducting exploration on the backside of our fully permitted Treasure Mountain Silver Mine. We look forward to providing a news explanation on our 2025 Exploration Plan at the New Craigmont Project in the near future.”
Qualified Person
William Whitty, P. Geo., the Company’s VP Exploration, is the Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects and supervised the preparation, review and has also approved the technical information in this release.
About Nicola Mining
Nicola Mining Inc. is a junior mining company listed on the TSX-V Exchange and Frankfurt Exchange that maintains a 100% owned mill and tailings facility, located near Merritt, British Columbia. It has signed Mining and Milling Profit Share Agreements with high-grade BC-based gold projects. Nicola’s fully permitted mill can process both gold and silver mill feed via gravity and flotation processes.
The Company owns 100% of the New Craigmont Project, a property that hosts historic high-grade copper mineralization and covers an area of over 10,800 hectares along the southern end of the Guichon Batholith and is adjacent to Highland Valley Copper, Canada’s largest copper mine. The Company also owns 100% of the Treasure Mountain Property, which includes 30 mineral claims and a mineral lease, spanning an area exceeding 2,200 hectares.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
First quarter 2025 financial results. Nicola Mining (TSX.V: NIM, OTCQB: HUSIF) reported a first quarter 2025 loss of C$475,808 or C$(0.00) per share compared to a loss of C$1,028,129 or $(0.01) per share during the prior year period. We had projected a loss of C$1,044,879 or C$(0.01) per share. The variance to our estimates was largely due to a gain on marketable securities. We increased our 2025 net income and EPS estimates to C$8,803,755 and C$0.05 per share, respectively, from C$7,724,367 and C$0.04. We updated our commodity grade assumptions, along with higher metals price estimates based on actual April and May pricing and CME futures settlements for the remainder of the year.
Mill operations to commence shortly. We expect Nicola Mining to commence milling operations on or around June 15. On May 11, Talisker Resources Ltd. (TSX: TSK, OTCQX: TSKFF) began trucking run of mine material from its Mustang Mine to Nicola’s Craigmont Mill in British Columbia. Approximately 2,000 tonnes of ore had been delivered as of June 1, and we expect a stockpile of 2,500 to 3,000 tonnes prior to the mill commencing operations.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Annual general meeting. Aurania Resources will host its Annual Meeting of Shareholders at 1:30 pm ET on Thursday, June 12. Shareholders will vote to elect directors, appoint McGovern Hurley LLP as auditor for the ensuing year, and approve Aurania’s incentive stock option plan. Dr. Keith Barron, Chairman, President, and CEO, is expected to provide a brief update on activities following the formal part of the meeting. Aurania will provide a link to a video and/or audio replay of Dr. Barron’s update.
First quarter financial results. As an exploration company, Aurania does not generate revenue and incurs costs to advance its projects. During the first quarter, the company reported a net loss of C$5,106,264 or C$(0.05) per share compared to a loss of C$4,736,264 or C$(0.07) per share during the prior year period. Weighted average shares outstanding increased to 104,168,397 compared to 67,471,7737 during the first quarter of 2024. Exploration expenditures increased to C$3,949,010 compared to C$3,536,819 during the prior year period to fund activities in both Ecuador and France.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Key Points: – Aura Minerals to buy Serra Grande gold mine from AngloGold for $76M plus royalties. – The mine has produced 3M+ oz of gold, with Aura aiming to boost output and cut costs. – Deal set to close by late 2025, pending regulatory and operational approvals.
Aura Minerals Inc. has announced a major step in its growth trajectory with the acquisition of the Mineração Serra Grande (MSG) gold mine from AngloGold Ashanti, in a deal that could significantly reshape the company’s position in Brazil’s mining sector. The transaction, valued at an upfront $76 million plus a 3% net smelter return on existing resources, reflects Aura’s confidence in the long-term potential of this historically productive asset.
Located near Crixás in the northwest of Goiás, Brazil, Serra Grande has been a cornerstone of AngloGold’s Brazilian portfolio, producing over 3 million ounces of gold since 1998. With three underground mines, an open-pit operation, and a metallurgical plant boasting a capacity of 1.5 million tonnes per year, the site is well-established. The acquisition marks Aura’s strategic return to a familiar asset – several team members have prior experience with Serra Grande, positioning them to optimize its future operations.
Rodrigo Barbosa, Aura’s President and CEO, emphasized the transformative potential of the deal. “Through our disciplined capital allocation, Aura 360 culture, and a targeted exploration program, we believe we can significantly enhance performance, boost production, reduce costs, and extend the Life of Mine at Serra Grande,” Barbosa said. He also hinted at ambitions to make Serra Grande a new cornerstone in Aura’s diversified portfolio, which already includes operations across Brazil, Mexico, and Central America.
However, the acquisition comes with conditions. It is contingent upon antitrust approval from Brazilian authorities (CADE), the completion of a legacy tailings dam decommissioning, and a corporate restructuring to spin off certain non-core subsidiaries of MSG. Barring unforeseen delays, Aura expects to finalize the deal by the third or fourth quarter of 2025.
From a technical standpoint, AngloGold’s last reported resource statement (Dec. 2024) estimated over 1 million ounces of Measured and Indicated gold resources, with an additional 1.4 million ounces classified as Inferred. While Aura considers these numbers as “historical estimates” and not compliant with Canadian NI 43-101 reporting standards, they highlight the untapped potential of the site. Aura plans to verify and potentially expand these resources through further exploration and technical work.
This acquisition reflects broader trends in the gold mining industry: mid-tier players like Aura are increasingly seizing opportunities to acquire under-optimized assets from global majors. The shift also demonstrates growing investor appetite for junior and mid-cap miners with clear value creation plans.
By reinvigorating a legacy operation with fresh capital, experienced leadership, and its unique Aura 360 philosophy—which balances profitability with environmental and social responsibility—Aura is making a bold statement. If successful, Serra Grande could represent not just an increase in output, but a model for revitalizing aging mining assets across Latin America.
As global gold demand remains resilient and macroeconomic uncertainty supports strong prices, Aura’s calculated risk may well pay off, cementing its role as a nimble and forward-looking player in the mining industry.
Toronto, Ontario–(Newsfile Corp. – May 29, 2025) – Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) (“Aurania” or the “Company”) announces that its Annual and Special Meeting of Shareholders (the “Meeting”) will be held at 1:30pm ET on Thursday, June 12, 2025, at the Company’s offices at 8 King Street East, Suite 1800, Toronto, ON M5C 1B5.
Aurania’s President & CEO, Dr. Keith Barron, is planning to provide a brief update on activities following the formal part of the Meeting. The Company expects to provide a link to a video and/or audio replay of Dr. Barron’s update sometime following the Meeting.
Proxy Voting Deadline To ensure your vote is counted, please cast your vote prior to Tuesday, June 10th, 2025, at 1:30pm ET as per the details in your form of proxy. Meeting materials can be found on Aurania’s website under the Annual General Meeting tab.
Financial Statements and MD&A (Management’s Discussion & Analysis) Aurania’s interim financial statements and MD&A for three months ended March 31, 2025, are available on SEDAR+ and the Company’s website.
About Aurania Aurania is a mineral exploration company engaged in the identification, evaluation, acquisition, and exploration of mineral property interests, with a focus on precious metals and copper in South America. Its flagship asset, The Lost Cities – Cutucu Project, is located in the Jurassic Metallogenic Belt in the eastern foothills of the Andes mountain range of southeastern Ecuador.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Key Points: – Oil rises on U.S.-Iran tensions and Russia sanctions threat. – OPEC+ holds steady but may boost output in July. – Prices stay volatile amid supply risks and demand concerns
Oil prices edged higher Wednesday as traders reacted to a flurry of geopolitical developments that could disrupt supplies from two of the world’s key producers: Russia and Iran.
West Texas Intermediate (WTI) crude rose by 1.6%, settling just below $62 a barrel. The gains came as U.S. President Donald Trump warned that Russian President Vladimir Putin was “playing with fire” following a recent escalation of attacks in Ukraine. The remarks have fueled speculation that Washington could impose fresh sanctions on Russia’s energy sector — a move that would likely reduce Russian oil exports and tighten global supply.
Earlier this year, similar sanctions helped push crude prices above $80 per barrel before prices retreated amid growing fears of oversupply and global economic uncertainty. Although talks between Russia and Ukraine are scheduled to resume in Istanbul on June 2, markets remain on edge over the potential fallout of continued conflict.
Adding to the market tension is mounting uncertainty over Iran’s nuclear program. According to The New York Times, Israeli Prime Minister Benjamin Netanyahu has threatened military action that could target Tehran’s nuclear infrastructure, potentially derailing ongoing negotiations between Iran and the United States. A breakdown in talks could further hinder Iran’s ability to export oil, tightening the global supply picture.
Still, market optimism is tempered by bearish pressures, particularly around the role of the OPEC+ alliance. On Wednesday, the group ratified its existing production quotas through the end of next year, even as eight key member countries prepare for another round of discussions this weekend. Insiders say some members are pushing for a third consecutive monthly production hike starting in July.
“The early confirmation of quotas puts added pressure on this weekend’s decision,” said Robert Yawger, director of energy futures at Mizuho Securities USA. “The market is essentially at the mercy of OPEC on Saturday.”
Rising output from OPEC+ — particularly from members reviving previously idled capacity — has stoked concerns about oversupply. Some segments of the Brent futures curve have flipped into contango, a market condition where future prices are higher than current prices, signaling a supply glut.
Despite the recent uptick, oil prices have trended downward since mid-January, weighed down by global trade tensions, including sweeping tariffs introduced by the Trump administration and retaliatory measures from affected countries. These trade frictions have stoked fears of slower economic growth and weaker demand for fuel.
However, with tentative signs of easing trade disputes and renewed geopolitical risk in oil-producing regions, analysts say the next few weeks will be crucial in determining the market’s direction.
“Oil is being pulled in opposite directions,” said one market strategist. “If sanctions tighten and diplomacy falters, prices could surge. But if OPEC turns on the taps and global growth stalls, we could be looking at a very different scenario.”
Key Points: – Nippon Steel to acquire U.S. Steel for $55/share in a U.S.-approved strategic deal. – The agreement secures American leadership, board control, and a $14B investment. – Labor concerns persist over Nippon’s trade history and potential job risks
Japan’s Nippon Steel is expected to finalize its acquisition of U.S. Steel at $55 per share, marking a significant shift in the global steel industry and setting the stage for a tightly regulated, cross-national partnership. The $14 billion deal, which had previously been blocked under the Biden administration over national security concerns, was cleared on Friday by President Donald Trump, who framed the acquisition as a “strategic investment partnership.”
U.S. Steel, a historic symbol of American industrial might, will maintain its headquarters in Pittsburgh under the agreement. The deal ensures U.S. control in several key areas, aiming to strike a balance between foreign investment and national economic security.
President Trump emphasized that Nippon’s investment would not only protect American manufacturing but enhance it, noting that the $14 billion capital injection includes $2.4 billion earmarked for modernizing the Mon Valley plant outside Pittsburgh. “It’s not a buyout—it’s a commitment to American steel,” Trump said. He also announced plans to hold a rally at the Pittsburgh facility on May 30.
Critically, the agreement includes provisions designed to address concerns from both lawmakers and organized labor. Pennsylvania Senator Dave McCormick described the arrangement as a “win-win,” highlighting that U.S. Steel will be led by an American CEO, and that a majority of its board members will be U.S.-based. In addition, a “golden share” mechanism gives the U.S. government veto power over key board decisions, further safeguarding American interests.
The deal is poised to save 10,000 steel jobs in Pennsylvania and generate an additional 10,000 building trade jobs through new infrastructure investments, including plans to construct another arc furnace—an initiative that could help revitalize domestic production capabilities.
Despite these assurances, skepticism remains. The United Steelworkers (USW) union continues to express concern over Nippon’s track record regarding trade practices. USW President David McCall said the union is awaiting more details before determining whether the deal adequately protects American workers. “Nippon has a long and proven history of violating our trade laws,” McCall stated. “We’re worried this could further erode our steelmaking capacity and union jobs.”
For Nippon Steel, the acquisition represents a major strategic gain—providing access to the U.S. market and strengthening its position in a globally competitive industry. Senator McCormick acknowledged that the Japanese firm will have board representation and will integrate the U.S. Steel unit into its larger corporate structure. “This was their proposal. They see economic opportunity in strengthening ties with the American industrial base,” he said.
While the full impact of the deal will unfold over time, one thing is clear: this acquisition represents more than a business transaction. It’s a litmus test for how the U.S. navigates foreign investment in critical sectors, balancing economic opportunity with sovereignty and security.
Comstock (NYSE: LODE) innovates technologies that contribute to global decarbonization and circularity by efficiently converting under-utilized natural resources into renewable fuels and electrification products that contribute to balancing global uses and emissions of carbon. The Company intends to achieve exponential growth and extraordinary financial, natural, and social gains by building, owning, and operating a fleet of advanced carbon neutral extraction and refining facilities, by selling an array of complimentary process solutions and related services, and by licensing selected technologies to qualified strategic partners. To learn more, please visit www.comstock.inc.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Annual general meeting. Comstock Inc. recently hosted its virtual annual general meeting. Shareholders voted to: 1) elect seven named nominees to the Board of Directors for the ensuing year or, if earlier, until their successors are duly elected and qualified, 2) to ratify the appointment of Assure CPA, LLC as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2025, and 3) to approve a non-binding advisory resolution for the compensation of named executive officers.
Separation of Comstock Fuels. Comstock Inc. officially separated and contributed the assets that formerly comprised Comstock’s fuels segment into Bioleum Corporation, a newly formed company that will operate independently with the objective of becoming a publicly traded company.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Key Points: – Oil inches up as U.S.-Iran nuclear talks stall without resolution. – Geopolitical risks and strong U.S. data support prices amid market fears. – Bearish sentiment persists due to OPEC+ supply hikes and rising U.S. stockpiles.
Oil prices edged higher this week as U.S.-Iran nuclear negotiations failed to deliver significant progress, deepening market uncertainty and raising concerns over potential disruptions in global supply. West Texas Intermediate (WTI) crude hovered near $61 a barrel following a fifth round of talks in Rome, where both sides reported “some but not conclusive progress.”
Iranian Foreign Minister Abbas Araghchi acknowledged that while talks had moved forward, critical issues remain unresolved. The lack of a breakthrough is fueling doubts about whether Iranian crude will re-enter the market anytime soon. Traders are watching closely, as failed negotiations could restrict supply from the OPEC member and tighten global markets.
Geopolitical tension is further intensifying sentiment. Reports from U.S. intelligence suggesting that Israel may be preparing to strike Iranian nuclear facilities have added to anxiety in the energy sector. While Iranian officials indicated that a deal limiting nuclear weapons development might be possible, Tehran remains firm on continuing uranium enrichment—an issue that could derail diplomacy.
Meanwhile, strong U.S. economic data helped buoy prices after a brief dip triggered by fresh tariff threats from former President Donald Trump. In a social media post, Trump criticized the European Union as “very difficult to deal with” and suggested a sweeping 50% tariff on EU imports starting June 1. The rhetoric briefly shook markets, but solid U.S. consumer and industrial data helped counterbalance demand fears.
Despite the recent uptick, oil’s broader outlook remains bearish. Crude prices are down about 14% year-to-date, recently touching lows not seen since 2021. A faster-than-anticipated easing of production limits by OPEC+ and rising U.S. commercial oil stockpiles have both added to concerns about oversupply.
Energy strategist Jens Naervig Pedersen from Danske Bank emphasized that bearish sentiment persists. He cited ongoing output hikes by OPEC+, lackluster progress in both trade and nuclear talks, and the possibility of sanctions relief for Iran as factors undermining oil prices.
Looking ahead, a virtual meeting of key OPEC+ producers, including Saudi Arabia, is set for June 1 to decide on output levels for July. Most analysts surveyed by Bloomberg anticipate a continued rise in production, which could further pressure prices.
Adding another wrinkle, the European Commission is proposing to lower the price cap on Russian oil to $50 a barrel. Currently set at $60, the cap was designed to punish Russia for its war in Ukraine while keeping oil flowing. With prices already low, the existing ceiling is seen as ineffective.
In summary, oil is caught in a tug-of-war between geopolitical risk and structural oversupply. Unless a clear resolution emerges in U.S.-Iran talks or OPEC+ shifts its stance on production, the market may remain volatile with a downward bias.
Key Points: – Gold surges as investors seek safety from Trump’s tariff threats. – U.S. fiscal worries and a weaker dollar drive demand for gold. – Gold defies norms, staying strong despite rising Treasury yields.
Gold is trading just a few percentage points below its all-time highs, confounding expectations for a significant retracement typical of most asset classes. In a normal market cycle, rapid price increases are often followed by pullbacks as traders take profits and reassess fundamentals. But gold’s current behavior suggests that broader forces are at play, reshaping how investors evaluate risk and value in today’s geopolitical and macroeconomic landscape.
As of May 23, 2025, gold surged nearly 2% to $3,357.78 an ounce, extending its weekly gain toward 5%. This spike follows fresh threats from former President Donald Trump, who vowed to impose sweeping tariffs on the European Union and Apple Inc. These geopolitical tensions have reignited demand for gold as a safe haven, a traditional response to rising uncertainty.
According to a Bloomberg report, Trump’s proposed 50% tariffs on EU goods and a minimum 25% tariff on Apple if it fails to manufacture in the U.S. rattled financial markets. U.S. equity futures dropped in response, highlighting investor unease. At the same time, bullion prices surged as traders sought refuge from the volatility.
But tariffs alone don’t explain why gold is hovering so close to record highs without a typical retracement. Several structural shifts underpin the resilience of gold in this cycle.
First, gold is being buoyed by deep concerns over U.S. fiscal health. Moody’s recently downgraded the U.S. credit rating, citing fears that the government’s ballooning deficit—exacerbated by Trump’s tax proposals—could worsen. With trust in government debt shaken, gold has gained favor as a store of value.
Second, the usual inverse relationship between gold and Treasury yields appears to be breaking down. Yields on 10-year U.S. Treasuries have risen to around 4.5%, a level that would historically undermine gold, which offers no yield. However, this time, investors are prioritizing safety over returns. The desire to shield portfolios from political and economic instability is overriding traditional valuation models.
Third, the macroeconomic backdrop includes a weakening U.S. dollar, as evidenced by the Bloomberg Dollar Spot Index slipping 0.6% for the week. A softer dollar makes gold cheaper for foreign buyers, further boosting demand.
Finally, investor psychology has shifted. Gold’s surge of over 25% this year has created a momentum-driven market where fear of missing out (FOMO) is fueling further buying. This sentiment-driven rally leaves little room for retracement, especially when headlines continue to reinforce the bullish narrative.
In conclusion, gold’s current strength—so close to its peak with little sign of reversal—reflects more than just a temporary flight to safety. It signals a deeper lack of confidence in traditional hedges like government bonds and an increasingly uncertain geopolitical environment. Until those pressures ease, gold may not follow the rules of a “normal” market cycle.
