Gold futures retreated from record highs Friday after the White House signaled it would move to clarify confusion over whether U.S. tariffs apply to imported gold bars, calming a rally fueled by earlier reports of new restrictions.
The pullback came after a senior White House official told CNBC the administration will issue an executive order “in the near future” to address what it described as “misinformation” about the treatment of gold bars and other specialty products under recent trade measures.
Gold for December delivery briefly touched an all-time closing high of $3,491.30 per ounce before slipping to $3,463.30 in late trading on the news. Spot gold also eased but remained on track for its second consecutive weekly gain, supported by broader market optimism over potential U.S. interest rate cuts.
Market jitters began earlier in the day after the Swiss Precious Metals Association said U.S. Customs and Border Protection had indicated that 1-kilogram and 100-ounce gold cast bars were not excluded from the 39% tariffs recently imposed on Swiss exports. Switzerland is the world’s largest gold refiner, processing bullion that moves through the global financial system and serves as a key supplier to U.S. markets.
Christoph Wild, president of the Swiss Precious Metals Association, warned that such tariffs could disrupt the international flow of physical gold and complicate trade with the United States, which he called a “long-standing and historical partner” for Switzerland.
The association also noted the CBP’s clarification appeared to apply broadly, not only to Switzerland but to imports of those bar sizes from any country. That raised questions about the potential scope of the tariffs, which could affect bullion flows from other refining hubs as well.
The uncertainty briefly lit a fire under gold futures, as traders weighed the possibility of higher costs for physical delivery and tighter supply chains. Investors often turn to gold during geopolitical or trade-related turbulence, and the mere prospect of import restrictions can drive prices higher in the short term.
President Donald Trump’s administration has already levied sweeping tariffs on a range of Swiss goods this year, citing trade imbalances and what it says are unfair competitive practices. The gold bar question emerged as a flashpoint this week, underscoring how commodity markets can be caught in the crossfire of broader trade disputes.
Analysts say the White House clarification could help temper volatility, though the path forward for bullion prices will still hinge on multiple factors — including the Federal Reserve’s policy trajectory, inflation expectations, and global risk sentiment.
“Gold remains in a structurally bullish environment,” said one commodities strategist. “But if the White House makes it clear that bullion imports won’t face steep tariffs, some of the recent froth in prices could dissipate.”
Even after Friday’s dip, gold is up sharply for the year as investors hedge against currency fluctuations, equity market risks, and a shifting macroeconomic backdrop. Traders will be watching closely for the promised executive order, which could arrive within days and help determine whether the latest rally has room to run or is due for a deeper correction.
Toronto, Ontario–(Newsfile Corp. – July 30, 2025) – Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) (“Aurania” or the “Company”) announces that a large zone of hydrothermal alteration has been revealed following data review and interpretation from the Anaconda-style mapping program completed at the Company’s Awacha project in Ecuador in 2024. The Anaconda method is characterized by a systematic and detailed approach to recording geological data that has facilitated the discovery of several deposits, including the giant Alpala porphyry Cu-Au-Ag deposit in northern Ecuador and the Cortadera porphyry Cu-Au-Mo deposit cluster in northern Chile. Significantly, the zone of interest at the Awacha porphyry copper target area is spatially coincident with both a magnetic high anomaly and an area of elevated Mobile MagnetoTellurics (MobileMT) conductivity, warranting additional field work to refine drill hole locations for a future anticipated drill program.
Interpretation of the data was finalized in early June, and the Company engaged porphyry copper expert Dr. Steve Garwin (see press release dated June 27, 2025) to review the Anaconda-style mapping data and identify the most promising porphyry targets in the Awacha area. Dr. Garwin is credited as being instrumental in the discovery of several major ore deposits, including the Alpala porphyry copper-gold deposit at the Cascabel project in Ecuador. Dr Garwin has recommended evaluating the defined target through detailed 1:1,000- to 1:2,000-scale Anaconda-style mapping with the objective of establishing drill pad locations. He also advised extending field prospecting and soil sampling coverage to the west, over MobileMT anomalies 1 and 2 (see press release dated June 27, 2025).
Dr. Garwin confirmed that the Anaconda method has revealed a large zone (>6 km by 4 km) of hydrothermal alteration affecting Mesozoic hornblende-bearing intrusions hosted by Jurassic siliciclastic rocks (Santiago Formation). This alteration is characterized by an early-stage propylitic assemblage (chlorite + epidote), with localized zones of potassic (biotite) alteration, followed by a late-stage phyllic (quartz-sericite-pyrite), argillic (kaolinite-illite/smectite), and advanced argillic (dickite-pyrophyllite) alteration. A central argillic zone measuring approximately 2 km (north-south) by 1 km (east-west) is flanked by phyllic and localized advanced argillic zones (see Figure 1).
Rock-chip sampling has yielded up to 0.37% Cu, 0.20 g/t Au, 580 ppm As, 49 ppm Bi and 306 ppm Mo at the surface. Zones of elevated Cu:Zn ratios and Mo in soil and rock-chip define a 6km by 4km ring to the central argillic zone. Rock chips with chalcopyrite and elevated chalcopyrite:pyrite ratio define a ~ 2km diameter zone located to the southwest of the central argillic zone. Through-going and planar crystalline quartz veinlets, characterized by medial sutures of chalcopyrite-pyrite and seams of molybdenite are mapped in the vicinity of the chalcopyrite occurrences (see Figure 1). Both Cu and Mo are primary indicators of porphyry mineralization, with elevated Cu:Zn ratios and the sulphide-bearing veinlets suggesting proximity to the mineralized core.
Based on these observations, Dr. Garwin has delineated a 2,200 m x 1,200 m target zone, supported by a magnetic high anomaly and an area of elevated MobileMT conductivity (see Figures 2 and 3). Magnetic high anomalies can indicate zones of potassic alteration with abundant magnetite in the subsurface, which are closely associated with the core of mineralized porphyry systems. In proximity to the core, high conductivity anomalies can indicate the presence of electrically conductive sulphide minerals such as pyrite and the primary minerals of economic interest in porphyry copper deposits: chalcopyrite and bornite. Significantly, the subsurface magnetic and MobileMT highs are spatially coincident with high chalcopyrite/pyrite zones delineated in the surface mapping.
Figure 1: Main Anaconda method mapping results at the Awacha target area (high-priority target zone outlined in red) with select interpreted MobileMT anomalies (magenta outlines). Cp = chalcopyrite; Py = pyrite.
Figure 2: Left image, MobileMT depth slice at 700 m above sea level showing the position of the Awacha target area (red outline) over the MobileMT anomaly 6 (red colour is high conductivity and blue colour is high resistivity). Right image, RTP magnetic airborne showing the position of the target area over the major magnetic anomaly.
Figure 3: East-west cross section of the MobileMT 2.5D inversion at the Awacha target area (red outline in Figure 2 above Anomaly 6), looking north. The top of Anomaly 6 is approximately 200m below the surface.
The Anaconda-style mapping was completed over a 17 km² area at the Awacha target. A total of more than 2,200 outcrops were studied and described by field geologists and subsequently compiled into a database.
Qualified Persons:
The geological information contained in this news release has been verified and approved by Aurania’s VP Exploration, Mr. Jean-Paul Pallier, MSc. Mr. Pallier is a designated EurGeol by the European Federation of Geologists and a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators.
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-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains forward-looking information as such term is defined in applicable securities laws, which relate to future events or future performance and reflect management’s current expectations and assumptions. The forward-looking information includes Aurania’s objectives, goals or future plans, statements, exploration results, potential mineralization, the tonnage and grade of mineralization which has the potential for economic extraction and processing, the merits and effectiveness of known process and recovery methods, the corporation’s portfolio, treasury, management team and enhanced capital markets profile, the estimation of mineral resources, exploration, timing of the commencement of operations, the commencement of any drill program and estimates of market conditions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to Aurania, including the assumption that, there will be no material adverse change in metal prices, all necessary consents, licenses, permits and approvals will be obtained, including various local government licenses and the market. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. Risk factors that could cause actual results to differ materially from the results expressed or implied by the forward-looking information include, among other things: failure to identify mineral resources; failure to convert estimated mineral resources to reserves; the inability to complete a feasibility study which recommends a production decision; the preliminary nature of metallurgical test results; the inability to recover and process mineralization using known mining methods; the presence of deleterious mineralization or the inability to process mineralization in an environmentally acceptable manner; commodity prices, supply chain disruptions, restrictions on labour and workplace attendance and local and international travel; a failure to obtain or delays in obtaining the required regulatory licenses, permits, approvals and consents; an inability to access financing as needed; an inability to fund or extend the payment of Ecuador mineral concession fees which are due and payable and could result in the forfeiture of such mineral concessions; an inability to fund the administrative fees imposed by the Ecuadorian Control and Regulation Agency (ARCOM for its Spanish acronym) on the mining sector which could render the Company insolvent; a general economic downturn, a volatile stock price, labour strikes, political unrest, changes in the mining regulatory regime governing Aurania; a failure to comply with environmental regulations; a weakening of market and industry reliance on precious metals and base metals; and those risks set out in the Company’s public documents filed on SEDAR+. Aurania cautions the reader that the above list of risk factors is not exhaustive. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Key Points: – Gold prices remain strong as investors seek stability in volatile markets. – Precious metals and rare earths are gaining renewed interest as geopolitical and economic uncertainty rises. – Small-cap mining and metals companies may offer overlooked upside for risk-conscious investors.
With market volatility back in the headlines and rate cuts on hold, one asset class is quietly shining brighter than the rest: gold. The precious metal has extended its multi-month rally, continuing to hit near-record highs in 2025 as investors worldwide look for safer stores of value.
But this isn’t just about jewelry or bullion. What’s developing beneath the surface is a broader shift in capital flows — away from high-growth risk plays and into hard assets with intrinsic value. That includes not only gold and silver, but also rare earth metals, which are essential to everything from electric vehicles to semiconductors and military tech.
For middle market and small-cap investors, this could mark a key turning point.
Historically, gold performs well during periods of economic instability, inflationary pressure, and geopolitical stress — all conditions currently in play. With inflation proving sticky, central banks cautious on cuts, and conflict hotspots simmering, it’s no surprise institutional and retail investors alike are allocating more to precious metals.
Meanwhile, silver — often seen as gold’s more volatile cousin — has also begun to rally. With industrial use cases tied to clean energy, solar, and advanced tech manufacturing, silver offers a dual benefit: monetary safety and industrial upside.
But perhaps most interesting for middle-market investors is the renewed focus on rare earths — a segment often overlooked but increasingly critical in a tech-dependent world. These niche metals, such as neodymium, dysprosium, and praseodymium, are essential to magnets, batteries, and defense systems. With global supply chains still fragile and China dominating production, the U.S. and its allies are looking to diversify supply — and that puts smaller mining firms in the spotlight.
Companies in the junior mining and exploration space — many trading at micro- and small-cap valuations — could stand to benefit the most. While they carry exploration risk, the potential for outsized returns and strategic partnerships is drawing attention from institutional funds, especially those focused on ESG and supply chain security.
Gold’s continued rise isn’t just a price story — it’s a signal. A signal that investors are recalibrating their portfolios toward resilience, scarcity, and real-world utility.
For investors navigating uncertain terrain, exposure to precious and rare earth metals — whether through physical assets, ETFs, or small-cap equities — offers a compelling hedge. And with much of the sector still under the radar, now may be an ideal time to explore opportunities before the crowd catches on.
AngloGold Ashanti has announced a definitive agreement to acquire Augusta Gold Corp. in a deal valued at approximately C$152 million (US$111 million), marking a strategic move to consolidate its footprint in the Beatty District of Nevada—one of the most promising gold regions in North America.
The all-cash transaction offers C$1.70 per share to Augusta Gold shareholders, representing a 28% premium over the company’s July 15 closing price and a 37% premium over its 20-day volume-weighted average. The acquisition also includes the repayment of shareholder loans amounting to US$32.6 million as of March 31, 2025.
AngloGold Ashanti’s acquisition of Augusta Gold is aimed at bolstering its development plans in the Beatty District. The deal includes Augusta Gold’s key assets—namely the Reward and Bullfrog projects, both adjacent to AngloGold Ashanti’s existing land holdings.
“This acquisition reinforces the value we see in one of North America’s most prolific gold districts,” said Alberto Calderon, CEO of AngloGold Ashanti. “It strengthens our ability to plan and develop this region under an integrated strategy—streamlining operations, improving infrastructure access, and enhancing stakeholder collaboration.”
The Reward project is a permitted, feasibility-stage asset, while the Bullfrog deposit brings significant additional mineral resources. The acquired properties also come with surrounding tenements, further expanding AngloGold’s regional influence.
Under the agreement, Augusta Gold will become an indirect, wholly owned subsidiary of AngloGold Ashanti. Upon closing, its shares will be delisted from public exchanges and cease trading over-the-counter.
The deal has received unanimous approval from Augusta Gold’s board of directors and its audit committee. Furthermore, key shareholders—representing approximately 31.5% of Augusta’s outstanding stock—have signed voting support agreements to approve the merger.
The transaction is expected to close in the fourth quarter of 2025, pending standard regulatory and shareholder approvals. Augusta Gold will seek approval from a majority of shareholders, excluding related parties, at a special meeting later this year.
AngloGold Ashanti is working with RBC Capital Markets as financial advisor, with legal counsel provided by Womble Bond Dickinson (US) LLP, Cravath, Swaine & Moore LLP in the U.S., and Stikeman Elliott LLP in Canada.
Headquartered in Denver, AngloGold Ashanti is a leading global gold mining company with operations, projects, and exploration activities across ten countries on four continents. The company’s expansion in the U.S. through strategic acquisitions is part of its broader plan to enhance production capabilities and resource access in high-potential districts.
As the Beatty District emerges as a critical gold hub, this acquisition marks a significant milestone for AngloGold Ashanti. By integrating Augusta Gold’s assets, the company aims to unlock further value in the region, streamline its development efforts, and reinforce its status as a dominant force in North American gold mining.
In a landmark move set to reshape the metals royalty landscape, Royal Gold Inc. announced it will acquire Sandstorm Gold Royalties and Horizon Copper in two separate transactions valued at over $3.7 billion. The acquisitions will create a large-scale, highly diversified precious metals streaming and royalty company poised to lead the industry in both scale and growth potential.
Under the agreement with Sandstorm Gold Ltd., Royal Gold will acquire all outstanding Sandstorm shares in an all-stock transaction worth approximately $3.5 billion. Sandstorm shareholders will receive 0.0625 shares of Royal Gold for each Sandstorm share, representing a 21% premium to Sandstorm’s 20-day volume-weighted average price. Once completed, Sandstorm shareholders will own roughly 23% of the combined company.
Concurrently, Royal Gold will acquire Horizon Copper Corp. in an all-cash transaction valued at approximately $196 million. Horizon shareholders will receive C$2.00 per share—a substantial 85% premium to Horizon’s 20-day VWAP. These two deals are expected to close in the coming months, pending regulatory and shareholder approvals.
Strategic Synergies and Portfolio Expansion
The combined entity will emerge with a portfolio of 393 royalty and streaming assets, including 80 cash-flowing properties. Importantly, no single asset will represent more than 13% of the company’s net asset value, demonstrating a high level of diversification. Approximately 87% of the combined revenue will be derived from precious metals, with 75% from gold.
Notable producing assets include Mount Milligan in Canada, Pueblo Viejo in the Dominican Republic, Cortez in Nevada, and Andacollo in Chile. These high-quality, long-life operations provide a stable foundation for future cash flows. Development assets like MARA, Hod Maden, and Platreef promise significant organic growth.
Royal Gold expects to benefit from a strong balance sheet with minimal debt and robust free cash flow generation. The newly formed company will have the financial strength and scale to pursue additional growth opportunities, while enhancing its appeal to institutional investors.
Leadership Vision and Outlook
Sandstorm CEO Nolan Watson emphasized the strategic fit, highlighting that the merger delivers immediate value to shareholders while retaining exposure to future upside. He praised Sandstorm’s legacy of innovation and expressed confidence in Royal Gold’s ability to carry the torch forward.
Royal Gold CEO Bill Heissenbuttel echoed the sentiment, noting that the transactions align with the company’s long-standing strategy of disciplined growth in mining-friendly jurisdictions. He described the merger as a transformative step that creates an unmatched global portfolio of high-quality, long-life precious metal assets.
With enhanced scale, improved trading liquidity, and a proven track record of shareholder returns, the newly combined Royal Gold is expected to achieve a premium valuation and expanded market reach. Positioned as a top-tier vehicle for gold exposure in the U.S. marketplace, it is set to become a cornerstone in many institutional and retail investment portfolios.
Investors and analysts alike will be watching closely as this new chapter unfolds, marking a pivotal moment in the evolution of the royalty and streaming sector.
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: – 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.
Key Points: – Creating a gold-antimony producer with three cash-generating mines in Australia and Sweden. – Targeting ~160,000 gold-equivalent ounces in 2025, rising to ~180,000 ounces in 2026. – Strong balance sheet, index inclusion potential, and major growth projects underway.
Alkane Resources and Mandalay Resources have announced a transformative “merger of equals,” creating a new mid-tier gold and antimony producer with global ambitions. Under the agreement, Alkane will acquire all Mandalay shares through a court-approved plan of arrangement, offering 7.875 Alkane shares for each Mandalay share. The new combined company, retaining the Alkane Resources name, will boast a market capitalization near A$1 billion (C$898 million), with listings planned on both the ASX and TSX.
This merger creates an impressive platform of three operating, cash-generating mines: Tomingley in Australia (Alkane’s flagship), Costerfield in Australia (Mandalay’s high-margin gold-antimony asset), and Björkdal in Sweden (Mandalay’s established gold producer). Together, they are projected to deliver approximately 160,000 gold-equivalent ounces in 2025, growing to over 180,000 ounces in 2026.
The financial strength of the new entity is also notable, with a combined proforma cash balance of A$188 million as of March 31, 2025. This strong liquidity profile positions the combined company to aggressively pursue exploration, development, and potential future acquisitions, including advancing Alkane’s significant Boda-Kaiser copper-gold project.
Management continuity and expertise are at the forefront of the merger strategy. Alkane’s Managing Director, Nic Earner, will lead the combined company, alongside Mandalay executives such as COO Ryan Austerberry and VP of Exploration Chris Davis. This integration promises operational stability and continued success across all assets.
From a shareholder perspective, the merger is positioned as highly accretive. Mandalay shareholders will gain exposure to Alkane’s promising growth projects, particularly Tomingley’s ramp-up and Boda-Kaiser’s copper-gold potential. Alkane shareholders, meanwhile, benefit from immediate diversification into antimony — a critical mineral — and established production from Sweden.
Critically, the companies expect the transaction to unlock a valuation re-rate. The merged entity will target inclusion in major indices such as the ASX 300 and the GDXJ ETF, with the goal of attracting greater institutional investment and improving trading liquidity.
Both boards unanimously recommend the deal, and major shareholders, representing about 45% of Mandalay and 19% of Alkane’s shares, have already committed their support. Subject to shareholder votes, court approvals, and regulatory consents, the transaction is expected to close in the third quarter of 2025.
Industry observers see this merger as part of a broader consolidation trend among mid-tier mining companies, seeking greater scale, asset diversification, and global relevance. Alkane and Mandalay’s combination clearly fits this mold, building a stronger, growth-focused mining company with a robust balance sheet and production base.
As both companies move forward toward completing the transaction, the new Alkane Resources stands to emerge as a serious competitor in the mid-tier gold and critical minerals space — offering investors a compelling blend of production, growth, and financial strength.
Key Points: – Gold has overtaken the “Magnificent Seven” tech stocks as the most crowded trade on Wall Street. – Gold futures have hit a record $3,334 per ounce, rising over 27% year to date. – Shifting sentiment may benefit small-cap gold miners as capital rotates into safe-haven assets.
Gold is having its moment. In a year marked by volatility, uncertainty, and waning confidence in traditional tech plays, the precious metal has surged to all-time highs, overtaking the once-dominant “Magnificent Seven” tech stocks as Wall Street’s most crowded trade.
Gold futures (GC=F) soared to a new record of $3,334 per ounce this week, pushing year-to-date gains past 27%. This run-up is more than just a short-term spike — it marks a dramatic shift in sentiment from the high-growth, high-risk appetite that dominated the last bull cycle to a focus on stability, safety, and long-term value preservation. According to the latest Bank of America fund managers survey, nearly half (49%) of respondents identified “long gold” as the most crowded trade right now — the first time in two years that gold, not tech, has held that title.
Compare that with the once-revered Magnificent Seven — Apple, Microsoft, Alphabet, Amazon, Meta, Tesla, and Nvidia — which have seen steep drawdowns in 2025. Tesla leads the slump with a 38% drop, while Apple and Nvidia have both tumbled 21%. Regulatory headwinds, rising costs, and tariff uncertainty have weighed on investor sentiment across the sector, leaving room for gold to steal the spotlight.
The reasons behind gold’s surge are multifaceted. First, central bank demand remains at record levels, with nations diversifying away from dollar-denominated assets. Second, inflows into gold-backed ETFs have risen as both institutional and retail investors look for shelter amid geopolitical instability and a weakening US dollar. The backdrop of rising trade tensions — particularly the escalating tariff battle between the US and China — has further fueled safe-haven demand.
More than just a hedge against inflation, gold is now seen as a vote of no confidence in the current trajectory of US economic policy. The Bank of America survey found that 73% of fund managers believe “US exceptionalism” has peaked — a notable shift that helps explain the flow of capital out of American equities and into alternative stores of value like gold.
While retail investors often focus on the headline gold price, it’s worth noting the broader implications for capital markets — including small and micro-cap stocks. With capital rotating out of mega-cap tech and into inflation-resistant assets, small-cap gold miners and exploration companies could stand to benefit. These stocks, often overlooked in favor of more liquid plays, may now see increased institutional attention as gold continues to climb.
Investor sentiment is clearly shifting. Wall Street analysts have begun raising their price targets for gold, and some 42% of fund managers now say it will be the best-performing asset of 2025 — up from just 23% last month. As confidence in traditional market leaders continues to erode, gold’s appeal looks less like a trade and more like a trend.
Key Points: – Wesdome expands Eagle River land package from 100 km² to 400 km², unifying exploration potential across multiple zones. – Offer values Angus shares at a 59% premium with a significant cash component and equity in Wesdome. – Wesdome plans to advance Angus’ exploration momentum with its resources, infrastructure, and capital strength.
Wesdome Gold Mines Ltd. has announced the acquisition of Angus Gold Inc. in a $40 million deal that significantly expands its land position surrounding the Eagle River mine in Northern Ontario. The transaction, structured as a court-approved plan of arrangement, will see Wesdome acquire all of the issued and outstanding shares of Angus that it does not already own, offering shareholders a combination of cash and Wesdome shares. The offer values Angus at $0.77 per share—comprised of $0.62 in cash and 0.0096 of a Wesdome common share—representing a 59% premium to Angus’ 20-day volume-weighted average price as of April 4, 2025.
The acquisition will consolidate Wesdome’s Eagle River property with Angus’ Golden Sky project, creating a contiguous 400 square kilometre land package in the Mishibishu Lake greenstone belt. Wesdome currently owns about 10.4% of Angus’ shares and 14.9% on a partially diluted basis, and has secured lock-up agreements from shareholders representing approximately 47% of Angus’ outstanding shares. This strategic move positions Wesdome to capitalize on the regional geology and existing infrastructure to unlock value from underexplored zones adjacent to its operating mine.
According to Wesdome CEO Anthea Bath, the acquisition is a “logical and strategic tuck-in” that supports the company’s regional growth strategy and long-term commitment to the Eagle River camp. She emphasized that the acquisition enhances Wesdome’s ability to unlock new discoveries through exploration and complements the company’s goal of optimizing mill capacity with feed from high-potential zones nearby. The move underscores Wesdome’s confidence in the long-term geological potential of the region and its desire to become a more dominant player in the Ontario and Québec gold sectors.
Angus has spent over $20 million on exploration at Golden Sky since 2020, completing more than 40,000 metres of drilling and identifying promising zones like the Eagle River Splay and Cameron Lake banded iron formation. These zones have already delivered high-grade intercepts, and Wesdome intends to focus exploration efforts there in 2025. With its robust balance sheet and existing infrastructure, Wesdome plans to accelerate exploration and development while leveraging stakeholder and Indigenous relationships in the area. The proximity to Wesdome’s existing mill and operational support is expected to reduce timelines and costs associated with bringing any new discoveries into production.
For Angus shareholders, the transaction delivers a compelling financial return and access to a more diversified and capitalized gold producer. In addition to the immediate cash component, shareholders will receive equity in Wesdome, offering continued exposure to the upside potential of the assets they helped advance. Angus CEO Breanne Beh called the deal a validation of her team’s work and a logical next step to realize the full value of the exploration investment made over the past five years.
The deal is subject to shareholder approval, court approval, regulatory clearances, and other customary closing conditions. A special meeting of Angus shareholders is expected to take place in June 2025, with the transaction expected to close in the second quarter. Legal advisors include Stikeman Elliott LLP for Wesdome, and Peterson McVicar LLP and Mason Law LLP for Angus and its Special Committee, respectively. Evans & Evans, Inc. provided a fairness opinion, concluding the offer is fair to Angus shareholders from a financial standpoint.
Key Points: – Gold prices hit a record $3,128.06 per ounce, driven by geopolitical risks and economic uncertainty. – Investors are bracing for new U.S. tariffs, which could further fuel safe-haven demand. – Analysts expect gold to reach $3,300 per ounce by the end of 2025.
Gold prices have skyrocketed to record highs, surpassing $3,100 per ounce as a wave of economic and geopolitical uncertainty fuels demand for the precious metal. Spot gold hit a new all-time high of $3,128.06 on Monday, marking one of the most significant rallies in its history. The surge comes amid expectations of fresh U.S. tariffs, a shifting Federal Reserve policy, and persistent global tensions, all of which have reinforced gold’s role as a safe-haven asset.
The metal has posted 19 all-time highs in 2025, with seven exceeding the unprecedented $3,000 mark. Prices are up 18% this year, following a 27% surge in 2024. The sharp rise has been attributed to strong central bank purchases, heightened inflation concerns, and a growing shift toward gold-backed exchange-traded funds (ETFs). Analysts believe the rally has momentum, given the broader macroeconomic environment.
Investors are closely watching upcoming U.S. trade policy decisions. President Donald Trump is set to announce new reciprocal tariffs on April 2, with automobile tariffs following on April 3. The prospect of escalating trade tensions is further amplifying gold’s appeal as a hedge against economic instability. “Gold’s rally has been fueled by escalating geopolitical tensions, inflation concerns, and strong investor demand,” said Alexander Zumpfe, a precious metals trader at Heraeus Metals Germany. “Given the current macroeconomic environment—particularly trade war uncertainties and central bank policies—this trend appears sustainable in the near term.”
Geopolitical instability has played a crucial role in gold’s ascent. With ongoing hostilities in the Middle East and no clear resolution to the Russia-Ukraine conflict, safe-haven demand remains strong. Trump’s recent remarks regarding Russia, Iran, and even Greenland have further unsettled markets, driving additional inflows into gold. “Geopolitical uncertainty is high, and Trump’s weekend comments have only increased the global risk environment, enhancing gold’s appeal,” said Nikos Tzabouras, senior market analyst at Tradu.com.
The Federal Reserve’s monetary policy shift is also contributing to gold’s strength. The central bank cut interest rates by 50 basis points last September, and officials anticipate two more rate cuts by the end of 2025. A lower rate environment tends to weaken the U.S. dollar, making gold more attractive as an alternative store of value. Despite this, some analysts argue that central banks’ rising gold purchases are less about losing confidence in the dollar and more about diversification. “Whilst buying gold may reduce central banks’ overall exposure to the dollar, we don’t think this surge reflects a severe loss of confidence in the greenback,” analysts at Capital Economics noted. They predict gold will reach $3,300 per ounce by year-end.
Investor appetite for gold remains strong, with ETFs seeing their largest weekly inflows since March 2022. While North American ETFs have benefited, demand from European investors has also surged due to political uncertainties. With gold’s record-breaking rally showing no immediate signs of slowing, market participants continue to seek safety in the metal amid a turbulent economic landscape.
Key Points Summary: – Waraba Gold is acquiring up to an 80% stake in Somaco Global Resources, gaining access to prospective gold and manganese licences in northern Ivory Coast. – The deal involves a $500,000 initial payment, $1.5 million over two years, and $5 million in exploration commitments, alongside issuing six million common shares. – Waraba has suspended operations in Mali due to security concerns but remains committed to resuming activities when conditions improve.
Canadian mineral exploration company Waraba Gold has entered into an earn-in agreement to acquire up to an 80% stake in Somaco Global Resources, a move that strengthens its footprint in the West African mining sector. Somaco Global holds two highly prospective gold licence applications in northern Ivory Coast, a region known for its rich mineral deposits. These include the Sirasso licence and the Tengrela & Tiegba licences, both located near existing gold mines and mineralized shear zones.
One of the most significant assets in this deal is the Sirasso licence, covering 369.34km² in the Senoufou greenstone belt, an area recognized for its high gold potential. This licence was previously held in a joint venture (JV) with Barrick Gold, one of the world’s leading gold producers. Historically, greenstone belts have yielded high-grade gold deposits, and the Senoufou belt is no exception. Waraba’s investment signals confidence in the region’s potential for large-scale gold discoveries.
In addition to Sirasso, Waraba Gold gains access to the Tengrela & Tiegba licences, which span a combined area of nearly 767km². These licences are not only prospective for gold but also manganese, a critical mineral in steel production and battery technologies. The proximity of these licences to existing gold mines further enhances their exploration potential.
Under the terms of the agreement, Waraba Gold will gradually acquire an 80% stake in Somaco Global Resources over four years. The investment involves an initial payment of $500,000 to Somaco’s shareholders within the next two months, an additional $1.5 million to be paid over a two-year period, exploration commitments totaling $5 million over the next four years, and the issuance of six million common shares to Somaco shareholders upon the signing of a definitive joint venture agreement.
To finance the initial commitments, Waraba Gold announced plans to raise up to $500,000 through non-convertible unsecured debentures. These funds will also provide general working capital for the company’s operations. In addition, Waraba Gold will appoint two Somaco nominees as directors, further integrating the companies and ensuring a strategic partnership moving forward.
Alongside the Ivory Coast expansion, Waraba Gold provided an update on its Mali operations, revealing that it has temporarily suspended activities at the Fokolore Gold Project due to security concerns. Despite setbacks, Waraba remains committed to the Malian mining sector, having submitted a letter of intent for a mining permit in June 2024. However, with ongoing political instability, the company is waiting for conditions to improve before resuming full-scale operations.
West Africa has emerged as one of the fastest-growing gold mining regions globally, attracting major industry players. However, political uncertainties in countries like Mali have raised concerns among investors. Recently, CEOs of leading gold mining companies stated that Mali’s new mining code requires adjustments to encourage further foreign investment. Regulatory changes will play a crucial role in shaping the future of the region’s mining industry.
Waraba Gold’s agreement with Somaco Global Resources marks a strategic expansion into the Ivory Coast, an increasingly important gold-producing nation. By securing access to high-potential licences, Waraba is positioning itself for long-term growth in the West African mining sector. With ongoing fundraising efforts and a commitment to exploration, Waraba Gold aims to unlock significant value from its new assets. However, challenges in Mali and broader market uncertainties may still impact the company’s overall trajectory in the coming years.
Key Points: – Gold miners’ equity funds are seeing their largest net inflows in over a year as gold prices reach record highs. – After years of cost struggles, major miners like Newmont and Barrick Gold are benefiting from increased profitability and stronger cash flows. – Investors are turning back to mining stocks as a hedge against inflation and market uncertainty.
After months of outflows, investors are returning to gold mining stocks, buoyed by record-high gold prices that have improved the profit outlook for mining firms. With gold surpassing $3,000 an ounce this year—a gain of more than 15%—funds investing in gold miners saw their first net monthly inflow in six months this March, totaling $555.3 million, according to LSEG Lipper data.
While gold prices also climbed in 2024, gold miners faced mounting cost pressures from rising labor and fuel expenses, as well as regulatory setbacks like tax disputes in Mali and project delays in Canada. These challenges pushed many investors toward traditional gold funds instead of equities, leading to a net $4.6 billion outflow from gold miner-focused funds in 2024—the highest in a decade. Conversely, physical gold and gold derivative funds attracted $17.8 billion, the most in five years.
With rising gold prices boosting profitability, mining stocks are once again attracting investor interest. Leading companies like Newmont and Barrick Gold have recovered from last year’s declines, posting year-to-date gains of 27% and 21.5%, respectively. After facing cost pressures in recent years, gold mining firms are now in a stronger position to capitalize on higher gold prices, making them more appealing to investors.
The improved market conditions are prompting major gold miners to reward shareholders. Barrick Gold recently announced a $1 billion share buyback after reporting strong profits and doubling its free cash flow in Q4 2024. Similarly, AngloGold Ashanti declared a final dividend of 91 U.S. cents per share—nearly five times higher than the previous year—while Gold Fields hinted at a potential share buyback in 2025. Harmony Gold also revealed plans to self-fund the construction of a new copper mine in Australia.
With miners stabilizing operations and benefiting from higher gold prices, mining equities are increasingly viewed as an attractive investment. As market uncertainty and inflation persist, investors are showing renewed interest in gold mining stocks as a potential hedge and diversification strategy.
Given the miners’ historically low valuations, some analysts argue that gold mining stocks may present even better opportunities than gold itself. As confidence in gold miners grows alongside surging gold prices, these stocks may continue to attract investors seeking stability in an unpredictable market.
Smaller and junior gold mining companies stand to benefit significantly from this renewed investor interest in mining stocks. Unlike major miners, which already have strong cash flows and established operations, junior miners often struggle with financing new projects and navigating regulatory hurdles. However, with gold prices at record highs, investor appetite for higher-risk, high-reward opportunities may increase, providing these smaller companies with much-needed capital.
Higher gold prices also make previously unviable mining projects more attractive, allowing junior miners to push forward with exploration and development. Companies with promising gold reserves but lacking production capabilities may now find it easier to secure funding through equity offerings or partnerships with larger mining firms.
Additionally, with major miners focusing on share buybacks and dividends, they may look to acquire smaller mining companies to replenish their reserves, driving M&A activity in the sector. This could create lucrative exit opportunities for junior miners and early-stage investors.
