Gold prices extended their rally on Monday, climbing to fresh record highs and setting the stage for what could be the precious metal’s best year in nearly half a century. Futures contracts rose to around $3,750 per ounce, while spot bullion held above $3,700. With a gain of more than 40% year-to-date, gold is on track for its most impressive annual performance since 1979.
The remarkable run has been fueled by a combination of macroeconomic forces, led by expectations of an extended Federal Reserve easing cycle. Last week, policymakers cut interest rates for the first time this year and signaled the likelihood of two more reductions before year-end. Lower rates typically enhance the appeal of gold, which does not generate yield, by reducing the opportunity cost of holding the asset.
A weakening U.S. dollar has added another layer of support. The dollar index, which tracks the greenback against a basket of major currencies, is down roughly 10% in 2025, giving gold buyers in other currencies stronger purchasing power. The dual dynamic of a softer dollar and looser monetary policy has created a powerful tailwind for the precious metal.
Investor demand has also been evident through record inflows into physically backed gold exchange-traded funds, which recently hit a three-year high. At the same time, central banks, particularly in emerging markets, have steadily expanded their reserves, increasing their reliance on gold as a hedge against currency volatility and shifting global trade dynamics.
Gold’s surge has easily outpaced traditional risk assets. The S&P 500 has gained about 13% this year, while bitcoin has advanced close to 20%. In contrast, gold’s rise above 40% underscores its position not only as a hedge during uncertain times but also as a top-performing asset class in 2025.
Fund manager sentiment reflects the divide between performance and positioning. A recent survey by Bank of America found gold now ranks as the second most crowded trade, just behind major U.S. technology stocks. Yet despite the recognition, the average allocation to gold among managers remains low at just over 2%, suggesting there could be room for further institutional participation.
Analysts remain constructive on the outlook. Goldman Sachs recently reiterated its view that gold could climb toward $4,000 per ounce by mid-2026, citing structural demand from ETFs, robust speculative interest, and accelerating central bank purchases. With geopolitical risks, trade uncertainty, and global monetary easing all converging, gold may continue to attract flows from investors seeking safety and diversification.
As 2025 heads into its final quarter, gold is not only outperforming but also reshaping how investors think about portfolio protection in a shifting economic landscape. Whether the momentum sustains into 2026 will depend on the trajectory of inflation, interest rates, and global risk appetite, but for now, gold is shining brighter than it has in decades.
Barrick Mining Corporation (NYSE:B)(TSX:ABX) has agreed to sell its Hemlo Gold Mine in Ontario, Canada, to Carcetti Capital Corp., which will be renamed Hemlo Mining Corp. (HMC) upon closing. The deal, valued at up to $1.09 billion, underscores Barrick’s ongoing strategy of streamlining its portfolio to focus on Tier One gold and copper assets.
The transaction includes $875 million in cash upon closing, $50 million in HMC shares, and up to $165 million in additional cash payments linked to production and gold prices over a five-year period beginning in 2027. This structured consideration provides Barrick with near-term liquidity while also allowing exposure to Hemlo’s future performance through contingent payments.
HMC, currently listed on the NEX Board of the TSX Venture Exchange, plans to graduate to the main TSXV board in connection with the acquisition. The company is backed by a consortium of well-known investors in the mining sector, including Wheaton Precious Metals and Orion Mine Finance. Its management team brings strong credentials, highlighted by industry veteran Robert Quartermain, who played a role in the original discovery of Hemlo and later built SSR Mining and Pretium Resources into respected gold producers.
For Barrick, the Hemlo divestiture reflects a disciplined capital allocation strategy. Proceeds will be used to strengthen the company’s balance sheet and return capital to shareholders, aligning with its broader plan to prioritize Tier One operations that deliver the largest scale, lowest cost, and longest life. With the sale of Hemlo, alongside earlier transactions involving Donlin and Alturas, Barrick expects to generate more than $2 billion from non-core asset sales in 2025 alone.
Despite the divestment, Canada remains a core part of Barrick’s global footprint. The company continues to advance exploration projects and early-stage opportunities across the country, underscoring its commitment to discovering and developing world-class gold and copper mines within the region.
The sale also positions Hemlo for a new phase of growth under HMC. With dedicated focus, a seasoned leadership team, and the backing of strategic investors, Hemlo may benefit from renewed investment and operational improvements that could unlock further value.
Subject to customary regulatory approvals and closing conditions, the transaction is expected to close in the fourth quarter of 2025. CIBC World Markets acted as Barrick’s financial advisor, while Davies Ward Phillips & Vineberg LLP and Blake, Cassels & Graydon LLP provided legal counsel.
Barrick remains one of the world’s leading gold producers, with a global portfolio spanning 18 countries and six of the industry’s Tier One mines. The Hemlo sale marks the end of a long chapter for Barrick in northern Ontario, while reinforcing its commitment to building shareholder value through operational excellence and portfolio discipline.
Gold is having a remarkable year, climbing 39% year-to-date and setting records as investors increasingly seek safety outside of traditional markets. While the surge has sparked comparisons to past market dislocations, this rally is shaped by a unique combination of monetary policy shifts, debt concerns, and political uncertainty.
At the center of the story is the Federal Reserve. After holding rates at restrictive levels for longer than many expected, the Fed has pivoted toward easing. Markets are now pricing in further rate cuts as inflation cools but economic momentum slows. Lower borrowing costs typically reduce the opportunity cost of holding non-yielding assets like gold, fueling demand. But interest rates alone don’t explain the intensity of this rally.
A bigger factor is the growing anxiety around government debt. The United States, along with Germany, France, and the UK, is facing ballooning debt-to-GDP ratios. Once considered the safest of all havens, government bonds are losing their luster. Investors are increasingly asking: if sovereign debt is no longer risk-free, where should capital be parked? For many, the answer is gold. Unlike paper assets, gold cannot be debased by policy or politics. That reallocation of assets—away from Treasuries and into bullion—is one of the key drivers of today’s market.
Politics has only added fuel. Former President Trump’s legal battle over tariffs, which is now under review by the Supreme Court, could have major consequences. If the Court rejects the tariffs, the U.S. may be forced to refund billions of dollars to trading partners. Such a ruling would undermine the tariff regime entirely, creating both a short-term hit to government finances and long-term uncertainty over trade policy. International companies benefiting from freer trade might welcome the decision, but for the U.S. it could add to fiscal pressures and accelerate debt growth. That prospect strengthens the case for gold as a hedge against political and fiscal instability.
Investors also see echoes of history. In October 1987, during the dot-com bust, and again in the 2008 financial crisis, gold proved resilient when other assets collapsed. Those moments are often described as “black swan” events—rare and unpredictable shocks that reshape markets. Today’s surge suggests investors are bracing for another unforeseen disruption. What’s different this time is that the flight to gold isn’t just a reaction to crisis—it’s happening preemptively, driven by structural concerns over debt, politics, and the durability of fiat money.
The result is an unprecedented rush. For the first time, gold is not just a defensive asset but a proactive store of value that investors are chasing in anticipation of turbulence ahead. With rates heading lower, fiscal balances worsening, and political battles creating new risks, gold has emerged as the one constant—an asset that transcends borders, politics, and policy.
Whether this marks the beginning of a new golden era or simply another speculative peak remains to be seen. But one thing is clear: gold’s role in global markets is being redefined, not as a hedge of last resort, but as a safe haven of first choice.
The Canadian gold sector is set for a significant shakeup as New Found Gold Corp. announced plans to acquire Maritime Resources Corp. in a deal valued at approximately $292 million. The combination, announced Friday, will establish an emerging multi-asset gold producer in Newfoundland, a Tier 1 jurisdiction that has been attracting rising investor attention in recent years.
Under the arrangement, Maritime shareholders will receive 0.75 of a New Found Gold common share for each Maritime share they hold. The agreement implies a 32% premium to Maritime’s 20-day volume weighted average price as of September 4 and a 56% premium to its closing price before the two companies entered a letter of intent in late July. Following the closing of the transaction, expected in the fourth quarter of 2025, New Found Gold shareholders will own roughly 69% of the combined company, while Maritime shareholders will hold about 31%.
The merger brings together two strategically located projects: New Found Gold’s Queensway project and Maritime’s Hammerdown project. Hammerdown, which has been advancing toward production, is scheduled to ramp up to full output in early 2026, with ore processing set to begin later this year at the Pine Cove mill. The project is expected to produce 50,000 ounces of gold annually at an all-in sustaining cost of $912 per ounce, according to a 2022 feasibility study. Cash flow from Hammerdown is anticipated to help fund Queensway, which recently delivered a positive preliminary economic assessment and is targeting first production in 2027.
For New Found Gold, the acquisition represents a pivotal step in transforming from an exploration-focused company into a producer. The deal secures access to processing facilities such as Pine Cove and the Nugget Pond Hydrometallurgical Plant, while providing a near-term source of cash flow to support Queensway’s development. The company estimates Queensway could generate more than 1.5 million ounces of gold over a 15-year mine life, with a two-phased development plan designed to balance upfront costs with long-term growth.
For Maritime shareholders, the deal offers both an immediate premium and long-term exposure to a larger platform with greater liquidity. Shares of New Found Gold are actively traded on both the TSX Venture Exchange and the NYSE American, averaging about $4 million in daily volume over the past six months. That visibility is expected to give Maritime investors improved market access while allowing them to participate in the upside potential from Queensway’s development and further exploration across a 110-kilometer strike zone.
The boards of both companies have unanimously approved the deal. Maritime directors and senior officers, along with major shareholders representing nearly half of the company’s outstanding shares, have already agreed to vote in favor of the transaction. A shareholder meeting is planned for late October, with court and regulatory approvals still required.
Advisors on the deal include BMO Capital Markets for New Found Gold and SCP Resource Finance and Canaccord Genuity for Maritime. Both sides have received fairness opinions supporting the financial terms of the agreement. If approved, Maritime shares will be delisted from the TSX Venture Exchange shortly after closing.
With Hammerdown moving toward near-term production and Queensway positioned as one of Canada’s most promising new gold projects, the merger highlights the increasing consolidation trend in the sector. Investors seeking exposure to Canadian gold production are likely to watch closely as New Found Gold positions itself as a new mid-tier player with both cash flow and exploration upside.
Gold soared to an all-time high on Friday after a weaker-than-expected U.S. jobs report intensified expectations that the Federal Reserve will cut interest rates later this month. The move marked the latest milestone in a multi-year rally that has been powered by economic uncertainty, rising geopolitical risks, and a steady flight to safe-haven assets.
Spot gold gained as much as 1.5% to break above $3,600 an ounce, eclipsing its previous record and capping a week of sharp gains. By early afternoon in New York, bullion was trading at $3,592.50 an ounce, up 1.3% on the day and on track for a 4.2% weekly advance, the strongest since late May. Silver also edged higher, while Treasury yields and the U.S. dollar slipped in response to the data.
The rally was triggered by a pivotal U.S. payrolls report showing that hiring slowed markedly in August, while the unemployment rate rose to its highest level since 2021. Economists said the numbers signaled clear signs of a cooling labor market, reinforcing the view that the Fed may need to act more aggressively to support growth. Lower interest rates typically enhance the appeal of gold, which does not yield interest or dividends but benefits from reduced opportunity costs in a lower-rate environment.
Investors have also been positioning for heightened volatility around the Fed’s independence. President Donald Trump has escalated his criticism of the central bank this year, vowing to secure a majority on the Fed’s board “very shortly” and pressing for sharp rate cuts. Markets are watching closely for a forthcoming ruling on whether Trump has grounds to remove Fed Governor Lisa Cook, a move that could allow him to appoint a more dovish policymaker and raise questions about the institution’s long-term credibility. Goldman Sachs analysts wrote in a recent note that gold could rally toward $5,000 an ounce if investors lose confidence in the Fed’s independence and begin shifting even a small portion of their holdings from Treasuries into bullion.
Over the past three years, gold and silver have more than doubled in value, with a steady stream of macroeconomic and geopolitical risks bolstering demand. Trade tensions, slowing global growth, and renewed concerns about the trajectory of U.S. monetary policy have all converged to create a powerful tailwind for precious metals. At the same time, strong buying from central banks and institutional investors has added structural support to the market, pushing gold firmly into record territory.
While some analysts warn that prices may be vulnerable to a correction if employment data stabilizes or inflation ticks higher, many expect gold’s appeal to remain strong. With borrowing costs likely heading lower and confidence in traditional policy tools wavering, bullion’s role as a store of value appears more attractive than ever. For now, gold’s latest record marks another reminder that in times of economic uncertainty, investors continue to seek the safety of precious metals.
Gold prices gained on Thursday, August 28, 2025, as investors positioned ahead of the latest U.S. personal consumption expenditures (PCE) report, a closely watched inflation measure used by the Federal Reserve. The data, due Friday, is expected to show the fastest annual price acceleration in five months. Stronger inflation could complicate the central bank’s ability to cut rates despite growing market expectations for policy easing.
The metal rose 0.6% to $3,416.85 an ounce in New York trading, benefiting from a weaker U.S. dollar. The Bloomberg Dollar Spot Index declined 0.3%, while silver, platinum, and palladium also advanced.
Markets are still pricing in over an 80% chance of a September rate cut, according to swaps data. Sentiment strengthened after Fed Chair Jerome Powell signaled openness to easing at the central bank’s recent policy symposium. However, Powell stressed that uncertainty around both inflation and labor market trends remains high, particularly as new tariffs from President Donald Trump begin to filter through the economy.
Lower interest rates tend to be supportive of gold because the metal carries no yield. With borrowing costs expected to decline, gold has retained a firm bid despite consolidating below its record high above $3,500 an ounce reached in April.
Beyond inflation data, investors are monitoring political developments that could impact the Fed’s independence. Fed Governor Lisa Cook filed a lawsuit challenging President Trump’s attempt to remove her from the board over allegations of past mortgage fraud. If Trump succeeds, he could reshape the central bank with a majority of appointees more aligned with his calls for lower rates.
Markets fear that such a shift could undermine the Fed’s credibility and spark concerns about future inflation, further enhancing gold’s role as a safe-haven asset.
Gold’s gains come against a backdrop of global uncertainties. Trade frictions, geopolitical tensions, and central bank diversification away from the U.S. dollar continue to provide long-term support. Exchange-traded fund inflows into gold remain steady, signaling persistent investor appetite for protection against macroeconomic risks.
While gold has largely traded within a range since April’s peak, analysts suggest that upcoming inflation data and political developments around the Fed could serve as near-term catalysts.
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.
