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12 May
Adavale Resources
Investor Insight
Adavale Resources’ transformative January 2025 acquisition of gold and copper assets in the prolific Lachlan Fold Belt in New South Wales puts the company on a growth trajectory, presenting a compelling investment opportunity for savvy investors.
Overview
Adavale Resources (ASX:ADD) is a dynamic junior exploration company primarily focused on its flagship gold and copper projects in New South Wales (NSW), within the prolific Lachlan Fold Belt. This portfolio spans 354.15 sq kmand comprises four tenements: EL7242, EL8830, EL8831 and EL9711. The acquisition of these assets represents a transformational opportunity, strategically positioning Adavale Resources in one of the world’s richest gold and copper belts.
Parkes Project in the Lachlan Fold Belt
In addition to gold and copper, Adavale boasts extensive uranium assets in South Australia and nickel projects in Tanzania. These diversified holdings place the company at the forefront of exploration across commodities critical for global industrial and technological advancement.
Adavale Resources is poised for significant growth as it advances its gold and uranium projects through strategic drilling programs in 2025. With a robust exploration pipeline, world-class assets in tier-one jurisdictions, and a leadership team aligned with shareholder interests, the company is well-positioned to capitalise on favourable commodity trends.
Company Highlights
- A junior explorer, with projects in tier-one jurisdictions; focused on gold and copper, Adavale also holds valuable uranium and nickel licences .
- The January 2025 acquisition of the Parkes project in the Lachlan Fold Belt, spanning 354.15 sq km, strategically positions Adavale to expand on the historic orogenic gold resource (124 koz gold) and make a major epithermal and/or porphyry gold and copper discovery in this tier-1 mining jurisdiction. The Lachlan Fold Belt assets are strategically located near world-class mining operations, including Cadia, Northparkes and Cowal.
- The company’s extensive uranium tenements span 4,959 sq km across the Flinders Ranges and Eyre Peninsula, regions known for hosting tier-one uranium deposits.
- Adavale’s nickel projects in Tanzania’s East African Nickel Belt are strategically located adjacent to the Kabanga nickel project — the world’s largest undeveloped high-grade nickel sulphide deposit.
- Drilling and resource-definition programs in 2025 will target key gold, copper and uranium assets, building on the company’s diversified growth strategy.
Key Projects
Gold and Copper – Lachlan Fold Belt, NSW
Adavale Resources recently acquired a 72.5 percent interest in the Parkes project, located in the highly prospective Lachlan Fold Belt of New South Wales. Adavale’s flagship project encompasses 354.15 sq km across four tenements in the Lachlan Fold Belt, a region that has produced over 80 million ounces (Moz) of gold and 13 million tonnes (Mt) of copper historically. The London-Victoria gold mine (EL7242) is a cornerstone of this portfolio, with historical production of 200,000 ounces of gold at an average grade of 2 grams per ton (g/t). London-Victoria (EL7242) also recently received a successful renewal until November 2030.
Exploration activity in 2024 included diamond drilling, which intersected a 12-meter-thick zone of quartz-carbonate veining and shearing, consistent with high-grade mineralisation seen in historical operations. Assay results from this program are pending and expected to provide critical insights for resource expansion.
In addition to the London-Victoria gold mine, the Ashes Prospect (EL8831) has returned high-grade rock chip samples, including results of 8.8 g/t gold and 5.5 percent copper. Similarly, the Birthday mine (EL8830) boasts historical grades averaging 11 g/t gold. The 2025 exploration strategy focuses on resource definition and advancing London-Victoria to JORC-compliant status, testing extensions, and unlocking additional mineralised zones at these prospects, supported by advanced geophysical and geochemical surveys.
Uranium – South Australia
Adavale holds 4,959 sq kmof uranium-rich tenements across the highly prospective Flinders Ranges outwash and Eyre Peninsula, regions known for hosting tier-1 uranium deposits. Historical drilling has revealed promising results, including intercepts of 1 metre at 263 parts per million (ppm) eU3O8 and 0.65 meters at 235 ppm eU3O8. These results underscore the region’s potential to host significant uranium resources.
The company is advancing its maiden 2,000 metre air core drilling program in Q1 of 2025, targeting paleochannel extensions and uranium redox boundaries, which have been identified through advanced geophysical surveys. Adavale’s uranium portfolio is particularly well-positioned to benefit from increasing global demand for uranium, driven by geopolitical factors, rising nuclear energy investment globally, and surging prices, which reached $106/lb in early 2024.
Nickel – East African Nickel Belt, Tanzania
Adavale’s nickel portfolio includes 1,315 sq km across 12 highly prospective exploration licences in Tanzania’s East African Nickel Belt. It is strategically located next to and along strike of the world-class Kabanga nickel project — the world’s largest undeveloped high-grade nickel sulphide deposit. Recent exploration at the Luhuma Central prospect has confirmed nickel sulphides in all five drill holes completed, with mineralisation trends extending southwest.
The company employs a combination of geophysical methods, including gravity, magnetics and Heli-EM surveys, to refine its understanding of subsurface structures and identify high-priority drill targets. Adavale’s ongoing exploration in this globally significant nickel belt is expected to build on recent successes, advancing resource definition and project development, making the company well-positioned to make a significant contribution to the global demand for battery metals.
Leadership Team
Allan Ritchie - Executive Chairman and CEO
Allan Ritchie is a seasoned executive with more than 30 years of experience in corporate finance and resource management, including as director and officer of ASX and HK listed companies. Ritchie’s distinguished career spans both the energy, resources, and investment banking sectors, and includes leadership roles in both private and publicly listed companies.
Ritchie has served as non-executive director of ASX listed Hydrocarbon Dynamics (ASX:HCD), and executive director and deputy CEO of HK listed energy group, EPI Holdings (0689.HKEX).
Ritchie’s investment banking background includes structuring commercial transactions in the energy and resources sector. Senior roles include positions within Westpac, ANZ Bank, HSBC and BNP Paribas in Australia, London, New York and Asia Pacific. His investment banking achievements have been recognised several times at the top of BRW’s annual poll of bankers.
Ritchie graduated from the University of Technology in Sydney in 1986 with a Bachelor of Business and subsequently attained a post graduate diploma in Applied Finance from the Financial Services Institute of Australia.
Maurice (Nic) Matich - Non-executive Director
Maurice (Nic) Matich is a mechanical engineer and finance professional with over 17 years’ experience in the resources sector. His wide industry experience includes the provision of engineering, risk consulting and insurance services to numerous tier-1 mining companies with operations in lithium, iron ore, mineral sands, gold and kaolin.
Matich previously served as managing director of Pinnacle Minerals (ASX:PIM) and executive director of Heavy Minerals (ASX:HVY), delivering both a maiden resource and scoping study (NPV8 $253M) for the Port Gregory project.
He holds a Bachelor of Engineering with Honours, Bachelor of Science (Phys/IT) and a graduate diploma in Applied Finance and is a graduate of the AICD.
David Ward - Non-executive Technical Director (Geologist)
David Ward is a seasoned geologist and mining industry executive with over 25 years of experience encompassing early-stage exploration, project development through to open pit and underground mining. For the last 8 years, he served as chief geologist of private company, Bacchus Resources. Ward was instrumental in defining over 950Koz of gold resources in the NT, while overseeing the development of other exploration assets in the NT, QLD and NSW. These assets were then incorporated into key projects for multiple ASX-listed exploration companies.
In addition to his success at Bacchus Resources, Ward has played key exploration and operational technical roles in several companies, including Newcrest Mining, as Production and Resource Definition Geologist for the Cadia Gold Mine and Clancy Exploration as senior exploration geologist overseeing porphyry and epithermal exploration in the Lachlan Fold Belt NSW.
Leonard Math - CFO & Company Secretary
Leonard Math is a chartered accountant with extensive experience managing financial operations for ASX listed resources companies. He graduated with a Bachelor of Business (double major in accounting and information systems) from Edith Cowan University in 2003 and became a chartered accountant in September, 2008. He has held multiple director, CFO and company secretary roles in the resources sector, most recently with Summit Minerals (ASX:SUM).
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Unlocking gold and copper in a Tier-1 mining jurisdiction, alongside a portfolio of uranium and nickel projects well positioned for the future.
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05 September
Top 5 Australian Mining Stocks This Week: Middle Island Soars on Konstantin Acquisition News
Welcome to the Investing News Network's weekly round-up of the top-performing mining stocks listed on the ASX, starting with news in Australia's resource sector.
The biggest gainers focus on a wide range of commodities, from gold and copper to rare earths and energy.
Market and commodities price round-up
The S&P/ASX 200 (INDEXASX:XJO) posted a 0.3 percent decrease this week, opening at 8,927.7 on Monday (September 1) and closing at 8,900.6 on Friday (September 5).
Gold showed a 3.07 percent increase in US dollars, going from US$3,447.32 per ounce on Monday to US$3,553.18 by the close of Australian trading on Friday. The metal saw a slightly bigger increase in Australian dollars, going up 3.25 percent over the same period, from AU$5,267.39 to AU$5,438.65.
Silver also rose in US dollars, starting the week at US$39.75 per ounce and closing at US$40.80 with growth of 2.64 percent. The metal saw a larger increase of 3.01 percent in Australian dollars, going from AU$60.74 to AU$62.57.
Top ASX mining stocks this week
How did ASX mining stocks perform against this backdrop?
Take a look at this week’s five best-performing Australian mining stocks below as the Investing News Network breaks down their operations and why these companies are up this week.
Stocks data for this article was retrieved at 4:00 p.m. AEST on Thursday (September 4) using TradingView's stock screener and reflects price movements between Monday and Thursday. Only companies trading on the ASX with market capitalisations greater than AU$10 million are included. Mineral companies within the non-energy minerals, energy minerals, process industry and producer manufacturing sectors were considered.
1. Middle Island Resources (ASX:MDI)
Weekly gain: 100 percent
Market cap: AU$10.56 million
Share price: AU$0.04
Middle Island Resources is an explorer focused on tier-one copper and gold assets in Australia.
Its flagship property is the Barkly copper-gold super project in the Northern Territory. According to a July exploration update, the company has established a pipeline of targets and has moved to refining activities and drill testing in specific areas. Middle Island also has five pending project applications in Queensland.
Following its acquisition of Konstantin Resources, announced Tuesday, the company's portfolio will expand to Serbia. Konstantin holds 14 exploration and mining licences, with three main project areas: Bobija, Priboj and Timok.
“We are now poised to accelerate the exploration program of Konstantin these exciting targets, with Serbia and the Balkan region being a world-class geological setting containing numerous large scale, high grade and tier-1 mines,” commented Middle Island Non-executive Director Daniel Raihani. He extended the company’s gratitude to Cygnet Capital, which managed a AU$3.4 million placement that the company will use to fast track exploration.
Middle Island requested a trading halt on August 29 prior to the announcement of the Konstantin acquisition. Shares rose significantly throughout the week, closing at a weekly high of AU$0.046 on Friday.
2. ABx Group (ASX:ABX)
Weekly gain: 81.4 percent
Market cap: AU$18.89 million
Share price: AU$0.078
ABx Group is an explorer and developer focusing on rare earths, bauxite and aluminum fluoride production.
Its long-term goal is to supply light and heavy rare earths to western supply chains. ABx states on its website that it was the first company to discover rare earths in Tasmania, where its flagship Deep Leads asset is located.
On Wednesday (September 3), the company said that diagnostic leach tests on sub-samples of a 100 kilogram sample of ionic adsorption clay rare earth material from Deep Leads have been completed.
ABx described the results as "excellent," saying that they confirm high extractions of crucial heavy rare earths. The firm also said it remains on track to deliver a mixed rare earth carbonate sample toward the end of 2025.
Following the leach test news, ABx provided an update on Thursday regarding government assistance for its 83 percent owned subsidiary, ALCORE. The update includes approval of an overseas R&D finding by AusIndustry, participation in the Industry Growth Program and the repayment of unused Modern Manufacturing Initiative grant funds.
With both news releases within the week, shares of the company peaked at AU$0.079 on Thursday.
3. Future Battery Minerals (ASX:FBM)
Weekly gain: 66.67 percent
Market cap: AU$25.64 million
Share price: AU$0.04
Future Battery Minerals is a lithium- and gold-focused exploration company.
Its portfolio includes its flagship Kangaroo Hills lithium project and Miriam lithium-gold project, which are part of its Coolgardie lithium projects in Western Australia's Goldfields region.
The firm is also exploring its Coolgardie gold projects: Kal North, Burbanks East and Nepean South.
Future Battery shared an update on a Phase 1 reverse-circulation drill program at Miriam on Tuesday (September 2), with results including 33 metres at 1.57 grams per tonne gold from 35 metres downhole.
“(Our) primary goal is to swiftly and methodically build on these Phase 1 results, which will inform future exploration drilling at Miriam,” said Managing Director and CEO Nick Rathjen.
“Once all phase one assays are received, the team will be preparing to commence the second phase, targeting further extensions at Forrest, along with regional targets including Canyon, Jungle and Forrest South.”
Future Battery also shared a company presentation a day after the drilling update, highlighting that it is currently assessing various regional development opportunities, including mergers and acquisitions.
Shares of the company were the highest this week on Thursday, closing at AU$0.04.
4. TMK Energy (ASX:TMK)
TMK Energy is an oil and gas exploration company. Its flagship project is the Gurvantes XXXV project, an approximately 8,400 square kilometre coal seam gas exploration initiative in Mongolia’s South Gobi Basin.
The LF-07 pilot production well at Gurvantes XXXV commenced gas production on August 30. On Thursday, TMK provided an update saying it has continued to increase its gas flows to over 100 cubic metres.
The company also noted in the release that gas production from all seven pilot wells has doubled since the completion of drilling and workover operations two weeks ago.
“The Pilot Well Project is now producing at some of the highest rates we have seen to date and is expected to further increase over the coming weeks as the pumps are sped up in some of the wells,” said CEO Dougal Ferguson.
“Based on current rates and trends of gas production, we expect this to lead to new record monthly gas production numbers in the near future.”
Shares of the company jumped from AU$0.002 on Wednesday to AU$0.003 on Thursday.
5. Finder Energy Holdings (ASX:FDR)
Weekly gain: 47.83 percent
Market cap: AU$63.11 million
Share price: AU$0.17
Finder Energy Holdings is an oil and gas exploration company headquartered in Perth.
It is currently focused on fast tracking the development of its Kuda Tasi and Jahal oil fields — known as the KTJ project — in Timor Leste. KTJ has a production forecast of 10 million barrels for its first 18 months.
On Monday, Finder Energy released a corporate presentation focusing on the development of its assets and overall performance. Looking at H2 catalysts, the company highlighted “powerful cash flow,” alongside an initial forecast production rate of 25,000 to 40,000 barrels per day. KTJ has reportedly completed FEED across technical domains, including subsurface, well construction, reservoir, SPS and SURF ahead of schedule.
Finder Energy ended the week on a high note, closing at AU$0.170 on Friday.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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05 September
Editor's Picks: Gold Sets New Price Record, Silver Hits 14 Year High
It's been a historic week for precious metals, with gold nearly hitting the US$3,600 per ounce mark, and silver passing US$41 per ounce for the first time since 2011.
The gold price spent the summer in a consolidation phase, and part of what's spurring its latest move is expectations that the US Federal Reserve will lower interest rates at its next meeting.
The central bank has held rates steady since December 2024, even as President Donald Trump places increasing pressure on Fed Chair Jerome Powell to cut.
Powell's August 22 speech in Jackson Hole, Wyoming, began stoking anticipation of a cut, and August US jobs data, released on Friday (September 5), has all but guaranteed it will happen.
Non-farm payrolls were up by 22,000, significantly lower than the 75,000 expected by economists. Meanwhile, the country's unemployment rate came in at 4.3 percent.
CME Group's (NASDAQ:CME) FedWatch tool now shows a 90.2 percent probability of a 25 basis point rate cut in September, with a 9.8 percent probability of a 50 basis point reduction.
Bond market turmoil also helped move the gold price this week.
Yields for 30 year US bonds rose to nearly 5 percent midway through the period, their highest level since mid-July, on the back of a variety of concerns, including tariffs, inflation and Fed independence.
Globally the situation was even more tumultuous, with 30 year UK bond yields reaching their highest point since 1998; meanwhile, 30 year bond yields for German, French and Dutch bonds rose to levels not seen since 2011. In Japan, 30 year bond yields hit a record high.
Tariff developments have also created uncertainty this past week.
After an appeals court upheld a ruling that many of Trump's tariffs are illegal, the president's administration asked the Supreme Court to fast track its review of the decision.
Going back to gold and silver, their recent price activity is certainly raising questions about what's next. The broad consensus among the experts focused on the sector is positive, but the metals are beginning to get more mainstream attention too.
Notably, investment bank Goldman Sachs (NYSE:GS) now has a gold price prediction of US$4,000 by mid-2026, although the firm notes that the yellow metal could rise to nearly US$5,000 if just 1 percent of private investors shift from treasuries to gold.
"If 1 per cent of the privately owned US Treasury market were to flow to gold, the gold price would rise to nearly $5,000 per troy ounce" — Daan Struyven, Goldman Sachs
Bullet briefing — Hoffman on gold, Hathaway on silver
It's been a short week, at least in North America, so instead of the usual news stories this bullet briefing will highlight a couple of my favorite recent interviews.
Nothing in gold's path
First is Ken Hoffman of Red Cloud Securities. It was my first time speaking with Hoffman, and he made a compelling case for how gold could get to US$10,000.
Watch the full interview with Hoffman above.
Silver a "smouldering volcano"
Next is John Hathaway of Sprott. He shared what he thinks will be the trigger for gold's next move higher — a major decline in equities — but he also discussed his bullish outlook on silver, which moved past US$40 not long after our interview.
Watch the full interview with Hathaway above.
We're definitely entering uncharted territory right now, and I want to make sure I bring you commentary from the experts you want to hear from — drop a comment below to let me know who you'd like me to talk to, and also what questions you have.
Want more YouTube content? Check out our expert market commentary playlist, which features interviews with key figures in the resource space. If there's someone you'd like to see us interview, please send an email to cmcleod@investingnews.com.
And don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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05 September
Gold Price Hits Another New All-time High, US$3,600 in Reach
Gold's record-breaking rise continued on Friday (September 5), with the price approaching US$3,600 per ounce.
After spending the summer months consolidating, the yellow metal began breaking out this week. It pushed through US$3,500 on Tuesday (September 5) and then kept rising, coming within less than a dollar of US$3,600 on Friday.
Gold price chart, August 29, 2025, to September 5, 2025.
Chart via the Investing News Network.
Expectations that the US Federal Reserve will lower interest rates when it meets later this month are part of what's driving gold's move. The central bank hasn't made a cut since December 2024, but comments made by Fed Chair Jerome Powell in a recent Jackson Hole, Wyoming, speech stoked anticipation among market participants.
US jobs data for August, released on Friday by the Bureau of Labor Statistics (BLS), has essentially locked in a downward move in rates. Nonfarm payrolls were up by 22,000, significantly lower than the 75,000 expected by economists.
Meanwhile, the country's unemployment rate came in at 4.3 percent.
The report is the first to be released since US President Donald Trump fired Erika McEntarfer, former commissioner at the BLS. She was ousted after July jobs data came in lower than expected, and after major downward revisions to May and June jobs numbers. The latest BLS report also brought revisions — the July number was boosted by 6,000 to come in at 79,000, but June stands at a net loss of 13,000 after a downward revision of 27,000.
CME Group's (NASDAQ:CME) FedWatch tool now shows a 90.2 percent probability of a 25 basis point rate cut in September, with a 9.8 percent probability of a 50 basis point reduction.
Target rate probabilities for September 17, 2025, Fed meeting.
Chart via CME Group.
Bond market turmoil also helped move the gold price this week.
Yields for 30 year US bonds rose to nearly 5 percent midway through the period, their highest level since mid-July, on the back of a variety of concerns, including tariffs, inflation and Fed independence.
Globally the situation was even more tumultuous, with 30 year UK bond yields reaching their highest point since 1998; meanwhile, 30 year bond yields for German, French and Dutch bonds rose to levels not seen since 2011.
In Japan, 30 year bond yields hit a record high.
Looking at gold's path forward, experts agree that its prospects are bright, although what kicks off its next leg and how high it could go during this cycle remain to be seen. While rates are in focus as a key price mover right now, other potential drivers include a stock market correction and the return of western investors.
Watch six experts share their thoughts on gold's next price trigger.
Elsewhere in the precious metals space, silver was trading at the US$41 per ounce level, down from its peak of around US$41.30 seen earlier in the week, but still at highs not seen since 2011.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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05 September
What Was the Highest Price for Gold?
Gold has long been considered a store of wealth, and the price of gold often makes its biggest gains during turbulent times as investors look for cover in this safe-haven asset.
The 21st century has so far been heavily marked by episodes of economic and sociopolitical upheaval. Uncertainty has pushed the precious metal to record highs as market participants seek its perceived security.
And each time the gold price rises, there are calls for even higher record-breaking levels.
Gold market gurus from Lynette Zang to Chris Blasi to Jordan Roy-Byrne have shared eye-popping predictions on the gold price that would intrigue any investor — gold bug or not.
Some have posited that the gold price may rise as high as US$4,000 or US$5,000 per ounce, and there are those who believe that US$10,000 gold or even US$40,000 gold could become a reality.
These impressive price predictions have investors wondering, what is gold's all-time high (ATH)?
In the past year, gold has reached a new all-time high dozens of times. Find out what has driven it to these levels, plus how the gold price has moved historically and what has driven its performance in recent years.
In this article
How is gold traded?
Before discovering what the highest gold price ever was, it’s worth looking at how the precious metal is traded. Knowing the mechanics behind gold's historical moves can help illuminate why and how its price changes.
Gold bullion is traded in dollars and cents per ounce, with activity taking place worldwide at all hours, resulting in a live price for the metal. Investors trade gold in major commodities markets such as New York, London, Tokyo and Hong Kong. London is seen as the center of physical precious metals trading, including for silver. The COMEX division of the New York Mercantile Exchange is home to most paper trading.
There are many popular ways to invest in gold. The first is through purchasing gold bullion products such as bullion bars, bullion coins and rounds. Physical gold is sold on the spot market, meaning that buyers pay a specific price per ounce for the metal and then have it delivered. In some parts of the world, such as India, buying gold in the form of jewelry is the largest and most traditional route to investing in gold.
Another path to gold investment is paper trading, which is done through the gold futures market. Participants enter into gold futures contracts for the delivery of gold in the future at an agreed-upon price.
In such contracts, two positions can be taken: a long position under which delivery of the metal is accepted or a short position to provide delivery of the metal. Paper trading as a means to invest in gold can provide investors with the flexibility to liquidate assets that aren’t available to those who possess physical gold bullion.
One significant long-term advantage of trading in the paper market is that investors can benefit from gold’s safe-haven status without needing to store it. Furthermore, gold futures trading can offer more financial leverage in that it requires less capital than trading in the physical market.
Interestingly, investors can also purchase physical gold via the futures market, but the process is complicated and lengthy and comes with a large investment and additional costs.
Aside from those options, market participants can invest in gold through exchange-traded funds (ETFs). Investing in a gold ETF is similar to trading a gold stock on an exchange, and there are numerous gold ETF options to choose from. For instance, some ETFs focus solely on physical gold bullion, while others focus on gold futures contracts. Other gold ETFs center on gold-mining stocks or follow the gold spot price.
It is important to understand that you will not own any physical gold when investing in an ETF — in general, even a gold ETF that tracks physical gold cannot be redeemed for tangible metal.
With regards to the performance of gold versus trading stocks, gold has an interesting relationship with the stock market. The two often move in sync during “risk-on periods” when investors are bullish. On the flip side, they tend to become inversely correlated in times of volatility. There are a variety of options for investing in stocks, including gold mining stocks on the TSX and ASX, gold juniors, precious metals royalty companies and gold stocks that pay dividends.
According to the World Gold Council, gold's ability to decouple from the stock market during periods of stress makes it “unique amongst most hedges in the marketplace.” It is often during these times that gold outperforms the stock market. For that reason, it is often used as a portfolio diversifier to hedge against uncertainty.
What was the highest gold price ever?
The gold price peaked at US$3,599.61, its all-time high, during trading on September 5, 2025.
What drove it to set this new ATH? Gold reached its new highest price following the release of unexpectedly weak US job data. Following the release, FedWatch's odds for a 25 basis point rate cut at the upcoming US Federal Reserve meeting dropped from 99 to 90.2 percent, while odds of a 50 point drop jumped to 9.8 percent. The meeting will take place from September 16 to 17.
Gold set new highs several times in the preceding week amid significant uncertainty in the US and global economies and surging gold ETF purchases.
One significant driver came on August 29, when a US federal appeals court ruled that US President Donald Trump's "liberation day" tariffs, announced in April, are illegal, stating that only Congress has the power to enact widespread tariffs. The Trump administration is expected to appeal the ruling, which will go into effect on October 14.
Stock markets fell during trading September 2, while treasury yields in the US and abroad rose significantly, providing tailwinds to the gold price. Gold was also boosted by the expectation of interest rate cuts by the US Federal Reserve at the September meeting.
News surrounding the tariffs had previously led gold to reach multiple new highs back in April, as we dive into below.
Why is the gold price setting new highs in 2025?
This string of record-breaking highs this year are caused by several factors.
Increased economic and geopolitical turmoil caused by the new Trump administration has been a tailwind for gold this year, as well as a weakening US dollar, sticky inflation in the country and increased safe haven gold demand.
Since coming into office in late January, Trump has threatened or enacted tariffs on many countries, including blanket tariffs on longtime US allies Canada and Mexico and tariffs on the European Union. Trump has also implemented 25 percent tariffs on all steel and aluminum imports.
The gold price set a string of new highs in the month of April amid high market volatility as markets reacted to tariff decisions from Trump and the escalating trade war between the US and China. By April 11, Trump had raised US tariffs on Chinese imports to 145 percent and China has raised its tariffs on US products to 125 percent.
As for the effect of these widespread tariffs raising prices for the American populace, Trump has reiterated his sentiment that the US may need to go through a period of economic pain to enter a new "golden age" of economic prosperity. Falling markets and a declining US dollar support gold, as did increased gold purchasing in China in response to US tariffs on the country. Elon Musk's call to audit the gold holdings in Fort Knox has also brought attention to the yellow metal.
What factors have driven the gold price in the last five years?
Despite these recent runs, gold has seen its share of both peaks and troughs over the last decade. After remaining rangebound between US$1,100 and US$1,300 from 2014 to early 2019, gold pushed above US$1,500 in the second half of 2019 on a softer US dollar, rising geopolitical issues and a slowdown in economic growth.
Gold’s first breach of the significant US$2,000 price level in mid-2020 was due in large part to economic uncertainty caused by the COVID-19 pandemic. To break through that barrier and reach what was then a record high, the yellow metal added more than US$500, or 32 percent, to its value in the first eight months of 2020.
Gold price chart, August 31, 2020, to September 1, 2025.
Chart via the Investing News Network.
The gold price surpassed that level again in early 2022 as Russia's invasion of Ukraine collided with rising inflation around the world, increasing the allure of safe-haven assets and pulling the yellow metal up to a price of US$2,074.60 on March 8, 2022. However, it fell throughout the rest of 2022, dropping below US$1,650 in October.
Although it didn't quite reach the level of volatility as the previous year, the gold price experienced drastic price changes in 2023 on the back of banking instability, high interest rates and the breakout of war in the Middle East.
After central bank buying pushed the gold price up to the US$1,950.17 mark by the end of January, the US Federal Reserve’s 0.25 percent rate hike on February 1 sparked a retreat as the dollar and Treasury yields saw gains. The precious metal went on to fall to its lowest price level of the year at US$1,809.87 on February 23.
The banking crisis that hit the US in early March caused a domino effect through the global financial system and led to the mid-March collapse of Credit Suisse, Switzerland’s second-largest bank. The gold price jumped to US$1,989.13 by March 15. The continued fallout in the global banking system throughout the second quarter of the year allowed gold to break above US$2,000 on April 3, and go on to flirt with a near-record high of US$2,049.92 on May 3.
Those gains were tempered by the Fed’s ongoing rate hikes and improvements in the banking sector, resulting in a downward trend in the gold price throughout the remainder of the second quarter and throughout Q3. By October 4, gold had fallen to a low of US$1,820.01 and analysts expected the precious metal to drop below US$1,800.
That was before the October 7 attacks by Hamas on Israel ignited legitimate fears of a much larger conflict erupting in the Middle East. Reacting to those fears, and to rising expectations that the Fed would begin to reverse course on interest rates, gold broke through the important psychological level of US$2,000 and closed at US$2,007.08 on October 27. As the fighting intensified, gold reached a then-new high of US$2,152.30 in intraday trading on December 3.
That robust momentum in the spot gold price continued into 2024, chasing new highs on fears of a looming US recession, the promise of Fed rate cuts on the horizon, the worsening conflict in the Middle East and the tumultuous US presidential election year. By mid-March, gold was pushing up against the US$2,200 level.
That record-setting momentum continued into the second quarter of 2024 when gold broke through US$2,400 in mid-April on strong central bank buying, sovereign debt concerns in China and investors expecting the Fed to start cutting interest rates. The precious metal went on to hit US$2,450.05 on May 20.
Throughout the summer, the hits kept on coming.
The global macro environment was highly bullish for gold in the lead up to the US election. Following the failed assassination attempt on Trump and a statement about coming interest rate cuts by Fed Chair Powell, the gold spot price hit a then new all-time high on July 16 at US$2,469.30. One week later, news that then-President Joe Biden would not seek re-election and would instead pass the baton to Vice President Kamala Harris eased some of the tension in the stock markets and strengthened the US dollar. This also pushed the price of gold down to US$2,387.99 on July 22, 2024.
However, the bullish factors supporting gold remained in play, and the spot price for gold went on to breach US$2,500 on August 2 that year on a less than stellar US jobs report; it closed just above the US$2,440 level. A few weeks later, gold pushed past US$2,500 once again on August 16, closing above that level for the first time ever after the US Department of Commerce released data showing a fifth consecutive monthly decrease in a row for homebuilding.
The news that the Chinese government issued new gold import quotas to banks in the country following a two month pause also helped fuel the gold price rally. Central bank gold buying has been a significant tailwind for the gold price this year, and China's central bank has been one of the strongest buyers.
Market watchers expected the Fed to cut interest rates by a quarter point at their September 2024 meeting, but news on September 12 that the regulators were still deciding between the expected cut or a larger half-point cut led gold prices on a rally that carried through into the next day, bringing gold prices near US$2,600.
At the September 18 Fed meeting, the committee ultimately made the decision to cut rates by half a point, news that sent gold even higher. By September 20, it moved above US$2,600 and held above US$2,620.
In October 2024, gold first breached the US$2,700 level and continued to higher on a variety of factors, including further rate cuts and economic data anticipation, the escalating conflict in the Middle East between Israel and Hezbollah, and economic stimulus in China — not to mention the very close race between the US presidential candidates.
While the gold price fell following Trump's win in early November and largely held under US$2,700 through the end of the year, it began trending upwards in 2025 to the new all-time high discussed earlier in the article.
What's next for the gold price?
What's next for the gold price is never an easy call to make. There are many factors to consider, but some of the most prevalent long-term drivers include economic expansion, market risk, opportunity cost and momentum.
Economic expansion is one of the primary gold price contributors as it facilitates demand growth in several categories, including jewelry, technology and investment. As the World Gold Council explains, “This is particularly true in developing economies where gold is often used as a luxury item and a means to preserve wealth.”
Market risk is also a prime catalyst for gold values as investors view the precious metal as the “ultimate safe haven,” and a hedge against currency depreciation, inflation and other systemic risks.
Going forward, in addition to the Fed, inflation and geopolitical events, experts will be looking for cues from factors like supply and demand. In terms of supply, the world’s five top gold producers are China, Australia, Russia, Canada and the US. The consensus in the gold market is that major miners have not spent enough on gold exploration in recent years. Gold mine production has fallen from around 3,200 to 3,300 metric tons (MT) each year between 2018 and 2020 to around 3,000 to 3,100 MT each year between 2021 and 2023.
On the demand side, China and India are the biggest buyers of physical gold, and are in a perpetual fight for the title of world’s largest gold consumer. That said, it's worth noting that the last few years have brought a big rebound in central bank gold buying, which dropped to a record low in 2020, but reached a 55 year high of 1,136 MT in 2022.
World Gold Council data shows 2024 central bank gold purchases came to 1,044.6 MT, marking the third year in a row above 1,000 MT. In H1 2025, the organization says gold purchases from central banks reached 415.1 MT.
“I expect the Fed’s rate-cutting cycle to be good for gold, but central bank buying has been and remains a major factor," Lobo Tiggre, CEO of IndependentSpeculator.com, told the Investing News Network (INN) at the start of Q4 2024.
David Barrett, CEO of the UK division of global brokerage firm EBC Financial Group, is also keeping an eye on central bank purchases of gold. “I still see the global central bank buying as the main driver — as it has been over the last 15 years,” he said in an email to INN. "This demand removes supply from the market. They are the ultimate buy-and-hold participants and they have been buying massive amounts."
In addition to central bank moves, analysts are also watching for escalating tensions in the Middle East, a weakening US dollar, declining bond yields, and further interest rate cuts as factors that could push gold higher as investors look to secure their portfolios. “When it comes to outside factors that affect the market, it’s just tailwind after tailwind after tailwind. So I don’t really see the trend changing,” Coffin said.
Randy Smallwood of Wheaton Precious Metals (TSX:WPM,NYSE:WPM) told INN in March 2025 that gold is seeing support from many factors, including central bank buying, nervousness around the US dollar and stronger institutional interest. Smallwood is seeing an influx of fund managers wanting to learn about precious metals.
Joe Cavatoni, senior market strategist, Americas, at the World Gold Council, believes that market risk and uncertainty surrounding tariffs and continued demand from central banks are the main drivers of gold.
"Market risk in particular is a key strategic driver for the gold price and performance," Cavatoni told INN in a July 2025 interview. "Think strategically when you think about gold, and keep that allocation in mind."
Check out more of INN's interviews to find out what experts have said about the gold price during its 2025 bull run and where it could go next.
Should you beware of gold price manipulation?
It’s important for investors to be aware that gold price manipulation is a hot topic in the industry.
In 2011, when gold hit what was then a record high, it dropped swiftly in just a few short years. This decline after three years of impressive gains led many in the gold sector to cry foul and point to manipulation.
Early in 2015, 10 banks were hit in a US probe on precious metals manipulation.
Evidence provided by Deutsche Bank (NYSE:DB) showed “smoking gun” proof that UBS Group (NYSE:UBS), HSBC Holdings (NYSE:HSBC), the Bank of Nova Scotia (TSX:BNS,NYSE:BNS and other firms were involved in rigging gold and silver rates in the market from 2007 to 2013. Not long after, the long-running London gold fix was replaced by the LBMA gold price in a bid to increase gold price transparency. The twice-a-day process, operated by the ICE Benchmark Administration, still involves a variety of banks collaborating to set the gold price, but the system is now electronic.
Still, manipulation has by no means been eradicated, as a 2020 fine on JPMorgan Chase & Co. (NYSE:JPM) shows. The next year, chat logs were released in a spoofing trial for two former precious metals traders from the Bank of America's (NYSE:BAC) Merrill Lynch unit. They show a trader bragging about how easy it is to manipulate the gold price.
Gold market participants have consistently spoken out about manipulation. In mid-2020, Chris Marcus, founder of Arcadia Economics and author of the book “The Big Silver Short,” said that when gold fell back below the US$2,000 mark after hitting close to US$2,070, he saw similarities to what happened with the gold price in 2011.
Marcus has been following the gold and silver markets with a focus specifically on price manipulation for nearly a decade. His advice? “Trust your gut. I believe we’re witnessing the ultimate ’emperor’s really naked’ moment. This isn’t complex financial analysis. Sometimes I think of it as the greatest hypnotic thought experiment in history.”
Investor takeaway
While we have the answer to what the highest gold price ever is as of now, it remains to be seen how high gold can climb, and if the precious metal can reach as high as US$5,000, US$10,000 or even US$40,000.
Even so, many market participants believe gold is a must have in any investment profile, and there is little doubt investors will continue to see gold price action making headlines this year and beyond.
This is an updated version of an article first published by the Investing News Network in 2020.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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04 September
New exploration prospects defined at Beete Project, Western Australia
Platina Resources Limited (ASX: PGM) Phase 2 aircore drilling program has generated new prospects for follow up exploration work at its Beete Project in Western Australia.
Platina recently completed 38 aircore drill holes for 1,338m at the Beete Project. The program comprised infill and step-out holes designed to follow up the 2024 first-phase results and has successfully defined two new prospect areas along the 16km north–south-trending Beete Shear Zone.
The 2024 drill holes were wide spaced (320m between holes and 640m between lines). The recent drilling program targeted five anomalous lines. Two lines, zones 180m and 105m in width, intersected bottom-of-hole gold values ranging from 3ppb to 82ppb. The best result was 1m @ 0.13 g/t Au from 17m in BEAC206, within a broader zone of 7m @ 52ppb Au from 16m.
Platina Managing Director, Mr Corey Nolan, said the results demonstrated that systematic and cost-effective exploration was key to building a strong pipeline of targets across the greenfield tenure.
“The two new prospect zones, together with the Beete mine area at the southern end of the tenement, will be the next focus for exploration,” Mr Nolan said.
“The project was initially interpreted to lie within the Albany–Fraser Orogeny and Platina’s 2024 drilling confirmed the area is an extension of the Norseman greenstone belt.
“The presence of Norseman greenstone and the delineation of three broad prospect areas along a 16km major shear zone is highly encouraging. Platina intends to advance exploration through additional geophysical surveys and follow-up reverse circulation drilling,” he said.
Click here for the full ASX Release
This article includes content from Platina Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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04 September
Eastern Goldfields: Western Australia’s Oldest Gold Region Re-emerges with New Potential
Few mining regions in the world can claim both a legendary past and a yet-to-unfold future like Western Australia’s Eastern Goldfields. Regarded as the engine room of Australia’s gold production, this district continues to deliver high-grade discoveries more than a century after the Golden Mile first put Kalgoorlie on the global mining map.
Far from being “mined out,” advances in exploration technology, the prospectivity of deeper and undercover terrain and the region’s unmatched infrastructure are combining to open a new chapter of opportunity. For investors, this means the Eastern Goldfields is an active frontier where the next generation of tier-one gold discoveries is already taking shape.
Golden legacy
The Eastern Goldfields — part of the broader Goldfields‑Esperance region in Southeastern Western Australia — encompasses iconic mining hubs such as Kalgoorlie‑Boulder, Coolgardie and Leonora. Covering some 320,000 square kilometres (or around the size of Poland), the region blends vast arid landscapes with rich geological history.
Historically, gold discoveries in the 1890s ushered in transformative booms — first at Coolgardie (1892), then Kalgoorlie (1893) — setting a foundation for over 130 years of mining dominance.
Today, Western Australia remains a globally significant gold producer, producing 211.22 tonnes (or 6.79 million ounces) of gold in 2023/2024, and generating a record AU$20 billion in sales during the same period.
Supporting infrastructure like the historic Goldfields Water Supply Scheme, built between 1896 and 1903 to funnel water from Perth to the arid interior, still serves communities and mining operations.
And yet, despite high-profile producers such as Northern Star Resources’ (ASX:NST,OTC Pink:NESRF) Kalgoorlie Consolidated Gold Mines and Gold Fields’ (NYSE:GFI,JSE:GFI) Saint Ives mine, significant unexplored potential remains, especially under shallow cover or in structural extensions.
Through systematic exploration aided by modern technology, companies like Kalgoorlie Gold Mining (ASX:KAL) are rediscovering the region’s still-untapped resources and offering renewed opportunity for investors to participate.
Modern exploration is proving the Eastern Goldfields region still has plenty to give, particularly as advances in technology open up new targets under cover and at depth. For investors, the combination of proven infrastructure, a strong operating environment and a wealth of underexplored terrain creates a compelling proposition.
Investment case study: Kalgoorlie Gold Mining
Kalgoorlie Gold Mining (KalGold) exemplifies how a nimble junior can leverage both heritage and innovation to unlock value in the Eastern Goldfields. At the core of its business model is a disciplined approach to low-cost, systematic exploration in highly prospective, but underexplored corridors.
Rather than chasing scattered anomalies, the company is building a portfolio of projects that sit directly on proven mineralised structures — those that have the potential to yield large-scale discoveries, but have often escaped modern exploration.
KalGold’s flagship Pinjin project lies within the southern Laverton tectonic zone, a geological corridor already home to tier-one deposits such as AngloGold Ashanti’s (NYSE:AU) Sunrise Dam and Gold Fields’ Wallaby and Granny Smith.
The company has already defined JORC resources exceeding 214,000 ounces of gold, at an industry-leading discovery cost of less than AU$5 per ounce. These shallow, near-surface ounces are important because they represent the kind of mineralisation that can potentially be developed into low-cost, open-pit operations or leveraged into nearby processing plants operated by majors such as Northern Star and Ramelius Resources (ASX:RMS,OTC Pink:RMLR).
Recent exploration has delivered tangible results. The Lighthorse discovery at Pinjin is one of the most exciting greenfield finds in the district, with thick, high-grade gold mineralisation confirmed in both aircore and reverse-circulation drilling. Importantly, it remains open in all directions, a clear indicator of scale potential.
Complementary prospects such as Wessex and Providence are already shaping up as near-term, drill-ready targets, supported by cutting-edge geophysical techniques like sub-audio magnetics surveys that have revealed conductive zones correlating strongly with gold anomalism.
From a shareholder perspective, KalGold’s strategy is straightforward but powerful: systematically build shallow, low-cost resources, while keeping discovery optionality alive through aggressive but focused drilling. The company has maintained a tight capital structure, with a market cap of just AU$18 million as of mid-2025 and no debt. This means investors gain direct leverage to exploration success without the dilution often seen in early stage explorers. Strong insider alignment, with globally experienced geologists and corporate leaders at the helm, further reinforces its credibility.
What sets KalGold apart is its ability to combine the agility of a junior with the advantages of being in a tier one jurisdiction. Proximity to mills, access to infrastructure and a supportive state regulatory environment reduce development hurdles, while the sheer prospectivity of the Laverton tectonic zone ensures that each new drill campaign carries genuine upside potential.
Investor takeaway
This Eastern Goldfields region balances rich heritage with forward-looking opportunity. While established mines continue to anchor economic activity, unexplored or underexplored geological corridors represent real, high-upside potential, particularly when accessed with smart, structural-driven exploration.
KalGold embodies this kind of potential, combining low-cost discipline, strategic targeting and regional expertise. It’s a compelling value proposition for investors: the chance to participate early in what may prove to be the next goldfield discovery in one of the world’s most celebrated mineral provinces. And, given the tight capital structure, the effects of a sizeable discovery could be significant.
This INNSpired article is sponsored by Kalgoorlie Gold Mining (ASX:KAL). This INNSpired article provides information which was sourced by the Investing News Network (INN) and approved by Kalgoorlie Gold Mining in order to help investors learn more about the company. Kalgoorlie Gold Mining is a client of INN. The company’s campaign fees pay for INN to create and update this INNSpired article.
This INNSpired article was written according to INN editorial standards to educate investors.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Kalgoorlie Gold Mining and seek advice from a qualified investment advisor.
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