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American Tungsten (CSE: TUNG) announced Tuesday it has commenced construction and building work to support exploration and mine planning at its Ima tungsten project in Idaho. The rehabilitation and exploratory review work will enable definition drilling and bulk sampling to support the formation of its mine plan, it said. Ima is a past-producing underground tungsten mine situated on 22 patented claims located in east central Idaho. Between 1945 and 1957, the property produced approximately 199,449 metric ton units of tungsten trioxide (WO3). It was subsequently explored for molybdenum and tungsten by various operators between 1960 and 2008. “The team is excited to have come back from a successful site visit that paves the way to rehabilitation, environmental sampling and stakeholder relations in order to begin plans to bring Ima back to production,” American Tungsten CEO Ali Haji said in a news release. American Tungsten said it has contracted rehabilitation of certain sections of the property’s road, is initiating collection of baseline environmental data and conducting a thorough review on project infrastructure, and continues the digitization of historical exploration information and modeling. “Review and compilation of the historical drilling, sampling and metallurgical testing completed by historical operators has identified multiple drill targets across the property and demonstrated viability of gravity separation of tungsten and sulfide flotation processes,” VP exploration Austin Zinsser said. He added that the team “developed a plan to initiate work where the prior operator left off, with delineation drilling and continued flowsheet development for the vein system on the upper level.” American Tungsten’s Toronto-listed shares were up 7.4% at market close Tuesday. The company has a C$18.6 million ($13.5 million) market capitalization.

BHP (ASX: BHP) announced Tuesday it will establish its first industry AI hub in Singapore to accelerate digital transformation and AI adoption in the mining and resources sector. The hub, the world’s biggest miner said, will focus on solving enterprise-wide challenges using AI technologies to improve safety and lift productivity. Once established this month, the hub of BHP AI specialists will look at further integration of data-driven decisions, intelligence and automation into the company’s core operations. With the support of Enterprise Singapore, and in partnership with AI Singapore (AISG), BHP said it selected Singapore to further develop its AI capabilities for its innovation ecosystem, strong digital infrastructure and alignment with BHP’s ambitions to scale technologies that deliver operational value. The hub will support the growth of BHP’s digital capabilities in Singapore and the region, with plans for a number of AI specialists to lead collaboration between BHP teams and local AI partners to solve business problems. BHP noted it is using AI to make a real-world impact to its operational systems. Three 3 billion litres of water and 118 GWh of energy have been saved since FY22 through AI-powered plant control at its Escondida copper mine in Chile. The hub is intended to create opportunities for collaboration and build capability as BHP works to unlock the potential of AI across its operations, it added. “As BHP accelerates our digital transformation and grows our internal AI capabilities, we see tremendous opportunity to work with AI Singapore and other global leaders to help deliver solutions to complex, enterprise-wide challenges,” BHP chief technical officer Johan van Jaarsveld said in the statement.

Premier David Eby unveils mining investment plan on May 26 in Vancouver. Image from BC Gov Photos Via flickr. British Columbia Premier David Eby outlined an approach to mining development in the province’s northwest that combines economic growth, reconciliation and conservation in a speech to the mining industry, First Nations and conservation organizations in Vancouver on Monday. The vision, Eby emphasized, is to realize an opportunity for tens of billions of dollars in investment and thousands of jobs throughout the province. British Columbia currently produces or has the potential to produce 19 of Canada’s 34 critical minerals essential to Canada’s economic independence and national security. BC has a rich copper endowment, with a range of porphyry, skarn, and massive sulphide deposits. The International Energy Agency highlights copper in particular demand, with a forecasted supply shortage by 2035. Earlier this month, Mining Association of British Columbia (MABC) CEO Michael Goehring mapped opportunities for BC to become a global player in critical minerals markets after the 2025 Economic Impact Study was released, which identified 27 mining projects representing C$90 billion ($65 billion) in potential economic activity for the province. In the coming weeks, the province said it will provide details on how the plan will be executed. Key points of the strategy include working to complete consent-based agreements with First Nations; an inclusive expedited process to protect important lands and watersheds in partnership with First Nations that balances development of economic opportunities with investments in the social well-being and physical infrastructure of northern communities. The plan also emphasizes working with other provinces and Ottawa to seek new trade agreements that prioritize BC’s minerals and metals; continuing government’s work to provide resources to speed up permitting while maintaining high environmental standards and BC’s commitment to reconciliation. Building out BC’s clean electricity grid is a priority, as is powering new mines and mine extensions, and providing certainty and timeliness for investors through future regulatory and infrastructure policy changes and aligning approval processes for projects of provincial or national significance with Ottawa so that there is one project, one review. “Here in British Columbia, economic development, conservation of precious water and land, and partnership with First Nations go hand-in-hand,” Premier Eby said in a news release on Monday. “Our approach makes BC a world-class place to invest, and our province has all it takes to succeed in the face of global challenges. By working together to seize the potential in the northwest, we can also drive private-sector investment,” Eby said. The Association for Mineral Exploration (AME) released a response to the announcement on Monday. “Mineral exploration in Northwest BC supports thousands of workers and families throughout the province, and the development of every operating metal mine in BC started with a discovery by a prospector or junior mining company,” AME said. “The province’s proposed strategy must quickly bring confidence and clarity with access to land for mineral exploration and development. To succeed, it must be an open and transparent process that includes the mineral exploration sector at the table with government, First Nations and other partners. AME appreciates the transparent approach that the provincial government has taken at this very early stage and looks forward to receiving more detail.”

Wildfires burning near the northwestern Manitoba town of Lynn Lake have spurred Alamos Gold (TSX, NYSE: AGI) to temporarily pause operations at its nearby project, the company said. Lynn Lake ordered all residents and visitors to evacuate on Tuesday morning due to the approaching fires, the town said on its Facebook page. Alamos staff were offering to help the town in its fire response, while while it wasn’t immediately clear if nearby explorer Corazon Mining (ASX: CZN) had been affected. Fires were classified as burning out of control just north of the town on Tuesday afternoon, according to the Manitoba government’s online FireView map. “Our main priority right now is focusing on the safety of everyone affected and supporting the town of Lynn Lake with resources at our disposal to help in their response,” Rebecca Thompson, Alamos Gold vice president of public affairs, told The Northern Miner by email. “The Manitoba Fire Services is leading the fire suppression efforts, and we have offered… equipment, personnel and support services.” Credit: Manitoba government Credit: Manitoba government Line of fire Alamos’ precautions follow wildfires in southeast Manitoba that threatened Grid Metals’ (TSX: GRDM) projects and Sinomine’s Tanco mine, one of Canada’s two producing lithium mines. Almost two weeks ago, Grid had suspended activities at its projects in the area and employees from the China-controlled Tanco had reportedly driven out of the area. Two residents in the nearby town of Lac du Bonnet were killed ton May 14 amid the fires. Alamos’ permitting-stage Lynn Lake project consists of the MacLellan deposit, about 10 km northeast of the town, and the Gordon deposit about 55 km east. Earlier in May, a fire broke out at MacLellan during very high winds and the site was evacuated, Thompson said. The fire was suppressed, and it was deemed safe to return the following day. Corazon Mining Corazon Mining (ASX: CZN) holds its Lynn Lake nickel-copper-cobalt exploration project in the area. Its Fraser Lake Complex is about 5 km south of the town. Corazon’s MacBride copper-zinc-gold project is about 60 east of Lynn Lake. Officials from the Perth-headquartered company didn’t immediately reply to emails on Tuesday seeking comment.

Log in to today's North American session recap - May 27, 2025 The US dollar is leading all majors in what was a steady green day after coming back from closed US Markets. The risk-on tone that kicked off the week continues to hold, with equity index futures closing higher across most major regions. Once again, Japan's Nikkei leads the charge, surging an impressive 4% on the day. The rally was fueled by comments from Japanese Finance Minister Kato, who announced the government plans to reduce issuance of longer-term bonds. You can read more on that development here. All US Indices are closing above 1.80% with the Russell 2000 leading the charge at 2.60%, followed by the Nasdaq at 2.35%. Bitcoin reverses its overnight retracement and is closing around +0.90% on the day, still trading near it's all-time highs, very close to $110,000. Oil did not benefit from today's positive sentiment having closed down 0.80% on the day, having although bounced off the bottom of its $60-$64 range. A picture of today's performance for major currencies close Currency Performance, May 27 - Source: OANDA Labs /media/images/Screenshot_2025-05-27_at_4.36.41PM.width-1400.png The yen has taken a hit from recent comments that were made at the 2025 BOJ-IMES Conference in Tokyo. The currency had been rallying against the Dollar since the 12th of May. You can take a look at our most recent USD/JPY analysis for more technical levels. USD/JPY is finishing the day up 1.05%. The USD is at the other extreme, finding buyers at the 98.70 level, as the DXY is now trading at 99.60. The Dollar Index serves as a reliable gauge of market sentiment toward the Greenback, offering insight into current demand—or lack thereof. The NZD is the second worst performer of the day as cuts are getting priced in again, with the Kiwi closing down 0.83% against the US dollar. You can find another in-depth analysis for tonight's RBNZ meeting right here. Economic Calendar for the May 28th Session close MarketPulse Economic Calendar for May 27 & 28, 2025 (click to enlarge) /media/images/Screenshot_2025-05-27_at_4.53.41PM.width-1400.png Today's overnight session is a busy one, starting with the Australian CPI at 21:30 E.T., expected at 2.3%. We will also finally have the RBNZ Rate decision, coming at 22:00 E.T. Most analysts are expecting a 25 bps cut. There is a speech from FED's Waller around the same time as he speaks in the 2025 BOJ-IMES Conference in Tokyo, Japan - Waller tends to move US markets particularly when it comes to cuts, as he will present a panel on Monetary Policy. Tomorrow we will see the release of Germany's Employment data, FOMC Minutes at 2:00 P.M and a few Central Bank speakers with no major actors planned. 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.

EV battery manufacturers based in China, South Korea and Japan have almost complete control of the global market and it’s not changing any time soon. During the first quarter of 2025 a combined $3.01 billion worth of battery metals were contained in the packs of newly sold EVs worldwide, up a modest 1.3% year over year. The stagnant costs of the EV metal basket is great news for cell suppliers and battery manufacturers as demand for raw material continues to boom. The tonnes of graphite, lithium, nickel, cobalt and manganese deployed during the first three months was up a robust 27% year on year to a combined 428.2 kilotonnes, according to data from EV supply chain research consultants Adamas Intelligence. Keeping in mind that the installed tonnage does not take into account any losses during processing, chemical conversion or battery production scrap (often well into double digit percentages), so required tonnes and revenues are meaningfully higher at the mine mouth. The accompanying graph shows the spending of the more than 60 global cell suppliers and battery manufacturers by country of ownership. It’s virtually an all-Asia affair with Chinese, South Korean and Japanese battery makers representing 94% of raw material spending. EV batteries are a particularly top heavy industry with the big 4 – CATL, LGES, BYD and Panasonic – accounting for two out of every three dollars spent. Top spender in North America, Ultium Cells, is a fast-growing partnership between LG Energy Solution and General Motors, so technically a portion of the battery manufacturer’s spending could also be assigned to the East, making the dominance of Asian players even more prevalent. Moreover, since lithium iron phosphate or LFP’s market share in China has been above 50% for the better part of three years and top EV maker BYD has long since moved to an all LFP line up, battery suppliers there under spend their NCM-reliant competitors by reducing spend on pricier nickel and cobalt. That means on a combined battery capacity deployed basis their control of the market is even more substantial. Nevertheless, Chinese battery makers spend more than half the global total (Japan’s other EV battery champion, AESC, is majority owned by China’s Envision group). Panasonic’s 9% market share in dollar terms is higher than for total battery capacity deployed (6% in Q1 on GWh terms, according to Adamas) due to the large proportion of its cells ending up in conventional hybrids where nickel metal hydride is the cell of choice and LFP has made no inroads. Despite its already towering presence in the market, CATL, fresh from a blockbuster share offering in Hong Kong, is aggressively pursuing growth. The presence outside China of the Fujian-based company, which in its present form was only established in 2011, is set to rise rapidly – as is the adoption of LFP cathode chemistries. CHARTS: EV battery metals bill ticks up as cobalt, nickel prices strengthen CATL already has a foothold on Western markets with its largest operating plant outside China located in Thuringia, Germany. A giant 100 GWh factory currently under construction in Debrecen, Hungary capable of equipping as many as 1.5 million EVs per year, is set to come on towards the end of the year, and plans for a 50 GWh facility in Zaragoza, Spain are far advanced. All three manufacture LFP cells. Wrestling control from the incumbents has been slow. The world’s number two automaker, Volkswagen’s PowerCo, has yet to put into production any of its planned (and scaled back) battery plants, the largest of which is located in Ontario, Canada. Premier Ford’s BlueOval facility using CATL’s LFP technology is set to start production next year, but given the trade tensions between Washington and Beijing, the Chinese giant’s involvement may be reduced further. Tesla’s ambitious plans to become a battery manufacturer in its own right also seem to have hit a wall, with its Austin, Texas factory representing only 15% of total raw material tonnes contained in Tesla models sold during the first three months of the year. Worldwide, Tesla remains CATL’s number one customer. While France’s ACC, part owned by Stellantis and Mercedes-Benz deserves an honourable mention, the $8 billion failure of Europe’s great battery hope – Northvolt – shows the benefits of economies of scale and institutional knowledge in the still fast-growing EV industry. On top of that, China’s grip on the mine to megawatt pipeline provides the underpinnings of its continued dominance. For a fuller analysis of the battery metals market check out the latest issue of the Northern Miner print and digital editions. *Frik Els is Editor at Large for MINING.COM and Head of Adamas Inside, providing news and analysis based on Adamas Intelligence data.

Reserve Bank of New Zealand (RBNZ) Rate Decision Traders are closely monitoring the RBNZ meeting scheduled for Tuesday, May 27, 2025. Market consensus, based on Bloomberg analyst surveys, strongly anticipates a 25 basis point (bps) rate cut, bringing the official cash rate to 3.25%. This follows a previous 25 bps cut in April. Further RBNZ rate cuts are possible in 2025 due to global trade uncertainties and potential economic slowdowns. The recent New Zealand Employment Change Q/Q showed a 0.1% increase, as expected, though the previous quarter's data was revised downward. The New Zealand Unemployment Rate remained steady at 5.1%, better than the 5.3% forecast. Federal Open Market Committee (FOMC) Minutes and US Data The release of the FOMC Minutes for the May 6/7 meeting on Wednesday can be significant for NZD/USD. Traders will seek insights into FOMC members' views on tariff impacts, inflation expectations, and the potential for slow growth and a weak labor market. The latest FOMC statement highlighted "risks of higher unemployment and higher inflation." Fed Chair Jerome Powell has emphasized prioritizing inflation over short-term growth. US Personal Income, Personal Spending, and Personal Consumption Expenditure (PCE) data are due Friday from the Bureau of Economic Analysis. The Core PCE Price Index M/M is expected to rise 0.1%, while the Y/Y is expected to decrease from 2.6% to 2.5% NZD/USD Technical Analysis (May 27, 2025) close NZD/USD Daily Chart - Source: Tradingview.com Past perfomance is not indicative of future results /media/images/NZDUSD_2025-05-27_14-01-35.width-1400.png Widening Pattern: The NZD/USD pair has exhibited a "widening pattern" formation since early 2025. Price Range: Influenced by global trade tariff updates, and following a dip to 0.5530 (the lower boundary of the widening formation), the NZD/USD exchange rate surged to 0.6000 (the upper boundary). Sideways Trading Range: Since late April 2025, NZD/USD price action has been trading within a defined range of 0.5830 to 0.6000, indicated on charts by blue lines. Key Resistance Levels: The current NZD/USD price is testing a significant confluence of resistance: Upper level of the current trading range (around 0.6000)Daily pivot point at 0.6004Weekly R1 resistance at 0.6025Potential Breakout: A break and close above these resistance levels could signal a bullish continuation, potentially turning the current range into a "flag formation" for the uptrend initiated in early April. Critical Support Levels: A critical support zone exists: Weekly pivot point at 0.5950Convergence of moving averages: EMA9, SMA9, and SMA20Overbought Indicators: Stochastic Oscillator has been in overbought territory since April, aligning with price action.Relative Strength Index (RSI) is also approaching overbought levels, reflecting current price momentum. 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.

The world’s most traded currency pair has seen significant volatility in the first half of 2025. After nearing parity early in the year—reaching lows around 1.0180— 4 months after, EUR/USD has since rebounded, returning to its historical average range from the 20th century, between 1.10 and 1.20. The uptrend came to an abrupt halt on April 21, when EUR/USD peaked at 1.15730 before retreating to lows of 1.10650 by mid-May. Next, we’ll dive into Intra-day timeframes to identify potential trading opportunities and key levels to watch. EUR/USD Intra-Day Analysis EUR/USD 4H Timeframe close EUR/USD 4H Chart, May 27. Source: TradingView /media/images/Screenshot_2025-05-27_at_1.33.44PM.width-1400.png EUR/USD bounced significantly in the past 2 weeks, up 2.40% from its May 13th lows. The MA 200 on the 4H timeframe, sitting at 1.13200 is acting as immediate support. Further support is standing in the 1.1270 - 1.1300 support zone which coincides with the bottom of the newly formed Upwards channel. Prices rejected the 1.1420 - 1.1440 resistance Zone, as US dollar strength came back to begin the week. EUR/USD 1H Timeframe close EUR/USD 1H Chart, May 27. Source: TradingView /media/images/Screenshot_2025-05-27_at_2.13.32PM.width-1400.png The rejection at the top of the ascending channel hints at a return towards the 1H MA 200, currently at 1.1290, in a confluence with the channel lows and the support zone from higher timeframes. The RSI is approaching oversold territory, but traders appear to be waiting for a clearer shift in momentum before taking action. The North American afternoon session has remained quiet so far, with most of the day’s movement unfolding during the overnight and early morning hours. Prices are hanging around the immediate pivot standing at 1.1300. 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.

Greenland is urging the US and European nations to invest in its mining industry, cautioning that a lack of Western engagement may compel the Arctic territory to seek partnerships with China instead, says Naaja Nathanielsen, Greenland’s minister for business and mineral resources. “We want to develop our business sector and diversify it, and that requires investments from outside,” Nathanielsen said in an interview with the Financial Times on Tuesday. She emphasized a preference for collaboration with European and American partners, but noted that if they do not engage, Greenland would need to consider other options, including China. Greenland, a semi-autonomous territory of Denmark, possesses substantial but remote mineral deposits, many of which contain strategic minerals like rare earths being sought after by Western powers. China currently dominates the supply of several key minerals. For rare earths alone, it accounts for 60% of the global mine supply and nearly all of the refining, making it a pseudo-monopoly. The Greenland government views the development of its mineral sector — involving as many as 40 items on the US and EU critical minerals list — as a key strategy for economic diversification. A memorandum of understanding to support the island’s mineral development with the US, signed during Donald Trump’s first presidency, is nearing expiration. Efforts to renew the agreement under President Joe Biden’s administration have been unsuccessful. Factbox: Greenland’s rich but largely untapped mineral resources Trump, since being elected for a second term, has repeatedly voiced his desire to purchase Greenland, which would give the US access to its mineral reserves. In the Financial Times interview, Nathanielsen criticized Trump’s previous statements about the US potentially taking over Greenland, describing them as “disrespectful and distasteful.” Despite such rhetoric, she noted that Chinese involvement in Greenland’s mining sector is currently minimal, with only two Chinese companies holding minority stakes in inactive projects. China has previously been looking to get involved with the Tanbreez mine project in southern Greenland, which is said to host one of the world’s largest rare earth reserves. However, it was reported by Reuters that the US and Danish governments both lobbied its owner to shun Beijing’s advances, and the project was eventually sold to New York-based Critical Metals. EU partnership touted Amid the takeover threats by Trump, Greenland has offered to partner with the European Union to develop its mineral resources together. According to foreign minister Vivian Motzfeldt, the island is looking to deepen its “bilateral” ties with the EU, singling out precious minerals as a key area of focus. “We want to expand our cooperation based on not only fisheries, we want to expand our cooperation on our critical minerals and energy,” Motzfeldt told Politico in an interview earlier this month. “That’s what Greenland has, and the rest of the world, our like-minded countries, need a greener future, renewable energy,” she added. The Greenlandic government, now a four-party coalition, is prioritizing development and is open to partnerships with allies sharing similar values. Greenland needs US, EU commitment to buying critical minerals, top banker says In her interview with Financial Times, Nathanielsen acknowledged the challenges in aligning with the evolving dynamics of Western alliances, but sees the European Union as a favorable partner, citing its demand for minerals and alignment on environmental standards. She also expressed concerns about the intentions behind US investments. “We sort of hoped that the Trump administration would be more willing to engage in dialogue with Greenland about the mineral sector development. We got a bit more than we asked for, because we have no wish to be American.” Nathanielsen share similar concerns in an interview with Reuters last week. “We have welcomed a number of investors, but we have not yet seen any concrete example of American funds being injected into Greenland’s business community,” Nathanielsen said. “There is no doubt that the dialogue with both the EU and Denmark is going smoother. This is not only the result of the noise made by the US administration, but also the result of several years of intensified cooperation,” she added. Recently, Greenland awarded its first mining license under a new code to a Danish-French consortium for the extraction of anorthosite, a mineral used in the fiberglass industry. The €150 million project in western Greenland is expected to commence construction next year. Nathanielsen told Reuters that the hope is to have the mine operational within five years.

If you’ve ever wondered, “What is the highest price of gold in history?”, you’re not alone. This question is one of the most searched among both new and seasoned investors. In this 2025 update, we’ll explore the highest gold price ever recorded, what drove it, how today’s market compares, and what it means for your financial future. Since its discovery by the ancient Egyptians several centuries ago, gold has played an essential role in every civilization. It has been used for a lot of things, from ornaments of the rich to it being issued as some sort of currency. Since the U.S dollar became the world reserve currency, gold has played an even lesser role as a financial instrument and has become people’s go-to store of value. Record High Gold Price: All-Time Peak As of April 2025, gold reached its highest historical price at $3,500.05 per troy ounce. This milestone surpassed previous records due to a combination of: Global inflation concerns Ongoing geopolitical tensions Bank failures and currency instability Record-high central bank gold purchases This price point represented a significant moment in the precious metals market, highlighting gold’s role as a safe haven. Like everything else that is traded, the gold market has had its ups and downs. Wild bull runs and long bear markets always happen as investors react to global financial news. As of April 22, 2025, the highest price of gold sold for $3,500.05 an ounce, and 5 major price phases brought us here. Gold prices have held steady around the $2,000 per ounce mark, as market participants projected that the current tightening cycle might be nearing its highest point for interest rates. These assumptions were influenced by the reduction of global inflation worries and efforts by leading central banks to avert a more comprehensive financial crisis. This month, the increased demand for gold as a safe-haven asset was also prompted by the recent banking instability that originated with the collapse of two regional banks in the US. Regarding monetary policy, the US Federal Reserve implemented a 25 basis point rate rise at its March gathering, as anticipated, while alluding to only one additional rate hike. At the same time, a 40% probability is factored into money markets that the central bank will suspend rate increases in May, with rate reductions foreseen by the year’s close. As a result, investors are now focusing on essential US PCE data and statements from various Federal Reserve authorities to gain insight into the Fed’s future decisions. Historical Gold Price Milestones Year Price per Ounce Key Event 1980 $850 Inflation crisis & oil shock 2011 $1,921 U.S. debt ceiling crisis 2020 $2,067 COVID-19 pandemic economic uncertainty 2023 $2,089 BRICS de-dollarization + U.S. banking issues 2024 $2,431 All-time high: geopolitical + financial fears 2025 $3,500 (high) Price stabilized but remains historically strong Gold Price Chart Let’s examine those phases mentioned earlier: The price of gold between 1981 and 2000: Historically, one of the worst cycles of price decrease for gold. the years following the fall of the USSR, when the dollar’s standing became gradually more prestigious globally. The price of gold between 2001 and 2010: The cost of gold after the US government’s debt increased significantly, and the currency experienced substantial weakness in 2001. the ongoing increase in gold prices following the September 11, 2001, terrorist strikes in the United States Of America. 2012 to 2015: After more than ten years, the upward trend in gold prices has ended. Gold prices have been falling for the past three years in a row. 2016 to the present: There is now a promising trend in gold prices, in addition to a modest decline in price in 2018. The price of gold is currently influenced by several factors, including demand for the precious metal, the amount of gold held in central bank reserves, the value of the US dollar, and the desire to keep gold as a hedge against inflation and currency depreciation. Why Gold Hit an All-Time High Several major forces contributed to gold’s record-breaking value: Inflation & Currency Devaluation: As central banks printed money to manage national debt and social programs, investors turned to gold to preserve purchasing power. Global Tensions: Conflicts in Eastern Europe, the Middle East, and Asia fueled safe-haven demand. Central Bank Accumulation: Nations like China, Russia, and India increased gold reserves to reduce dependency on the U.S. dollar. Recession Fears: Weak corporate earnings and job market concerns led investors to seek stability in precious metals. What was the highest gold price ever? In 2025, gold reached an all-time high of $3,500.05. Amidst the everything bubble, rising interest rates, Israel and Palestine tensions, lockdown protocols, the after-effects of Brexit, and high tensions leading to the Russian-Ukrainian war, gold prices increased by around 18% from their value at the start of the year as investors were looking for low-risk investments. Covid safe-haven purchases and the worldwide response to the epidemic boosted the demand for gold. What caused gold prices to spike in the 1970s? 1971 had a gold price of $35 with a relatively uneventful previous year, which was the beginning of a bull run. Gold reached a price of US$850 at the end of that decade which was a 2,300% increase in the 1970s. The 1970s were essentially a lost decade for stock investors in the west, with high volatility but flat returns. Many were looking for greener pastures, financial instruments that guaranteed high returns. The world has known how rare and valuable gold is for thousands of years. It served as a long-term asset backer and a medium of exchange in the form of coins. For many years, it was illegal for private persons to hold gold in the US, and when the US abandoned the gold standard and adopted the US dollar as a “fiat” currency, the price of gold surged. A furious bull market for precious metals was triggered and abruptly ended a little while later. The price of gold then increased to about $200 US dollars when the US repealed its restriction on its possession at the end of 1974. After a corrective phase, it increased to 850 US dollars in January 1980. The leading cause for the increase in this decade was that Investors were uneasy and afraid due to double-digit inflation, oil price shocks, a weak currency, and political unrest. Investors increased their purchases of gold because it is a physical repository of wealth as fear and uncertainty increased. Why did the price of gold soar in the 1980s? At $2,146.79 per ounce, gold prices reach a record high. Investors trouped to the precious metal due to high inflation brought on by high oil prices, the Soviet invasion of Afghanistan, and the effects of the Iranian revolution. Gold prices often follow the CPI and inflation worries. However, a sharp increase and decline in gold prices were brought on by a confluence of extraordinary geopolitical events, bold and unorthodox governmental decisions, and market developments. Here are some of the things that happened that decade: In Q1 1980, the Fed under Volcker briefly raised the fed funds rate from 13% to 20%. Hostage crisis in Iran: 53 Americans were held hostage for 444 days, starting on November 4, 1979, and ending on January 20, 1981, during the Iran Hostage Crisis, a diplomatic standoff between Iran and the United States. Soviet invasion of Afghanistan: On December 23, 1979, Soviet armed forces stormed Kabul, the country’s capital. By December 28, the Soviet Union had taken over, and Babrak Karmal had taken the place of president Hafizullah Amin. Inflation, a lack of economic development, and skyrocketing unemployment combined to produce the perfect storm of economic calamity. Many investors turned to gold as a hedge against stagflation, driving the metal price. What made August 2020 have the top gold price? On August 7, 2020, gold futures hit their highest-ever price of $2,089.20 in response to the significant monetary and fiscal measures implemented to support the economy in the aftermath of the epidemic. Rising tensions between Ukraine and Russia, disruptions to the oil industry, and global logistics scared investors, who fled to assets like gold they believed to be safer, sending gold prices to their highest level. Another cause for this price increase was the covid-related economic and political unrest, the printing of money by central banks to save their economies, and general panic buying by everyday people. Terrified investors turned to the safe-haven precious metal due to this unparalleled uncertainty. Gold prices are influenced by variables such as central bank policies on interest rates, inflation, and even the currency rate. Gold tends to become more costly with falling interest rates and rising inflation, and it will also become more expensive with any decline in the US dollar value. Of course, the reverse is also true. Experts predict that the coming years will see gold soar to record highs as the world experiences extreme inflation. Due to this reason, investors should start adding gold to their portfolio before it experiences a surge in price. By doing this users would gain a large ROI. American Bullion would love to send you a FREE Gold IRA Guide if you are interested in learning more how you can add physical gold to your IRA (Individual Retirement Account). Call the precious metal experts at American Bullion: at (800) 531-6525 so you can add gold bars and gold coins to your investment portfolio now. The post What Is Highest Price of Gold in History (Updated 2025) first appeared on American Bullion.

At the CentralMinEX conference held last week in Newfoundland, The Northern Miner Group (TNMG) president Anthony Vaccaro delivered a compelling address on the critical importance of geopolitics in shaping the future of mining, investment, and mineral extraction. His talk urged industry stakeholders to view resource development through a global lens, emphasizing that shifting geopolitical dynamics will be a defining force in how metals are taken from the ground over the coming decades. “We need to look at our industry through the lens of what’s going on in the world through geopolitics,” Vaccaro told attendees. “Then we’re going to bring it down into Canada, then into Newfoundland and Labrador, because that will be the most defining factor in investing and how we extract metals for many decades.” Spheres of influence In his opening remarks, the TNMG president outlined a world increasingly fractured into what he called not just “spheres of influence,” but more accurately “spheres of control” dominated by the US, China and Russia. These blocs are competing to secure control over global trade and, critically, the production and processing of strategic minerals. In this landscape, countries such as Canada, Australia, Japan, South Korea, and Western Europe are emerging as a “coalition of the willing” that aim to pursue resource autonomy rather than fall under the dominion of authoritarian-aligned spheres. “Why would we go along with that? We have the populations and the economies where we don’t have to,” Vaccaro said, referencing the recent Canadian federal election as evidence of public alignment with this view. China’s dominance Using copper as a case study, he noted about 50% of the world’s copper extraction takes place in jurisdictions aligned with the US sphere, thanks largely to South American producers like Chile and Peru. China, having recognized its own resource deficiencies, aggressively pursued Belt and Road investments in Africa, enabling it to secure roughly 30% of copper extraction through ties with Congo and Zambia. However, the advantage shifts in the downstream. China currently dominates copper refining, processing over 50% of the world’s supply. In contrast, the US and allied nations lag behind, with North America having only nine copper refineries compared to China’s 60-plus. “We’ve been a bit sleepy on this,” Vaccaro noted. “There’s going to have to be a government piece in this to get the capital flowing.” This theme recurred as Vaccaro turned to rare earths. While the West may hold some resources, China controls over 90% of global refining capacity. He emphasized that Canada must work with governments to attract investment and build strategic capacity: “We need to get our act together… to shape the world or at least have a voice in it.” Canadian opportunities According to the TNMG president, Canada’s own copper production is showing signs of decline, with its global share falling from nearly 3% to 2%, and reserves not keeping pace with extraction. Nevertheless, he highlighted opportunities in Newfoundland and Labrador, particularly in new projects emerging alongside legacy producers like Voisey’s Bay. Vaccaro also celebrated local achievements such as the Long Harbour Hydromet facility, calling it “a shining beacon” and an example of how North America can process critical minerals in a cleaner, more environmentally responsible way than China. Strategic investments However, the tide may be turning, said Vaccaro, as evident in the recent international funding flows, including US Department of Defense support for Canadian critical mineral projects. “Money is already flowing into Canada. These are Canadian assets receiving American money,” he said. Vaccaro concluded with a warning and a call to action centered on the Beaver Brook antimony mine, a strategic asset currently owned by a Chinese company and held in care and maintenance. Antimony is critical to military applications, and Vaccaro urged scrutiny over foreign ownership. “It might be a case study going forward,” he warned, citing previous Canadian government interventions to force Chinese divestments. “The theme is set: geopolitical spheres,” Vaccaro said. “How do we in North America, how does the coalition of the willing, stay strong? What are the next strategic steps to do it?”

A-Book vs. B-Book Forex Brokers: Does It Matter Which One You Choose? A-Book vs. B-Book Forex Brokers: Should You Care How Your Broker Handles Trades? If you’re trading forex, you’ve probably come across the terms A-book broker and B-book broker. These refer to two fundamentally different ways brokers handle your trades. Any forex broker can put up a fancy website and look like a reputable, top tier business. However, it takes some digging to uncover its business model. Is it an A-book, B-book or hybrid A/B-book model? Either way, should it matter to you should it matter to you if your broker operates an A-book or B-book? In this article, we’ll explain the difference between these two broker models and help you decide whether it should influence your choice of broker. What Is an A-Book Broker in Forex? An A-book forex broker is one that passes your trades directly to the market. This means your orders are routed to liquidity providers such as banks, hedge funds, or other large financial institutions. Your interest should be how your broker treats your trades, not what a liquidity provider does with them. Key Features of a forex A-Book Brokers: There is no conflict of interest: The broker doesn’t win if you lose. Pricing is based on market-liquidity and spreads. Makes its money from spreads and commissions, and total trading volume Since the broker is not taking the other side of your trade, there is a greater incentive to see you succeed and continue trading. What Is a B-Book Broker in Forex? A B-book forex broker takes the other side of your trade and adds it into its “book.” Rather than passing it directly to a liquidity provider. Brokers view it as your losses are its gains and vice versa. However, in reality, your trades are part of a larger book of trades and it is up to the broker to employ a risk management and hedging strategy to limit is exposure and maximize its profits. I recall in the early days of online forex trading most brokers ran a pure B-book. The CEO of a top broker told me that its business model was based on the premise that most retail traders lose money. For that reason, it was rare for it to pass any trades into the market. There were days, usually once a month, where one way moves resulted in a big loss. As he explained, this was a cost of doing business but the profits it made other days more than made up for it. On another occasion, again in the early days, I visited a top broker and peaked into its dealing room. I expected to see something that looked like a bank dealing room. I was shocked to see only on e person in it. It was only afterwards that I learned that there was no need for dealers as all trades went into a B-book. Key Features of a forex B-Book Brokers: Makes its profit from traders losing money as it takes the other side of trades. Executed trades are never passed to the real market. May use incentives to attract traders as it expects most to lose.. As online forex trading has evolved so have brokers. Many brokers today use a hybrid A/B-book model, where they identify profitable and/or large volume/size traders’ and funnel their trades to the A-book to lijit risk and keep smaller volume/size trades from less experienced traders in the B-book. A-Book vs. B-Book: Should It Matter to You as a Trader? 1. Conflict of Interest The biggest concern with B-book brokers is a conflict of interest. This means the broker and trader do not have a common interest. Can a broker say it is on your side if it profits from your losing trades? This is not to say that all B-book brokers are dishonest but suggests there are more incentives to tilt the field away f=rather than in favor of the trader. 2. Trade Execution Quality Because there is no centralized clearing system in forex, there is no way to trade with one broker and clear the trade with another. This means a trader is totally dependent on the broker for executing trades. As a result, a B-book broker has full control over order fills, slippage, and stop-loss executions giving them the less reputable ones an opportunity to manipulate prices or trigger stops unfairly. 3. Broker Solvency Risk Here is where due diligence comes in. As noted earlier, any forex broker can put up a fancy looking website and come across as a top tier firm. It is like buying a used car. You should not be swayed by a fancy outside. You need to look under the hood. For a smaller B-book broker or one that takes on too much risk, one surprise headline could threaten its finances. This is why it’s important to trade with a reputable well-capitalized broker that has a large volume of trades and doe3sn’t need to manipulate pricing or squeeze you to boost its profits.. Just a word of warning. It may be rare but there have been times where extraordinary events have shaken the core of the online trading business, not sparing any broker, no matter whether it opeartes a an A-book, B-book or A/B hybrid book. Read about Flash Crash 2015! A-Book vs. B-Book—What Should You Do? Both models have pros and cons. The quality and reputation may be more important than whether it runs an A-Book or A/B Hybrid Book. In other words, it is hard enough to make money trading that you should not have to worry about the solvency of your broker. A reputable B-book broker with strong oversight (e.g. regulation) may be safer than a less reputable (or unregulated) A-book broker. Go into trading with your eyes wide open. As a trader all you want is a level trading field no matter what type of model your broker uses. All a trader can ask for is consistency in terms of pricing, spreads, stops and trade executions. So, while the type of broker model should matter, what counts the most is how you are treated you as a trader and whether you have a fair opportunity to make money trading. Join GTA for FREE – Click HERE .

The US Dollar is enjoying a broadly positive day after a relentless stumble throughout the past week. A green start to the week in Equity Indices is seeing follow-through in this morning session. The Nikkei is once again leading all indices as the 2025 BOJ-IMES Conference is continuing, driving up sentiment across all asset classes. Winners in a Risk-On Market The BOJ-IMES conference in Tokyo has had quite an influence on the current day, as the Nikkei has been leading all indices since the beginning of the week, dragging up sentiment - The index is up 3.74% on the day. Recent comments by the Japanese Minister of Finance Kato have weakened the yen and boosted markets, as lower yields and a generally lower yen help to reinforce flows around Carry Trades, supplemented by other Risk-On flows. This has led to a strong rally in USD/JPY, up around 1% on the day. As a matter of fact, the US dollar is leading all majors today, having flashed below the 99.00 psychological level and currently trading around 99.50. US Stocks are all green and up well above 1%, led by the Russell 2000 (+2.07%) closely followed by the Nasdaq (+2%) after Consumer Sentiment data came in way above expectations. The release came at 98 vs a consensun of 86. On the other hand, European stocks are not up as much with the DAX up 1% and EuroStoxx up 0.56% on the day. Bitcoin, also enjoying from the risk-on market, is up 1% on the day and still consolidating near its all-time highs. Oil and Gold are both lagging as flows are all headed into the indices. WTI, down 1.85%, hasn't enjoyed from the broadly positive sentiment, as progress in US-Iran Nuclear talks is slowing. A Chart to monitor for the Afternoon Session close DXY 1H Chart, May 27, 2025. Source: TradingView /media/images/Screenshot_2025-05-27_at_12.13.45PM.width-1400.png The US Dollar has made a substantial recovery from yesterday's trough. A higher low led to a swift bounce for the greenback, and we are seeing the results as the dollar is leading all majors in the morning session. The impulsive move left the MA 20 lagging, as prices are heading towards the MA 200 situated right below the 100.00 level. Next resistance resistance zone to monitor is 99.64-99.74. If we see any reversal, look at the 99.20-99.30 support zone. 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.

Drilling by NexGen Energy (TSX, NYSE: NXE; ASX: NXG) has returned results as high as 0.5 metre grading 68.8% uranium oxide (U3O8) at its Patterson Corridor East (PCE) target in northwestern Saskatchewan. That result, in hole RK-25-232, was part of a 15-metre intercept at 15.9% U3O8 from 552.4 metres depth, including 3 metres grading 47.8% U3O8 and 1.5 metres at 29.4%, NexGen reported Tuesday. PCE is about 3.5 km east of NexGen’s main Arrow deposit in the Athabasca basin, about 750 km north of Saskatoon. “RK-25-232 is an exceptionally high-calibre intersection considering the program is very early in the evaluation of PCE,” NexGen CEO Leigh Curyer said in a release. “Identical to Arrow, mineralization at PCE is wholly hosted in competent basement rock and exhibits all the same characteristics of an intense high-grade mineralized system.” Project approval looms The PCE results come as NexGen prepares for Canadian Nuclear Safety Commission hearings later this year and early next year for its Rook 1 project. It’s the final stage of approval that is to render a decision on Canada’s largest development-stage uranium project. NexGen shares gained 1.1% to C$8.87 apiece on Tuesday morning in Toronto, for a market capitalization of C$5 billion. The stock has traded in a 12-month range of C$5.59 to C$12.51. High grades at depth Hole RK-24-222 also returned significant results, with 17 metres grading 3.85% U3O8 from 753 metres depth, including 3 metres at 10.1% U3O8 and 0.5 metre grading 28.2% U3O8 within massive replacement style mineralization, NexGen said. RK-24-207 cut 9.5 metres at 2.91% U3O8 from 801 metres depth, including 0.5 m at 28.2% U3O8. Since March 2024, NexGen has drilled more than 47,425 metres at PCE across 64 holes, with 35 of them intersecting mineralization. 11-year mine NexGen has proposed Rook 1 as an underground mine and mill development, centred around the Arrow deposit. Rook 1 has potential for an initial 11-year mine capable of producing 21.7 million lb. of U3O8 annually during the first five years, with production estimated to reach as high as 30 million lb. per year, according to a feasibility study update published last August. With C$1.3 billion in capital expenditures, it is projected to be the largest and lowest-cost uranium mine in the world. The project contains 3.7 million measured and indicated tonnes, grading 3.1% U3O8.

Agnico Eagle Mines (TSX, NYSE: AEM) has nearly tripled its equity position in junior explorer Fury Gold Mines (TSX, NYSE American: FURY) with a further C$4.3 million ($3 million) investment. In a press release Tuesday, Fury announced that Agnico had acquired approximately 6.73 million of its shares and warrants to buy the same number of shares for a per-unit price of C$0.64. The warrants have an exercise price of C$0.80 per share, valid for three years. Fury Gold Mines opened the trading session at C$0.53 apiece, and ticked 2% higher at C$0.54 as of 10:45 a.m. ET. Its market capitalization is estimated at C$88.2 million ($64 million). Agnico previously held 3.75 million, or 2.3% of Fury’s shares. The new investment takes its holding to approximately 6.3%, potentially rising to 9.9% if the warrants are exercised. According to Fury, most of the new investment (C$3.9 million) will be used for this year’s exploration at its Committee Bay project in the Kitikmeot region of Nunavut. The project is located approximately 180 km northeast of Agnico’s Meadowbank mine and covers a district-scale area of more than 2,500 sq. km. From its exploration efforts since 2019, the Fury team has identified numerous high-grade gold occurrences throughout a 300-km strike length on the property. The most significant is the Three Bluffs deposit, which has a mineral resource estimate of 2.1 million tonnes indicated grading 7.85 g/t gold (for 523,835 oz. contained gold) and 2.9 million tonnes inferred grading 7.63 g/t gold (for 720,364 oz. contained gold). “We are pleased to have Agnico Eagle, one of Canada’s premier companies and a top global gold producer, make an additional investment that will permit Fury to advance our understanding of the exploration potential at our Committee Bay project in Nunavut,” Fury Gold Mines CEO Tim Clark said in a news release. “We believe the Arctic is likely to become increasingly important for future mineral exploration and with this in mind, we are excited to accelerate our plans to build on past drilling success.” In addition to Committee Bay, Fury also holds two gold projects in the James Bay region of Quebec, both near the formerly Newmont-owned Éléonore mine. The company recently added to its portfolio with the acquisition of Quebec Precious Metals (TSXV: QPM).

The US Supreme Court declined on Tuesday to hear an appeal by the Apache Stronghold seeking to block the development of the Resolution Copper mine in Arizona. The mine is a joint venture between Rio Tinto (ASX, LON, NYSE: RIO) and BHP (ASX: BHP). The advocacy group, comprising members of the San Carlos Apache tribe of southeastern Arizona and conservationists, challenged a 2024 lower court decision that permitted a federal land swap allowing the mining companies to acquire land considered sacred by the Apache for the mine project. A federal judge in Arizona had temporarily halted the land transfer on May 9, pending the outcome of the Supreme Court appeal. The Resolution Copper project is 55% owned by Rio Tinto and 45% by BHP, with Rio serving as the operator. Timeline – Rio Tinto’s 26-year struggle to launch Arizona’s Resolution copper project The companies have so far invested over $2 billion into the project, which is poised to become North America’s largest copper mine. It contains the third-largest known copper deposit globally, and could meet over a quarter of US copper demand for decades. Apache Stronghold first filed suit in 2021, claiming the project violates constitutional and statutory protections for religious freedom. They argue the mine would destroy the Oak Flat, known as Chi’chil Biłdagoteel in the Apache language, a sacred site where Western Apaches have conducted ceremonies for generations, including a traditional four-day coming-of-age ritual for young women. The group also says the mine would violate an 1852 treaty in which the US government promised to protect Apache lands and ensure the tribe’s “permanent prosperity and happiness.” Congress authorized the land swap as part of a 2014 defense spending bill signed by then-President Barack Obama. The legislation allowed Rio Tinto and BHP to exchange private lands for Oak Flat, located about 70 miles (113 km) east of Phoenix. Rio Tinto hopes Trump will clear path for Resolution copper project The transfer was contingent on the completion of an environmental impact statement, which was released in January 2021, during the final days of the first Trump administration. However, in March 2021, the Biden administration withdrew the statement, halting the transfer temporarily. The US Forest Service is expected to reissue the environmental report, potentially allowing the land swap to proceed as early as June 16. Copper ambitions Rio Tinto is ramping up its copper portfolio to meet growing global demand, which analysts predict will soon outpace supply. The company’s Oyu Tolgoi mine in Mongolia began underground production in 2023 and is projected to become the world’s fourth-largest copper mine by 2030. In Peru, Rio Tinto has partnered with Chile’s state-owned Codelco and Canada’s First Quantum Minerals to develop the La Granja project, one of the world’s largest untapped copper deposits. Rio is also investing in cleaner extraction technologies, including Nuton—a bioleaching process developed with Arizona Sonoran Copper (TSX: ASCU)—to recover copper from tailings and low-grade ores. (With files from Reuters and Bloomberg)

Another day where markets hang on to a positive sentiment following a similar picture from yesterday - risk-assets are in the green and safe-havens are lagging on the day. The US dollar as recently shines on optimist flows from markets, though as the DXY is still trading below the 100.00 level. The Greenback is leading today's forex action. On the other hand, the Yen is not showing such a rosy picture. Comments from the Minister of Finance Katsunobu Kato about reducing the issuance on long-end bonds made Japanese yields go down and the Yen got dragged with it. How do yields moving down influence the Yen? For a quick-to-understand explanation, longer-end yields have been hedging up with the latest inflation data being high - a situation where bond traders start to sell some parts of the curve to price in chances of hikes around the curve and reduce their exposure. Funds in Japan are big buyers of all types of government bonds to provide interest, so if there is less supply of bonds and fewer bonds to buy for these entities, the rarity creates more demand, and then yields go down again. When Yields go down in Japan, investors make more money by placing money in other higher yielding assets like US Treasuries or Equities, hence the Yen goes down. You can read more on the Yen slide here. USD/JPY Intra-Day Technical Analysis close USDJPY 30M Chart, May 27, 2025. Source: TradingView /media/images/Screenshot_2025-05-27_at_10.02.06AM.width-1400.png USD/JPY rallied on the recent comments from the Minister of Finance Kato, forming a double bottom - now up 1.11% on the session. Last week's USD weakness created a descending channel from which prices broke out overnight. The RSI is overbought on all timeframes below 1H but the momentum is strong. Having just crossed the last key pivot at 144.350, eyes are on these zones: For immediate support, there is the MA 20 standing at 143.800. A deeper retracement would retest the most recent Support Zone situated between 143.400 to 143.530. Keep an high on a retest of the upper-bound of the descending channel, though prices are far and would require USD weakness to retrace that much - not the theme of the day. For resistances on a pursued breakout, look at the Resistance Zone 144.700 - 144.850. The next key resistance eyes to the 145.00 psychological level. 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.

The New Zealand dollar is sharply lower on Tuesday. In the North American session, NZD/USD is trading at 0.5950, down 0.83% on the day. A day earlier, the New Zealand dollar touched a high of 0.6031, its highest level since Oct. 2024. RBNZ poised to lower ratesThe Reserve Bank of New Zealand is widely expected to lower rates by a quarter-point to 3.25% on Wednesday. With little doubt about the decision, investors will be focusing on the Reserve Bank's updated forecasts. The markets are looking at another rate cut in July and perhaps one more later in the year, which would lower the cash rate below 3.0%. The RBNZ has been dealing with a weak domestic economy and a deteriorating outlook for the global economy due to US President Trump's erratic tariff policy. The RBNZ would like to continue trimming rates and restore consumer and business confidence. New Zealand's inflation was higher than expected in the first quarter at 2.5%, up from 2.2% in Q4 2024. This is within the Bank's inflation target of 1%-3% and means that inflation levels won't prevent the Bank from lowering rates on Wednesday. US durable goods orders plunges, consumer confidence surgesIn the US, Durable Goods Orders declined by 6.3% m/m in April, after a 7.5% gain in March, which was the fastest pace of growth since July 2020. The soft reading managed to beat the market estimate of -7.8%. The Conference Board Consumer Confidence index, which has fallen steadily this year, surged to 98.0 in May, up from 86.0 in April and blowing past the market estimate of 87.0. We'll hear from more Federal Reserve members on Wednesday, which could provide some insights into the Fed's rate path. The Fed has adopted a wait-and-see stance and is widely expected to hold rates for a fourth straight time at the next meeting on June 18. NZD/USD Technical NZD/USD has pushed below support at 0.5978 and is testing 0.5955. Below, there is support at 0.5928There is resistance at 0.6005 and 0.6028 close NZDUSD 1-Day Chart, May 27, 2025 /media/images/NZDUSD_2025-05-27_17-20-09.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.

Canada’s Franco-Nevada (TSX, NYSE: FNV) has agreed to acquire a royalty package on the Côté Gold mine in Ontario from a private third party for $1.05 billion in cash. The Toronto-based royalty and streaming company said the deal includes a 7.5% gross margin royalty on gold production from the Chester 1, 2, and 3 claims, which encompass all proven and probable mineral reserves and more than 99.9% of current mineral resources at the site. Côté is one of Canada’s newest and most advanced large-scale gold mines, with a mineral resource base exceeding 16 million ounces in the measured and indicated categories. It is operated as a joint venture between Iamgold (TSX: IMG, NYSE: IAG), which holds a 70% stake, and Sumitomo Metal Mining, which owns the remaining 30%. The mine produced its first doré bar in April last year, reached commercial production that August, and continues to ramp up. Once fully operational, Côté is expected to become Canada’s third-largest gold mine. In its first six years, the mine is projected to produce 495,000 ounces of gold annually, with a life-of-mine average of 365,000 ounces per year. Franco-Nevada expects the transaction to close by the end of June.

Harmony Gold (JSE: HAR) (NYSE: HMY), South Africa’s top gold producer by volume, has agreed to acquire MAC Copper (ASX:MAC)(NYSE:MTAL) for $1.03 billion, accelerating its strategic shift into copper through a key Australian asset. The all-cash deal would give Harmony full ownership of MAC’s only asset, the CSA copper mine in central western New South Wales. CSA is among Australia’s highest-grade and oldest operating copper mines, with a history stretching back nearly 150 years. At 1.9 km, it is also one of the country’s deepest underground operations. Harmony is offering $12.25 per MAC Copper share, representing a 20.7% premium to the company’s last closing price in New York. MAC shares jumped 17% to $11.90 in premarket trading Tuesday after the company announced its board unanimously supports the offer. MAC’s current market capitalisation stands at approximately $847 million. Harmony shares initially dropped as much as 7.5% in Johannesburg before recovering slightly. In premarket trading on the NYSE, the stock was down nearly 10.5% to $14.22. Strategic shift Harmony, like industry peers Newmont (NYSE: NEM) and Barrick Gold (TSX: ABX) (NYSE: B), is diversifying into copper – a metal critical to electric vehicles and power grid infrastructure. MAC’s acquisition is a “significant step forward in transforming Harmony into an increasingly de-risked, higher-quality, global gold and copper producer through disciplined and effective capital allocation,” chief executive officer Beyers Nel said in the statement. The deal expands Harmony’s copper footprint in Australia, where it entered in 2022 with the Eva copper project in Queensland. The Johannesburg-based miner expects to begin production at Eva by 2028. With CSA and Eva combined, Harmony aims to produce 100,000 tonnes of copper annually within five years. Last year, CSA alone produced about 41,000 tonnes. Outside Australia, Harmony also owns the Hidden Valley gold mine and jointly holds the Wafi-Golpu copper-gold project with Newmont (NYSE: NEM)(TSX: NGT) in Papua New Guinea. The company is increasingly steering away from gold-only operations as mining the metal becomes more complex and costly in South Africa.

The Japanese yen is down for a second straight day. In the European session, USD/JPY is trading at 144.14, up 0.91% on the day. BoJ core CPI beats forecast, hits 2.4% BoJ core CPI rose to 2.4% in April, after three straight readings of 2.2% and above the market estimate of 2.3%. This was the highest level since Jan. 2024. Japan's Services PPI also rose to 3.1% in April, lower than the upwardly revised 3.3% gain but above the market estimate of 3.0%. This release comes on the heels of Japan's core CPI, which jumped in April to 3.5% from 2.4%, the highest level in two years. Core inflation has held above the Bank of Japan's 2% target for over three years but the central bank has been very slow to raise interest rates. Governor Ueda said on Tuesday that the BoJ would adjust its rate policy "as needed" if economic expectations are met, a vague reference but still an acknowledgement that the next move will be a rate hike. The markets expect the BoJ to maintain its wait-and-see mode for some time, with a rate hike unlikely before September at the earliest. The BoJ has revised lower its growth and inflation projections to the current economic uncertainties, particularly those related to US trade policy. The central bank meets next on June 17 and is widely expected to hold its policy settings steady. US core durable goods expected to plungeUS markets are back in action after the Memorial Day holiday on Monday. US Durable Goods Orders are expected to slide by 7.8% in April, after a 7.5% gain in March, which was the fastest pace of growth since July 2020. As well, The Conference Board Consumer Confidence index, which has fallen steadily this year, is expected to improve to 87.0 from 86.0. USD/JPY Technical USD/JPY faces resistance at 144.58 and 146.58143.50 and 141.50 are the next support levels close USDJPY 1-week Chart, May 27, 2025 /media/images/USDJPY_2025-05-27_17-23-40.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: Speculation that Japan will take measures to stem the rout in the government bond market has helped spur a short-covering bounce in the dollar after finished last week poorly and sold off yesterday. There has been a sharp drop in Japanese long-term bond yields, and although the dollar is higher against all the G10 currencies today, the yen is the weakest, off nearly 0.75%. Given the intraday momentum indicators and sentiment toward the dollar, we suspect North American participants will sell into the greenback's gains. European benchmark 10-year yields are off 1-3 bp today. The 10-year US Treasury yield is four basis points lower near 4.47%. Equities are mostly higher today, but several large bourses in the Asia Pacific region did not participate, including China, South Korea, Taiwan, and India. Europe's Stoxx 600 fell in the last three sessions of last and is building on yesterday's gain today to recoup nearly everything it lost in second half of last week. US index futures are 1.3%-1.7%. Gold is trading heavier. It has returned to the pre-weekend low near $3290. July WTI is extended yesterday's gains. It held $60 at the end of last week and recovered to near $62 yesterday, which is where it is currently hovering near. USD: The 50% tariff on the EU that the US threatened on Friday was postponed until July 9 when the 90-day grace period from the reciprocal tariffs expire. Recall that before the weekend, the euro had recouped most what was lost on the US threat as the many thought it was negotiating ploy. PredictIt.com had around a 1-in-3 chance of them actually coming into effect. Still, President Trump's postponement saw the Dollar Index extend last week's losses to almost 98.70 yesterday, a new low for the month. A short-covering rally, following indications that Japanese officials are moving to stabilize the bond market. By early European turnover, the Dollar Index reached 99.40. A move above 99.50 targets 100.00. US (and UK) markets re-open after a long holiday. US high-frequency data today includes April durable goods orders, where a sharp drop in Boeing orders will depress the headline. Excluding transportation orders, a recovery from the 0.4% fall in March is expected and shipments excluding defense and transportation look flattish. March house prices are due. May's Conference Board's consumer confidence measure likely improved after hitting five-year lows in April. EURO: The euro rose above $1.1400 yesterday for the first time since late April. It has been sold back to nearly $1.1335 today. We expect buying to emerge on this pullback, with the intraday momentum indicators turning up. At the end of last week, Moody's lifted the outlook for Italy's debt to positive. Italy's 10-year premium over Germany has narrowed from last month's high near 130 bp to around 100 bp, a four-year low. The eurozone confidence measures improved marginally but as is often the case, elicited little market response. Tomorrow the ECB's April inflation survey will be reported. It is not expected to change much from March’s 2.9% and 2.5% expectations for one- and three-years, respectively. CNY: China reported at in April industrial profits rose 1.4% year-to-date, year-over-year. Profits have fallen for the past three years. It had, as is usually the case, little market impact. Chinese companies compete by seeking market share and the patient capital of banks, especially state-owned banks, rewards market share, arguably on ideas that a strong market share can be monetized and integral to long-term competitiveness. This stands in contrast to market-central capitalism, which is impatient and appears to pay a premium for short-run profits. The competition for market share was driven home by BYD yesterday, which announced price cuts of up to 34% om 22 of its electric and plug-in hybrid models, following its best month of sales in 2025 (April) and outpaced Tesla among EV sales in Europe for the first time. The dollar fell to a new low since last November against the offshore yuan yesterday. It reached nearly CNH7.1615 before it recovered to session highs near CNH7.1830. It is recovering further and reached almost CNH7.1930. The PBOC set the dollar's reference rate at CNY7.1876. Yesterday, the fix was set at CNY7.1833 (CNY7.1919 at the end of last week). It was the biggest adjustment of the fix since April 7 and the first below CNY7.19 since April 3. JPY: Hawkish comments by BOJ Governor Ueda and signals from officials that it may be preparing to take action in the bond market is helping the dollar stage a possible key upside reversal against the yen. It wants to slow its bond purchases, but long-term yields are surging. It wants to continue to raise rates as price pressures remain above target, but the economy is weak. It contracted in Q1 and the uncertainty emanating from the US trade balance clouds the outlook. Meanwhile, new farm minister Koizumi announced the release of another 300k metric tons of rice from the government's warehouses to drive the price down. It had already sold 200k tons, but with little success in stemming the price surge. The greenback made a new low for the move (slightly below JPY14215) and recovered to trade above yesterday's high (~143.10). It reached nearly JPY144.05 in Europe today. Japanese long-term bond yields plummeted. The 30-year yield fell almost 20 bp, to a two-week low. The 40-year yield dropped nearly 25 bp. We suspect the bulk of the dollar’s gains are behind it. Initial support may be near JPY143.50 now. Unrealized losses at Japanese lifer insurers from their bond holdings are growing but may be offset by gains unrealized gains on their equity portfolios. The Topix index of insurances companies for the second consecutive session yesterday, for the first time this month. It is slightly higher on the month. It is up slightly less than 1% year-to-date. Separately, Japan reported a 3.1% year-over-year increase in April producer service prices, down from 3.3% in March, which matched the peak from earlier this year and is the highest in a decade. Still, more importantly in terms of the central bank's reaction function is Tokyo's May CPI due at the end of the week. After a large jump in April (to 3.5% from 2.9%) it may tick slightly lower. However, the core and ex-fresh food and energy measures are expected to have risen further. The Bank of Japan finds itself in a couple of binds. GBP: Sterling posted a bullish outside up day last month and follow-through buying lifted it to nearly $1.3545 before the long holiday weekend, a new three-year high. The gains were extended yesterday to almost $1.3600. In thin turnover yesterday, it settled above its upper Bollinger Band for the second consecutive session, for the first time this year. The upper Bollinger Band is near $1.3550 today. It is consolidating quietly today, inside yesterday's range. The stronger than expected CPI and retail sales reported last week saw the market push out the next Bank of England rate cut to November. The year-end base rate is seen near 3.80%, up from 3.50% at the end of April. The divergence of rates with the eurozone and the US new tariff threat on the EU have helped drive sterling to its best level against the euro since early April, which also lends the pound support against the dollar. The next area of chart resistance may be in the $1.3630-50 area. CAD: The US dollar slipped to a new marginal low for the year yesterday near CAD1.3685. The greenback has been trending lower since reaching nearly CAD1.48 in February, its highest level since 2003. The odds are around 30% in the swaps market, down from more than 65% before the CPI report. The US dollar has approached a weekly uptrend line, which depends on how it is drawn, but may come in near CAD1.3680. Yesterday's US dollar recovery, leaving a potentially bullish hammer candle stick in its wake, may mean a near-term low is in place. It is approaching a band of resistance (CAD1.3780-CAD1.3800). This week's data highlight is Q1 GDP due May 30. After 2.6% annualized growth in Q4 24, the median forecast in Bloomberg's survey is for a 1.7% expansion in the first quarter. Economists in the survey project a contraction in the current quarter. Bank of Canada Governor Macklem was in interviews over the weekend, underscoring that US tariffs are the "biggest headwind" for the Canadian economy. AUD: The Australian dollar made a new high for the year yesterday slightly above $0.6535. We have been targeting the $0.6550 area, which corresponds to the (61.8%) retracement of the decline since the $0.6940 high recorded at the end of last September. It is softer today, near session lows in Europe (~$0.6445). Australia reports the April monthly CPI tomorrow. It is likely to softer after being stuck at 2.4%-2.5% for the previous four months. The median forecast in Bloomberg's survey is for 2.2%, which would be the lowest since last October. Whatever will drive the central bank's decision at its next meeting (July 8), it will not be the April CPI. The Reserve Bank of New Zealand, on the other hand, meets tomorrow, and is widely expected to cut its target rate 25 bp to 3.25%. The swaps market had another cut fully discounted by the end of the year and a little more than a 50% chance of another. MXN: The US dollar slipped to a marginal new seven-month low against the peso yesterday. It briefly traded below MXN19.1850. Recall that last week's high, set on Thursday, was near MXN19.46. The greenback is firmer today and is pushing above MXN19.26 in Europe. Last Friday's high was near MXN19.3760 and this month's down trendline comes in near MXN19.3960 today. Tomorrow the central bank will release its inflation report. Recall that it recently halved this year's growth forecast to 0.6%. This may still be optimistic. The IMF's latest projection is for a 0.3% contraction this year. The median forecast in Bloomberg's survey sees a 0.1% decline in output. The central bank expects the recent rise in CPI to be temporary and looks for the headline and core rates to continue to moderate, with both at 3% at the end of next year. Disclaimer

Log in to today's North American session recap - May 26, 2025 The Kiwi is on top of majors to conclude a low volume day, as US and UK Markets were closed. Stock indices futures nonetheless close green in most parts of the world, dragged up by a positive sentiment which took the Nikkei 225 up 2% on the day. US index Futures close up above 1% with the Nasdaq leading at 1.47%. Bitcoin is consolidating above end-2024 all-time highs, closing down a small -0.35%, trading around $109,255. A picture of today's performance for major currencies close Currency Performance, May 26 - Source: OANDA Labs /media/images/Screenshot_2025-05-26_at_4.18.51PM.width-1400.png The Dollar Index (DXY) is trading just below 99.00, having broke the level and coming back towards the end of the session. It will be important to see if open markets tomorrow gives a boost to the The NZD is leading in expectation of the RBNZ Rate decision coming in tomorrow, with the recent survey announcing that businesses expect higher prices. You can access the survey here. The Kiwi is closing up 0.42%. A strong Retail Sales beat in Canada did not do much to lift the Canadian Dollar on the day, though the loonie is off a strong performance from Friday. USDCAD is broadly unchanged. Chart of the day - Gold close XAU/USD 2H Chart, May 26 - Source: TradingView /media/images/Screenshot_2025-05-26_at_4.41.41PM.width-1400.png XAU/USD is closing down -0.60% after a positive sentiment dragged on the demand for the precious metal. Gold prices did not break the highs of the descending channel, with a bearish divergence in a overbought RSI - The metal is still at recent highs and momentum is back to neutral. Prices are situated between the 61.8% retracement from the April Impulsive move at $3,360 - and the current pivot at $3,330. A breakout both ways is still possible as the MA 20 is providing support. Watch any geopolitical news, as today's positive sentiment did not create new demand for the Bullion. Economic Calendar for the May 27th Session close MarketPulse Economic Calendar for May 27 2025 (click to enlarge) /media/images/Screenshot_2025-05-26_at_4.49.25PM.width-1400.png Tomorrow will present a few important economic data releases. The most of the news will be outside of the North-American session, with Consumer Sentiment data coming in Europe at 5:00 A.M. E.T. There will also be a more market-moving event with the RBNZ Rate decision tomorrow at 10:00 P.M. E.T. In the US, focus on a speech from FED's Waller around the same time as he speaks in the 2025 BOJ-IMES Conference in Tokyo, Japan. And do not forget BoJ Governor Ueda speaking tonight at 8:00 P.M. 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.

Newmont (NYSE: NEM, TSX: NGT) commemorated the 10th anniversary of the Red Chris mine in British Columbia and the successful co-management with the Tahltan Nation by announcing an C$8 million ($5.8 million) community investment to benefit the Tahltan communities of Telegraph Creek, Dease Lake and Iskut. The world’s biggest gold miner acquired Red Chris in 2023 when it bought Australia’s Newcrest in a $17 billion deal, and has since been eyeing further expansion in the mineral-rich Canadian province. Red Chris is an open-pit copper and gold mine that employs around 220 Tahltans and generates approximately C$100 million annually in business with the Tahltan Nation Development Corporation (TNDC). The mine pays annual royalties to the Tahltan Heritage Trust and contributes mineral tax revenue to the Province of British Columbia, which is shared directly with the Tahltan Nation. The Red Chris mine is managed in partnership with Tahltan Nation through an impact benefit and co-management agreement ensuring that Tahltan expertise, perspectives and values guide the operation, and serving as a leading example of reconciliatory resource development. Aerial view of the the Red Chris mine in British Columbia. Image courtesy of Newcrest Mining. “We know that our projects and operations can only succeed when the communities that host them are also thriving,” Newmont CEO Tom Palmer said in a statement. “Today, we celebrate our partnership with Tahltan Nation and shared stewardship at Red Chris. Through this community contribution we extend our gratitude for the collaboration Tahltan Nation has helped to foster here as we also show our commitment to a shared vision and shared prosperity for the future.” The investment funds a range of projects aimed at improving community well-being, including development of community-use spaces, recreation facilities and greenhouse space, the company said, adding that a portion of the investment will also support planning and pre-development efforts to improve housing in each community. “This $8 million contribution gets us started on a series of projects that will enrich all our communities,” Tahltan Central Government president Beverly Slater said. “It is another step toward ensuring every Tahltan child, youth, adult and elder directly benefits from resource development in our territory.”

Canadian explorer Aftermath Silver (TSXV: AAG) said drilling at its Berenguela silver-copper-manganese deposit in Peru intersected shallow mineralization, paving the way for an updated resource estimate. Hole AFD129 cut 12.35 metres of 302 grams per tonne silver, 0.66% copper and 10.64% manganese from 2.4 metres downhole, Aftermath said Monday in a statement as it disclosed 16 assays. Hole AFD130, meanwhile, intercepted 35.55 metres of 322 grams silver, 0.58% copper and 6.88% manganese from surface. This included 7.1 metres at 1,174 grams silver, 0.8% copper and 11.14% manganese from 24.4 metres downhole. Vancouver-based Aftermath is in the second stage of an 82-hole, 5,200-metre program of diamond core drilling at Berenguela. Assay results for the final 11 holes will be released shortly, the company said. “Our latest round of results have expanded the known mineralization into areas outside of the previous resource model in the central north area,” CEO Ralph Rushton said in the statement. “We also cut strong manganese mineralization in the far eastern area of the resource where there has been little previous drilling. We’ll be incorporating the latest results into a revised mineral resource estimate which is currently underway.” Strike extended Aftermath shares jumped 8% to C$0.54 in Monday afternoon trading in Toronto. That gave the company a market capitalization of about C$163 million ($119 million). Historical mapping and resource modelling shows that the mineralization extends for about 1,300 metres along strike, Aftermath said. The recent drilling has extended the strike length to at least 1,550 metres with a maximum width of 400 metres in the project’s central part, 250 metres in the western part and 50 metres in the faulted section between the western and central parts. Drilling was carried out at a high angle to mineralization controls, Aftermath said. Intersections are assumed to equate to true thickness. Berenguela hosts a potentially open-pittable silver-copper-manganese resource in southern Peru’s Puno province. Aftermath’s goal is to produce silver, copper metal and a commercial battery-grade or fertilizer-grade manganese product. Aftermath has paid $9.65 million and $3 million in shares so far to acquire all of the project through a 2020 agreement with SSR Mining (TSX, Nasdaq: SSRM). In 2021, EMX Royalty (TSX, NYSE-A: EMX) acquired SSR Mining’s rights to option agreement, so all the payments and a sliding-scale net smelter return royalty ranging from 1% to 1.25% go to EMX Royalty. Berenguela is located about 6 km from road, rail and power lines and four hours from the city of Arequipa by sealed road. The railway is connected to the port of Matarani.