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Hey hey – another week is upon us, so let’s dig in. Metals, stocks, and above all, opportunities.
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We’ve got trade negotiations and commodity moves to look forward to, plus the meme of the week (because why not!).
Let’s dig in:
- Gold is likely to have a quiet week. First, due to progress in trade talks, with many investors reducing positions —like BNP Paribas who said they recently halved gold exposure—. But we shouldn’t discount some edging up, as last week closed +3%, driving gold miners Newmont, Anglogold, Barrick, up as well. JP Morgan reinforced their bullish stance and forecasted gold to reach $6,000 by the end of Trump’s term, in 2029. Gold’s buoyancy is likely behind larger portfolios!
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- Copper should see a pretty flat week, possibly down. To start, First Quantum dropped their arbitration case against Panama, which paves the way for constructive discussions in relation to reopening Cobre Panama (which was ~1.5% of global production, but still at least 1-2 years away from coming back online, IMO), and Chile’s monthly copper output was a big surprise with a massive +9%, after 2 months of declines.
- US stock futures rose, markets, dollar are hopeful about what may come from the trade discussions with China, and potentially announcements with other countries like the UK. It will be key to read between the lines to ensure any deal is actually good and not just ‘a coat of fresh paint’ or just a bunch of nonsense.
- Economic indicators: US inflation data, GDP UK
- The Trump administration faces the first challenge to its push towards restarting mothballed projects, as a judge halts the land exchange proposed for its Resolution project in Arizona, owned by BHP and Rio. It takes two to tango…
While gold is off record highs, we’re not out of the woods just yet.
But to be fair, opportunities among gold miners (and their ballooning margins) still look quite tasty.
But that’s not all…
ICYMI
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Companies
Deals, capital raising and IPOs
Last week, it was rather quiet on the deal front. Normally, we expect to see a lift in targets and weakness in acquiring parties.
For IPOs, we like to keep an eye on listing day, as any big swings may point to opportunities.
- Gold Fields to buy Gold Road in $2.4 billion deal
- Upcoming IPOs: Robex Gold set for a dual listing on ASX, from TSX; gold in Guinea, via a $120M raising led by Euroz and Canaccord. Price on listing to be $3.11/share.
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Featured
Whatever we see this week, one thing is certain.
When it comes to gold, investor interest is here to stay, for the foreseeable* future.
And that’s it for today.
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*foreseeable has become a tricky thing to define!
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Sources: Canaccord research, Bloomberg, Reuters, Mining.com, TradingView, ASX, TMX, plus our own research
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