Redator

The minor corrective pull-back of -2% seen in the AUD/USD ex-post FOMC from 17 September 2025 high of 0.6707 to 22 September 2025 low of 0.6575 has reached an inflection point to kick-start a potential fresh bullish impulsive up move sequence. Fig. 1: 1-day rolling performance of the US dollar against major currencies of 24 Sep 2025 (Source: TradingView) In today’s Asia session, the Australian dollar outperformed all major peers against the greenback. On a 1-day rolling basis as of 24 September 2025, the US dollar slipped -0.4% versus the AUD, outpacing the modest -0.1% intraday decline in the US Dollar Index (see Fig. 1). The AUD’s intraday strength was underpinned by Australia’s latest CPI report, which showed August inflation accelerating to 3.0% y/y from 2.8% in July, beating expectations of 2.9%. This marks the highest reading since July 2024, a 13-month high. Let’s now focus on the latest technical analysis factors of the AUD/USD to decipher its latest short-term (1 to 3 days) trajectory and key levels to watch. Fig. 2: AUD/USD minor trend as of 24 Sep 2025 (Source: TradingView) Fig. 3: AUD/USD medium-term & major trends as of 24 Sep 2025 (Source: TradingView) Preferred trend bias (1-3 days) Bullish bias above 0.6580 key short-term pivotal support for the AUD/USD for the next intermediate resistance to come in at 0.6655 before a retest on the major resistance of 0.6680/0.6700 (see Fig. 2). Key elements The major resistance of the AUD/USD stands at 0.6700, which is defined by the upper boundary of the multi-month “Expanding Wedge” range configuration in place since 24 April 2025 (see Fig. 3).The 0.6580 key short-term pivotal support confluences with the rising 20-day moving average that managed to stall the prior three days of decline in the AUD/USD (see Fig. 2).The hourly RSI momentum indicator of the AUD/USD has staged a bullish momentum breakout from its former descending resistance (see Fig 2).The yield spread between Australia’s 2-year sovereign bond and its US Treasury counterpart narrowed from -0.21% on 23 September 2025 to -0.10% at the time of writing. This contraction in the US yield premium has added support to bullish momentum in AUD/USD (see Fig 2).Alternative trend bias (1 to 3 days) A break below 0.6580 key short-term support negates the bullish scenario on the AUD/USD to expose the 0.6555 medium-term pivotal support. Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. 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. © 2025 OANDA Business Information & Services Inc.

Vitalik Buterin Says Base Is Doing Things Right Ethereum co-founder Vitalik Buterin has given a nod of approval to Base, the Layer-2 network built on Ethereum. Speaking recently, he said Base is taking the right approach when it comes to balancing user experience and network security. While some critics have called out parts of Base’s setup for being too centralized, Vitalik made it clear that Base still protects users where it matters. He stressed that people using Base won’t lose access to their funds, and they can always withdraw. Base does not have control over people’s assets, which he believes is a key point in its favor. What Base Offers, According to Vitalik Base launched in August 2023 and has grown rapidly since then. Right now, it holds about $15 billion in total value, although it was slightly higher earlier this year. Vitalik explained that Base uses a bit of central control in some areas to improve the user experience. But underneath that, it still relies on Ethereum’s main layer to provide a strong foundation. He said it is better to judge systems like Base based on real protections instead of only looking at what could go wrong in theory. DISCOVER: Best New Cryptocurrencies to Invest in 2025 Responding to Critics Not everyone is convinced. Some people are worried that Base’s sequencer, which handles the order of transactions, could be abused if too much control sits in one place. Vitalik addressed those concerns directly. He said Base might have centralized pieces, but it never holds people’s money. EthereumPriceMarket CapETH$485.90B24h7d30d1yAll time That’s an important difference. The features in question are designed to help users, not to take power away from them. He also mentioned that data from platforms like L2Beat shows what actually protects users, not just how things look on paper. How Vitalik Compares Base to Other L2s Base is built using something called the OP Stack. It is the same open-source technology that powers other Layer-2 networks like Optimism. That means it shares some of the same structure. But what stands out to Vitalik is how Base keeps users safe while still making the platform easy to use. He said Base and other similar networks are not just services that interact with Ethereum. They are more like extensions of Ethereum itself. In his view, Base proves it is possible to offer both a smooth experience and strong protection at the same time. DISCOVER: 20+ Next Crypto to Explode in 2025 Why This Discussion Matters There has been a lot of debate in the crypto space about how much control is too much when it comes to making things more user-friendly. People want fast and cheap transactions, but they also want to be sure they are not handing over too much power to one group. Vitalik’s take helps cut through the noise. He showed that it is possible to make smart trade-offs, where users still stay in control of their money but enjoy a better overall experience. What to Watch Next Base is likely to remain in the spotlight as more people start using it. The big question is whether it can keep offering the same level of protection while growing even more. Regulators might also start looking more closely at how systems like Base work, especially around things like sequencers. It will also be interesting to see if other Layer-2 networks follow a similar path or try something different. Either way, Vitalik’s comments have put Base front and center in the conversation about what the future of Layer-2 networks should look like. DISCOVER: 20+ Next Crypto to Explode in 2025 Join The 99Bitcoins News Discord Here For The Latest Market Updates Key Takeaways Vitalik Buterin praised Base for balancing user experience with strong security. He emphasized that Base users always maintain control over their funds and can withdraw anytime. Base uses centralized tools to improve ease of use but relies on Ethereum for core protections. Concerns about Base’s sequencer were addressed, with Vitalik pointing out that it never holds user money. Vitalik’s approval positions Base as a leading example in the ongoing Layer-2 debate. The post Vitalik Buterin: “Base Is Doing Things Right” on Ethereum Layer 2 appeared first on 99Bitcoins.

Almonty Industries (NASDAQ: ALM) (TSX, ASX: AII) announced Tuesday it has started a large-scale drilling program at its Sangdong molybdenum project in Gangwon province, South Korea. The Toronto-based company is advancing molybdenum exploration while the development of its Sangdong tungsten mine, the largest ramps up. The Sangdong mine is currently world’s largest tungsten producer outside of China. Almonty said it is accelerating its molybdenum drilling campaign in response to South Korea’s supply shortage for molybdenum, a strategic metal widely used in the aerospace, defense, nuclear energy and petrochemicals industries. Demand has been expanding into next-generation industries including semiconductors and renewable energy facilities. The global molybdenum market is projected to reach $6.29 billion by 2034 from its current value of $4.6 billion, according to Zion Market Research. The spot price of molybdenum has increased by approximately 15.1% year-to-date to $25.97 per lb. as of Sept. 19, 2025, according to Metal Bulletin/Fastmarket. Almonty’s drilling program is intended to re-examine mineralized structures previously identified in historical drill holes. To this end, a total of 26 drill holes, covering approximately 11,700 meters of underground space, are expected to be drilled using diamond drills to obtain more precise data. Almonty previously filed an NI 43-101 technical report for the Sangdong molybdenum project in 2022, showing an indicated resource totalling 8 million tonnes grading 0.06% molybdenum disulfide and an inferred resource of 50.7 million tonnes grading 0.05% molybdenum disulfide. The company said it has signed an exclusive supply agreement with a subsidiary of South Korea’s SeAH Group to supply 100% of the molybdenum produced at the Sangdong project for the life of mine. “At a time when ally South Korea is facing a shortage of molybdenum supply, we believe that the Sangdong molybdenum project will make a significant contribution to national resource security and the establishment of a stable supply chain,” Almonty CEO Lewis Black said in a news release. “Once molybdenum production at Sangdong mine is fully operational, Almonty believes that it will help resolve South Korea’s supply shortage and reduce the nation’s dependence on imports,” he added.

Following a period of setting new records, U.S. stock markets, particularly the major technology companies, saw a decline. This was largely due to Federal Reserve Chair Jerome Powell not giving any clear indication that he would support another interest rate cut at the central bank's next meeting in October. While the stock market dropped from its all-time highs, government bonds held onto their gains. Powell stated that both the job market and inflation outlooks are uncertain, repeating his previous message that it will be a difficult challenge for policymakers as they consider future interest-rate cuts. Under pressure from the White House, the Federal Reserve cut its main interest rate by a quarter of a percentage point last week and plans two more cuts this year. However, after a period of setting new records, the S&P 500 stock index fell by 0.5%, with large technology companies like Amazon and Nvidia leading the declines. At the same time, the yield on ten-year government bonds dropped to 4.11%, and the dollar's value shifted throughout the day. The price of gold, however, remained at its record high. Oil prices rose, fueled by ongoing tensions between NATO and Russia. Inside the Fed, there are differing views among policymakers. Some are becoming more concerned about a weakening job market and believe the Fed should act to prevent further problems. Others are more focused on the risk that new trade tariffs and other policies could push inflation even higher, above the Fed's target. This disagreement was highlighted by two Fed officials: Governor Bowman stated that the Fed must be decisive in lowering rates to address the weakening job market. In contrast, Atlanta Fed President Bostic and his counterpart from Chicago, Goolsbee, expressed concerns that more inflation is on the horizon. Read More: Gold's (XAU/USD) Bull Run Just Getting Started? A Look at What History SaysSilver XAG/USD rockets to fresh 14-year highs on dovish Fed and robust fundamental outlookNikkei 225: Bullish reversal above 45,000, no negative impact from BoJ’s ETF unwindCross-Assets Daily Performance Cross-Asset Daily Performance, September 22, 2025 – Source: TradingView Oil prices led the way today increasing by more than $1 per barrel on Tuesday. This gain was a result of a deal to restart oil exports from Iraq's Kurdistan region stalling, which eased some of the fears among investors about too much oil being available on the global market. Gold prices saw a drop off similar to US equities after the comments from Fed Chair Powell. The Fed Chair continues to remain calm under growing political pressure and market expectations for further rate cuts. A picture of today's performance for major currencies Currency Performance, September 22 – Source: OANDA Labs The U.S. dollar's value remained mostly stable, as measured by the dollar index. The dollar index was little changed at 97.25. The dollar was slightly weaker against both the Swiss franc and the Japanese yen. Meanwhile, the euro edged up slightly against the dollar, and the British pound remained flat. A look at Economic data releasing in tonight and tomorrow's sessions For all market-moving economic releases and events, see the MarketPulse Economic Calendar. Looking ahead and the Asian session is relatively quiet with the biggest data release coming from Australia with the monthly CPI release. The European session will bring some medium impact data in the form of Euro IFO data from Germany before markets shift attentions to more Federal Reserve policymakers speaking as well as new home sales data. Any other developments and comments around the UN as well as discussions between Iran and European powers around a nuclear deal could also have an impact on overall market sentiment. Safe Trades and an enjoyble week ahead! Follow Zain on Twitter/X for Additional Market News, interactions and Insights @zvawda Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. 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. © 2025 OANDA Business Information & Services Inc.

Kinross Gold (TSX: K, NYSE: KGC) said on Tuesday it has sold its entire shareholding in Asante Gold (TSXV: ASE) at a discount, without providing reasons for the divestment. According to an early warning report, Kinross sold approximately 36.93 million of Asante’s shares, representing 5.2% of those outstanding, at a price of C$1.80 per share. Asante opened the session at C$2.20 and later rose to a 52-week high of C$2.29, giving it a market capitalization of roughly C$1.6 billion ($1.2 billion). Kinross had already sold 29.85 million shares of Asante at C$1.55 per share two weeks earlier. That represented 4.7% of Asante’s capital, and nearly half of Kinross’s entire holdings. At the time, the Canadian gold miner stated that the move was “part of the ordinary course of portfolio management.” The two sales this month netted proceeds of C$73.1 million and C$46.3 million, respectively. The second sale comes a week after Asante reported mixed results for the second quarter of fiscal 2026, during which the West Africa-focused miner saw its production slip and losses widen. Still, the company reaffirmed its guidance despite the shortcomings. Following these sales, Kinross said it will remain a “supportive investor” in Asante through its holdings of convertible instruments, which would give it an 8.4% stake on a partially diluted basis. Asante currently operates the Bibiani and Chirano gold mines in Ghana, plus several exploration projects in the West African nation. Kinross previously held the Chirano mine for over a decade, before selling it to Asante in 2022. Kinross’ latest disclosure also comes a day before Asante is scheduled to commence trading on the TSX Venture Exchange, a move that would broaden the company’s investor base.

Scottish engineering group Weir has agreed to buy Fast2Mine, a Brazil-based mine management solutions (MMS) provider, to bolster its existing suite of mine planning and control solutions. Fast2Mine offers an SaaS solution comprising four modules designed around a modern, web-native interface that prioritizes ease of use while delivering advanced reporting functionality. The technology is designed to help miners with material management, mine optimization, short-interval control, fleet management and select asset health diagnostics. Fast2Mine currently services 84 mines across multiple commodities and countries, such as Brazil, Chile, Argentina, Mexico, Guyana and Liberia. Weir said the MMS platform is highly complementary to its growing software portfolio, joining the Micromine software suite it acquired earlier this year to provide comprehensive mine management solutions for both open-pit and underground mining operations. The acquisition will accelerate Weir’s strategy to provide leading software solutions to the mining industry, the company said, adding that it will not affect the group’s full-year revenue, operating profit and leverage guidance as of July 31, 2025. The acquisition terms were not disclosed. “The acquisition of Fast2Mine will accelerate our expansion into the South American mining software market, providing a strong and immediate presence in Brazil, home to some of the world’s largest mineral deposits,” Weir CEO Jon Stanton said in a press release. “Fast2Mine’s software platform is a highly complementary addition to Weir’s mining software suite, including meaningful synergies with Micromine’s Alastri open pit mine planning solution and adjacency with Micromine’s Pitram underground fleet management solution,” he added.

Gold prices reached a new record high on Tuesday, helped by growing expectations of more US interest rate cuts. Investors were also waiting for a speech from Federal Reserve Chair Jerome Powell to get more hints about future policy. The price of spot gold went up 1% to $3,784.01 per ounce, after hitting a new record high of $3,790.82 earlier in the day. This optimism was partly due to new Fed Governor Stephen Miran, who called for aggressive rate cuts on Monday. He argued that the Fed's current policy is too strict and could put jobs at risk. However, his view was challenged by three of his colleagues, who believe the central bank needs to remain cautious about inflation. Miran's pro-rate cut stance increases the chances of more cuts, which is a positive sign for gold. The CME FedWatch tool shows that investors believe there's a high chance of two more rate cuts of 0.25% each, one in October (90% chance) and another in December (73% chance). The thing with Gold at the moment is how much longer can the rally possibly go? Now many investment banks and analysts have had to continuously update their price target this year. The problem is there is no historical data to look toward which could give us a sign of where the rally might end. I have been looking over the past few weeks and have now found some interesting takeaways when looking at past bull rallies which mirror the current cycle. Let us take a look. Gold Bull Rallies From a Historical Context - 1970s, 2000s Looking back at two periods historically paint an interesting picture. The first chart below looks at the period between September 1, 1976 to January 1, 1980 where Gold prices went on a parabolic rise from a low of $104/oz to a high of $875/oz. This equates to a gain of around 738.93% over a period of 1217 days (approximately 3 years and 4 months to complete this move). Gold (XAU/USD) Monthly Chart Source: TradingView This was followed by a multi-year retracement where Gold prices struggled throughout the 1980 and 1990s. The next historic bull rally started around September 1, 1999 (note the rally started again in September. Coincidence?) until September 1 2011. This period saw Gold prices benefit from the Global Financial crisis as well. The rally took Gold prices from $253/oz to a high of $1920/oz which is around a 657.47% increase. The major difference between this rally and the one in the 1970s is the timeframe. This particular rally took a total of 4383 days which equates to around 12 years. Take a look at the chart example below. Gold (XAU/USD) Monthly Chart Source: TradingView Now looking at the current rally in Gold prices, and i am using the bottom in price from around January 4, 2016 when price hit a low of $1061/oz Since then, Gold has been on a rally with gains totaling 257% over a period of 3529 days (just shy of 10 years) to reach a high of $3791/oz today. Gold (XAU/USD) Monthly Chart Source: TradingView This is quite an impressive rally to say the least. However, it remains some way of the other two rallies historically, so are we looking at a more protracted bull run for Gold? Firstly comparing historical price moves is something I am a firm believer in. There is of course no guarantee that a similar story will always play out as the past and that also stems from the factors which are affecting prices. For example in the 1970s, the rally began a few short years after the end of the Bretton Woods system. While the rally in the 2000s was fueled by the global financial crisis, post 2008. The current rally has been fueled by a combination of many things and one of the reasons why I could see further upside materializing in the current rally. We have strong central bank buying, geopolitical risk, recessionary fears and a potential multi-year Fed easing cycle all forming a perfect cocktail for Gold prices to push on higher. Now short-term corrections and pullbacks could materialize before Gold moves higher but for this we will have to monitor the lower timeframes for any possible signs. Technical Analysis - Gold (XAU/USD) From a technical standpoint, it is very difficult to pick a top at the moment. Not to mention that the lack of historical price action makes it near impossible. I will personally be focusing on the whole numbers ahead of $3800, $3825, $3850 etc. Gold (XAU/USD) Four-Hour Chart, September 23, 2025 Source: TradingView (click to enlarge) Follow Zain on Twitter/X for Additional Market News and Insights @zvawda Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. 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. © 2025 OANDA Business Information & Services Inc.

As I sit down to pen this article, I’m met with a feeling of déjà vu. The difference is that I have actually been here before, many times in the last few months, in fact, with silver seemingly hitting new highs every time I check my charts. Naturally, this time is no different, with silver rocketing to new highs in yesterday’s trading, while handsomely outperforming its yellow counterpart, gold, in the last seven days. As is almost tradition by now, let’s discuss some of the fundamentals responsible for the recent moves in precious metal pricing. Read previous coverage: Silver Price: XAG/USD poised to extend gains further, support likely at $40.60 Silver XAG/USD poised for further upside, having cooled from multi-year highs Silver (XAG/USD), OANDA, TradingView,23/09/2025 Dust settles on dovish Fed, boosting silver prices Let’s start by establishing a fundamental economic concept: in a total vacuum, lower interest rates benefit non-yielding assets like silver, since the opportunity cost for holding precious metals compared to cash is reduced. So, why did the recent Federal Reserve rate cut hurt silver pricing? The devil is, of course, in the details. Naturally, nothing in the market is black and white; in this case, Fed Chair Jerome Powell described the cut as a ‘risk-management’ rather than a response to a weakening economy. This would be a much more hawkish stance than previously thought, which, at least at first, would seriously temper expectations that this would mark the first cut of a deep-cutting cycle. Considering the predicted trajectory of Fed interest rates before this, generally pegged at two further cuts before year-end, even the slightest suggestion that rates could be kept higher not only weakened demand for precious metals, but also simultaneously strengthened the dollar. What’s happened since then, however, is a textbook example of reaction versus response. Silver (XAG/USD) & DXY, OANDA & TVC, TradingView, 23/09/2025 Having had time to digest, it would seem that the market uncertainty has all but dissipated, with the recent rally in silver pricing a shining example. While Powell’s recent ‘risk-management’ comments can’t be ignored, against the backdrop of recent US labour and GDP data, the numbers otherwise point to further rate cuts, assuming inflation remains under control. While it would be fair to say that the financial markets’ collective hive mind is not always known for robust decision-making in light of shock economic news, the dust has now settled, with the narrative around Fed monetary policy returning essentially to the dovish angle held ahead of the recent decision. CME FedWatch, OANDA, TradingView, 23/09/2025 This goes double when considering dissent from FOMC member Stephen Miran, who voted for a more aggressive 50 basis point cut in the most recent decision, showing some support for further rate cuts already exists amongst decision-makers. Strong fundamentals bolster silver prices At risk of repeating myself from previous coverage, here’s a quick-fire round on the macro themes responsible for the current rally: Questions remain on sovereign debt, especially in United States, with the recent downgrade in credit rating fresh in the collective memory. Similar to 2011, uncertainty on the long-term solvency of major world economies, especially with no shortage of radical US policy changes, directly benefits silver pricing Silver demand continues to outstrip supply, which in and of itself is a relatively new phenomenon. Used both as a store of value and across industry alike, the recent classification of silver as a ‘critical mineral’ by the US Government further cements its use case on a significant scale. In line with the most basic principles of economic theory, if demand cannot be met by supply, prices rise, as seen particularly of recent Usually lumped under the moniker of ‘safe-haven flows’, precious metals like silver are often used as a reliable store of value in times of economic uncertainty. In 2025, there has been no shortage in demand for safe-haven assets, with increased geopolitical tensions, questions on sovereign debt, and, of course, US trade tariffs, all making valuable contributions Less so a macroeconomic factor, more so a consequence of the above, a weakening dollar has helped extend the current rally in precious metal pricing, since precious metals are typically priced in USD. So far, 2025 remains on record as one of the U.S. dollar’s worst-performing years in some time, helping boost silver prices In a nutshell, and owing to the rock-solid fundamentals, markets have clearly shown their preference for higher silver pricing this year, with current prices on pace for their best percentage performance since 2010. Since late August, it would appear that markets are ready to metaphorically bite the hand off any opportunity to push precious metals higher, with no obvious signs of slowing down any time soon. Silver XAG/USD: Technical Analysis 23/09/2025 Silver (XAG/USD), OANDA, TradingView, 23/09/2025 Renewing multi-year highs recently, XAG/USD currently trades toward the upper boundary of the upwards channel. Price may need to retrace lower before an attempt higher, with bulls likely to target $45 first, then onto $45.69According to the ADX, current trend strength is at its highest level since June 2024, suggesting conviction in market direction. For the contrarians, shorts should be approached with extreme caution Read more from MarketPulse: Nikkei 225: Bullish reversal above 45,000, no negative impact from BoJ’s ETF unwind Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. 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. © 2025 OANDA Business Information & Services Inc.

Aura Minerals (NASDAQ: AUGO) says it has achieved commercial production at its Borborema gold project, its third operating asset in Brazil and fifth globally. In a press release Tuesday, Aura confirmed the milestone was reached on time and budget, having started production ramp-up earlier this year. The Borborema mill is operating above 80% of the design capacity, processing 4,500 tonnes per day, with recoveries consistently above 90% and ranging up to 92%, the company said. “We are proud to announce commercial production at the Borborema mine, six months after startup, after 19 months of construction, and with no lost time incidents,” Aura CEO Rodrigo Barbosa said in a news release. The news lifted Aura Minerals’ stock price, with a intraday best of $35.43 — its highest since debuting on the NASDAQ in July. The miner has a market capitalization of $2.9 billion. Second-largest asset The Borborema open-pit mine — located in Brazil’s Rio Grande do Norte state, in the municipality of Currais Novos — is expected to become Aura’s second-largest gold producer, the company said. According to a feasibility study (FS) from August 2023, the Borborema project is anticipated to produce 748,000 oz. of gold over an 11.3-year mine life, with possibilities for even greater output after relocating a road that crosses a portion of the deposit. Barbosa noted that on the upside, the deposit has 812,000 oz. in reserves plus an additional 1.18 million oz. in measured and indicated resources that could be converted, providing for “higher returns and increased reserves.” The project is expected to deliver an after-tax internal rate of return of 41.8% on an unleveraged basis, based on a gold price of $2,600 per ounce, based on the FS calculations. Its after-tax net present value is pegged at $182 million. Borborema now becomes Aura’s third operating mine in Brazil, after the Almas and Apoena mines located in Tocantins and Mato Grosso, respectively. Based on expected production, Borborema would be its biggest in the country, with annual production reaching as high as 83,000 oz. during the initial three years. Currently, Aura’s biggest operating asset is the Aranzazu mine in Mexico, an underground copper mine that also produces gold and silver as by-products. In 2025, it is expected to deliver 88,000 to 97,000 oz. of gold-equivalent production.

United States Antimony Corporation (NYSE: UAMY) has secured a five-year contract worth up to $245 million from the US Defense Logistics Agency (DLA) to supply antimony metal ingots for the national defense stockpile. The news sent US Antimony’s shares soaring 17.8% in New York trading on Tuesday, pushing the company’s market capitalization to about $975 million. Securing domestic supply Antimony, a grey metal listed by the US as critical to national and economic security, is used in defense and high-tech applications, including flame-retardant materials, certain semiconductors, ammunition primers and superhard alloys. The US has not produced antimony commercially since 2016, making domestic supply a priority. US Antimony operates the only two smelters in North America with long-standing capacity to process the metal. According to the company, both facilities are already capable of producing ingots that meet stringent military specifications, with first deliveries under the contract expected this week. US Antimony has been working to expand its feedstock base, sourcing ore globally while advancing domestic projects. Mining recently began on its Alaska acreage, with initial results showing high-grade deposits that the company says will enable efficient processing and contribute to the US supply chain. It is also advancing acreage in Montana. The company emphasized that competing antimony sources, whether from the US or abroad, are at least three years away from commercial-scale production and may not meet defense standards. Chairman and CEO Gary Evans called the DLA contract a “meaningful milestone” for the company. “This sole-source award underscores our unique position as the only fully integrated antimony operation outside China,” Evans said, highlighting the significance of winning a government contract worth nearly 17 times the company’s 2024 revenue of $14.9 million. Founded decades ago, US Antimony produces and markets antimony, zeolite and precious metals across the US and Canada. Its Montana facility processes ore into antimony oxide, antimony metal and antimony trisulfide while also recovering gold and silver. Its Bear River zeolite operation in Idaho supplies materials for water filtration, nuclear waste treatment, agriculture and other industrial uses.

Fortune Bay (TSXV: FOR) said an updated economic study for the company’s Goldfields project in Saskatchewan shows rising gold prices have resulted in a quadrupling of the past-producing mine’s expected value. The stock soared. At spot gold prices of $3,650 an oz., Goldfields has an after-tax net present value (NPV) of C$1.25 billion ($906 million), an after-tax internal rate of return (IRR) of 74% and a payback of less than a year, Fortune Bay said Tuesday in a statement. The base case, which rests on gold averaging $2,600, would result in an NPV of C$610 million, an IRR of 44% and a payback of 1.7 years. A November 2022 preliminary economic assessment (PEA), which factored in average gold prices of $1,650 per oz., outlined an after-tax NPV of C$285 million, an IRR of 35% and a payback period of 1.7 years. “The updated PEA demonstrates the exceptional economics of Goldfields, establishing it as a significant development asset within Canada’s gold mining sector, while underscoring the disconnect between the project’s intrinsic value and Fortune Bay’s market valuation,” CEO Dale Verran said in the statement. Shares of the company rose 11% to C$0.89 apiece Tuesday morning in Toronto, boosting Fortune Bay’s market capitalization to about C$52 million. The stock has traded between C$0.21 and C$0.90 in the past year. Processing facility Fortune Bay’s updated study envisions an open-pit mine with a 14-year life producing 896,000 oz. of payable gold at an all-in sustaining cost of $1,330 an ounce. A 4,950 tonne-per-day processing facility – whose environmental impact statement has already been approved by Saskatchewan – would also be built. Initial capital expenditures for Goldfields are pegged at C$301 million, including a C$51 million contingency. Sustaining capital is projected to be C$142 million over the mine’s life. The current mine plan is designed to speed up production, Fortune Bay says. Maintaining throughput below 5,000 tonnes per day would allow the project to proceed without the need for a federal impact assessment, according to the company. Goldfields lies 13 km south of Uranium City in northern Saskatchewan, an historic mining district with road and hydro access, nearby fuel, contractors and a commercial airport. High grade If the project does go ahead, Goldfields would rank among the highest-grade open-pit developments in the Americas, according to Fortune Bay. Goldfields hosts 24 million indicated tonnes grading 1.28 grams gold per tonne for 989,600 oz. of gold, with 7.4 million inferred tonnes at 0.9 gram gold per tonne for 214,200 oz., according to the updated PEA. About three-quarters of the mineable ounces come from the Box deposit. With 97% of ounces in the mine plan classified as indicated, Goldfields “is comparatively de-risked for a PEA-stage project and is uniquely positioned for near-term development,” Verran said. “We are now focused on securing additional permits, advancing key de-risking (pre-feasibility) studies and preparing for resource-growth drilling. We are also evaluating alternative options for an accelerated production pathway.” Baseline studies and permitting are underway, and initial meetings with Indigenous Nations and local municipalities are scheduled to begin in the fourth quarter, the company said. “At this time, no material environmental or social risks have been identified that cannot be reasonably mitigated,” the company said in an investor presentation posted on its website. Exploration drilling at Box and the Athona, Frontier Lake, Golden Pond and Triangle targets has the potential to expand the current resource, Fortune Bay said. A 2,000–3,000 metre drilling program is planned to test the growth potential beyond the current mine plan.

Gold climbed to yet another record on Tuesday, bolstered by increased expectations of further US rate cuts, with investors awaiting Federal Reserve Chair Jerome Powell’s speech later in the day for further policy cues. Spot gold shot up nearly 1% to set a new all-time high of $3,790.64 per ounce, before pulling back below the $3,770 level. Meanwhile, US gold futures broke past the $3,800 barrier, trading 0.9% higher at $3809.1 an ounce. Click on chart for live prices. Over the past week, bullion has gained more than 2% while setting a new high almost every trading session, riding the momentum of the Federal Reserve’s first rate cut this year and expectations of further cuts down the line. According to the CME FedWatch tool, investors are predicting two more 25-basis point cuts, one each in October and December, with a 90% and 73% probability, respectively. Earlier this week, new Fed Governor Stephen Miran called for aggressive rate cuts, stating that the central bank was misreading how tight it has set monetary policy and will put the job market at risk. “Miran’s dovish posture certainly heightens the expectation of greater rate cuts as it seems the US administration is keen to push this, and this is a gold-positive outcome,” Ross Norman, an independent analyst, told Reuters. In 2025, the yellow metal has risen nearly 44%, with about a third of those gains coming over the past month in the lead-up to last week’s 25-basis-point rate cut. Also supporting this run was intense buying from institutional investors amid heightened demand for safe havens. SPDR Gold Trust , the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.6% to 1,000.57 tons, a more than three-year high. Gold’s record-setting rally, according to many analysts, has yet to reach its conclusion. Those at UBS recently lifted their year-end price target to $3,800 an ounce, while Goldman Sachs is predicting gold will hit the $4,000-an-ounce milestone by the middle of 2026. Christopher Wood, global head of equity strategy at Jefferies, this week said that gold still has a 75% growth upside, taking it to as high as $6,600 in the coming months. (With files from Reuters) Sponsored: Secure your wealth today — buy gold bullion directly through our trusted partner, Sprott Money.

Appian Capital Advisory has secured a $150 million debt facility from Standard Bank to complete the expansion of its majority-owned Rosh Pinah zinc mine (RPZ) in southern Namibia. The financing will cover the remaining construction costs of the Rosh Pinah 2.0 project (RP2.0), which is more than 80% complete and on track for full commissioning in the third quarter of 2026. The expansion aims to nearly double throughput to 1.3 million tonnes a year, equal to about 170 million pounds of zinc. The project includes developing additional underground deposits and building new surface facilities, including a processing plant, paste fill and water treatment plant, and a new portal and decline. “Securing this financing is a major step forward for RPZ and RP2.0,” Ignacio Bustamante, Appian’s head of base metals, said in a statement. “The expansion is a key component of our strategy to optimise operations and extend mine life.” Alex Mayrick, the mine’s general manager, said Standard Bank’s involvement reflected confidence in the long-term prospects of the operation. Solar-powered About 30% of the mine’s energy needs are being met by the Rosh Pinah Solar Park, in which Appian took a controlling stake earlier this year. The plant supplies electricity at a fixed rate under a 15-year offtake agreement with Emesco Energy, cutting energy costs by 8%. Appian plans to boost the solar plant’s capacity from 5.4MWp (megawatt peak) to 16.3MWp, with Emesco continuing as operator.

Artificial intelligence can slash truck waiting times in open-pit mining by as much as 55%, while increasing productivity and fuel efficiency, according to a new study by GEM Mining Consulting. The research tested Reinforcement Learning (RL) as an alternative to conventional rule-based truck dispatch. Across multiple scenarios, the AI system delivered stronger results: 23–33% more tonnage moved, 19–24% faster cycle times, 6–21% better fuel efficiency, and up to 48% less downtime. Truck allocation remains one of mining’s toughest challenges, with loading and hauling making up 50%–60% of costs. Traditional dispatch systems depend on fixed rules that often break down when conditions shift, such as equipment failures or unscheduled maintenance. As operations expand, delays and inefficiencies compound, reducing output. To test RL’s potential, GEM built a discrete event simulation in Python, modelling an eight-hour shift with 30 trucks, four shovels, multiple pits, and destinations including plants and waste dumps. The simulation incorporated real-world complications such as refuelling, maintenance, queues, and random breakdowns. Real-time tweaks Researchers then applied Proximal Policy Optimization (PPO), an RL technique that learns from experience and adjusts in real time. Unlike static heuristics, the AI continuously evaluated variables such as truck locations, queue lengths, and fuel use to maximize efficiency. In repeated trials, RL outperformed conventional dispatch. Even with equipment failures, the AI kept deliveries steady with shorter queues and faster cycles, while the rule-based system faltered, widening the productivity gap. “The study demonstrates that Reinforcement Learning not only increases productivity but also significantly improves operational efficiency and environmental sustainability,” Sebastián Faúndez, Head of Analytics at GEM Mining Consulting, said. “In a sector where uncertainty and variability are inevitable, AI offers a robust and adaptable alternative that outperforms traditional truck dispatching approaches.”

Botswana is accelerating efforts to secure control of De Beers as parent company Anglo American (LON: AAL) moves forward with plans to divest its 85% stake in the diamond giant. President Duma Boko said his government intends to finalize a deal by the end of October, despite ongoing negotiations between Anglo and other potential buyers. He confirmed Botswana is in talks with partners, including Oman’s sovereign wealth fund, to help finance the deal. “We are more than ready for the transaction and we’ve said the transaction must be concluded by the end of October,” Boko told Bloomberg News. “It’s a matter of economic sovereignty for Botswana.” Securing a controlling stake would raise Botswana’s interest in De Beers above 50%. The company sources about 70% of its rough diamonds from the country, making the deal a strategic priority for Gaborone. Adverse market De Beers, the world’s leading diamond producer by value, has been on the chopping block since May 2024, when Anglo announced it would sell the unit or consider an initial public offering (IPO). This decision came after the miner fended off a £39 billion ($49 billion) takeover bid by Australian rival BHP (ASX: BHP) and launched a broad restructuring. Anglo has since delayed the sale amid a prolonged slump in the natural diamonds market, pressured by rising demand for cheaper lab-grown alternatives. The miner has twice cut De Beers’ valuation, most recently to $4.1 billion in February. In the first half, De Beers swung to a $189 million loss from a $300 million profit a year earlier as revenues fell 10% to $2 billion from $2.2 billion.

Asia Market Wrap - China, Hong Kong Shares Slide Most Read: Nikkei 225: Bullish reversal above 45,000, no negative impact from BoJ’s ETF unwind Following a technology-fueled surge on Wall Street, Asian stocks were trading near a record high, although shares in Hong Kong and mainland China declined. The MSCI Asia Pacific Index pulled back from its earlier highs to trade mostly flat. Stocks in Hong Kong fell 1% as the city was dealing with its most severe typhoon since 2018. However, shares of Asian companies that are involved in making computer chips rose, which was a reaction to the news that Nvidia has invested in OpenAI. There was no cash trading of U.S. government bonds (Treasuries) during the Asian trading hours because markets in Tokyo were closed for a public holiday. China's stock markets saw declines, with both the CSI300 Index and the Shanghai Composite Index falling by 1.2%, and Hong Kong's Hang Seng Index dropping by 1%. This negative mood among investors was made worse after a highly anticipated press conference by top financial regulators on Monday failed to provide any new announcements of policy support for the economy. Euro Area Private Sector Growth Accelerates, UK Composite PMI Falls Looking at the Euro Area, I was of the opinion that the very strong business activity in August, mainly from manufacturing, was likely a one-time event. This view was supported by a separate survey from the European Commission, which showed that while current production was up, companies weren't very optimistic about the future. New data released today seems to confirm this. The manufacturing sector has now declined to its lowest point in three months. However, activity in the service sector has improved significantly. This balance has kept the overall business activity index at a level that suggests the economy is still growing modestly. Overall, this means the eurozone economy had a respectable quarter, despite a lot of instability in the global economy. When looking at individual countries, France is a negative standout. Its business activity index fell to its lowest level since April, with both manufacturing and services showing a decline. This is in contrast to Germany, where the services sector is picking up. Given the current political uncertainty in France, its economy appears to be reflecting that same sense of instability. According to a preliminary estimate, the UK's business activity slowed down in September. The S&P Global Composite PMI index dropped to 51, a notable decrease from August's one-year high of 53.5 and below the expected 53. This marks the slowest rate of growth since May. Sources: ONS, S&P Global PMI The slowdown was seen in both the services sector, which grew at a slower pace, and the manufacturing sector, which experienced a more significant decline. New business increased only slightly, as companies reported that clients were hesitant to spend, particularly in export markets in the US and EU. To keep up production, businesses had to rely on existing backlogs of work. At the same time, costs for companies increased sharply due to rising wage pressures and higher National Insurance contributions. This led firms to raise their prices. As a result of these pressures, the level of employment in the private sector fell for the eleventh month in a row. Looking ahead, companies remain optimistic about future growth, but this optimism is not as strong as it was last month. European Open - FTSE 100 Retreats Global stocks climbed on Tuesday, driven by growing excitement around artificial intelligence (AI), which is attracting a lot of money into technology companies. Expectations that the US Federal Reserve will continue cutting interest rates also pushed the price of gold to a new record high. European stocks, which have typically been slower to follow the tech stock trend, saw gains of 0.4% in the EURO STOXX 600 index. This was primarily boosted by utility companies, with both German and French stock indexes climbing 0.5% and 0.7% respectively. However, the Dutch chip equipment manufacturer ASML saw its shares drop by 1.2%, which kept the overall gains in check. On the FX front, The S dollar held steady on Tuesday as investors carefully considered recent comments from members of the Federal Reserve. These remarks were seen as having a "hawkish" tilt, which means they suggest a preference for tighter monetary policy, like higher interest rates, to control inflation. At the same time, the market was waiting for a speech from Fed Chair Jerome Powell for more clarity on the economic outlook. The dollar's value shifted throughout the day but ended up mostly unchanged. The U.S. Dollar Index, which measures the dollar against other major currencies, was last at 97.36, after its three-day winning streak was broken on Monday. The euro and the British pound were slightly lower and flat against the dollar, respectively. The dollar was also flat against the Japanese yen. However, it gained slightly against the Swedish krona after Sweden's central bank cut its key interest rate to 1.75% and indicated that rates would likely stay at that level for a while. The offshore Chinese yuan remained unchanged against the dollar. This was because some major state-owned banks were reportedly buying US dollars. This move is typically seen as an effort to slow down the yuan's appreciation, or strengthening, against the dollar. Currency Power Balance Source: OANDA Labs Oil prices rose slightly on Tuesday, even though investors were also considering the potential for more oil supply coming to the market. This new supply is expected because Iraq and the Kurdish regional governments have reached a preliminary deal to reopen a key oil pipeline. Brent crude futures gained 14 cents to $66.71 a barrel, and U.S. West Texas Intermediate (WTI) crude gained 21 cents to $62.49 a barrel. Both types of oil recovered from small losses earlier in the day. The recent gains come after both Brent and WTI had fallen for the previous four sessions, dropping about 3% in value. Gold prices held steady on Tuesday after reaching a new record high. This was supported by ongoing expectations for more interest rate cuts in the U.S. and a weaker dollar, which typically makes gold more appealing. Investors are now waiting for a speech from Federal Reserve Chair Jerome Powell for more clues about the central bank's future policy plans. Spot gold, which is the current price for immediate delivery, was up by 1% at $3,783.25 per ounce, after it had already hit a record high of $3,791.02 earlier in the session. Economic Calendar and Final Thoughts Looking at the economic calendar, the European session was busy with a host of PMI data releases. Attention will now shift to US PMI data while central bank policymakers from the ECB, FED and Bank of Canada will also be speaking during the US session. For all market-moving economic releases and events, see the MarketPulse Economic Calendar. (click to enlarge) Chart of the Day - FTSE Index From a technical standpoint, the FTSE 100 has seen a pullback this morning after advancing yesterday. Overall structure remains bullish but a pullback toward the 100-day MA is now looking likely. A bounce off the support here could lead to fresh highs beyond the 9280 highs printed earlier today. Immediate support below the 100-day MA is provided by the 200-day MA at 9216. Resistance beyond the 9280 handle may be found at 9320 and 9357. FTSE 100 Four-Hour Chart, September 23. 2025 Source: TradingView.com (click to enlarge) Follow Zain on Twitter/X for Additional Market News and Insights @zvawda Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. 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. © 2025 OANDA Business Information & Services Inc.

Overview: The dollar's rally beginning during the Federal Reserve's press conference last week stalled yesterday, and the greenback is mostly heavier today. Despite Sweden's unexpected rate cut, the krona is leading the G10 currencies higher. The flash September PMIs mostly softened but the impact has been minimal. Fed Chair Powell speaks shortly after noon ET today and this could be a catalyst. The dollar has been sold through the technical retracements of last week's recovery. The greenback is more mixed against emerging market currencies, with central European currencies generally outperforming Asia Pacific currencies. Tokyo markets were closed for the national holiday today, and outside of China and Hong Kong, most of the other large bourses advanced, led by Taiwan's 1.4% rally. Europe's Stoxx 600 is up more than 0.5% and is recouping in full losses from the past two sessions. US index futures are little changed. Bonds are mostly firmer. Benchmark 10-year yields are slightly softer, the 10-year UK Gilt yield is off a couple of basis points. Similarly, the 10-year US Treasury yield is two basis points lower near 4.13%. Gold extended its rally to $3791 in Europe but is pulling back ahead of the North American open. Given surge, the first area of support maybe near $3760. November WTI is consolidating quietly in a $61.85-$62.60 range. USD: After rallying about 1.65% after the FOMC statement last week, the Dollar Index consolidated lower yesterday. It neared 97.30. It eased to about 97.20 today. The 97.00 area is about the (50%) retracement of last week's post-Fed bounce. A move above 97.60 could stabilize the technical tone. Quietly but surely the US is moving toward a government shutdown at the end of the month. Both parties blocked the other's effort for a short-term extension. Both the Senate and House are on recess now making for a cliff-hanger next week. The preliminary September PMI poses headline risk. The composite is expected to have slowed for the second consecutive month. Fed Governor Bowman, and Atlanta Fed President Bostic (a non-voter this year) will speak before Chair Powell's speech on the economy at 12:35 EST. EURO: The euro poked a little above $1.1800 in late North American dealings yesterday. This met the (38.2%) retracement of the pullback that bottomed early yesterday near $1.1725. The euro recorded a bullish outside up day by trading on both sides of Friday's range and settling above it high. After reaching $1.1820, it was sold to $1.1780 after the PMI and recovered back above $1.1800. The next retracement objectives are around $1.1825 and $1.1845. The flash September PMI was little changed. Manufacturing slipped back into contraction (49.5 vs. 50.7), but services were stronger (51.4 vs. 50.5). The composite output measure stands edged up to 51.2 (vs.51.0). It averaged 50.4 in both Q1 and Q2. German manufacturing slowed slightly, but services expanded, and the composite rose to 52.4 from 50.5. French manufacturing and services slowed, and the composite fell to 48.4 (from 49.8). Elsewhere, Sweden's Riksbank unexpected delivered a quarter-point cut that brought its key rates to 1.75%. It was the third cut this year after 150 bp in cuts last year. Headline CPI is 1.1%. The krona is firmer against the greenback but a little softer against euro. CNY: The dollar consolidated in quiet turnover against the yuan yesterday and remains in last Friday's range today (CNH7.1060-CNH7.1200). It is in a narrow CNH7.1130-90 range today. The 20-day moving average is near CNH7.1250. The US dollar has not settled above it for little more than a month. Ahead of China's national holiday in the first part of October, the PBOC is injecting extra funds into the banking system. The dollar's fix was set at CNY7.1057, down from CNY7.1106 yesterday. JPY: The dollar continued to consolidate in the upper end of last week's range when it reached almost JPY148.30. The greenback eased to almost JPY147.65 in North America yesterday and settled below the down trendline from the August 1 and September 3 highs is found slightly above JPY148.00 today. The five- and 20-day moving averages converge near JPY147.50, which has been tested today. It held below JPY147.90 in quiet turnover. The local markets were closed today for the equinox holiday. Japan sees its preliminary PMI the first thing tomorrow and the LDP leadership contest is underway, with the vote on October 4. GBP: Sterling looked miserable. It dropped nearly 2% from the middle of last week's high. Buyers emerged yesterday after a marginal new low was recorded slightly below $1.3455. Sterling stalled around $1.3520 yesterday but edged slightly above it today to fray the 20-day moving average (~$1.3525). Above here, the $1.3550-60 area may cap it. The UK's flash September PMI softened, and the manufacturing reading remained below the 50 boom/bust level as it has since September 2024 (46.2 vs. 47.0), and services slowed (51.9 vs. 54.2). The composite eased to 51.0 from 53.5 in August, which was the highest since April 2024. The composite averaged 50.9 in Q1, 50.3 in Q2, and 52.0 in Q3. Yet growth is seen slowing this quarter to 0.2% from 0.3%, according to the median forecast in Bloomberg's survey. CAD: The greenback traded firmly yesterday rose above last Friday's high (~CAD1.3825) to approach a band of resistance that extends toward CAD1.3850. It is holding so far today. A move above CAD1.3865 could spur a retest on the CAD1.3900 area. Bank of Canada Governor Macklem speaks on trade and capital flows at 2:30 PM ET today. Otherwise, Canada's news stream is light until the end of the week's July GDP. Recall that the Canadian economy contracted in the previous three months (-0.1% a month) and the economy shrank by 1.6% at an annualized rate in Q2 as exports to the US were a significant drag. The swaps market is discounting another rate cut in Q4, which would bring the target rate to 2.25%. The market sees that as the likely terminal rate cut but has about a 40% chance of a cut in the first part of next year. AUD: The Australian dollar briefly traded above $0.6600 yesterday but spent most of the session consolidating in a narrow $0.6580-$0.6600 range. It is straddling the $0.6600 area. The next hurdle is the $0.6615-$0.6625 band. Australia's preliminary September PMI softened. It is one of the few countries that the manufacturing PMI continues to hold above 50; it has not been below this year. It is at 51.6 (vs. 53.0 in August). The composite averaged 51.0 in Q1 and 51.1 in Q2. If the September estimate is confirmed at 52.1, it will average about 53.8 in Q3. Reserve Bank Governor Bullock has indicated that a bar to a rate cut is high. There is practically no chance of a cut next week, and the odds of cut at the following meeting in November are around 80%. While still high, it has not been lower since late August. MXN: The dollar consolidated in the upper end of last week's range in quiet uneventful turnover yesterday. It slipped through yesterday's low near MXN18.34. Nearby support is seen around MXN18.30. Today, Mexico reports July retail sales, which may have ticked up after a 0.4% decline in June. Mexico also reports the IGAE economic activity survey, which is almost like a monthly GDP. It is expected to fall by 0.45 after rising by 0.22 in June. Ahead of Thursday's Banxico meeting, Mexico will also see first half of September's CPI on Wednesday. Another firm reading is expected, but with policy restrictive, the central bank is more concerned about growth, and barring a dramatic shock, a 25 bp rate cut is expected, which would bring the overnight target rate to 7.50%. Disclaimer

Ever wondered what your grandfather’s coin collection is worth? Inherited old coins but not sure of their value? Or maybe you’re just starting your journey in numismatics? Coin grading is the key to understanding the true value and authenticity of your coins. In this guide, you’ll learn what coin grading is, why it matters, how grading scales work, and which professional coin grading services (PCGS, NGC, and CACG) you can trust. Q: What Is Coin Grading and Why Does It Matter? A: Coin grading is the process of evaluating a coin’s condition and authenticity. A certified grade confirms a coin is genuine and assigns it a numeric value that collectors and dealers recognize worldwide. Even small grading differences can mean huge price changes. For example, a Morgan Silver Dollar graded MS-65 can be worth several times more than the same coin graded AU-58. Q: Why Should You Grade Your Coins? A: Professional coin grading protects you from counterfeits and ensures fair pricing. Certified grading: Authenticates your coin. Assigns a recognized grade using the Sheldon Scale. Boosts resale value by giving buyers confidence. Without grading, rare coins are often undervalued or distrusted in the marketplace. Q: How Are Coins Graded? A: The Sheldon Coin Grading Scale Developed in 1949, the Sheldon Scale is a 70-point system ranking coins from Poor (P-1) to Perfect Mint State (MS-70). Mint State (MS-60 to MS-70): Uncirculated, no wear. About Uncirculated (AU-50 to AU-58): Light wear, strong details. Extremely Fine (XF): Slight wear, most details visible. Very Fine (VF): Moderate wear, design visible. Good (G): Heavily worn, but identifiable. ANA Coin Grading Standards A: The American Numismatic Association (ANA) uses the same Sheldon Scale but adds detailed grade descriptions to ensure consistent grading across the industry. Q: Proof Coins vs. Mint State Coins: What’s the Difference? Proof coins are specially struck for collectors using polished dies, giving them mirror-like surfaces and sharp details. Mint State coins are uncirculated coins preserved from circulation, but struck for everyday use. Both can be graded, but Proofs often appeal to collectors for their visual beauty. Q: What Are the Most Trusted Coin Grading Services? A: The three most recognized professional coin grading services are: PCGS (Professional Coin Grading Service): One of the most respected names in coin authentication. NGC (Numismatic Guaranty Company): Trusted worldwide for consistent, reliable grading. CAC (Certified Acceptance Corporation): Known for its green sticker program, CAC began offering full grading and encapsulation in 2023. All three ensure your coins are authenticated, graded, and sealed in secure holders accepted by dealers and collectors worldwide. Q: Can You Grade Coins Yourself at Home? A: You can estimate grades using tools like PCGS Photograde or NGC Coin Explorer, which let you compare your coins to reference images. But only professional grades from PCGS, NGC, or CACG are official and accepted in the marketplace. Home grading is useful for learning, but it doesn’t carry the same credibility or value. Q: How Do You Submit a Coin for Professional Grading? A: Here’s the step-by-step process: Identify your coin. Choose a grading service (PCGS, NGC, or CACG). Fill out the online submission form. Package and ship your coin securely. Wait for grading, encapsulation, and insured return shipping. Q: How Does Coin Grading Affect Market Value? A: Coin grading directly impacts price. For example: A coin graded MS-65 can sell for several times more than the same coin graded AU-50. Professionally graded coins are easier to sell because buyers have confidence in their authenticity. This is why grading is essential if you plan to sell or insure your coins. Common Coin Grading Terms Every Collector Should Know MS (Mint State): Uncirculated, no wear. AU (About Uncirculated): Minimal wear on high points. XF (Extremely Fine): Light wear, sharp detail. VF (Very Fine): Moderate wear, design visible. G (Good): Heavy wear, still identifiable. These grading terms will help you understand coin listings, auction catalogs, and price guides. Tips and Warnings for Coin Collectors Never clean your coins. Cleaning reduces grade and value. Collectors prefer natural surfaces. Rely on professional grading. Only certified coins from PCGS, NGC, or CACG carry strong resale value. Graded coins sell for premiums. Dealers, auctions, and online buyers are willing to pay more for certified coins. Final Thoughts: Why Coin Grading Is Essential Getting your coins professionally graded is one of the best ways to protect their value, prove authenticity, and prepare them for the marketplace. Whether you choose PCGS, NGC, or CACG, grading gives peace of mind to both collectors and investors while maximizing your coin’s potential value. Want to stay informed? Subscribe to the Blanchard Newsletter for expert tips, rare coin insights, and the latest news in the world of precious metals and collectibles. The post How to Get a Coin Graded: A Complete Guide for Collectors appeared first on Blanchard and Company.

Ever wondered what your grandfather’s coin collection is worth? Inherited old coins but not sure of their value? Or maybe you’re just starting your journey in numismatics? Coin grading is the key to understanding the true value and authenticity of your coins. In this guide, you’ll learn what coin grading is, why it matters, how grading scales work, and which professional coin grading services (PCGS, NGC, and CACG) you can trust. Q: What Is Coin Grading and Why Does It Matter? A: Coin grading is the process of evaluating a coin’s condition and authenticity. A certified grade confirms a coin is genuine and assigns it a numeric value that collectors and dealers recognize worldwide. Even small grading differences can mean huge price changes. For example, a Morgan Silver Dollar graded MS-65 can be worth several times more than the same coin graded AU-58. Q: Why Should You Grade Your Coins? A: Professional coin grading protects you from counterfeits and ensures fair pricing. Certified grading: Authenticates your coin. Assigns a recognized grade using the Sheldon Scale. Boosts resale value by giving buyers confidence. Without grading, rare coins are often undervalued or distrusted in the marketplace. Q: How Are Coins Graded? A: The Sheldon Coin Grading Scale Developed in 1949, the Sheldon Scale is a 70-point system ranking coins from Poor (P-1) to Perfect Mint State (MS-70). Mint State (MS-60 to MS-70): Uncirculated, no wear. About Uncirculated (AU-50 to AU-58): Light wear, strong details. Extremely Fine (XF): Slight wear, most details visible. Very Fine (VF): Moderate wear, design visible. Good (G): Heavily worn, but identifiable. ANA Coin Grading Standards A: The American Numismatic Association (ANA) uses the same Sheldon Scale but adds detailed grade descriptions to ensure consistent grading across the industry. Q: Proof Coins vs. Mint State Coins: What’s the Difference? Proof coins are specially struck for collectors using polished dies, giving them mirror-like surfaces and sharp details. Mint State coins are uncirculated coins preserved from circulation, but struck for everyday use. Both can be graded, but Proofs often appeal to collectors for their visual beauty. Q: What Are the Most Trusted Coin Grading Services? A: The three most recognized professional coin grading services are: PCGS (Professional Coin Grading Service): One of the most respected names in coin authentication. NGC (Numismatic Guaranty Company): Trusted worldwide for consistent, reliable grading. CAC (Certified Acceptance Corporation): Known for its green sticker program, CAC began offering full grading and encapsulation in 2023. All three ensure your coins are authenticated, graded, and sealed in secure holders accepted by dealers and collectors worldwide. Q: Can You Grade Coins Yourself at Home? A: You can estimate grades using tools like PCGS Photograde or NGC Coin Explorer, which let you compare your coins to reference images. But only professional grades from PCGS, NGC, or CACG are official and accepted in the marketplace. Home grading is useful for learning, but it doesn’t carry the same credibility or value. Q: How Do You Submit a Coin for Professional Grading? A: Here’s the step-by-step process: Identify your coin. Choose a grading service (PCGS, NGC, or CACG). Fill out the online submission form. Package and ship your coin securely. Wait for grading, encapsulation, and insured return shipping. Q: How Does Coin Grading Affect Market Value? A: Coin grading directly impacts price. For example: A coin graded MS-65 can sell for several times more than the same coin graded AU-50. Professionally graded coins are easier to sell because buyers have confidence in their authenticity. This is why grading is essential if you plan to sell or insure your coins. Common Coin Grading Terms Every Collector Should Know MS (Mint State): Uncirculated, no wear. AU (About Uncirculated): Minimal wear on high points. XF (Extremely Fine): Light wear, sharp detail. VF (Very Fine): Moderate wear, design visible. G (Good): Heavy wear, still identifiable. These grading terms will help you understand coin listings, auction catalogs, and price guides. Tips and Warnings for Coin Collectors Never clean your coins. Cleaning reduces grade and value. Collectors prefer natural surfaces. Rely on professional grading. Only certified coins from PCGS, NGC, or CACG carry strong resale value. Graded coins sell for premiums. Dealers, auctions, and online buyers are willing to pay more for certified coins. Final Thoughts: Why Coin Grading Is Essential Getting your coins professionally graded is one of the best ways to protect their value, prove authenticity, and prepare them for the marketplace. Whether you choose PCGS, NGC, or CACG, grading gives peace of mind to both collectors and investors while maximizing your coin’s potential value. Want to stay informed? Subscribe to the Blanchard Newsletter for expert tips, rare coin insights, and the latest news in the world of precious metals and collectibles. The post How to Get a Coin Graded: A Complete Guide for Collectors appeared first on Blanchard and Company.

This is a follow-up analysis and timely update of our prior report, “Nikkei 225 Technical: Bullish trend remains intact despite Japan’s PM resignation”, published on 8 September 2025. The Japan 225 CFD Index (a proxy of the Nikkei 225 futures) has continued to remain in a bullish trend as expected and rallied by 5.3% to hit a fresh all-time high of 45,956 on last Thursday, 18 September 2025, ex-post FOMC. Thereafter, the Japan 225 CFD Index staged a minor corrective pull-back of -3.2% to print an intraday low of 44,485 on Friday, 19 September 2025, on the onset of the Bank of Japan (BoJ) announcement to start unwinding its massive hoard of around 79.5 trillion yen of exchange-traded funds (ETF) by market value as of mid-September tied to Japan benchmark stock indices. BoJ aims to sell its ETF holdings at a pace of around ¥620 billion per year by market value, or ¥330 billion by book value, starting in 2026. It will be a gradual unwinding process that may take more than 100 years to complete under the current plan. Additionally, it marks the first time the BoJ has laid out a plan for offloading the assets it has accumulated over years of ultra-easy monetary policy. Let’s now examine a fundamental factor that still supports a medium-term bullish trend in the Nikkei 225. Earnings revision continues to get upgraded for Japanese equities Fig. 1: Japan & US Citigroup Earnings Revision Index as of 19 Sep 2025 (Source: MacroMicro) Sell-side analysts have continued to upgrade the earnings growth potential of the Japanese stock market. Based on the latest data from the Citigroup Earnings Revision Index for Japanese equities as of 19 September 2025, it rose to 0.34 from the previous reading of 0.19 on 29 August 2025 (see Fig. 1). The Japan Citigroup Earnings Revision Index has been trending upwards since 20 June 2025, printing -0.35, which suggests that analysts, on average, are becoming more optimistic about the outlook for corporate earnings in Japan, in turn supporting the ongoing medium-term bullish trend in the Nikkei 225. In addition, the pace of analysts’ earnings upgrades in Japan rose at a steeper pace since 29 August 2025, versus the US Citigroup Earnings Revision Index. We now focus on the short-term (1to 3 days) trajectory, key elements, and key levels to watch on the Japan 225 CFD Index from a technical analysis perspective. Fig. 2: Japan 225 CFD Index minor trend as of 23 Sep 2025 (Source: TradingView) Preferred trend bias (1-3 days) Maintain the bullish bias on the Japan 225 CFD Index with a tightened short-term pivotal support now at 45,000. A clearance above 45,960 increases the odds of bullish impetus for the next intermediate resistances to come in at 46,430/46,580 and 46,870 (Fibonacci extension cluster and towards the upper boundary of a steeper minor ascending channel from the 2 September 2025 low) (see Fig. 2). Key elements The price actions of the Japan 225 CFD Index have continued to oscillate above its 20-day and 50-day moving averages, which suggests that its minor and medium-term uptrend phases remain intact.The hourly RSI momentum indicator of the Japan 225 CFD Index has exhibited a bullish momentum condition as it managed to trend higher above an ascending support and has not reached its overbought zone (above the 70 level).Alternative trend bias (1 to 3 days) A break below the 45,000 key short-term support for the Japan 225 CFD Index invalidates the bullish acceleration scenario to kickstart a minor corrective decline sequence to expose the next intermediate supports at 44,560 and 44,050. Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. 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. © 2025 OANDA Business Information & Services Inc.

Newmont (NYSE, ASX: NEM, TSX: NGT) announced Monday that the first gold pour at its Ahafo North project in Ghana took place on Sept. 19, marking a critical milestone toward commercial production in the fourth quarter of 2025. This follows the completion of key development phases, including ore stockpiling that began in late 2024, and the commissioning of critical infrastructure, such as processing circuits, mining support facilities and a tailings storage facility. The project is currently ramping up toward full operational readiness, the world’s largest gold miner said. Located 30 km north of Newmont’s existing Ahafo South operations, Ahafo North is part of the broader Ahafo lease acquired from Normandy Mining in 2002. The company began advancing the project in 2021. Considered the best unmined gold deposit in West Africa, Ahafo North represents the US-based miner’s third mining investment in Ghana and, following the divestment of the Akyem mine in April 2025, will become its second operational site in the country. “The first gold pour at Ahafo North represents a major operational milestone that validates years of careful planning, engineering and construction, and builds on the strength of our world-class portfolio,” Newmont CEO Tom Palmer said in a news release. Over an initial 13-year mine life, Ahafo North is expected to deliver between 275,000 and 325,000 oz. of gold annually. The project has created approximately 4,500 contracted jobs and, once operational, will create approximately 560 permanent and 1,000 contracted roles – while contributing significantly to Ghana’s economy through royalties, taxes, fees and local development programs, the company said.

Log in to today's North American session Market wrap for September 22 Markets started the week on the back foot today, but shook off early concerns as US tech shares continued their impressive rise. This was fueled by a promise from Nvidia to invest up to $100 billion in OpenAI, boosting excitement around artificial intelligence. The S&P 500 saw gains primarily in the technology sector, marking a new record high for the 28th time this year. Nvidia's stock rose by about 4%, as its investment is meant to help OpenAI build data centers with its advanced AI chips. Other tech stocks also did well: Apple's shares went up 4.3% after an analyst firm, Wedbush, raised its price target for the stock due to strong demand for the new iPhone 17. Tesla's stock also climbed 1.9%. The technology sector as a whole led the gains for the S&P 500, ending the day 1.7% higher. Meanwhile, some officials at the Federal Reserve expressed doubts about the need for further interest rate cuts, even though the central bank cut rates for the first time last week. Both St. Louis Fed President Alberto Musalem and Atlanta Fed President Raphael Bostic said that while last week's rate cut was a good way to manage unemployment risk, their main goal is still to lower inflation. However, Fed Governor Stephen Miran, who last week argued for a bigger rate cut, said on Monday that monetary policy is already "well into restrictive territory." In other news, the bond market was relatively quiet, with U.S. yields slightly higher. The dollar's three-day rally has ended, the crypto market was hit, and gold reached a new record high. Read More:Gold (XAU/USD): Short-term bullish acceleration intact towards new all-time highs above US$3,660 key supportBinance Coin (BNB) breaks $1,000 despite a crypto pullback – Crypto outlookGBPJPY rejects 200.00 mark as sellers defend the rangeCross-Assets Daily Performance (update) Cross-Asset Daily Performance, September 22, 2025 – Source: TradingView US stocks continued that impressive rally which has captivated attention in 2025, shrugging off an early session pause. However, the story of the day is the precious metals markets with Gold powering forward to fresh all time highs near $3750/oz. Cryptocurrencies on the other hand struggled with Bitcoin seeing massive liquidations as prices dipped below the $115k handle. Oil on the other hand continues to toil in the range which has held prices for the last four months. A picture of today's performance for major currencies Currency Performance, September 22 – Source: OANDA Labs The U.S. dollar is on track to end its three-day winning streak against the euro and Swiss franc. This shift comes as investors are processing a large number of recent comments from Federal Reserve officials regarding the central bank's latest monetary policy decisions. As a result, the euro gained 0.44% against the dollar, reaching $1.1796, poised to snap its own three-day losing streak. The overall dollar index, which measures the dollar against a group of major currencies, fell by 0.39% to 97.34. Other currencies also strengthened against the dollar: the Swedish krona rose by 0.75% ahead of its central bank's policy meeting on Tuesday, and the Japanese yen gained 0.17%, on track for its second straight day of gains against the dollar. The British pound also saw an increase of 0.37%, reaching $1.3516. Even the Australian dollar, which had started the day with losses, reversed its course to climb 0.12% to $0.6599. A look at Economic data releasing in tonight and tomorrow's sessions For all market-moving economic releases and events, see the MarketPulse Economic Calendar. A busy day ahead for markets, particularly in the European session where we get a host of PMI releases from the Euro Area and the UK. Attention will then shift to US PMI data as we continue to get comments from Fed officials which after today may only serve to add more confusion and mixed messaging. Safe Trades and an enjoyble week ahead! Follow Zain on Twitter/X for Additional Market News, interactions and Insights @zvawda Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. 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. © 2025 OANDA Business Information & Services Inc.

White Gold (TSXV: WGO) is set to raise C$20 million ($14.5 million) in a brokered private placement to fund its exploration activities in Canada’s Yukon Territory. Clarus Securities, as lead agent of the offering, will issue a combination of premium flow-through units (C$1.17 per unit), flow-through common shares (C$1.00 per share) and units (C$0.85 per unit). Each premium unit comprises one flow-trough share and one-half of a common share purchase warrant, while the non-premium unit consists of one common share and one-half of a warrant. Each whole warrant is exercisable at C$1.15 for 24 months. Agnico Eagle Mines (TSX, NYSE: AEM), as a 19.8% shareholder, has indicated to the company that it plans to participate in the offering to maintain its interest on a partially diluted basis. Shares of White Gold hit a 52-week high of C$0.91 apiece on the announcement. At midday, it pulled back to C$0.89 for a market capitalization of C$175.9 million ($127.3 million). Top 3 Yukon gold The company currently owns a portfolio of 21 properties covering 3,051 km2, or 40% of Yukon’s emerging White Gold district. Its namesake flagship project hosts four near-surface gold deposits. Collectively, they contain an estimated 1.73 million oz. of gold in indicated resources and 1.27 million oz. in inferred resources. The resource estimate, which was updated last month, places White Gold among the top 3 gold projects in the Yukon in terms of contained metal, only behind Snowline Gold’s (TSXV: SGD; US-OTC: SNWGF) Valley resource and Victoria Gold’s Brewery Creek project. According to White Gold, there is significant expansion potential on the resource itself and in the immediate surrounding area. “We look forward to further increasing the scale of the project as we concurrently advance it to a PEA to demonstrate its economic potential,” White Gold CEO David D’Onofrio said in a statement. “Our exploration activities will also continue to focus on unlocking additional value across our extensive land package targeting gold and critical mineral opportunities in the prolific and underexplored White Gold district.” Regional exploration work has also produced several other new discoveries and prospective targets on the company’s claim packages, some of which border sizable gold and copper projects. These include the Coffee project that was just sold by Newmont (NYSE: NEM, TSX: NGT), with measured and indicated resources totalling 3 million oz. of gold, and Western Copper and Gold’s (TSX, NYSE-A: WRN) Casino project, which has measured and indicated gold resources of 14.8 million oz. and copper resources of 7.6 billion lb.

ASTER, the native token of the decentralized perpetual exchange Aster, officially launched last week and immediately made waves across the crypto market. Backed by Yzi Labs (formerly Binance Labs) and carrying the public endorsement of former Binance CEO Changpeng “CZ” Zhao, the token quickly drew massive attention from traders and investors. Upon launch, ASTER surged to nearly $1.94, sparking excitement around its potential to rival leading decentralized derivatives platforms. However, the enthusiasm was quickly tested as the token dropped 33% to lows of $1.33 within days, reflecting the volatility often seen in new market entries. Despite this sharp correction, ASTER has since stabilized and recovered to trade around $1.57, showing early signs of resilience. With CZ’s visible support and Yzi Labs’ backing, Aster positions itself as a formidable competitor to Hyperliquid in the decentralized perpetuals sector. The project’s narrative of combining deep liquidity, advanced trading infrastructure, and a strong ecosystem presence is already attracting both retail and institutional attention. Aster’s Setup And Competitive Outlook Top analyst Big Cheds recently shared a technical perspective on Aster, pointing to a bullish signal forming on the 1-hour chart. According to his view, ASTER printed a hammer candle with notable volume at the lower Bollinger Band breach, right near the 50-period simple moving average (SMA). This type of setup often suggests strong accumulation at support levels and can serve as a precursor to a rebound. For traders, the combination of a lower BB breach and hammer formation indicates potential exhaustion of selling pressure and the possibility of renewed upside momentum. The timing of this technical development is crucial. The broader crypto market has entered a volatile phase following aggressive selloffs across Bitcoin, Ethereum, and other major altcoins. While many tokens are struggling to recover, analysts argue that Aster is carving out a unique position, benefiting from strong institutional backing and favorable technical patterns. This resilience has led some to view ASTER as one of the more compelling short-to-midterm plays in the altcoin market. Beyond technicals, Aster’s fundamentals add weight to this outlook. Positioned as a direct competitor to Hyperliquid, Aster is aiming to capture market share in the growing decentralized perpetuals sector. Backed by Yzi Labs and publicly supported by CZ, its ecosystem growth potential is considerable. Analysts believe that if momentum continues, Aster could see accelerated adoption, supported by both speculative interest and long-term infrastructure development. ASTER Price Analysis: Technical Levels To Hold The 1-hour chart of ASTER/USDT highlights the token’s volatile but constructive price action since launch. After an explosive surge to nearly $1.94, the price corrected sharply, retracing to the $1.33 level before finding support. The recent bounce has seen ASTER recover to around $1.49, signaling that buyers remain active at lower levels despite ongoing volatility. The chart shows that ASTER is consolidating just under the 50-period simple moving average (SMA), currently near $1.51. This moving average has acted as both resistance and guidance for short-term momentum, meaning a decisive break above could trigger renewed upside momentum. Conversely, rejection here could lead to another retest of the $1.40–$1.33 support zone. Candlestick patterns also suggest uncertainty, with repeated long wicks on both ends reflecting tug-of-war behavior between bulls and bears. However, the ability of ASTER to hold above $1.40 during periods of selling pressure indicates resilience. Featured image from Dall-E, chart from TradingView

Barrick Mining (NYSE: B) (TSX: ABX) rallied to its highest in 13 years, as it builds off the momentum of a “game-changing” gold find in Nevada as well as the broader strength of the precious metals market. The miner’s Toronto-listed shares shot up by as much as 6% to C$49.33 apiece, its best since early 2012. Its New York-listed shares followed similar moves, with an intraday high of $35.70. The company’s market capitalizations on the respective markets are C$81.7 billion and $59.6 billion. Barrick’s TSX-listed shares have hit the highest since early 2012. Chart: TradingView Should Monday’s gains hold, this would be Barrick’s best four-day stretch since 2020, when the stock last traded in the high C$30’s before this year. Behind the recent rally was a new study on the company’s Fourmile project in Nevada that showed the potential to produce as much as 750,000 oz. of gold annually. Plans are in place to start underground mine development in 2026. In a press release dated Sept. 16, Barrick CEO Mark Bristow called it “multi-generational project” that has the chance to become the largest and highest-grade gold discovery of the century. The market reacted positively to this news, with Barrick’s share price rising by about 23% since that news release. The gains were elevated by the rising price of gold, which set multiple records in recent days following the US Federal Reserve’s first rate cut this year. As well, a rebalancing of the GDX index last Friday also helped to lift Barrick’s share price. Analyst upgrades Analysts are also agreeing with the improved sentiment, with many including TD Cowen’s Steven Green upgrading their price target for Barrick despite the company being entangled in a long-standing dispute in Mali over one of its largest mines. “We believe the stock still has significant room to catch up on valuation given its under-performance in recent years,” Green wrote in a Monday note to clients, lifting his price target to $38 a share. He highlighted that the Fourmile project will be a “game changer” that will improve the narrative for the company. In separate reports, Stifel analyst Ralph Profiti estimated that Fourmile is worth more than $10 billion, while BMO Capital Markets’ Matthew Murphy gave the gold project a value of $9.2 billion.