The Resource Investor

Politics as usual, or is it? Government declares a highly profitable company undesirable on security grounds. Meantime the government’s transition to a greener economy, restructuring of supply chains, wars overseas and at home, tribal politics has become an aggravating factor. Today the golden days of ultralow rates are gone with the threat of deflating global real estate markets and worldwide recession. Thus, it should come as no surprise that politics dominates. John Ing, President and CEO, Maison Placements Inc., discusses the outlook for gold amidst the current economic climate and how that outlook may affect major gold producers. Buy/Sell advice for Agnico Eagle, Barrick Gold, B2Gold, Eldorado Gold, Endeavour Mining, IAMGold, Kinross Gold, McEwen Mining, New Gold, and Newmont.
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		Gold holds losses after Powell speech, focus on US jobs data Gold held onto earlier losses on Tuesday as investors digested comments from Federal Reserve Chair Jerome Powell and looked forward to U.S. jobs data due later this week for more signals on U.S. interest rate cuts. Read More
		Holding Strong... Keep a Keen Eye Gold and silver are holding firm in spite of its month long consolidation. A further decline in this D decline is still possible; The stock market continues in the AI bubble excitement; Treasuries reached a 12 week high this week, and they're selling well! –– Pamela and Mary Anne Aden’s Aden Forecast. Read More
		OPEC oil output rises for second month in June OPEC oil output rose in June for a second consecutive month, a Reuters survey found on Tuesday, as higher supply from Nigeria and Iran offset the impact of voluntary supply cuts by other members and the wider OPEC+ alliance. Read More
		US, EU lawmakers seek international methane standard for oil and gas A group of European Union and U.S. Democrat lawmakers has asked the International Energy Agency to develop international standards for measuring the oil and gas sector's emissions of methane, to help countries adopt tougher measures targeting the potent greenhouse gas. Read More
		US EIA Raises Oil Output, Price Forecasts for 2024 U.S. crude oil output is set to grow slightly more than earlier estimates for this year and next, the U.S. Energy Information Administration said, while also hiking its global and domestic oil price forecasts. Read More
		The World’s Biggest Oil Producers in 2023 Despite efforts to decarbonize the global economy, oil still remains one of the world’s most important resources. It’s also produced by a fairly limited group of countries, which can be a source of economic and political leverage. This graphic illustrates global crude oil production in 2023, measured in million barrels per day, sourced from the U.S. Energy Information Administration. Read More
		Solar Silver Demand Growth to Moderate This Year, But Still Hit A New Record Global demand for silver used in photovoltaic (PV) cells is estimated to have reached a record 190 moz last year, and now represents ~30% of industrial silver demand. In 2024, solar silver demand could exceed 200 moz. Read More
		Global Steel Demand to Return to Growth in 2024 Global steel demand is expected to rise by 1.7% to 1.793 billion metric tons in 2024 and to increase further in 2025, the World Steel Association said. The association expects India to be the main driver of demand growth as Chinese demand continues to decline. Read More
		Reuters Quarterly Technical Outlook April 2024 Gold looks very bullish, heading towards $2,500. Brent and WTI may rise towards their Sept. 2023 highs. Copper may bounce to $9,460 before falling while aluminium may rise to $2,461. Palm oil targets 4,751 ringgit. Soybeans and corn may slide further to complete their long-term downtrends. Wheat may bounce into $6-$6.33 range. Coffee looks mixed and is biased to fall. Cocoa is likely to maintain its strong momentum and surpass $10k. Dollar index may rise to 109 – Wang Tao, Reuters market analyst for commodities. Read More
		Analyst Forecasting 15% Growth in these Less than $10 Stocks for April As we enter the second quarter of 2024, markets are turning from bearish to bullish, with the S&P 500 reaching an all-time high. Uranium Energy and New Gold can grow 15% in April. Read More
		Monthly Gold Compass April 2024 Gold is showing a clear breakout. Gold is trading at all-time highs around the world. In many currencies, the price of gold has increased by more than 15% this year! Miners are lagging behind and remain very cheap compared to the price of gold. Charts: Gold & Silver’s Performance in Major Currencies, Monthly Gold ETF Flows, Monthly Performance of Bullion and Miners, U.S. Commodity Price Index, Projected Gold Price for 2030. Over 50 historical Charts by Incrementum AG. Read More
		Freeport-McMoRan: Improving Fundamentals Freeport-McMoRan reported better than expected fourth quarter revenues and adjusted EBITDA as higher copper and gold prices more than offset lower than expected volumes, notes Evan Mann, analyst with Gimme Credit, an independent bond research firm. Read More
		Is Gold Any Good as a Currency? Zimbabwe announced its latest attempt at a domestic currency: a gold-backed Zimbabwe dollar. Events like this excite “gold bugs” – Tolkienesque figures who believe gold is the only true currency to ever exist. This is a misunderstanding of history – Paul Donovan, UBS. Read More
		Will Silver Catch Up With Gold? Investors are wondering why silver is trading only halfway to its historic highs, with gold having permanently registered above $2,000 per ounce. Is silver likely to catch up with gold and also reach historic peaks? – Hani Abuagla, Senior Market Analyst at XTB MENA Read More
		Goldman, Hedge Funds Step Up Activity in Physical Uranium as Prices Spike Investment banks Goldman Sachs and Macquarie as well as some hedge funds are positioning themselves to reap the benefits of a newly buoyant uranium sector as prices of the nuclear fuel ingredient spike. Read More

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Precious Metals Outlook 2024 – Metals Focus analysts expect downward pressure for Gold to persist in the first half of 2024. Followed by a strong boost in the second half. Silver to move in line with gold throughout 2024. Platinum to trade broadly rangebound. Palladium and rhodium prices to remain under pressure.
Solid Bull Market in Gold – The Aden Forecast notes previous gold cyclical bulls tend to last about 10 years. If this bull market stays on track, gold could continue rising until about 2026-2027 reaching record highs. Mary Anne and Pamela Aden, editors, list six reasons why gold is set to soar in the years ahead.
Global Silver Demand Forecasted to Rise to 1.2 Billion Ounces in 2024 - The silver market is forecast to remain in a deficit (total supply less demand) in 2024, marking the fourth consecutive year of structural market deficit.
LBMA Precious Metals Forecast Survey 2024 – Key takeaways from the annual LBMA Survey of 30 analysts from across the globe revealing their insights and their forecasts for highs, lows, and average prices for gold, silver, platinum and palladium for 2024.
HSBC Expects Commodity Prices to Remain High in 2024, Drop in 2025 – Squeezed supply, improved Chinese demand and the global energy transition will keep commodity prices elevated in 2024 before falling the following year.
Gold Demand Down 5% in 2023, to be Supported by Geopolitics in 2024 – The World Gold Council’s Gold Demand Trends report reveals that annual gold demand (excluding OTC) fell to 4,448t in 2023, down just 5% from a notably strong 2022. When factoring in demand from the OTC markets and other sources, total demand climbed to a new annual record of 4,899t.
Gold’s 2024 Forecast: An Analysis of Leading Indicators – The forecast for gold is optimistic, projecting an approach to $2,200. This bullish setup is attributed to closing gold swaps, regulation changes, and global economic factors. A pullback is expected, followed by a move to $2,500 in 2025.

		Rare Earths Prices Seen Rebounding in Second Half of 2024 Rare earth prices have likely bottomed out and are poised to rise later this year on demand from electric vehicles (EVs) and wind power and as dominant producer China is expected to pull back on expanding output quotas, analysts said. Read More
		Vehicle Electrification is Not Necessarily One-Way Traffic for PGMs. BEV sales are forecast to grow faster than the growth in the total light-vehicle market this year, and this is expected to cut global palladium autocatalyst demand by 5% to 7.4 moz, potentially weakening prices further. Read More
		NextEra Energy Is The Slow Growth Green Utility To Own NextEra Energy (NYSE: NEE) reported strong financial performance, with growth in revenue and EBITDA margin expansion, and expects exceptional growth in the next 3 years with 20GW of backlog capacity. NEE plans to repower existing wind facilities, invest in solar capacity, and expand battery storage capacity. Read More
		Heraeus Precious Metals Forecast 2024 The annual Precious Metals Forecast provides an outlook on the development of gold, silver and the PGMs for 2024. According to Heraeus the price of gold will continue to rise in the coming year and reach new records. Silver will follow gold and rise. Palladium will remain under pressure. Platinum should soon be more expensive than palladium. Fundamental outlook for iridium is robust. Read More
		Is There Enough Coffee on the Market? The commodities market is primarily associated with oil, gas and gold. When it comes to this group, we also often talk about grains, but it is far less common to talk about coffee, although this is a big mistake, as the coffee market is one of the most active commodity markets in the world, right after oil. Read More

Lithium Producers Stay Bullish
on EVs Despite Growing Headwinds
The world's largest lithium producers say they remain bullish on long-term demand for the battery material in the midst of recent price drops fueled by growing worries that the global pace of electric vehicle adoption is slowing.
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		Silver Rush Creates Silver Scams The Chinese are blowing up the web selling fake silver dollars. Anti-Counterfeiting Educational Foundation warns of surge in fake “silver” coins offered online. Read More
		Cost of Gold the Year You Were Born Stacker compiled a list of the price of gold every year since 1920. Stacker mined data from Kitco and Bureau of Labor Statistics to show how the price of gold has changed over a century, and how gold has impacted society along the way. Included for each year: Average closing price; U.S. primary gold production; U.S. secondary gold productions; U.S. gold net exports; Historic photos. Read More

The Resource Investor NewsWire

Argonaut Gold: Building a Low-Cost
Mid-Tier North American Gold Producer
Argonaut Gold is a Canadian gold producer with a portfolio of multi-stage assets in North America. Focused on becoming a low-cost, mid-tier gold producer. The Company’s flagship asset, Magino Mine, is expected to become Argonaut’s largest and lowest cost mine. The Magino and Florida Canyon Mine in Nevada are the Company’s cornerstone assets. The Company also has two additional operating mines in Mexico.
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Puma Building a New Gold Camp in Atlantic Canada
Puma Exploration is a Canadian mineral exploration company with precious metals projects in New Brunswick, near Canada’s Famous Bathurst Mining Camp. Puma has 100% ownership of more than 70,000 ha of easily accessible prime land in Canada’s newest gold district in Northern New Brunswick, Canada.
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Torex Gold Consistently Delivering
Solid Operational Performance
Torex Gold Resources is an intermediate gold producer based in Canada, engaged in the exploration, development and operation of its 100% owned, Morelos Gold Property in Mexico, a world-class asset measuring 29,000 hectares within the highly prospective Guerrero Gold Belt. Torex is currently Mexico’s second-largest gold producer. Jody Kuzenko, President & CEO of Torex, expects to close out 2023 on a solid note with the fourth quarter forecast to be the strongest quarter of production, driven by higher open pit grades.
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