Redator

A crisis is unfolding in the bond market that equity investors may not be aware of. Long-term government bond yields are rising across major economies as governments struggle to contain mounting debt burdens. Last week, Japan’s 30-year bond yield ran to an all-time high of 3.4%. The 40-year also hit a record 3.6%. The Financial Post reports the higher yields resulted from a weak bond auction that highlighted investors’ concerns over the country’s fiscal stability. Germany’s 30-year “bund” yields jumped over 12 basis points, reflecting fears over its €500 billion rearmament plan. Japan has long faced a mountainous debt problem. A 260% debt-to-GDP ratio is by far the highest among all major economies. (Reuters) What happens in Japan reverberates beyond, given that Japan is the largest holder of US Treasuries at about USD$1.3 trillion. If Japan were to sell Treasuries en masse, it could impact the ability of the United States to finance its ever-expanding spending, that is increasing under the Trump administration’s so-called Big Beautiful Bill making its way through Congress. More on that below. Japanese institutions sold $119.3 billion worth of US Treasuries in just one quarter, marking the steepest quarterly decline since 2012. US Treasury auctions are also showing signs of strain. Last week, a $16-billion auction of 20-year bonds saw weak demand, forcing yields higher. In fact, the Federal Reserve had to step in to buy up nearly $2.2 billion of the $16 billion bond issue. Last Wednesday’s bond purchase came after the Fed bought up more than $40 billion in Treasuries. The 30-year Treasury breached 5%, reflecting concerns over rising deficits and long-term borrowing capacity. As a result, Moody’s downgraded its US debt rating from the top-level Aaa to Aa1. As investor confidence in US debt declines, borrowing costs could rise (higher yields are needed to attract investors to what are now considered riskier assets), increasing the interest burden on the US government. As yields go up, the US government must spend more of its revenues just to keep up with interest payments. The Financial Post notes the United States leads other mature economies in deficit spending, with the deficit equivalent to 6.4% of GDP in 2024. Compare this to 5.8% in France, 2.8% in Germany, 4.8% in the UK, and 2% in Canada. There is growing concern that trade uncertainty, particularly in the wake of policy shifts by the Trump administration, could serve as an excuse for governments to maintain large deficits. The spectre of new tariffs, trade wars, and economic retaliation could add further pressure to already fragile bond markets. Bond markets are applying increasing pressure on governments to confront their fiscal realities, but policymakers seem unwilling to rein in spending. In an article titled ‘Bond Vigilantes Strike Back: How Soaring Yield Threaten the Global Economy — and Where to Hide’, AInvest says the bond vigilantes — those who punish governments for reckless policies by dumping debt — smell trouble: President Trump’s tax cuts, increased military spending, and a credit rating downgrade by Moody’s have eroded confidence that Washington can manage its finances. This is a major change from the situation up to now, when investors considered US government bonds a safe haven even as the national debt ballooned to $36 trillion. AInvest notes the US deficit, currently around $1 trillion, is projected to expand by $3-5 trillion over the next decade, courting disaster. This puts the Federal Reserve in a bind: It can’t cut interest rates to ease borrowing costs because inflation remains sticky. This leaves the U.S. in a stagflationary trap: high rates, slow growth, and soaring bond yields. Turning inward the yen trade reverses A key point: With foreign investors losing confidence in US Treasuries, they are turning inward, and what they are seeing is their own bonds are just as attractive, due to higher rates, and less risky than US Treasuries. Barron’s notes Japanese investors have typically invested in higher-yielding foreign securities especially US Treasuries. That included both the Bank of Japan and Japanese life insurers. Now, a Japanese investor can earn more in long-term Japanese government bonds than in 30-year US bonds, whose yields have ticked up over 5%, after deducting the cost of hedging for exchange-rate risks. So, the Japanese probably will repatriate funds that previously had pumped up other markets, especially the U.S., via the so-called yen-carry trade (borrowing at ultralow Japanese rates to buy higher-returning assets elsewhere, including Nasdaq stocks). “If sharply higher JGB yields entice Japanese investors to return home, the unwinding of the carry trade could cause a loud sucking sound in U.S. financial assets,” writes Société Générale global strategist Albert Edwards. The Economist writes, “Higher Japanese Yields Suck Money from World,” meaning that Japanese investors now do better owning their own bonds: It is no wonder that investors are reassessing the risk of long-term lending to Uncle Sam. Even before the budget bill cuts tax revenues, America’s government has borrowed $2trn (or 6.9% of GDP) over the past year. Combined with the chaotic policymaking of recent months, and Mr Trump’s threats against America’s institutions, that has put the once-unquestionable haven status of Treasuries up for debate. For more on how the jolt in Tokyo could point to more trouble ahead for global bond markets, read this Reuters story and see the following charts: A big ugly bill But the real danger facing the US government is the massive and fast-growing interest being paid on the debt. The Committee for a Responsible Budget estimated that President Trump’s “Big Beautiful Bill” (BBB) will increase the US debt load by at least $3.3 trillion and boost the annual deficit to more than 7% of GDP by 2034. In 2023 it was already at 6.3% of GDP. According to Politico, the bill includes a fresh round of tax cuts, plus hundreds of billions of dollars in new funding for the military and border security. Nonpartisan forecasts say it causes over 10 million people to lose health care coverage, while shifting resources away from low-income households to the wealthiest. The Congressional Budget Office (CBO) said the bill would reduce spending on Medicaid and food aid by nearly a trillion dollars. According to Barron’s, the BBB would put the U.S. on a continued path of budget deficits in excess of 6% of gross domestic product, while the nation’s overall debt would exceed the size of the U.S. economy… the budget deficit already is close to 6% of GDP while the economy is at full employment, and government debt is close to 100% of GDP and headed to nearly 120% in a decade’s time. The Mises Institute agrees the bill does nothing to cut overall spending and will only add to the deficit, at least $3 trillion more in coming years. This should be very worrying for the federal government since today’s auction suggests that there are indeed limits to just how much new debt investors are willing to absorb at the “usual” low-low interest rates. Rather, as it becomes increasingly clear that the Trump administration has no interest in cutting spending to slow the rising tide of federal debt, investors expect the federal government to only increase the amount of new Treasury bonds it dumps into the market. As markets see a rising supply of debt, there’s good reason to expect the price to drop—and thus drive yields higher. [bond prices move in the opposite direction of yields — Rick] It looks like Donald Trump’s spending policies will drive enormous amounts of ongoing deficit spending, and this will probably hit $4 trillion per year within the next four years. This will require the US government to dump enormous amounts of new Treasurys into the market in coming years. Will there be enough demand from investors to prevent a sizable increase in yields (and, therefore, a sizable increase in interest costs)? If Wednesday’s auction is any indication, there is good reason for the Fed and the federal government to be worried. Debt spiral The Congressional Budget Office has projected a federal budget deficit of $1.9 trillion this year, and federal debt rises to 118% of GDP in 2035, according to the CBO. The national debt currently stands at $36.2 trillion. While the size of these numbers is of concern, as long as the federal government can pay the interest on its debt — meaning it can cover the interest on the bonds it’s issued — the government is solvent. Failing to pay bondholders would mean the government has effectively defaulted on its debt, which would be a disaster for the US government and the American economy. The United States has had a budget deficit every year except four since 1970. It isn’t going to stop with the Trump administration. According to the Joint Committee on Taxation, the House reconciliation bill/ BBB would increase deficits by $3.8 trillion through 2034. The chances of the bill getting stopped in the Senate, where Republicans have a majority, are I think,nil. It will then proceed to the president for signing into law. As the debt keeps climbing, it may never have to be paid off, but at minimum, the US government must pay the interest owed to its bondholders. Concern about Washington’s ability to make those payments, and the fact that Treasury buyers require a higher rate to take on what are now considered developing country bonds, are driving Treasury yields higher, making it even harder for the government to pay its bondholders due to the increased interest rates. Apart from ever-increasing budget deficits and interest on the debt, arguably an even bigger problem is the damage to America’s reputation caused by the Trump administration, which affects the rest of the world’s willingness to sop up Treasury bonds and thus pay for US overspending. End of US dollar supremacy Donald Trump has boldly imposed a new era of US economic policy dominated by tariffs, trade wars, and threats to the sovereignty of nations it has long considered allies (Canada, Denmark, Panama), as the second-term president aims to rewrite the rules of international trade mostly by disregarding them as he pursues an America-first agenda. The cost to the United States of Trump’s trade war and “country takeover” rhetoric has already cost America its reputation. Is the US dollar and its status as the world’s most important reserve currency also about to be tossed into the rubbish bin of world history? A de-dollarization movement that started a few years ago appears to be gathering pace. What’s going on with the dollar and if it recedes or, God forbid, collapses, what are the alternatives? The US dollar is the most important unit of account for international trade, the main medium of exchange for settling international transactions, and the store of value for central banks. Because of the dollar’s position, the US can borrow money cheaply, American companies can conveniently transact business using their own currency, and when there is geopolitical tension, central banks and investors buy US Treasuries, keeping the dollar high and the United States insulated from the conflict. A government that borrows in a foreign currency can go bankrupt; not so when it borrows from abroad in its own currency i.e. through foreign purchases of US Treasury bills. Lately though, the dollar is losing its “exorbitant privilege” and de-dollarization is being pursued by countries with agendas at odds with the US, including Russia, China and Iran. A few years ago, China came up with a new crude oil futures contract, priced in yuan and convertible into gold. The Shanghai-based contract allows oil exporters like Russia and Iran to dodge US sanctions against them by trading oil in yuan rather than US dollars. Russia and China have both made moves to de-dollarize and set up new platforms for banking transactions outside of SWIFT. The two nations share the same strategy of diversifying their foreign exchange reserves, encouraging more transactions in their own currencies, and reforming the global currency system through the IMF. Most Russia-China trade is now conducted in Chinese yuan or Russian rubles, with the US dollar almost completely bypassed. Since Trump has returned for a second term, his tariffs and trade war has accelerated the decline of the dominance of the dollar. (Geopolitical Economy). GE says it’s not only governments that are seeking alternatives to the US dollar but also major financial institutions and investors. The Financial Times of Britain published an analysis from the global head of FX research at Deutsche Bank, who warned, “We are witnessing a simultaneous collapse in the price of all US assets including equities, the dollar versus alternative reserve FX and the bond market. We are entering unchartered territory in the global financial system.” Certain countries are diversifying away from the dollar, buying gold and other reserve currencies like the euro instead, or conducting trade in one another’s currencies, like yuan and rubles. JP Morgan points to two scenarios that could erode the dollar’s status. The first includes adverse events that undermine the perceived safety and stability of the greenback. “Bad actors” like Donald Trump seem to fit this description perfectly. The second factor involves positive developments outside the US that boost the credibility of alternative currencies — economic and political reforms in China, for example. The influential bank notes that signs of de-dollarization are evident in the commodities space, where energy transactions are increasingly priced in non-US dollar currencies. India, China and Turkey are all either using or seeking alternatives to the greenback, while emerging market central banks are increasing their gold holdings in a bid to diversify away from a USD-centric financial system. Watcher.Guru’s De-Dollarization Tracker identifies 55 countries that are now using non-dollar currencies to conduct international transactions. As mentioned above, new payments systems are facilitating cross-border transactions without the involvement of US banks, which could undermine the dollar’s clout. Finally, the US dollar’s share of foreign-exchange reserves has decreased, mostly in emerging markets. According to IMF data, at the end of 2024, the dollar accounted for 58% of global foreign exchange reserves, while 10 years earlier that share was 65%. Equally, the share of the US Treasury market owned by foreigners has also fallen sharply, from 50% in 2014 to around a third today. At $36 trillion and counting, interest payments on the debt now surpass the entire US defense budget. Many countries are questioning the fiscal strength of the US economy and whether holding Treasuries is worth hitching their wagon to an economy that is so deep in the red. The Council on Foreign Relations reminds us that during the Bretton Woods talks, British economist John Maynard Keynes proposed creating an international currency called the “bancor”. While the plan never materialized, there have been calls to use the IMF’s Special Drawing Rights as a global reserve currency. SDR is based on five currencies: the euro, pound sterling, renminbi, USD and yen. Proponents argue it would be more stable than one national currency. Many experts agree that the dollar will not be overtaken by another currency anytime soon. More likely is a future in which it slowly comes to share influence with other currencies. Renowned economist Stephen Roach believes that we are heading for a ‘Stagflation for the Ages’, writing in Project Syndicate that The supply-chain disruptions during the pandemic look almost quaint compared to the fundamental reordering of global trade currently underway. This fracturing, when coupled with US President Donald Trump’s attacks on central-bank independence and preference for a weaker dollar, threatens a prolonged period of stagflation. The US decoupling from global trade networks, especially from China-centric and US/Canada/Mexico-centric supply chains, will reverse supply-chain efficiencies that reduced inflation by at least half a percentage point a year over the past decade. The reversal is likely to be permanent. Also, the reshoring of manufacturing to the US will not be seamless, nor accomplished in the short time, with projects taking years to plan and construct. Finding workers for mostly low-paying jobs seems to be an issue. Frank Holmes of U.S. Global Investors believes investors think gold is a classic fear trade that retail investors are still sorely underexposed to. I believe they should be scared; economic signs point to a coming bout of stagflation. A stagflationary environment is one where economic growth is decelerating, and inflation remains high. Is the US on a road leading to possible stagflation and recession? Tariffs are thought by most to be inflationary. Decelerating growth should mean more job losses on top of federal job loss programs underway, through DOGE. The US, and perhaps large parts of the global economy are on the road to stagflation. The Federal Reserve agrees, The Hill reports: Minutes from the May meeting of the Federal Reserve’s interest rate-setting committee show stagflationary risk to the economy as a result of new White House trade policies and higher projections for unemployment through the next couple of years… Officials felt that “the labor market was expected to weaken substantially, with the unemployment rate forecast moving above the staff’s estimate of its natural rate by the end of this year and remaining above the natural rate through 2027.” The Fed projected in March an unemployment rate of 4.4 percent for 2025 and of 4.3 percent for 2026 and 2027. The May minutes suggest those numbers will be higher. With the dollar in retreat and the bond market in chaos, where should an investor go for protection, other than cash, which seems like a bad idea with stagflation right around the corner. Commodities The answer is commodities. The Financial Post agrees that “investors should consider having some exposure to real assets such as commodities to protect purchasing power.” Gold Gold does well in stagflationary periods and outperforms equities during recessions. In fact, gold outperforms other asset classes during times of economic stagnation and higher prices. The table below shows that, of the four business cycle phases since 1973, stagflation is the most supportive of gold, and the worst for stocks, whose investors get squeezed by rising costs and falling revenues. Gold returned 32.2% during stagflation compared to 9.6% for US Treasury bonds and -11.6% for equities. When inflation started rising in March 2021 gold was trading around $1,700/oz. Over subsequent months, both gold and inflation headed higher, with the CPI topping out at 9% in July 2022 and gold reaching $2,050 in March 2022. Forbes notes “Stagflation creates economic uncertainty because it challenges the traditional relationship between inflation and unemployment. Historically, gold benefits in economic uncertainty.” Silver Silver, like gold, is a precious metal that offers investors protection during times of economic and political uncertainty. However, much of silver’s value is derived from its industrial demand. It’s estimated around 60% of silver is utilized in industrial applications, like solar and electronics, leaving only 40% for investing. The lustrous metal has a multitude of industrial applications. This includes solar power, the automotive industry, brazing and soldering, 5G, and printed and flexible electronics. What makes the current silver market particularly compelling is the persistent supply-demand imbalance. If projections hold true, 2025 will mark the fifth consecutive year of silver deficit. The market is exceptionally tight, with industrial demand steadily climbing while supply from mining and recycling has remained relatively flat. (Economic Times) But silver hasn’t kept up to gold’s impressive gains of late. While gold reached a record $3,500 in April, silver has remained subdued, struggling to breach even the $35 mark. Ahead of the Herd thinks that the gold-silver ratio, currently at 99.5 (meaning it takes 99 oz of silver to buy one oz of gold, the ratio has averaged 60:1 since early 1970’s), shows silver may be undervalued compared to gold, indicating a potential for upward price movement. Copper S&P Global produced a report in 2022 projecting that copper demand will double from about 25 million tonnes in 2022 to 50Mt by 2035. The doubling of the global demand for copper in just 10 years is expected to result in large shortfalls — something we at AOTH have been warning about for years. Copper smashed a record on Wednesday, March 27, with the most traded contract on the COMEX reaching $5.37 a pound or $11,840 a tonne. Traders predicted at a Financial Times commodities summit in Switzerland that the metal could reach at least $12,000 a tonne this year as supply concerns flare up globally. (Mining.com). Global copper consumption has increased steadily in recent years and currently sits at around 26 million tonnes. 2023’s 26.5 million tonnes broke a record going back to 2010, according to Statista. From 2010 to 2023, refined copper usage increased by 7 million tonnes. Wall Street commodities investment firm Goehring & Rozencwajg quoted data from the World Bureau of Metal Statistics confirming that global copper demand remains robust, outpacing supply. The shift to renewable energy and electric transportation, accelerated by AI and decarbonization policies, is fueling a massive surge in global copper demand, states a recent report by Sprott. Increasing investments in clean technologies like electric vehicles, renewable energy and battery storage should cause copper demand to climb steadily, and challenge global supply chains to meet this demand. The report cites figures from the International Energy Agency (IEA), such as global copper consumption growing from 25.9 million tonnes in 2023 to 32.6Mt by 2035, a 26% increase. Clean tech copper usage is expected to rise by 81%, from 6.4Mt in 2023 to 11.5Mt in 2035. On the supply side, BHP points to the average copper mine grade decreasing by around 40% since 1991. The next decade should see between one-third and one-half of the global copper supply facing grade decline and aging challenges. Existing mines will produce around 15% less copper in 2035 than in 2024, states the company. “Most of the high-grade stuff’s already been mined,” says Mike McKibben, an associate professor emeritus of geology at University of California, Riverside, quoted recently by NPR. “So, we have to go after increasingly lower grade material” that costs more to mine and process, he says. Shon Hiatt, a business professor at the University of Southern California, said, “It’s projected that in the next 20 years, we will need as much copper as all the copper that has ever been produced up to this date.” Conclusion The number of tense geopolitical hot spots around the world (Syria, North Korea, Taiwan, Iran, Israel, Ukraine) is reason enough to consider investing at least part of your portfolio in gold and silver — either the physical metals or mining stocks which leverage higher prices. With Ukraine now free to use long-range missiles that can strike deep into Russia, I believe the Russia-Ukraine war is extremely dangerous. Especially considering that Russia is a nuclear-armed nation with a paranoid leader in Vladimir Putin. On the other hand, Russia is a middle economic power without the resources to support a strong war effort. A nuclear strike is unlikely considering that France and England alone could destroy Russia with their nuclear arsenals. Sooner or later Putin will realize that he’s pushed the EU and NATO as far as they will go, and now with 80 senators pushing Trump to increase sanctions, there should soon be light at the end of the dark tunnel in Ukraine. With respect to Iran, I believe a nuclear deal will be signed. It won’t be much different from the agreement Tehran signed with Obama but it’ll have Trump’s name on it. The wild card is Israel, but my thinking is that Israel is letting the US negotiate a deal with Iran in return for giving Israel a free hand in Gaza and the West Bank. The bottom line is that cooler heads are prevailing globally, perhaps with the exception of Ukraine. Still, we have to recognize that with Trump at the helm, any sudden announcement could result in a market correction, which could affect metals including gold, silver and copper. Do I believe we’ll return to the United States being the world superpower? No, I don’t. I think that horse has left the barn. A lot of people — think China, Russia, Iran — are taking advantage of the shift to US isolationism and its chaotic way of handling foreign policy. Amongst US allies, trust has been broken and faith in the US government has been shaken to the core; countries are starting to realize that in trade they can’t rely on the United States anymore. Countries are soon going to realize that they’ve depended on the United States for far too long and that they would be better off talking and trading amongst themselves. Canada is a good example, with Prime Minister Carney making overtures towards Mexico, the UK and the EU. Despite some talk of Alberta separating, the country has never been more united, with the premiers discussing ways to lessen or eliminate inter-provincial trade barriers. The Buy Canada movement is in full swing. However, I do see a multi-year period of adjustment during which supply chains shift and countries that used to deal primarily with the US become more self-sufficient and wary. This, along with US tariffs, are what’s behind my stagflation thesis. Stagflation may be bad for growth and a bummer for consumers due to continuing inflation, but stagflation is also good for commodities, especially when the dollar is weak. In this environment I don’t see the prices of gold, silver and copper going back to where they were before. Gold, I believe will continue to trade anywhere between $3,000 and $3,500 an ounce, the gold-silver ratio should decline and lift silver, especially given a fifth straight year of supply deficits, and copper could reach $5 a pound this year. With country groupings like the BRICS and ASEAN becoming more important, and de-dollarizing continuing, we could be moving towards a basket of currencies that exists alongside slowly declining US dollar usage. Also, with more central banks and large institutional investors buying their own bonds rather than US Treasuries, we could see investments becoming more localized. We could even see a worldwide spend on infrastructure as supply chains shift, which would be great for copper, iron ore, nickel, steel, and a host of other commodities. Canada again is a good example with a proposed energy corridor. The bottom line? In an unstable world, commodities — real, tangible assets — are the last safe haven standing. And the greatest leverage to rising commodity prices are junior resource companies. Legal Notice / Disclaimer Ahead of the Herd newsletter, aheadoftheherd.com, hereafter known as AOTH. Please read the entire Disclaimer carefully before you use this website or read the newsletter. If you do not agree to all the AOTH/Richard Mills Disclaimer, do not access/read this website/newsletter/article, or any of its pages. By reading/using this AOTH/Richard Mills website/newsletter/article, and whether you actually read this Disclaimer, you are deemed to have accepted it.

Longtime mining industry executive W. R. “Bob” Dengler, an engineer who built Canadian startup Dynatec into one of the country’s biggest mine contractors and operators, has died. He was 84. Dengler passed away peacefully on May 15 in Aurora, Ontario, his family said in an emailed statement. No cause of death was disclosed. “Bob Dengler is undoubtedly a mining legend,” former Iamgold CEO Stephen Letwin wrote in a 2018 letter of recommendation for an award. “He stands out for his entrepreneurial mindset, the strategic vision he has brought to the industry and the lasting value his efforts have generated for Canada’s economy.” Early mining exposure Born in the mining community of Kirkland Lake, Ont., Dengler worked as a hard rock miner during his university years – an experience that his family says instilled in him “respect for hard work and a drive to revolutionize the industry.” After graduating with a bachelor of science in mining engineering from Queen’s University in 1965, he joined the contracting firm J.S. Redpath as a project engineer in North Bay. He spent almost 16 years at the firm, becoming vice-president and general manager in 1971. Founder James Redpath would later describe him as “strong on safety, generous, not shy and tough.” Danger sparked mission A defining moment occurred early in his mining career when Dengler was pinned between two 12-ton buckets in a near-fatal underground accident, fracturing his pelvis. The experience put him on a lifelong mission to improve mining safety, according to friend and business partner William Shaver. Together with Fred Edwards, Dengler and Shaver founded Dynatec in 1980. Under Dengler’s leadership, Dynatec evolved from a fledgling startup with a single pickup truck into an international player with ownership stakes in major mining operations. Going global The 1988 acquisition of Tonto Mining and Tonto Drilling allowed Dynatec to more than double in size and gain a foothold in U.S. states such as Utah and Colorado. The company changed its name to Dynatec International to reflect this newfound scale. In 1997, Dynatec International merged with Sherritt International’s hydrometallurgical technologies unit. The new Dynatec Corporation became a publicly listed company on the Toronto Stock Exchange and started running small mining operations, gradually developing the ability to handle larger projects such as Inco’s Shebandowan nickel mine in Ontario. In 2003, Dynatec acquired a majority stake in the Ambatovy nickel project in Madagascar from Phelps-Dodge. After buying out Phelps-Dodge two years later, the company was named project operator and brought on Japan’s Sumitomo as partner. Ambatovy would go on to become one of the world’s biggest nickel and cobalt mines. Dengler retired as CEO in 2005 and served as the company’s vice chairman until 2007. That year, Sherritt acquired Dynatec for about $1.6 billion. The deal included the company’s holding in Ambatovy and a stake in FNX Mining. Industry man Over the years, Dengler published multiple technical papers and served on the boards of companies such as Iamgold, Denison Mines, Rockgate Capital, TVX Gold, and Lundin Mining, as well as with the Mining Association of Canada. His contributions to the industry earned him an Honorary Doctorate from Queen’s University 1988 and the Canadian Institute of Mining Metallurgy and Petroleum’s McParland Memorial Award in 1990. Dengler believed in the power of research and development. Under his watch, Dynatec developed innovations such as the “Long Round Technology,” a concept based on the use of a single large diameter drilled cut in lieu of a burn or shatter cut that the company said improved drilling productivity by more than 20%. An avid reader of the life histories of high achievers, Dengler told The Northern Miner in a 1992 interview that he hoped his biographer would one day portray him as a company builder who left a legacy of relentlessly pursuing technological innovation. Can-do attitude Dengler’s reputation in Canadian mining circles was that of “a reliable, straightforward and ‘can do’ executive,” former Sherritt International CEO Ian Delaney wrote in a 2018 letter of recommendation. A sports car aficionado, Dengler loved Ferraris and enjoyed watching Ferrari’s Formula 1 team race in his spare time. He also enjoyed golf and travel. Spreading his wings He earned his helicopter pilot licence in 2005, at the age of 66. Five years later, he bought a Canadian-made Bell 429 model. Dengler and his son Steven flew the Canada 150 Global Odyssey, the first Canadian circumnavigation of the world by helicopter, in 2017. The journey received several awards and accolades, including an Exceptional Air Sports Performance by the Fédération Aéronautique Internationale. Guinness World Records recognized the pair for their achievement in 2023. “My life has been full of adventures. I’ve worked all through the Arctic. I’ve travelled to over 100 countries in the world. (…) You go to these different places and you face all sorts of unknowns and you deal with them,” Dengler told Vertical magazine in a 2017 interview. “I learned how to deal with adversity, and you just deal with it. You find your way around it.”

Markets generally move in two primary ways: trending or rangebound. Trending markets are popular among traders for their directional clarity. They offer chances to ride momentum, add to positions, or fade extremes. They also give structure and potential for extended moves. However, rangebound markets are also full of opportunities. They provide clear levels where one knows when he is wrong and help to assess if prices are elevated or cheap. (Even though this is always a touchy subject in Trading - everything is relative!) Markets in range rhyme with a general acceptance of prices, and buyers and sellers balance out. GBPJPY has been in a large range since September 2024 - let’s dive into how to determine a range on trading charts. How to spot a range - GBPJPY Daily Timeframe close GBPJPY Daily Chart, May 30 2025. Source: TradingView /media/images/Screenshot_2025-05-30_at_2.50.47PM.width-1400.png The first step is to spot that moves up, followed by sharp reversals. This will typically be done with two bounces on higher prices and two on lower prices. The second step is to monitor your moving averages, preferably for a higher period (Above 100): you want to observe some flattening of the MA. Moving averages are usually sloped in the trend’s direction in trending markets. A third step is to add indicators such as the RSI or MACD. You will want to see how candles respond to overbought and oversold conditions: In trending markets, overbought don't always rhyme with reversals, usually consolidation before continuation of the trend.On the other hand, the same conditions will be met with sharp reversals in rangebound markets. You will then want to draw levels where you will place your resistances and supports. On this example, you can observe an extreme resistance (situated between 198.700 and 200.00) and an extreme support (184.500 to 186.00). There is also a tighter range: The intermediate resistance - 195.50 to 196.50 The intermediate support - 189.50 to 190.50 More prudent traders will want to wait for the extreme ranges while traders that want to generate more trades may use both. The idea is to place a short when we enter the resistance zone and a long when we enter the support zone. Drawing the Support and Resistance levels close GBPJPY Daily Chart, May 30 2025. Source: TradingView /media/images/Screenshot_2025-05-30_at_2.15.18PM.width-1400.png Ranges have different shapes and forms with the usual common idea: prices revert when they are at extremes. You can either put line levels, though supports and resistances tend to move more in zones, which give a bit less chance for fake breakout signals. This range in GBPJPY is very volatile, as it is part of this currency pair's nature. Placing the trade close GBPJPY 4H Chart, May 30 2025. Source: TradingView /media/images/Screenshot_2025-05-30_at_3.21.45PM.width-1400.png On this example, you may place your stop losses beyond the support and resistance zones. You can set alarms on your charts to know when you are entering your zones of trading interest then take your decision. In terms of profit targets, it is up to you, although most guides point towards a risk-to-reward ratio above 2. Once you have your stop pre-determined, you can use this rule to find where you will take profits. You can also wait until the other extreme to close your trade. Where to take precautions In trading, there is always a possibility of things changing. This will usually happen around headlines or key economic data events. Always stay in touch with the latest themes and trends. Also make sure to always know what economic data releases are expected, as they may change the dynamics of what is expensive or cheap. Make sure to always watch your orders and take care of your risk. Safe trades! Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © {CURRENT_YEAR} OANDA Business Information & Services Inc.

Tungsten prices on the European spot market hit the highest level in 12 years this month, driven by China tightening its grip on critical mineral exports. Tungsten is a smaller market, with an estimated value of around $5 billion in 2023. But the industries that depend on it are getting exponentially bigger, and it is the material of choice for a key defense application – what the military calls penetrators – high-density, armour-piercing projectiles. Its also required in US Department of Defence (DoD) contracts. Tungsten production in the US ceased in 2015. The US had been mining tungsten, but it was no longer commercially viable due to low prices and competition from China. The Asian giant dominates global tungsten production, accounting for over 80% of last year’s total output of 81,000 tons, according to the USGS. In a report published early this year by Hallgarten & Company: Tungsten Review: A Matter of Urgency, the authors point out there were few survivors of the tungsten slump that had ravaged the sub sector since the start of last decade. “Now, Tungsten has ‘turned on a dime’ with its role as the prime military metal prompting a rush to restock supplies and reestablish non-Chinese supply lines in this critical metal for Western defense and industry,” the authors write. Aiming to fill the domestic production gap, this week, American Tungsten started construction and building work for the mine plan at its Ima project in Idaho. Between 1945 and 1957, the property produced approximately 199,449 metric ton units of tungsten trioxide (WO3). Primary producer outside China to redomicile to the US Almonty Industries, (TSX: AII) (ASX: AII) (FSE: ALI) the largest tungsten mining company in the world outside of China, is nearing first production at its Sangdong mine in South Korea, with material bound for US markets. “We’re now almost completed the full construction,” Almonty Industries CEO Lewis Black told MINING.com in an interview. Almonty Industries is a niche player in tungsten, servicing mainly heavy industries, and also has operating mines in Spain and Portugal. Black said Almonty is planning to redomicile in the US while keeping its listing on the ASX, FSE and TSX. “We’re redomiciling because we have two critical metals in a supersized mine, two mines in a safe jurisdiction,” Black said. “All of our material pretty much goes to the US anyway, and some will go into Korea.” “It just felt like the right time,” Black said about the decision to redomicile. “You never know what’s going to go on with these tariffs. We all have differences, but…politics just gets weirder across the world. So geopolitics is no longer about national interest. “This tension between the US and China – you have to ask yourself, when is it going to end? How is it going to end? I think as a strategic metal producer, you have to now look at ways of staying out of the fight. Finding a safe haven while the politicians duke it out.” “I firmly believe that national security arguments are only a heartbeat away from being utilized to look at these strategic metals that we all need,” Black said. “I think that we’ve, whether we like it or not, we’ve transitioned now into more of a defense stock.” Almonty Industries has now attained membership in the Critical Minerals Forum (CMF), a US Defense Advanced Research Projects Agency (DARPA)-funded not-for-profit trade association dedicated to building resilient and diversified critical minerals supply chains. Almonty was invited to join the CMF as the main Western tungsten producer and accepted membership into the DoD-sponsored policy think tank. Black said the spotlight was shone on tungsten as China was already pulling most of the non-Chinese concentrate into China last year, and then Biden put tariffs on the industry the month before he left office. “Then we saw them put up this barrier of saying no dual use. So restricting all exports. Then we saw guys who thought, ‘well, I’ve been buying from China for 25 years. It doesn’t apply to me,” Black said. “But then the problem is this is a CCP decision. It doesn’t matter how great friends you are – no Chinese company is going to go around the CCP.” “And what we’ve seen from our shareholders and from our customers, predominantly, is that there’s no other source,” Black said. “We really are at a huge disadvantage in terms of diversification. But tungsten, there isn’t an option. So it’s entered into a very uncomfortable phase.” Sangdong ramp up in South Korea Almonty has been working to bring the Sangdong mine back into production since acquiring it in 2015. Ore is currently brought to the surface, and the processing plant is expected to be commissioned in July. “When it’s fully expanded, it will produce close to 40% of non-Chinese supply, Black said, noting the inevitable hurdles to be overcome to bring a mine into production. “Ten years ago, you got a permit, you started mining, you produced some ore, some concentrate, happy days. Now, I would say mining is less than 50% of what I have to do in a day. The other 50% is filled with, stay[ing] on top of regulations, because I only work in democracies. “Regulations are constantly being amended, changed or reinterpreted. So you have to stay very cognizant of the fact that things can change very quickly.” The DARPA-funded Critical Minerals Forum that Almonty joined last week is focused on facilitating the collaboration needed for “increased and reliable production of critical minerals by convening leading critical mineral miners, processors, and end-users across the minerals supply chain as well as investors and government institutions.” Black said the plan, as the Sangdong mine in South Korea comes back online, is to ship concentrate to a smelter in Korea, and then the moly oxide is going to be utilized in specialty steel, which then goes to plants in Texas – all part of what could be an emerging, more diversified supply chain. With China tightening its grip on tungsten exports, producers outside its borders are stepping into a rare moment of global opportunity, Black tells MINING.com host Devan Murugan in an interview. Watch here: China’s tungsten curbs open door for global producers – Almonty CEO

MINING.COM and The Northern Miner mapped global rare earth production through a geopolitical lens, dividing the world into five “spheres of control”: Chinese, American, Russian, Coalition of the Willing, and Undrafted. These groupings reflect geographic, social, cultural, and economic ties—and possible alignments in a more polarized world. Watch: In this 18-minute presentation at the CentralMinEX conference in Newfoundland, TNM Group President Anthony Vaccaro examines how the world is fracturing into competing spheres of control. (By Anthony Vaccaro; Files from: Ali Ravaghi; Creative: James Alafriz)

USDCAD had seen a decent rebound from last week lows, starting the week at 1.36850. It was a generally positive week for the US Dollar and a relatively muted one for the Loonie. A lack of key economic data before this morning led to some recovery in the USD, particularly as earnings came in overall better than expected. We just received the report for the Core PCE Data which came in as expected, at 2.5% Y/Y. This piece of data is what the FED wants to see to resume the cut cycle that had began in September 2024, taking the Effective FED Funds Rate (The main US Policy rate) from 5.50% to the current 4.25%. The last 25 bps cut was done in December 2024. The Bank of Canada on the other hand was cutting rates aggressively from June 2024 to March 2025 and paused at last meeting - Taking the Policy Rate from 5% to the current 2.75%. The Central Banks and the market are now waiting for further influence from the Trump tariffs to implement more changes to their stance, as USDCAD had gone from 1.3450 to 1.4750 between October 2024 to February 2025. Observe the key levels for the pair through a multi-timeframe technical analysis. USDCAD Technical Analysis - From the Daily to the Hourly Timeframes USDCAD Daily Chart close USDCAD Daily Chart, May 30, 2025. Source: TradingView /media/images/Screenshot_2025-05-30_at_10.35.59AM.width-1400.png USDCAD has been a volatile pair, to say the least, as we’ve seen many themes adding to the depreciation of the Canadian Dollar: the aggressive rate cuts from the BoC, tariffs on key sectors, including Steel and Aluminum production - one of the key producing sectors for Canada - and unforeseen trade tensions between the two neighboring nations. USDCAD is now moving toward levels last seen in October 2024 and towards what has before been a more typical range for the pair, between 1.30 and 1.40. Prices are moving towards the main daily support between 1.3686 to 1.3730. The next daily support is 1.3550 - 1.3600. If prices were to rebound from here, look toward the Main Daily Resistance zone: 1.3750 to 1.38. A break of that would hint toward the next Daily Resistance at 1.41 - 1.4150. USDCAD 4H Chart close USDCAD 4H Chart, May 30, 2025. Source: TradingView /media/images/Screenshot_2025-05-30_at_10.27.13AM.width-1400.png Prices have just gone through the preceding S1 zone that was located between 1.3780 to 1.3800, having rejected the highs after yesterday's US Federal Court announcement to terminate Trump's plan to impose tariffs - what has been named the Trump Taco. Since USD weakness has been observed throughout different markets, the USDCAD has also been influenced by that theme. Trump has also spoken more about the Canada Annexation theme with his plans for a Golden Dome, though those are just some of the several foolhardy quotes from the US President. Prices are now approaching S2 levels between 1.3740 and 1.3760. USDCAD 1H Chart close USDCAD 1H Chart, May 30, 2025. Source: TradingView /media/images/Screenshot_2025-05-30_at_10.28.24AM.width-1400.png The 1h Chart takes a deeper look at where prices could stall. The MA 50 on the hourly timeframe is actually adding more pressure in the rejection, pointing more towards S3 levels between 1.37 and 1.3720. If prices break further, look towards prices stalling in the heart of the Daily Support Level as we can observe a technical confluence with the high of the descending channel. Any rebound from here hints at the Main Pivot situated at 1.38150. Safe Trades! Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © {CURRENT_YEAR} OANDA Business Information & Services Inc.

Gold prices dropped more than 1% on Friday as markets digested the latest tariff developments, while a softer inflation report in the US kept hopes for a rate cut alive. Spot gold fell back below $3,300 an ounce during the morning session, trading at $3,281.24 for an intraday gain of 1.1% by 10:45 a.m. ET. US gold futures also fell 1.1% to $3,307.40 an ounce in New York. Live Gold Price Chart and Real-Time Updates Meanwhile, the US dollar index ticked 0.3% higher to make gold more expensive for buyers. Gold traded lower despite renewed tensions between the US and China, with US President Donald Trump claiming that China had violated their trade agreement. On Thursday, Treasury Secretary Scott Bessent called negotiations with China “a bit stalled,” which fueled uncertainty in global markets. “Gold, at this point in time, is pulling back off these recent highs and is in a consolidation period,” said David Meger, director of metals trading at High Ridge Futures, in a Reuters note. “Gold is under slight pressure as we’re seeing a little lesser need for safe haven, but it does look like there is going to be significant pushback from Trump and that will eventually help prices.” New data on Friday showed the US personal consumption expenditures (PCE) price index rose 2.1% year on year in April, versus a 2.2% forecast. After the report, traders doubled down on bets that the Federal Reserve will cut its target for short-term borrowing costs this September. Bullion, which thrives in a low-interest rate environment and periods of high inflation and economic uncertainty, has been one of the top-performing assets this year, gaining more than a quarter. Last month, it set a new record high of $3,500.05 an ounce. (With files from Reuters)

Why is crypto crashing? One reason is that the regulatory turf war over crypto might finally be nearing a conclusion, and it’s not all good news. A new bill—called the CLARITY Act—has landed in Congress, proposing to wrest oversight of digital assets away from the SEC and hand it to the CFTC. If passed, the legislation could redraw the map for how crypto is governed in the U.S. and finally give developers, exchanges, and investors the rules they’ve been asking for. But many aren’t putting faith in a Congress whose approval rating is at a record low. 24h7d30d1yAll time DISCOVER: 9+ Best High-Risk, High-Reward Crypto to Buy in May 2025 Why is Crypto Crashing? A Bold Move to Redefine Crypto Oversight Congress? The same Congress that had done absolutely nothing for decades. Whose approval rating is at record low. That Congress? Well, um, yes! The CLARITY Act cuts through years of bureaucratic fog with one blunt proposal: treat most digital assets as commodities, not securities. That means shrinking the SEC’s reach and putting the Commodity Futures Trading Commission in the driver’s seat. Rep. Bryan Steil, who chairs the House Financial Services Subcommittee, says it’s a move aimed at keeping the U.S. ahead in the global crypto race. “Our bill secures American dominance, democratizes digital assets, unleashes innovation, and protects consumers from fraud,” Steil stated. ICYMI: The CLARITY Act has been introduced to finally establish clear rules for crypto@RepFrenchHill of Arkansas is leading the charge on what could be the most important crypto legislation we've ever seen in this country. He's joined by a bipartisan group of co-sponsors… pic.twitter.com/07yXUAZW1J — Max Avery (@realMaxAvery) May 29, 2025 That redefinition would give clear cover to major digital assets like BTC, ETH, SOL, and DOGE, which have long operated in legal gray zones. The bill’s political support cuts across party lines, with Democrats Angie Craig, Ritchie Torres, and Don Davis signing on. In a divided Congress, that kind of coalition doesn’t form unless the stakes are real. “This is about keeping the U.S. in the game,” said Rep. Dusty Johnson. “Without clarity, we fall behind.” DISCOVER: 20+ Next Crypto to Explode in 2025 Provisions That Change the Game The bill defines most crypto assets as “digital commodities,” including governance tokens like WLFI, issued by World Liberty Financial. It also sketches out a new category—“mature blockchain systems”—for networks that are open-source, decentralized, and cap individual ownership. Exchanges will have a choice to register with the CFTC if they trade digital commodities, or stay under SEC scrutiny if dealing in securities. The CFTC would also get sole jurisdiction over spot markets under the bill. Why is Crypto Crashing? What This Means for the Crypto Industry By shifting authority from the SEC to the more hands-off CFTC, the CLARITY Act could lower the barrier for entry in crypto—less red tape, more room to build. Projects like Ethereum and Solana may gain traction as developers and investors finally get regulatory breathing room. DeFi platforms and wallets would also be exempt from SEC interference, a clear win for the open-source crowd. But don’t bet on a smooth ride. This is Congress we’re talking about and Trump’s pushing for an ambitious August deadline for crypto regulation. EXPLORE: XRP Price Jumps 11% After SEC Crypto Unit Tease XRP ETF Progress Join The 99Bitcoins News Discord Here For The Latest Market Updates Key Takeaways Why is crypto crashing? One reason is that the regulatory turf war over crypto might finally be nearing a conclusion, and it’s not all good news. By shifting authority from the SEC to the more hands-off CFTC, the CLARITY Act could lower the barrier for entry in crypto. The post Why Is Crypto Crashing? Everything to Know About New Congress Market Bill appeared first on 99Bitcoins.

No cuts, no hikes—just more economic pain and investors are blaming it on President Donald Trump. Meanwhile, as crypto crashes, a new meme coin is making headway in the market. The Fed’s May minutes show rates staying locked at 4.2% to 4.5%, reflecting unease beneath the surface. Inflation hasn’t gone anywhere, the labor market is still tight, and the economy’s slowing just enough to make everyone nervous. #TACO pic.twitter.com/zOiHtKUJd1 — (@Tish573) May 28, 2025 DISCOVER: 20+ Next Crypto to Explode in 2025 Donald Trump’s Trainwreck Meeting With Jerome Powell This Week On Thursday, Trump brought Fed Chair Jerome Powell into the West Wing for their first face-to-face since January and pressed him to slash interest rates. Powell didn’t budge. According to the Fed’s official readout, decisions would be made “solely on careful, objective, and non-political analysis”—a not-so-subtle reminder of the central bank’s independence. The White House didn’t dispute it. “Correct,” said spokeswoman Karoline Leavitt when asked about the Fed’s official statement. Critics wasted no time labeling Trump “TACO”—Trump Always Chickening Out—accusing him of posturing online but backing down face-to-face. The same charge was leveled during his tariff standoff with China, where tough talk often fell short of follow-through. (X) Trump told Powell he’s making a mistake. Powell gave Trump his statement to which Trump said, “late Powell, you are correct.” End of talks. DISCOVER: 9+ Best High-Risk, High-Reward Crypto to Buy in May 2025 Market and Crypto Reactions, Time to Invest in a New Memecoin? At May’s FOMC meeting, the Fed held rates at 4.5%, with Powell insisting there’s no need to flinch—yet. “ We are comfortable with our policy stance,” he said, though he acknowledged the toolkit is still in reach if things shift. 99Bitcoins analysts see the current numbers as a mixed bag. Inflation is stuck at 2.6%, above the Fed’s 2% comfort zone. Unemployment has crept up to 4.2%. and GDP is down 0.3% in Q1. In an interview, former Dallas Fed President Robert Kaplan said that the decline may not reflect a true slowdown—but it’s enough to keep markets twitchy. “The Fed’s current status is the right thing to do… It’s wise to remain patient.” BTC Bull – Trending New Meme Coin ICO Featuring Free Bitcoin Airdrops With Bitcoin’s next surge on deck, a new meme coin BTC Bull Token ($BTCBULL) is quietly positioning itself as more than hype. Built to reward—and shrink—it hands out BTC airdrops to holders and cuts supply every time Bitcoin breaks through a new ceiling. The next target is $125,000. If hit, 15% of the token’s total supply gets wiped from circulation. (BTCBULL Presale) If Bitcoin hits $150K or $200K, expect more BTC airdrops for token holders. And at the big $250K milestone, the project plans to drop 10% of its entire supply straight into the hands of the $BTCBULL community. With over $6.5 million already raised in its presale and staking yields pushing 63% APY, the hype isn’t just noise—it’s backed by serious momentum. Tokens are currently priced at $0.002535. ICO Project Token Ticker Network Raised So Far Accepted Coins BTC Bull Token $BTCBULL Ethereum $6.55 million ETH, USDT, BNB Visit BTC Bull Token EXPLORE: Tether CEO Paolo Ardoino Hopes For Net Positive From US Elections, Says Bitcoin Strategic Reserve Is A Great Idea: 99Bitcoins Exclusive Join The 99Bitcoins News Discord Here For The Latest Market Updates Key Takeaways No cuts, no hikes—just more economic pain and investors are blaming it on President Donald Trump. Critics wasted no time labeling Trump “TACO”—Trump Always Chickening Out. The post Will Fed Cut Rates in June? Inflation Fears Trigger BTC Rotation to New Memecoin appeared first on 99Bitcoins.

Panama has approved First Quantum Minerals’ (TSX: FM) maintenance plan for the shuttered Cobre Panama copper mine, clarifying that this does not signal a restart of operations. Trade and Industry Minister Julio Moltó said the endorsed plan is aimed at preventing environmental damage and preserving equipment that has sat idle for nearly 20 months. He stressed that the site remains closed and that the initiative is strictly for environmental protection and site care. “The mine is not being reopened. We’re authorizing the implementation of the care and safe management plan to ensure it is environmentally protected,” Moltó said, according to Prensa Latina. The plan, which includes updated environmental and legal protocols, was deemed necessary following the abrupt government-ordered shutdown in late 2023 under the previous administration. Ten government agencies, including the Ministry of the Environment, will oversee implementation. Moltó said First Quantum will fund and carry out the plan, though he did not disclose its cost or exact duration. Experts estimate the work could take three to six months, accounting for environmental safeguards and eventual copper export. “Supervision will ensure that this material can be extracted and processed in the best possible way so that it can then be exported,” he added. MINING.COM Editor-at-Large Frik Els shares insights from his recent visit to the site, where he spoke with local residents, employees, and company officials. First Quantum announced in March that it would pause arbitration proceedings in hopes of resuming negotiations with the Panamanian government on the mine’s future. Cobre Panamá, a $10-billion project and Central America’s largest open-pit copper mine, accounted for about 5% of Panama’s GDP before the shutdown and generated roughly 40% of First Quantum’s annual revenue. Its closure has weighed heavily on both the company’s and the country’s economic outlooks. President José Raúl Mulino has signalled interest in a new partnership model that reinforces national ownership of the mine, but he cautioned that a full closure could take up to 15 years due to its scale and economic significance. The mine directly and indirectly supported tens of thousands of jobs. “Let’s be smart and get the most benefit as Panamanians from a mine we already have,” Mulino said earlier this month. One of the strangest chapters in copper mining is drawing to a close Before the forced halt of operations, Cobre Panamá produced more than 330,000 tonnes of copper and was on track to reach an annual throughput of 100 million tonnes by the end of 2024, placing it near the top of the world’s copper throughput ranking.

The yen is higher on Friday. Iin the European session, USD/JPY is trading at 143.63, down 0.37% on the day. Tokyo core inflation higher than expected at 3.6% Tokyo core CPI climbed to 3.6% y/y in May, up from 3.4% in April and above the market estimate of 3.5%. This marked the highest level since Jan. 2025. Tokyo core inflation is viewed as the leading indicator of nationwide inflation trends and is closely monitored by the Bank of Japan. Tokyo core CPI, which excludes fresh food, was driven higher due to due higher non-fresh food prices, particularly rice which has soared 93% over the past year. The jump in core CPI bolsters the case for a BoJ rate hike. The markets had anticipated a rate hike in October but today's strong inflation report could accelerate the timing of the next rate hike. At the same time, the uncertainty caused by US trade policy may force the BoJ to delay any rate hikes until the impact of US tariffs on Japan's economy becomes clearer. Federal Appeals Court reinstates tariffsUS President Trump's controversial tariffs have sent the financial markets on wild swings. Now, US courts are weighing in on whether Trump exceeded his authority when he imposed the tariffs. A trade court panel ruled this week that most of the tariffs were illegal but on Thursday, an appeals court granted the Trump administration a temporary pause, keeping the tariffs in effect. The legal fight over the tariffs has just begun and could go all the way to the US Supreme Court. In the meantime, the legal challenge has blown a hole in Trump's tariff policy and is causing even more uncertainty in the financial markets. USD/JPY Technical USD/JPY has pushed below support at 143.98 and 143.79. Below, there is weak support at 143.54 followed by 143.35The next resistance lines are 144.23 and 144.42 close USDJPY 4-Hour Chart, May 30, 2025 /media/images/USDJPY_2025-05-30_15-41-16.width-1400.png Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © {CURRENT_YEAR} OANDA Business Information & Services Inc.

Thailand’s Securities and Exchange Commission (SEC) is set to block access to Bybit, OKX, CoinEx, 1000X, and XT.COM starting 28 June 2025. According to a 30 May 2025 Thai SEC press release, the decision to block five major exchanges is based on allegations that they have been providing services in Thailand without the necessary license. Furthermore, the Thai SEC is taking legal action against the said unlicensed exchanges. Stricter penalties are also in place for individuals involved in cybercrime via digital asset accounts. The SEC said it is taking this step to protect investors and prevent fraudsters from using unauthorized digital asset trading platforms to launder money. “SEC has submitted the above platform information to the Ministry of Digital Affairs,” the press release said. “The Ministry of Digital Affairs will block access to the platforms, preventing the public from accessing them from 28 June 2025.” The SEC warned investors against using the said platforms and to “consider taking action regarding their assets on the platform before the platform’s closure date.” The Thailand SEC announced that it will block cryptocurrency exchanges Bybit, 1000X, CoinEx, OKX and XT platforms on June 28, 2025, and initiate legal proceedings against them for being unlicensed digital asset business operators. https://t.co/VeOM7onr3M — Wu Blockchain (@WuBlockchain) May 30, 2025 DISCOVER: The 12+ Hottest Crypto Presales to Buy Right Now Royal Decree on the Prevention and Suppression of Technological Crime Thailand recently enacted the Royal Decree on the Prevention and Suppression of Technological Crime, which took effect on April 13. This decree grants the Thai authorities expanded powers to block websites and applications that offer services to Thai users, particularly targeting foreign crypto exchanges whose licenses are questionable. DISCOVER: 20+ Next Crypto to Explode in 2025 Thailand Update: Former PM Advocates For Crypto Legalization, Suggests Using Bitcoin For Debt Settlement In contradiction to Thai government cracking down on crypto, Thailand’s former Prime Minister, Thaksin Shinawatra, has expressed optimism about the potential of cryptocurrencies to revolutionize the financial landscape in Thailand. Recently, Shinawatra made a push for Thailand’s financial institutions to be more open to cryptocurrency, citing US President Donald Trump’s pro-crypto stance. According to local media reports, Thaksin suggested that Thailand should adopt global crypto trends, such as using Bitcoin for debt settlement and introducing Real World Asset (RWA) tokenisation – trading blockchain-based digital tokens representing tangible physical assets. He also unveiled plans for a cryptocurrency sandbox project in Phuket, where Bitcoin transactions would be state-managed to minimise risks. Explore: Thailand’s Former PM Advocates For Crypto Legalization, Suggests Using Bitcoin For Debt Settlement Key Takeaways Thailand’s financial authorities are intensifying their crackdown on unlicensed cryptocurrency exchanges, with the Securities and Exchange Commission (SEC) set to block access to Bybit, OKX, CoinEx, 1000X, and XT.COM starting June 28. Thai government enacted the Royal Decree on the Prevention and Suppression of Technological Crime, which took effect on April 13. This decree grants authorities expanded powers to block websites and apps that offer services to Thai users, particularly targeting foreign crypto exchanges that operate without a license. The post This Week in Crypto Asia: Thailand Will Block Access To Bybit, OKX, CoinEx appeared first on 99Bitcoins.

Australia’s Paladin Energy (ASX: PDN) is facing the prospect of a second class action lawsuit tied to its production guidance. The new legal action, if initiated, would unfold in the Supreme Court of Victoria in Melbourne and mirrors claims made in a separate class action alleging the uranium miner misled investors. The potential new proceedings focus on disclosures made between June 27, 2024, and March 25, 2025. The previous suit accused Paladin of misleading investors and breaching ASX continuous disclosure rules between June 27 and November 11, 2024. Both actions centre on Paladin’s uranium production forecasts. “Paladin intends to strongly defend any proceedings in relation to those matters, if they are commenced,” the uranium producer said. The Perth, Australia-based company restarted its flagship Langer Heinrich mine in Namibia in late 2023, after a five-year shutdown.. It issued its first production guidance for fiscal 2025 on June 27, targeting 4 million to 4.5 million pounds of uranium oxide (U₃O₈). That forecast was revised downward in November to 3 million to 3.6 million pounds due to inconsistent ore stockpiles and water supply disruptions. Then in March, after unseasonal heavy rainfall further impacted operations, Paladin scrapped its 2025 guidance entirely. It also acknowledged that it no longer expects to hit its nameplate production run rate of 6 million pounds by the end of 2025. Investor frustration has grown, with shares down sharply — from A$15.66 a year ago to A$6.24 today. The company’s current market cap stands at A$2.5 billion ($1.6 billion). Regaining traction Despite setbacks, Paladin and most uranium miners remain bullish on long-term prospects. As global momentum behind nuclear energy accelerates, driven by countries like India and the UK, demand for uranium is projected to soar. Yet supply is forecast to stagnate, then fall post-2029 due to underinvestment and long lead times for new projects. That looming imbalance could ignite a major price surge. With uranium mining banned in Western Australia and Queensland, Paladin is actively seeking growth opportunities abroad. It maintains that primary uranium production is insufficient and likely to stay that way. The uranium market has already shown signs of recovery. Spot prices rebounded 5.4% in April to $67.7 per pound, rising further to $70 in early May. That’s a 10% increase from this year’s lows. The long-term contract price has remained steady at $80, underlining strong long-term fundamentals. Paladin has been hunting for growth options outside the home country, where uranium mining is banned in both Western Australia and Queensland. The company argues that the current shortfall in primary uranium production is structural and likely to persist. With more than half of global uranium output concentrated in just 10 mines, most with declining grades, the spotlight is turning to junior miners. According to the International Atomic Energy Agency, uranium demand is expected to more than double by 2040, exceeding 100,000 tonnes annually. Currently, two-thirds of global supply comes from just three countries: Kazakhstan, Canada and Australia.

The Australian dollar is in negative territory on Friday. In the European session, AUD/USD is trading at 0.6415, down 0.42% on the day. Australian retail sales show unexpected declineAustralia's retail sales contracted in April by 0.1% m/m, missing the market estimate of 0.3%, which was also the March reading. This was the first decline since December, weighed by declines in clothing and department store spending. Annually, retail sales rose 3.8%, compared to 4.3% in March. The weak retail sales report points to a nervous Austrlian consumer and will support the case for further rate cuts. The Reserve Bank of Australia lowered rates by a quarter-point to 3.85% last week, only the second rate cut this year. The markets expect the Reserve Bank to be more aggressive and have priced in a cut of at least 75 basis points before the end of the year, which would lower the cash rate to around 3%. Consumer spending and confidence remain weak and further rate cuts would boost consumption. However, US President Trump's zig-zag tariff policy has created huge uncertainty, making it difficult for the RBA to chart a rate path. The US has imposed 10% tariffs on Australian products but even more concerning is the US-China trade war. The two countries agreed earlier this month to dramatically lower the tariff rates on each other but the agreement is only for 90 days. China is Australia's largest trading partner and a downturn in China's economy would damage Australia's export-reliant economy. Federal court reinstates Trump's tariffsThe tariffs are winding their way through the US courts. A trade court panel ruled this week that most of Trump's tariffs were illegal but on Thursday, an appeals court granted the Trump administration a temporary pause, which keeps the tariffs in effect. The legal fight over the tariffs could go all the way to the Supreme Court and is causing even more uncertainty in the financial markets. AUD/USD Technical AUD/USD has pushed below support at 0.6434 and is testing 0.6421. Next, there is support at 0.6402There is resistance at 0.6453 and 0.6466 close AUDUSD 4-Hour Chart, May 30, 2025 /media/images/AUDUSD_2025-05-30_12-56-11.width-1400.png Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © {CURRENT_YEAR} OANDA Business Information & Services Inc.

Overview: The on-again, off-again US tariffs are back on, but the judicial process is not over. On top of that, US Treasury Secretary Bessent acknowledged what many have suspected: US-Chinese talks have stalled. The dollar, which was offered yesterday, has come back bid today. It is up against nearly all the G10 currencies. The yen is the exception, arguably helped by the firmer Tokyo CPI. The week may also be remembered for the snapping of the sharp jump in Japanese long-term yields. The 30-year yield posted its first weekly loss in five weeks, with an eight basis point pullback. The yield of the 40-year bond fell (43 bp) to post its first decline in eight weeks. The dollar is firmer against all the G10 currencies on the week but is only higher against the Canadian dollar and Japanese yen as we close out the month. Equities in the Asia Pacific region were mostly lower. Australia and New Zealand were notable exceptions. Europe's Stoxx 600 is about 0.6% better after falling around 0.8% in the previous two sessions. US index futures are nursing small losses. Benchmark 10-year yields are 1-2 bp higher in Europe, and the 10-year US Treasury yield is up almost a basis point to near 4.43%. It is virtually flat this week coming into today. Yesterday's recovery in gold stall and it is trading inside the upper end of Thursday's range. It is struggling to sustain the foothold above $3300. It is off about 1.8% on the week, which leaves it up fractionally for the month, its fifth consecutive monthly gain. July WTI is firm in European turnover, near session highs (~$61.45). It settled near $62.35 a week ago and settled last month close to $57.60. USD: The Dollar Index's price action was poor yesterday but there has been no follow-through selling today. After setting a seven-day high, which approached the down trendline drawn off the Feb, and May highs (~100.50), it reversed course and finished below Wednesday's low (~99.40) to post a potential key downside reversal. It has bounced back to around 99.60. There may be scope for additional gains into the 99.80-100.00 area. The Federal Reserve targets the headline PCE deflator, but the thunder is stolen by the CPI and PPI. The PCE rarely surprises outside of a rounding adjustment. The April PCE deflators is seen rising by 0.1% for a 2.2% year-over-year pace. Last year's low was 2.1%, which was the lowest since February 2021. The core is expected to rise 0.1% for a 2.5% year-over-year pace, down from 2.6% in March. It has not been lower for a little more than four years. Personal consumption itself may slow to 0.2% (from 0.7% in March). Separately, the goods trade deficit is expected to have narrowed by about $20 bln in last month but at $143 bln remains elevated. Recall that the Q1 average was a little more than $155 bln and last year's monthly average goods deficit was about $100.2 bln. Some of the imports likely still made their way into inventories, and wholesale inventories are expected to have matched March's 0.4% increase. We expect the final University of Michigan's consumer survey to be revised higher from the preliminary as more responses after the 90-day cooling off/negotiating period with China was agreed will be incorporated. The US May employment report is next week's US data highlight. The median forecast in Bloomberg's survey is for 130k increase in nonfarm payrolls. The average in the first four months of the year was 144k compared with 176k in the Jan-Apr period last year. EURO: The euro posted a potential key upside reversal yesterday. It was sold to an eight-day low of $1.1210 before it rebounded to $1.1385 and settled above Wednesday's high. It drew a little closer to $1.1400 today but has met sellers that took it back to almost $1.1320. Price pressures are subsiding in the eurozone. France reported its May CPI earlier this week and the EU harmonized year-over-year pace slowed 0.6%. Spain's eased to 1.9% from 2.2%. Italy's slipped to 1.9% from 2.0%. German states reported stickier CPI, and the national figure will be reported shortly. It may be little changed from 2.2%. The aggregate report is due next Tuesday, but the highlight of the week is the ECB meeting on June 5. The market is confident that another quarter point cut will be delivered to bring the deposit rate to 2.0%. However, the ECB is likely to pause. The swaps market has one more cut fully discounted in H2. CNY: The dollar briefly breached the 20-day moving average (~CNH7.2060) against the offshore yuan yesterday for the first time since April 23. It was subsequently sold to a new session low near CNH7.1825, which was below Wednesday's low. Still, it managed to settle inside Wednesday's range. It is hovering near CNH7.20 now. After setting the dollar's fix higher for the past three sessions, the PBOC set it lower today (CNY7.1848 vs. CNY7.1894 Thursday). China will report its May PMI tomorrow. Both the manufacturing and non-manufacturing components are expected to have ticked higher but are unlikely to put Beijing's collective mind to rest that its 5% GDP target is secure. JPY: The dollar initially jumped to almost JPY146.30 on news of the trade court ruling against the Trump administration, which met the (61.8%) retracement objective of the dollar's drop since seeing JPY148.65 on May 12. It was sold down to nearly JPY144 in the North American session, and to JPY143.45 today. This week's low near JPY142.10, which is also the month's low. It was a busy day for Japanese macro data. In a nutshell, here is what we learned. The labor market was steady (2.5% unemployment 1.26 job-applicant ratio unchanged from March). Industrial output dropped 0.9% (rather than -1.4% as the median forecast anticipated), leaving. Retail sales rose 0.5% in April after falling 1.2% in March. That means in the first four months of the year, Japanese retail sales rose at an annualized rate of about 2.7%. In the Jan-Apr 2024, Japanese retail sales rose at an annualized rate of 5.1%. Meanwhile, Tokyo's May CPI remained elevated. The headline was unchanged at 3.4%. The core measure that excludes fresh food ticked up to 3.6% from 3.4%, and the measure that excludes both fresh food and energy rose to 3.3%, which is its highest level since the end of 2023. The swaps market is pricing in about 17 bp of tightening this year, virtually unchanged since the end of April, and down from 30 bp at the end of March. GBP: Sterling's initial drop yesterday saw it meet the (38.2%) retracement of its advance since the $1.3140 low was recorded on May 12. It recovered from about $1.3415 to rise above $1.3500 where it stalled in North America. It rose a little further today but has pulled back to around $1.3455. Sterling has risen 1.0% this month, its fourth consecutive monthly advance. As we have noted, at the end of the year, the swaps market is pricing a 3.83% base rate, which is about 30 bp higher than a month ago. While this has appeared to help sterling, the correlation between changes in the exchange rate is twice as strong with the Dollar Index itself. Over the past 30 sessions, the correlation with changes in sterling and the one-year yield is about 0.45, while it is 0.88 with the Dollar Index. The correlation over the past 60 sessions is around 0.30 and 0.80, respectively. CAD: The US dollar traded on both sides of Wednesday's trade range, but the close within the range neutralized the technical implications. Still, the greenback's upside was stalled slightly beyond the (50%) retracement of the leg down from the May 12 high (~CAD1.4015) and in front of the 20-day moving average (~CAD1.3870). A move above CAD1.3900 lifts the US dollar's technical tone. It is consolidating quietly today between about CAD!.3800 and CAD1.3830. Canada reports Q1 GDP today. The Canadian economy is expected to have grown by 1.7% at an annualized rate down from 2.6% in Q4 24. It is difficult to go from the monthly GDP print to the quarterly estimate. In Q4 24, the cumulative monthly GDP prints added up to 0.4%. With 0.1% growth in March, which is what the median forecast in Bloomberg's survey anticipates, the cumulative monthly GDP prints would be 0.3%. Economists are pessimistic for this quarter, and the median forecast in Bloomberg's survey is for a small contraction (0.6%, at a seasonally adjusted annual rate) and a flat Q3. The Bank of Canada meets next week, and after the higher underlying inflation readings last week, the market has cut the odds of a rate cut to about 25%. It had been near 68% before the CPI. AUD: The Australian dollar found bids ahead of $0.6400 that carried it to $0.6460 amid the general pullback in the US dollar. That met the (38.2%) retracement objective of the sell-off from the year's high set Monday (~$0.6535) to yesterday's low. However, it remains within its well-worn range so far today between about $0.6410 and $0.6455. The next retracement (50%) is slightly above $0.6470, but the $0.6500 area is the real nemesis. It traded about it four times in May without closing above it once. Australian data disappointed today. April building approvals had been expected to rise by 3% but fell by -5.7%. Retail sales fell by 0.1% rather than rise by 0.3%, as was expected. The exception to the disappointment was the 0.7% increase in public sector credit (05% expected). The odds of a July rate cut edged up to about 67% from about 60%. Australia reports Q1 GDP next week and the median forecast in Bloomberg's survey is for a 0.5% expansion (quarter-over-quarter). MXN: The peso snapped a three-day decline yesterday, which matches the longs decline since the end of March. It rose by about 0.35% against the US dollar. The greenback approached the 20-day moving average (~MXN19.4330) but has not settled above it since mid-April. The dollar is holding barely above yesterday's low (~MXN19.2925) in quiet turnover. Mexico reports April's unemployment rate today. It is expected to rise from 2.22% to 2.55%. It was at 2.61% in April 2024 and 2.82% in April 2023. On Sunday, Mexico is to vote for its federal judges. There are reportedly nearly 3400 candidates vying for about 880 positions, and nearly all campaigning was banned. Next week's data highlights include worker remittances and May domestic vehicle sales, not typically market movers. Disclaimer

EIGEN is trending, and bulls are confident despite the sell-off. As the EigenLayer TVL expands, adding 41% in one month, will EIGENUSDT break $5 in the coming months? The total crypto market cap is down nearly 5% to $3.44 trillion. Although Bitcoin remains the most dominant, controlling over 60% of the market share, it has trended lower, trading below $106,000 at spot rates. This drop means the most valuable coin is down 5% in the past week but still outperforms XRP and Dogecoin (DOGE), down 10% and 16%, respectively. Despite this firmness and potential weakness that could trickle down the market, EigenLayer, the liquidity restaking platform, is among the best cryptos to consider buying, after dominating trends in the past 24 hours. DISCOVER: The 12+ Hottest Crypto Presales to Buy Right Now EIGEN Jumps 15% Before Dropping Data from Coingecko reveals that EIGEN, the native token, surged 15%, breaking above a key liquidation level before dropping. By breaking higher, EIGEN not only stretched gains against Ethereum and Bitcoin but also cemented its role in DeFi. However, this spike was short-lived as prices tanked after bears stepped up earlier today. Most DeFi tokens also sold off. (Source) As of May 30, EigenLayer manages over $11.15 billion in assets, predominantly on Ethereum, and is the third-largest DeFi protocol, trailing only Aave and Lido. In the last month alone, its TVL grew by over 41%, according to DeFiLlama data. (Source) EigenLayer Trending: What’s Going On? While this is impressive, EigenLayer is trending and helping improve sentiment and interest in some of the best new cryptocurrencies to invest in 2025. Yesterday, the founder of EigenLayer, Sreeram Kannan, confirmed changes in how slashing penalties will be handled. This announcement will likely unlock a new class of financial applications, which may further propel EIGEN to Q4 2024 highs. Slashing officially went live on EigenLayer on April 17, and immediately after, Infura and LayerZero integrated slashing for their Actively Validated Services (AVSs). The release of the slashing feature officially made EigenLayer “complete,” allowing the protocol to automatically enforce accountability for operators and stakers. Validators and key EigenLayer operators who fail to perform as required, for example, by not maintaining high node reliability, are penalized for poor performance. Moreover, validators and operators engaged in malicious behavior are subject to slashing. While attractive, slashing includes an opt-in feature, meaning stakers and other key players must choose to participate in slashable conditions. A “unique stake allocation” feature was also introduced to isolate slashing risks to specific AVSs, reducing overall systemic risks. DISCOVER: 20+ Next Crypto to Explode in 2025 A New Era of Supercharged Growth? Will EIGENUSDT Retest $5? Following the May 28 announcement, EigenLayer plans to distribute slashed funds to AVSs complaints on top of the protocol rather than burn them. Burning, as seen in Ethereum and BNB Chain, could reduce inflation. In EigenLayer’s case, the distribution could fuel growth, boosting demand for EIGEN. It remains to be seen how quickly developers and AVSs will build new financial dApps on the platform. However, when they do, they will be secured by ETH locked on the mainnet. For now, EIGEN is trading above $1.5. Any surge confirming the breakout on May 29 could trigger a lift to $2 and later $5 in a buy trend continuation formation. (EIGENUSDT) Partnerships with Lombard Capital, bringing Bitcoin restaking to EigenLayer, and new products leveraging the restaking liquidity layer will likely fuel growth. DISCOVER: 7 High-Risk High-Reward Cryptos for 2025 EigenLayer EIGEN Trending After Key Slashing Announcement EIGEN trending, holds firm above $1.5 EigenLayer cements its place as a top DeFi protocol with over $11.15 billion in TVL DeFi protocol to begin distributing slashing funds Will EIGENUSDT soar to $5 and retest 2024 highs? The post EigenLayer Dominates Trends Despite DeFi Sell-Off: What’s Going On? appeared first on 99Bitcoins.

In a move that feels like the end of an era, the Securities and Exchange Commission has officially dropped its lawsuit against Binance and founder Changpeng Zhao. The Binance lawsuit was one of the last major battles left from the government’s earlier crackdown on crypto, and now it’s over. Just like that. How We Got Here Back in 2023, the SEC came out swinging. They accused Binance of all kinds of shady behavior, things like faking trading volume, letting Americans use platforms they weren’t supposed to, and offering crypto tokens that the agency said should have been registered as securities. On top of that, they said the company was mixing up customer funds in ways that could put people’s money at risk. NEW: The @SECGov and @binance have filed a joint stipulation seeking a dismissal in the agency’s ongoing litigation against the exchange. pic.twitter.com/CiNNbi6WeX — Eleanor Terrett (@EleanorTerrett) May 29, 2025 It wasn’t Binance’s only headache. The Department of Justice also came knocking, and it led to a massive $4.3 billion settlement. CZ stepped down as CEO, paid a $50 million fine, and agreed to some pretty strict conditions, but he kept control of the company. So while the SEC case was still alive, a lot had already gone down. Lawsuit? What Lawsuit? Fast forward to May 29, 2025, and the SEC suddenly decided to end the whole thing. The agency filed a motion to dismiss the case “with prejudice,” which is legal speak for “we’re not coming back to this.” The filing didn’t offer much in terms of explanation, just that the SEC made the call after reviewing everything. It’s a quiet ending for a very loud case. No fireworks, no courtroom drama, just a legal document that says, in effect, “we’re done here.” DISCOVER: 9+ Best High-Risk, High-Reward Crypto to Buy in May 2025 Why It Matters This isn’t just about Binance. It’s about what kind of future crypto is going to have in the United States. The SEC used to take a very hard stance, go after the biggest players, make examples out of them, and send a message to everyone else. Now, that playbook seems to be going into storage. - Price Market Cap - - - 24h 7d 30d 1y All Time Log Since Trump returned to the White House, things have been changing. His administration has pushed for clearer rules instead of just hitting companies with lawsuits. SEC Chairman Paul Atkins, who was brought in under Trump, has been much more open to working with the crypto industry rather than trying to shut it down. And this isn’t the first case to disappear. The SEC also dropped its suit against Coinbase earlier this year. So this is starting to look like a pattern. DISCOVER: The 12+ Hottest Crypto Presales to Buy Right Now So What Now? For Binance, this clears a major roadblock. The company still has some work to do to rebuild trust, but legally, this is a huge weight off their shoulders. For the crypto space in general, this feels like the pressure’s finally easing up. Whether you’re a developer, investor, or just someone curious about crypto, the message is simple: the storm might be over. Now it’s time to figure out what comes next, hopefully with a little less drama. DISCOVER: 20+ Next Crypto to Explode in 2025 Join The 99Bitcoins News Discord Here For The Latest Market Updates Key Takeaways The SEC has officially dropped its lawsuit against Binance and CEO Changpeng Zhao, ending one of crypto’s most high-profile legal battles. The case involved serious allegations, including manipulation of trading volume, misuse of customer funds, and offering unregistered securities. The decision to dismiss the case follows Binance’s prior $4.3 billion DOJ settlement and CZ’s resignation as CEO in 2023. Under Trump’s administration, the SEC has softened its stance, favoring cooperation over confrontation with crypto companies. This is the second major case dropped in 2025, suggesting a broader rollback of aggressive crypto enforcement in the U.S. The post Binance Beats the SEC as Lawsuit Quietly Disappears appeared first on 99Bitcoins.

BlackRock’s iShares Bitcoin Trust (IBIT) is closing out May with a bang. The BlackRock Bitcoin ETF brought in over $6.2 billion this month alone, setting a new personal best. That’s not just a strong month, it’s the strongest since IBIT launched, and it didn’t launch that long ago. Day After Day, Money Keeps Pouring In If you looked at IBIT’s inflows recently, you’d think someone left the faucet running. The fund saw net inflows on 30 out of 31 trading days in May. Just on May 28, it pulled in $481 million. That kind of consistency is rare in any investment space, especially one known for its volatility like crypto. Source: Farside Since its debut in January 2024, IBIT has moved fast. It now holds more than $72 billion in assets, placing it among the top 25 largest ETFs in the world. To put that in perspective, the next youngest fund in that top group has been around for more than a decade. IBIT just passed its first birthday. Why Is Everyone Jumping In? Several things are working in IBIT’s favor right now. For one, institutional investors have finally warmed up to crypto in a big way. Funds, banks, and even traditional asset managers are starting to treat Bitcoin as a serious part of the financial ecosystem. It’s not just a curiosity anymore. Another nearly *$500mil* into iShares Bitcoin ETF… Starting to get ridiculous. Inflows 30 of past 31 days. Nearly $9.5bil in new $$$. IBIT comfortably in top 5 ETFs by inflows this year (out of 4,200+ ETFs). — Nate Geraci (@NateGeraci) May 29, 2025 Another factor is the current U.S. political climate. With clearer rules and a friendlier tone from regulators, the crypto space feels less like the Wild West. Investors are still cautious, but they’re not frozen with uncertainty like they were a couple of years ago. - Price Market Cap - - - 24h 7d 30d 1y All Time Log And then there’s Bitcoin itself. The price recently hit an all-time high of over $112,000. That kind of momentum tends to attract attention, especially when more people can access it through vehicles like ETFs instead of going through crypto exchanges directly. DISCOVER: Next 1000X Crypto: 10+ Crypto Tokens That Can Hit 1000x in 2025 IBIT Is Leading the Pack There are multiple Bitcoin ETFs in the U.S. now, but BlackRock’s IBIT is running ahead of the crowd. During a recent 10-day streak, IBIT pulled in 96 percent of all new money flowing into spot Bitcoin ETFs. Altogether, the U.S. Bitcoin ETF market brought in more than $9 billion over the past five weeks. At the same time, gold funds saw over $2.8 billion in outflows. It’s clear that some investors are trading in their gold for digital gold. That doesn’t mean everyone’s on board, but the trend is hard to miss. DISCOVER: The 12+ Hottest Crypto Presales to Buy Right Now Where Things Go From Here IBIT’s massive growth is part of a bigger story. Crypto is becoming more integrated into mainstream finance, not just for tech-savvy traders but for everyday retirement accounts and institutions too. Still, this is crypto we’re talking about. Things can change quickly. Prices swing. Regulations shift. Investors looking to jump in now should still do their homework and be ready for a bumpy ride. For now, though, IBIT’s performance shows that Bitcoin is no longer standing outside the gates of traditional finance. With billions flowing into the BlackRock Bitcoin ETF, it’s clear that Bitcoin is being taken seriously on Wall Street. It’s pulling up a seat at the table, and apparently, it brought friends. DISCOVER: 20+ Next Crypto to Explode in 2025 Join The 99Bitcoins News Discord Here For The Latest Market Updates Key Takeaways BlackRock’s iShares Bitcoin Trust (IBIT) pulled in $6.2 billion in May, its highest monthly inflow since launch. The fund recorded inflows on 30 out of 31 trading days in May, signaling sustained investor confidence in Bitcoin exposure. IBIT now holds over $72 billion in assets, making it one of the 25 largest ETFs globally despite launching just last year. Institutional investors and favorable U.S. regulatory signals are contributing to IBIT’s rapid growth and appeal. During a recent 10-day stretch, IBIT accounted for 96 percent of all inflows into U.S. spot Bitcoin ETFs. The post BlackRock’s Bitcoin ETF Breaks Records with $6.2B May Inflows appeared first on 99Bitcoins.

Log in to today's North American session recap - May 29, 2025 The US dollar gave back the lead it accumulated throughout the beginning of the week as it went through a volatile seesaw. The DXY gapped up with the most recent "Trump Taco" headlines, as the US Federal Court canceled the president's plan to impose tariffs on all imports. The dollar index consequently dropped to levels last seen at the end of last week. You can take a look at our latest DXY intra-day analysis here. There wasn't much in terms of Economic calendar releases throughout the session apart from a miss in the Jobless Claims. The data came in at 240K vs 230K expected, though markets may really worry if the data consistently comes in above 260K. There will be more earnings releases after the close including Costco, expected at $4.25 EPS and Dell, expected at $1.69. Bitcoin extended its losses and is finishing the day below the mark of $106,000, down 1.92% on the day. Access to a deeper technical analysis for the BTC right here. US Oil retraced yesterday's rally and is coming back towards the low of its $60.5 to $64 range, as the commodity rejected the highest levels since last Wednesday. WTI touched $63.47 but is finishing the day down 1.57%, at around $61.2. A picture of today's performance for major currencies close Currency Performance, May 29 - Source: OANDA Labs /media/images/Screenshot_2025-05-29_at_4.52.56PM.width-1400.png European currencies, having lagged throughout the beginning of the week, enjoyed from the weakness in the US Dollar. The Euro is on top of majors today, up 0.69% and followed by the CHF and JPY both up 0.42% vs the USD. All majors enjoyed from the fall in the dollar today, with only the NZD which had quite a strong performance finishing the day close to equal with the USD. The RBNZ recently cut rates by 25 bps but announced a slower pace of cuts ahead. Gold also enjoyed from the broad USD weakness coming back towards its weekly highs. The precious metal is trading at $3,341 up 0.60% on the day. Economic Calendar for the May 30th Session close MarketPulse Economic Calendar for May 29 and May 30th, 2025 (click to enlarge) /media/images/Screenshot_2025-05-29_at_5.00.32PM.width-1400.png The N.A session is coming to a close although there is still the Japan CPI expected to release at 19:30 E.T. Japan’s CPI could also act as a catalyst for volatility, especially if the data surprises to the upside. A stronger-than-expected print may pressure the Bank of Japan to accelerate its policy shift. For now, no major moves are anticipated from the central bank until October. The year-over-year figure is forecast at 3.5%. Friday will also be massive in terms of Economic Data release. Overnight, there will be the release of German Retails sales but all eyes will be on the German CPI expected at 2.1% Y/Y, releasing at 8:00 A.M. North-American data release will be starting at 8:30 with US Core PCE Data and Canada Q1 GDP numbers at the same time. Expect movement as the FED and markets players are all expecting to see how the data unfolds from tariff effects. 10:00 A.M. will also be important with the release of University of Michigan Consumer Confidence - look at inflation expectations as the theme of inflation is coming right back to move markets. You may also consider the Chinese PMI data with the releases of Manufacturing expected at 49.5 and Non-Manufacturing expected at 50.6. We will see if there has been a lot of change with the rewiring of production since Trump's tariffs. Safe Trades! Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © {CURRENT_YEAR} OANDA Business Information & Services Inc.

Six months into the job, British Columbia’s Critical Minerals Minister Jagrup Brar says major mine permitting timelines have narrowed by over a third, as new mining rules are set to hasten new applications. The government is to test its new parallel-review process in BC’s northwestern ‘Golden Triangle’ region, Premier David Eby announced on Monday. The framework seeks to boost critical-mineral output and support community development. This will happen through agreements with First Nations that are based on consent. MABC maps opportunities for British Columbia as a global player in critical minerals markets “We have made significant progress while not compromising reconciliation, not compromising the integrity of the environmental assessment,” Brar told The Northern Miner. Amendments to both the Mineral Tenure Act (MTA) and the Environmental Assessment Act came into force on March 26, introducing a new Mineral Claims Consultation Framework. Under the new rules, staking applications trigger a 20-day response clock and cannot proceed to licensing until First Nations sign off. Running consultation in parallel with technical review speeds approvals without compromising data security, Brar said. The province has also driven down regional permit processing backlogs by 52% through adopting the same approach, Brar said. As far as the amendments affect First Nations, the changes require the ministry to send only an exploration company applicant’s name and claim location to affected First Nations. They must withhold all technical or exploration data to protect the prospectors’ confidential information. The province shares only the minimum information. This way, prospectors keep full control of their intellectual property. At the same time, First Nations can exercise their consultation rights, the minister said. It was a key concern among nervous prospectors during the court-mandated MTA rewrite process. “Let me be clear: we will not cut corners,” he said. There are high stakes to making permitting more efficient, according to the Mining Association of BC (MABC). A May 1 study from the MABC estimates 27 advanced projects could generate C$90 billion in economic activity. That includes C$41 billion in near-term investment, 35,000 jobs and C$12 billion in tax revenues, with long-term output of nearly C$1 trillion over several decades. It calls for urgent action on permitting delays to unlock that potential. Economic impact of mining projects in British Columbia valued at $65 billion, says MABC Mining strategy Eby’s wider, Golden Triangle-focused strategy promises more agreements with First Nations. It aims for a faster process to protect important watersheds and includes investments to help communities near new mines. The Golden Triangle sits along the Alaska border, down to Stewart and touches near Galore Creek on its northeast point. It includes producing operations such as Newmont’s (NYSE: NEM, TSX: NGT) Brucejack and Red Chris mines, as well as advanced projects like Ascot Resources’ (TSX: AOT) Premier site and Seabridge Gold’s (TSX: SEA; NYSE: SA) KSM. Teck Resources (TSX: TECK.A/TECK.B, NYSE: TECK) also holds its Schaft Creek development joint venture with Copper Fox (TSXV: CUU). The plan also aims to align provincial and federal reviews – “one project, one review” – and to pursue trade agreements that prioritize BC’s minerals and metals, Brar said. The Association for Mineral Exploration called the strategy a “generational opportunity” in a May 26 news release. To supply critical minerals, the province needs efficient and timely permitting processes, it argued. “The province’s proposed strategy must quickly bring confidence and clarity with access to land for mineral exploration and development,” the 6,000-member-strong AME said. It calls for a more open and transparent process “that includes the mineral exploration sector at the table with government, First Nations and other partners.” Critical permits The minister frames faster approvals as important to meeting surging demand for critical minerals, boosting jobs and exports. Faster approvals will help diversify trade beyond tariff-hit US markets and supply materials for the green economy. Since 2017, mining jobs have risen by 10% to around 40,000 full-time roles. Also, mineral exports increased by 41% to nearly C$17 billion ($12.3 billion) in 2023, based on the minister’s data. The first group of about 12 major mine proponents will submit their mining applications by July. The minister expects final decisions on this initial group by the end of the year. Mines tour Brar has spent time visiting major mines and projects since taking office in November. He’s visited half the mines during the past six months. “My goal is to visit all the mines,” Brar said of site tours at Teck’s Highland Valley Copper, Hudbay Minerals’ (TSX, NYSE: HBM) Copper Mountain and Centerra Gold’s (TSX: CG; NYSE: CGAU) Mount Milligan. There he met neighbours and front-line workers “to hear their concerns” and seize what he called “a historic opportunity to make a positive change for people.”

Solana price analysis: Can bulls break above recent highs of $185? Year-to-date, 2025 has proven to be an interesting time for the crypto market, with Solana being no exception. Enjoying a period of bullish momentum bookmarked by Trump’s win in the election, seen as the pro-crypto candidate of choice, Solana not only rose to an all-time high just shy of $300 but overtook Binance Coin (BNB) to become the fifth-largest coin by market capitalization globally. close A chart showing the recent price action of SOLUSD. OANDA, 27/05/2024 /media/images/Solana-1.width-1400.png Currently trading at 179.38, a ~39% discount from all-time highs made in mid-January, the recent fall in Solana pricing has sparked interest amongst those looking for a buying opportunity. Notwithstanding, this decline in value is not exclusive to Solana, with much of the crypto space feeling the full force of waning market risk appetite. With a meteoric rise in crypto value still fresh in the collective memory, the $1,000,000 question becomes whether this phenomenon will continue in 2025, or whether general market risk aversion will bode negatively for crypto— Solana included. close A table showing the ten largest cryptocurrencies by market capitalization. CoinMarketCap, 05/27/2024. /media/images/Solana-CoinMarketCap.width-1400.png What’s next for Solana? SOLUSD: Technical analysis Moving averages: Currently, long-term moving averages such as the 100 and 200-period suggest bullish directional bias, with recent price action breaking above key levels of support. This suggests that Solana has found sustained buyer pressure in the medium to long-term, and should remain in a general uptrend should current momentum continue. Oscillators lean neutral to sell: Many of the most commonly used trading indicators currently lean towards either a neutral or bearish bias. The Relative Strength Index (RSI) and Stochastics currently or recently have Solana as ‘overbought.’ At the same time, the MACD shows a weakening bull trend, with the distance between the MACD and signal line narrowing. Increased US rate cut bets are also benefiting silver pricing, with markets increasingly anticipating two interest rate cuts in 2025 Key levels: At the time of writing, Solana trades rangebound between ~$165 and ~$184. Historically, this is a range where bull trends are either made or broken. A sustained break above this level would suggest further bullish momentum, while the opposite could impose further downside from January’s highs. SOLUSD: Fundamental analysis Surge in DEX trading volume: Recent data has shown a significant increase in Solana’s weekly decentralized trading volume (DEX), outperforming many other large-cap crypto coins. This growth in volume suggests higher levels of user activity, liquidity, and growing utility for the Solana network, which is encouraging for Solana in the medium to long term. Crypto strategic reserve: A pledge by Donald Trump as part of his 2024 campaign, Solana is included in the US government’s “Digital Asset Stockpile”. Once a crypto-sceptic, Trump has not only overseen the creation of a United States crypto reserve but also released his project on the Solana blockchain - the now-infamous $TRUMP coin. Although some, including Solana’s co-founder, have reservations about governmental endorsement of crypto, the short-term effects on Solana pricing have historically been positive. Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © {CURRENT_YEAR} OANDA Business Information & Services Inc.

US Indices continued their recovery throughout May with another decent start to the trading week. The Nasdaq 100 is up 2.15% since Friday’s close. They are up through broadly unchanged on the day. Sentiment for this trading week has been broadly positive throughout the globe. Even as US cash markets were closed on Monday for Memorial Day, Equity Futures posted a rise without much retracement. A swift move up was made in the index after Nvidia beat high expectations on its earnings after the session close with an EPS coming at $0.96 vs $0.93 expected. Revenues came in at $44.1B vs $43.3B expected. More news came in with the "Taco Trump" headlines, as President Trump's infamous trade tariff policies got denied by the US Federal Court, having deemed that he "overstepped his authority" on his import taxes plan. Markets rallied further before retracing back to yesterday's close. Let's dive into a multi-timeframe technical analysis review of the NQ. Nasdaq 100 Technical Analysis Daily Timeframe close Nasdaq 100 Daily Chart, 2024 to May 28 2025. Source: TradingView /media/images/Screenshot_2025-05-29_at_4.17.54PM.width-1400.png 2025 has been volatile for all US Indices to say the least - as a matter of fact, it has been the same around the globe. The Nasdaq has led on the way up, with Trump’s erratic policy fears abated throughout the past two months. The recovery has been stellar, as we are now largely above the MA 200 and a bit shy of 3% from the all-time highs. The NQ is up more than 30% from its 4th of April Lows, marked at 16,335. 4H Timeframe close Nasdaq 100 4H Chart, May 28 2025. Source: TradingView /media/images/Screenshot_2025-05-29_at_4.00.55PM.width-1400.png NQ has been in an upwards channel since April 20. Momentum has been decent, with the MA 50 underpinning the consistent rise. However, after Moody's downgrade on the US Credit Rating on May 16th, US Indices went through a 3.70% correction, which calmed the rally. The Nasdaq has to break above 21,800 to pursue it's rise towards the all-time highs. The MA 50 is showing immediate support, currently at 21,243. Further support at the lows of the channel coincide with the 21,000 psychological level. 1H Timeframe close Nasdaq 100 1H Chart, May 28 2025. Source: TradingView /media/images/Screenshot_2025-05-29_at_3.52.50PM.width-1400.png NQ has formed a range after last Friday's lows. Prices have since retraced back up, made an extensive move then gave it back in today's afternoon session. Momentum has since flattened. The MA 200 is coinciding with the first support level, though being flat, confirms a flattening of momentum on the shorter timeframes. Resistance Levels: 21,500 (immediate resistance)21,700 to 21,730 - Fibonacci Extension 1.38222,000 - Psychological Level + 1.618 Fib Extension Confluence Support Levels:21,245 (MA 200 + Support confluence)21,03520,660 (Friday 23 Pivot) Safe Trades! Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © {CURRENT_YEAR} OANDA Business Information & Services Inc.

Join OANDA Market Analyst Kenny Fisher, Nick Syiek (TraderNick) and podcast host Jonny Hart as they review the latest market news and moves. MarketPulse provides up-to-the-minute analysis on forex, commodities and indices from around the world. MarketPulse is an award-winning news site that delivers round-the-clock commentary on a wide range of asset classes, as well as in-depth insights into the major economic trends and events that impact the markets. https://open.spotify.com/episode/7Et4qsTDaKAcMgl1Mvrm4E?si=9c1d35f672324c63 Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © {CURRENT_YEAR} OANDA Business Information & Services Inc.

Uranium producer enCore Energy (NASDAQ: EU, TSXV: EU) said on Thursday it has received approval to include the Upper Spring Creek project under its existing radioactive materials license in South Texas. The license granted by the Texas Commission on Environmental Quality, which originally covered the company’s Rosita uranium project, has now been expanded to include the Brown Area of Upper Spring Creek. enCore is currently the only uranium producer in the United States. It operates the 100%-owned Rosita central processing plant (CPP) in South Texas as well as the Alta Mesa CPP in a joint venture with Boss Energy (ASX: BOE). The Texas regulatory approval marks enCore’s third permitted uranium facility in the state. According to the company, the expanded license in Texas would enable the construction of wellfields and a satellite ion exchange (IX) facility to feed the Rosita CPP. The license, which provides safety, material handling, record keeping and reporting protocols, will be up for renewal in 2032. The Rosita plant, located approximately 60 miles from Corpus Christi, Texas, where the company is headquartered, has a licensed capacity of 800,000 pounds of uranium oxide (U₃O₈) per year. enCore previously said it aims to reach full production capacity of just under 1 million pounds of U₃O₈ annually by mid-2025, and plans to triple production within three years. Future projects in its development pipeline include the Dewey-Burdock project in South Dakota and the Gas Hills project in Wyoming. With the Texas license approval, the company said it has begun advancing development at Upper Spring Creek, with drilling rigs already mobilized to the site. Construction of the satellite IX plant’s concrete pad is expected to begin within 30 days, it added. The Upper Spring Creek project is located in the historic Clay West uranium district of South Texas. It had previously been licensed and permitted for ISR uranium recovery prior to enCore’s acquisition in December 2020. In its latest financial results, enCore reported a revenue increase to $58.3 million in 2024, up from $22.1 million the previous year. Despite the growth, the company posted a net loss of $68 million, compared to a $25.6 million loss in 2023.

Awalé Resources (TSXV: ARIC) has been given a C$8.26 million ($6 million) investment boost from Fortuna Mining (TSX: FVI; NYSE: FSM) to support its exploration activities in Côte d’Ivoire, sending its shares higher. In a press release Thursday, Awalé said Fortuna, which also operates in the African nation, will buy roughly 15 million of its shares at C$0.55 per share, for a premium of 19% to the stock’s 10-day volume-weighted average on the TSX Venture Exchange. The announcement sent Awalé’s shares 14% higher by midday in Toronto, trading at C$0.49 apiece for a market capitalization of approximately C$42.9 million ($31 million). At closing, Fortuna will own approximately 15% of Awalé’s shares, joining Newmont (TSX: NGT, NYSE: NEM) and Orecap Invest as the largest shareholders in the company. “We are extremely pleased to welcome Fortuna Mining as a strategic investor,” Awalé CEO Andrew Chubb said in a press release. “As an established and successful operator with a strong presence in West Africa and particularly in Côte d’Ivoire, Fortuna’s investment is a strong endorsement of our technical team, our exploration approach, and our clear vision for the Odienné district.” Odienné property Fortuna’s investment is expected to accelerate Awalé’s exploration on its 100%-owned Odienné property, encompassing seven permits and a total of 2,346 sq. km. The geological setting at Odienné is comparable to that of other significant iron oxide copper gold (IOCG) provinces globally, and could be host to the first major IOCG deposit in West Africa, the company said. The Odienné property was first explored in the mid-1990s by a joint venture between SODEMI and Randgold, which only completed sampling in certain areas. Awalé took over the project in 2017 and conducted its own exploration, including drilling. It later partnered with Newmont and formed an earn-in joint venture on two of the permits.