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"We got the question on stage yesterday, 'Is this rally over?' No — the junior market is probably in inning three of nine," said John Feneck of Feneck Consulting.
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Editor's Picks: Silver Price Breaks US$46, Gold Sets Another New All-time High
By Charlotte McLeodSep 26, 2025
Charlotte McLeod
With an eye for detail and over a decade of experience covering the mining and metals sector, Charlotte is passionate about bringing investors accurate and insightful information that can help them make informed decisions.
She leads the Investing News Network's video and event coverage, and guides a team of writers reporting on niche investment markets.
Precious metals are wrapping up a record-setting week once again.
Silver was in the spotlight, pushing past US$46 per ounce, a price not seen since 2011. At that level, it's up about 55 percent year-to-date, a better performance than gold.
Still, gold's price activity is nothing to sneeze at. The yellow metal had another record-setting week, this time getting close to US$3,800 per ounce. It continues to see support from a variety of underlying factors, but turning heads this week was the news that China is looking to boost its position in the global gold market by becoming a custodian of foreign sovereign gold reserves.
People familiar with the matter said that in recent months the Asian nation has been approaching central banks in "friendly" countries with the aim of encouraging them to buy gold and store it in China. Experts see the move as yet another part of the de-dollarization trend.
If China is successful, foreign gold reserves would be held in custodian warehouses linked to the international board of the Shanghai Gold Exchange. The board was set up by the People's Bank of China in 2014, and is where foreign entities trade gold with Chinese counterparts.
Also relevant for gold this week were comments from US Federal Reserve Chair Jerome Powell. During a Providence, Rhode Island, speech on Tuesday (September 23), he indicated that the central bank will take a cautious approach to interest rates after last week's 25 basis point cut.
The Fed has faced ongoing calls from US President Donald Trump to make bigger cuts more quickly, and while Powell continues to resist pressure, CME Group's (NASDAQ:CME) Fedwatch tool still shows that a reduction is highly likely at the Fed's October meeting.
With gold trading at or near all-time highs, a key question for investors is whether the price has more room to run. I've been speaking with a variety experts about that topic, and I encourage you to go check out the interviews on our YouTube channel to hear their full thoughts.
For now I'll sum up the view points I've been hearing most often.
First and foremost, the message I've been getting is that gold's run is not over — US$4,000, which once sounded like a fairly distant number, is now only US$200 to US$300 away, and many market watchers see it getting there by the end of the year, if not sooner.
Prices beyond US$4,000 are also being talked about as attainable.
There is of course a caveat, and that is that nothing can go straight up, including gold. Especially now after its rapid upward momentum, the broad consensus is that a correction is all but guaranteed, and perhaps soon. Here's how Steve Barton of In It To Win It explained it:
"I would be pretty shocked if we got up to US$4,000 and didn't have some type of corrective move. I suppose anything's possible — we blew through US$3,750, I didn't expect that. So maybe it'll go on up. But we're getting pretty stretched here."
Bullet briefing — Freeport drops, Lithium Americas spikes
Copper up on Freeport force majeure
Copper prices were on the rise this week after major miner Freeport-McMoRan (NYSE:FCX) declared force majeure at its Indonesia-based Grasberg copper-gold mine.
Grasberg has been offline since September 8, when around 800,000 metric tons of mud flowed into underground levels at the operation. Seven employees went missing during the incident, with two now confirmed to have died; search efforts continue for the other five.
Freeport has cut its copper and gold sales guidance for the third quarter of the year, and expects to defer "significant" production in Q4 as well as 2026. Preliminary assessments suggest that Grasberg may not return to pre-incident operating rates until 2027.
The company's share price took a dive on the back of the news.
Putting the impact into context, Bloomberg notes that prior to the disruption, Grasberg accounted for about 3.2 percent of copper mine supply this year, as well as 30 percent of Freeport's copper output and 70 percent of its gold production.
Lithium Americas shares spike
On the opposite end of the spectrum, Nevada-focused Lithium Americas (TSX:LAC,NYSE:LAC) saw its share price spike over 100 percent this week after Reuters reported that the Trump administration may be gearing up to take a 10 percent equity stake in the company.
Lithium Americas finalized a US$2.26 billion loan from the US Department of Energy last year, but the government has been looking to renegotiate terms due to concerns about low lithium prices.
Lithium Americas reportedly proposed a change in the loan's amortization schedule, with the request for an equity stake in the company coming during those discussions.
Reuters states that to secure its funding, Lithium Americas offered the government no-cost warrants that would equate to 5 to 10 percent of its common shares.
The loan is tied to the company's Thacker Pass lithium project, which is set to open in 2028.
"President Trump supports this project. He wants it to succeed and also be fair to taxpayers. But there's no such thing as free money," an anonymous White House official told the news outlet.
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.
Gold Investing![Charlotte McLeod]()
Joe Cavatoni: Gold Strong at Record Highs, What's Really Happening Now
By Charlotte McLeodSep 25, 2025
Charlotte McLeod
With an eye for detail and over a decade of experience covering the mining and metals sector, Charlotte is passionate about bringing investors accurate and insightful information that can help them make informed decisions.
She leads the Investing News Network's video and event coverage, and guides a team of writers reporting on niche investment markets.
Joe Cavatoni, senior market strategist, Americas, at the World Gold Council, discusses gold's ongoing price run, highlighting its key role in risk diversification.
He also notes that western investors are beginning to take a keener interest in gold.
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.
Silver Investing![Charlotte McLeod]()
Chris Marcus: Silver Price Breakout? What's Happening, What's Next
By Charlotte McLeodSep 24, 2025
Charlotte McLeod
With an eye for detail and over a decade of experience covering the mining and metals sector, Charlotte is passionate about bringing investors accurate and insightful information that can help them make informed decisions.
She leads the Investing News Network's video and event coverage, and guides a team of writers reporting on niche investment markets.
Chris Marcus, founder of Arcadia Economics, discusses silver's recent price activity and where the white metal could be headed next.
He also weighs in on supply and demand dynamics, as well as the question of price suppression.
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.
Gold Investing![Charlotte McLeod]()
Gareth Soloway: Gold's Next Price Target, Plus Silver and Bitcoin Calls
By Charlotte McLeodSep 23, 2025
Charlotte McLeod
With an eye for detail and over a decade of experience covering the mining and metals sector, Charlotte is passionate about bringing investors accurate and insightful information that can help them make informed decisions.
She leads the Investing News Network's video and event coverage, and guides a team of writers reporting on niche investment markets.
Gareth Soloway of VerifiedInvesting.com shares price targets for gold, silver and Bitcoin.
He also discusses the health of the US economy and shares concerns about the stock market.
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.
Gold Investing
![Charlotte McLeod]()
Editor's Picks: Gold Price Breaks US$3,700 for First Time, Major Miners Hone Portfolios
By Charlotte McLeodSep 19, 2025
Charlotte McLeod
With an eye for detail and over a decade of experience covering the mining and metals sector, Charlotte is passionate about bringing investors accurate and insightful information that can help them make informed decisions.
She leads the Investing News Network's video and event coverage, and guides a team of writers reporting on niche investment markets.
Gold hit yet another new price record this week, rising past US$3,700 per ounce.
The yellow metal broke that level on Wednesday (September 16), the first day of the US Federal Reserve's meeting, and then did it again the next day just after the gathering wrapped up.
The Fed was widely anticipated to cut interest rates, and that's exactly what happened — it announced a 25 basis point reduction to the 4 to 4.25 percent range, with Chair Jerome Powell describing it to reporters as a "risk-management cut."
Although inflation is still outside the Fed's 2 percent target, Powell said the central bank has shifted its focus toward the jobs market due to a change in the balance of risks — in his view, it's no longer possible to call the labor market "very solid."
"Labor demand has softened, and the recent pace of job creation appears to be running below the break-even rate needed to hold the unemployment rate constant." — Jerome Powell, US Federal Reserve
All Fed governors were in favor of the 25 basis point cut, with the exception of new addition Stephen Miran, who wanted to see a 50 basis point decline. Miran, who is on leave from his position at the White House Council of Economic Advisers, was confirmed by the Senate this week. He was selected by US President Donald Trump to replace Adriana Kugler.
Miran's new role at the Fed has raised questions about the central bank's independence, as Trump has now nominated three out of seven governors. Lisa Cook, who Trump attempted to fire in August, ultimately did not lose her position after a federal appeals court ruling.
Looking forward, the Fed's latest dot plot shows policymakers expect two additional 25 basis point cuts this year, which would take rates to the 3.5 to 3.75 percent level.
In 2026, they are currently anticipating only one quarter-point reduction.
Going back to gold, it took a breather after passing US$3,700, sinking back down to the US$3,640 level after the Fed's meeting. It was back at up at US$3,685 as of Friday (September 19) afternoon.
While that's a fairly big move in a short amount of time, many experts agree that right now it's the big picture that's important for gold, not day-to-day factors.
Here's how Will Rhind of GraniteShares explained it:
"I think the main thing that's driving gold, like I said, is this alternative to the dollar. People want an alternative to fiat money and particularly the dollar, and also to traditional stocks and bonds. And so gold's appeal as being a genuine alternative, an uncorrelated alternative grows by the month, seemingly."
Bullet briefing — Gold M&A heats up, GDX switches index
Newmont announces sale of Coffee
Denver Gold Group hosted its Mining Forum Americas in Colorado Springs this week, bringing together the gold sector's major players — and with them a slew of news.
Among the major transactions announced was Newmont's (TSX:NGT,NYSE:NEM,ASX:NEM) sale of its Yukon-based Coffee project to explorer Fuerte Metals (TSXV:FMT,OTCQB:FUEMF), formerly Atacama Copper, for total consideration of up to US$150 million.
The Coffee transaction is the latest in a series of divestments from Newmont, which is looking to cut costs and hone in on tier-one assets after buying Newcrest Mining in 2023. Once the deal goes through, Newmont will have sold all six operations and two projects it set out to trim.
"The sale of the Coffee Project reflects our ongoing efforts to streamline the portfolio and sharpen our focus on core operations" — Tom Palmer, Newmont
During the last gold bull market, major miners were criticized for doing high-priced deals and letting costs spiral out of control — this time, they appear to be taking steps to avoid that.
Alamos to divest Turkish subsidiary
Also divesting an asset this week was Alamos Gold (TSX:AGI,NYSE:AGI), which said it plans to sell its Turkish subsidiary to a unit of industrial conglomerate Nurol Holding.
The US$470 million agreement will take several assets off Alamos' hands, including its Kirazlı gold project, which has been blocked since 2019, when its mining licenses were not renewed amid protests. Alamos filed a $1 billion claim against Turkey in response, but said arbitration will be suspended and ultimately discontinued if certain contractual milestones are met.
"This transaction marks a positive outcome, allowing us to crystallize significant value for our Turkish assets, and utilize the proceeds to support the development of our portfolio of other high-return growth projects" — John A. McCluskey, Alamos Gold
Zijin Gold plans IPO
Zijin Gold International, which operates all of Zijin Mining Group's (OTC Pink:ZIJMF,HKEX:2899,SHA:601899) mines outside of China, is lining up a Hong Kong initial public offering (IPO) that could raise over US$3 billion.
Trading is set to begin on September 29, and the deal will value Zijin Gold at US$24.1 billion. According to Zijin Gold's prospectus, it ranks ninth and eleventh globally in terms of gold reserves and production, respectively. The IPO is reportedly the world's largest since May, and of course comes as gold continues on its record-setting price run.
GDX makes index switch
The VanEck Gold Miners ETF (ARCA:GDX), better known as GDX, began tracking a new index on Friday. It now follows the MarketVector Global Gold Miners Index.
VanEck announced the change at the beginning of June, saying that it would coincide with GDX's regular index reconstitution and rebalance cycle. In an update this week, the company shared how the shift will impact weightings for its holdings. While in many cases the difference is less than a percentage point, there are some larger changes — for example, Newmont's weighting is falling by 6.04 percent; in addition, some companies have been removed or added.
So far VanEck hasn't announced changes for the VanEck Junior Gold Miners ETF (ARCA:GDXJ). Adjustments to that fund could be interesting — market participants often note that it doesn't provide true exposure to exploration-stage companies.
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.
With an eye for detail and over a decade of experience covering the mining and metals sector, Charlotte is passionate about bringing investors accurate and insightful information that can help them make informed decisions.
She leads the Investing News Network's video and event coverage, and guides a team of writers reporting on niche investment markets.