Kinross Gold Corporation (TSX: K; NYSE: KGC) (the "Company") will release its 2024 fourth-quarter and full-year financial statements and operating results on Wednesday, February 12, 2025, after market close. The Company will also provide its full-year 2025 guidance, mineral reserve, and mineral resource statement as of December 31, 2024, and an exploration and project update. Kinross will hold a conference call and audio webcast on Thursday, February 13, 2025, at 8 a.m. ET to present the results, followed by a question-and-answer session.
The call-in numbers for the conference call on Thursday, February 13, 2025, at 8 a.m. ET are as follows:
Canada & US toll-free – +1 (888) 596-4144; Passcode: 8057299 Outside of Canada & US – +1 (646) 968-2525; Passcode: 8057299
Replay (available up to 14 days after the call):
Canada & US toll-free – +1 (800) 770-2030; Passcode: 8057299 Outside of Canada & US – +1 (647) 362-9199; Passcode: 8057299
You may also access the conference call on a listen-only basis via webcast at our website www.kinross.com . The audio webcast will be archived on www.kinross.com .
Kinross' quarterly reporting schedule for the remainder of 2025 will be as follows:
Q1 2025 – Tuesday, May 6, 2025; financial statements and operating results will be released after market close. A conference call and audio webcast will be held on Wednesday, May 7, 2025, at 7:45 a.m. ET.
Annual Meeting of Shareholders – Wednesday, May 7, 2025; the meeting will be held at 10 a.m. ET.
Q2 2025 – Wednesday, July 30, 2025; financial statements and operating results will be released after market close. A conference call and audio webcast will be held on Thursday, July 31, 2025, at 8 a.m. ET.
Q3 2025 – Tuesday, November 4, 2025; financial statements and operating results will be released after market close. A conference call and audio webcast will be held on Wednesday, November 5, 2025, at 8 a.m. ET.
About Kinross Gold Corporation
Kinross is a Canadian-based global senior gold mining company with operations and projects in the United States, Brazil, Mauritania, Chile and Canada. Our focus is on delivering value based on the core principles of responsible mining, operational excellence, disciplined growth, and balance sheet strength. Kinross maintains listings on the Toronto Stock Exchange (symbol: K) and the New York Stock Exchange (symbol: KGC).
Emerging gold discovery on E79’s tenement boundary with KalGold
West Australian-based explorer E79 Gold Mines Limited (ASX: E79) (‘E79 Gold’ or ‘the Company’) is pleased provide an update on exploration activities at the Laverton South Gold Project in Western Australia.
Recent drilling by Kalgoorlie Gold Mining Ltd (KalGold) (ASX: KAL) on an adjoining tenement to E79 Gold’s Laverton South Project highlights a potential emerging gold discovery, called Lighthorse.
Recently announced drilling results by KalGold have returned thick, shallow zones of gold mineralisation with results including1,2:
8m @ 2.29g/t Au from 60m (KGAC24045) – located ~40m from the E79 Gold/KalGold tenement boundary; and
17m @ 4.81g/t Au from 48m (KGAC24152) – ~550m from the E79 Gold/KalGold tenement boundary.
Structural trends, host stratigraphy and drill targets strike towards E79 Gold-owned tenements, where there has been no drilling to date.
Planning is underway for aircore drilling to drill test the newly identified targets on the E79 Gold tenure late in the March Quarter.
E79 Gold CEO, Ned Summerhayes, said:“The great work done by KalGold to make the greenfields Lighthorse gold discovery is very exciting for E79 Gold, with shallow intercepts of strong gold grades in drilling so close to our tenement boundary and the two main extensions to the mineralisation interpreted by KalGold both trending onto our tenure. There is no drilling on our side of the tenement boundary and, in light of this exciting breakthrough, we will move quickly to drill test these walk-up targets.”
Laverton South Projects
Lake Yindana (100%) and Pinjin (100%)
The Laverton South Project, with an area of 272km2, covers a southern portion of the Laverton Tectonic Zone (‘LTZ’) approximately 130km east-northeast of Kalgoorlie, within the major gold producing Archean Yilgarn Craton of Western Australia.
The LTZ is one of the world’s richest gold belts with more than 30 million ounces (‘Moz’) in historical production, reserves and resources and hosts numerous prolific deposits including Granny Smith (5.8Moz), Sunrise Dam (10.3Moz) and Wallaby (11.8Moz)3.
Neighbouring company, Kalgoorlie Gold Mining Ltd (ASX: KAL) (KalGold) has recently released significant assay results from drilling at an emerging greenfields gold discovery called Lighthorse, in a structure parallel to the LTZ.
The discovery sits to the west of KalGold’s Kirgella Gift/Providence deposits (2.34Mt @ 1.0g/t Au for 76,400 ounces4) and to the immediate east of E79 Gold’s tenure, see Figure 1).
The discovery holes at Lighthorse are interpreted by KalGold to define a zone of mineralisation up to 600m long and 200m wide under transported cover, which is open both at depth and along strike. This new ‘blind’ discovery sits between 40m and 550m east of E79 Gold’s Pinjin Project.
The main Lighthorse mineralised structure trends north-west into E79 Gold’s tenure, creating the North Target (see Figure 1), which sits in a zone of structural complexity with a structural offset and interpreted demagnetisation evident in the regional aeromagnetic data. There has been no historic drilling over the North Target in E79 Gold’s tenure.
A second cross-cutting mineralised structure strikes south-west, creating the South Target. The regional aeromagnetic data shows this south-west trending zone extending into the E79 Gold tenure, where again there has been no previous drilling in E79 Gold’s tenure.
Both of these targets will be the focus of an upcoming aircore (AC) program at the Laverton South Project, planned for the end of the March Quarter.
This article includes content from E79 Gold Mines Limited, 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.
Ultra-potassic stockwork outcrop identifies a new Central Porphyry
Altair Minerals Limited (ASX: ALR) (‘the Company’ or ‘Altair’) is pleased to announce preliminary findings following a site visit where the Company has identified a significant outcrop of stockwork system at Central Porphyry. Outcropping quartzite, magnetite and secondary biotite veined porphyry stockwork which is part of a new separate Central Porphyry – 3km Southwest of the high-grade Irka NE Porphyry2.
Key Highlights:
Identification of new Central Porphyry | Venatica West a Porphyry Cluster Site visit has discovered a significant outcrop of leached porphyry stockwork and ultra-potassic vein system which identifies a Central Porphyry intrusive part of a cluster system at Venatica West. Typical alteration and veining present within Bornite-Gold rich Copper Porphyry systems.
Extremely dense veining and stockwork | Multi-stage Mineralisation Stockwork of A-type quartz, magnetite and secondary biotite on Central Porphyry is the densest identified to date across Venatica West, suggesting significant hydrothermal activity, overlapping events, fracturing and multi-stage mineralisation at Central Porphyry, ideal for copper enrichment.
Small portion of a much larger system | Central Porphyry Remains Open Identification of Central Porphyry is an outstanding outcome, due to only a portion of the potassic stockwork zone outcropping, which could’ve easily been missed. Ultra-potassic alteration with dense stockwork as seen within this outcrop, generally tends to expand kilometres, with remaining footprint of alteration sitting under soil cover. Further fieldwork can identify full extent of this Central Porphyry.
Potential for regional Porphyry system | SW – NE Regional Porphyry System Preliminary fieldwork analysis on-going, with already a new Central Porphyry system being identified within virgin grounds at Venatica West, sitting ~3km Southwest of the high-grade Irka NE Porphyry and ~2km Northeast of the Irka SW Porphyry-Skarn system2. Suggestive of a regional SW to NE trending porphyry cluster, filling the intersection of two district faults.
Community Engagement Commenced | Early Community Approval Early engagement has commenced with the local community, with multiple local members showing support for on-going exploration works. Altair’s exploration team has also met with the President of the Community with very positive preliminary discussions. Altair has received initial community approval for exploration works with intention of putting forward long-term proposal of work programs, community incentive programs, project scheduling and local training.
Discovery of New Central Porphyry at Venatica West
The Central Porphyry is located on the Irka permit, situated ~3km southwest of the high-grade Irka NE Porphyry target and is a new intrusion system identified within Venatica West during initial site visit. The upper zone of a new Central Porphyry has been identified through outcrop which consists of leached ultra-potassic stockwork of quartz, magnetite and secondary biotite dense veining, and surrounded by phyllic alteration halo and hosted within overprinted argillic alteration.
The ultra-potassic alteration suggests Altair is standing above the core of the Central Porphyry. The overprinting of strong argillic alteration has occurred from later stage hydrothermal fluids which has replaced the feldspars with clay material while maintaining the stockwork veining – suggesting a multi- stage mineralisation event which can significantly enrich the grades of copper sulphide and hypogene zone below. This leached stockwork from late-stage argillic alteration indicates the copper has been remobilized and disseminated into structurally favourable zones below, with potential to enhance grades within the contacts and breccia’s at the core of the Central Porphyry.
The ultra-potassic zone generally sits right above the core of a Porphyry intrusion and in the case of the Central Porphyry, it is the densest set of stockwork, and veinlets discovered so far at Venatica West, with high alteration suggesting this area is the key part of hydrothermal activity and potentially the feeder to multiple other Porphyry systems.
The presence of dense secondary biotite veining on altered ultra-potassic outcrop not only indicates the presence of a new Porphyry system sitting below but also is an essential element for developing a large-scale Porphyry deposit within this particular belt.
Within other billion-tonne deposits proximal to Venatica, the presence of secondary biotite into the plays a key role in developing “scale” as its presence within porphyry stock and outwards into diorite host rock, tends to allow substitution of Fe2+ and Mg2+ with Cu2+, which can extend the copper mineral deposit footprint by a further ~500m radius in each direction from the main Porphyry core.1
This article includes content from Altair Minerals Limited, 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.
Colombia's mining sector is experiencing a renaissance, with the country's rich mineral resources attracting increasing attention from global investors.
At the forefront of this resurgence is the Antioquia region, a historical gold-mining hub that continues to yield impressive results. This article explores the opportunities in Colombia's mining landscape, with a particular focus on Antioquia and the companies poised to capitalize on its potential.
Colombia's geological diversity has long been recognized as a source of immense mineral wealth. The country's gold reserves, in particular, have been a cornerstone of its mining sector. Recent reports indicate that Colombia produces more than 1 million ounces of gold annually, accounting for nearly half of its total gold production. This substantial output underscores the country's significance in the global gold market.
The Colombian government has been proactive in fostering a more attractive environment for foreign investment in the mining sector. Regulatory improvements aim to streamline processes and enhance transparency, addressing historical challenges that have deterred international mining companies. These efforts are part of a broader strategy to unlock the full potential of Colombia's mineral resources.
However, some challenges do persist. Environmental concerns, community relations and security issues in some regions continue to require careful navigation by mining operators. Despite these hurdles, the opportunities presented by Colombia's vast mineral wealth make it an increasingly attractive destination for mining investment.
Antioquia: Heart of Colombia's gold-mining industry
Within Colombia, the Department of Antioquia stands out as the premier mining region, contributing approximately 50 percent of the nation's gold output. This data emphasizes Antioquia's rich mining heritage, which dates back centuries. The region's geological formations have consistently yielded high-grade gold deposits, attracting both artisanal miners and large-scale operations.
Antioquia's dominance in the gold sector is further bolstered by its well-developed infrastructure. The region boasts a network of roads, power supplies and skilled labor that significantly enhances the operational efficiency of mining projects. Ongoing investments in infrastructure continue to improve accessibility and reduce operational costs for mining companies in the area.
Areas such as Segovia, with its high-grade gold deposits, offer strategic importance for exploration and development. The presence of major mining companies in the country not only validates Colombia's potential but also contributes to the development of robust mining infrastructure.
Competitive landscape in Antioquia
Antioquia's gold-rich terrain has attracted a diverse array of mining companies, from junior explorers to major producers. This competitive landscape has fostered a dynamic mining ecosystem, characterized by innovation and strategic partnerships.
Several gold mining operations in the region have garnered international attention. They include Aris Mining's (TSX:ARIS,NYSEAMERICAN:ARMN) Segovia operations, and Zijin Mining's (OTC Pink:ZIJMF,HKEX:2899) Buritica mine. These projects not only demonstrate the area's mineral potential but also serve as catalysts for further exploration and development. The proximity of these operations to one another creates opportunities for synergies in infrastructure, processing facilities, and knowledge sharing.
However, the concentration of mining activities also intensifies competition for prime exploration and development targets. Companies operating in Antioquia must differentiate themselves through strategic land positions, innovative exploration techniques, and effective community engagement to succeed in this competitive environment.
Quimbaya Gold: Strategically positioned for success
Among the companies seeking to capitalize on Antioquia's gold potential is Quimbaya Gold (CSE:QIM). The company has strategically positioned itself with a significant land package of 59,057 hectares across three mining projects in the Antioquia region. This extensive footprint provides Quimbaya Gold with a diverse portfolio of exploration targets in one of Colombia's most productive gold districts.
Quimbaya Gold's projects are strategically located near major mining operations, a factor that could significantly enhance their value proposition. Its flagship Tahami project is adjacent and on trend to Aris Mining’s Segovia mine, one of the world’s highest-grade gold mines. Proximity to established mines often indicates favorable geology and can provide logistical advantages in terms of infrastructure and skilled labor availability.
The company's focus on high-grade gold discoveries aligns with the historical productivity of the Antioquia region. High-grade deposits can offer superior economics, potentially leading to more robust project financials even in fluctuating gold price environments. This focus on quality over quantity positions Quimbaya Gold to potentially deliver significant value to investors as it advances its exploration programs.
Compelling investment case
The convergence of favorable geology, improving regulatory conditions and strategic corporate positioning makes Antioquia a compelling region for mining investment. As Colombia continues to emerge as a significant player in the global gold market, companies with established positions in Antioquia can benefit from the region's growth trajectory.
Quimbaya Gold's extensive land package and strategic focus on high-grade resources make it a compelling opportunity. The potential for significant discoveries, coupled with the operational advantages of working in an established mining district, presents a unique value proposition for investors seeking exposure to Colombia's expanding mining industry.
However, investors should approach the sector with a balanced perspective. While the potential rewards are significant, mining exploration and development carry inherent risks. Factors such as geological uncertainties, fluctuating commodity prices and regulatory changes can impact project outcomes. Due diligence and a thorough understanding of both the opportunities and challenges in the Colombian mining sector are essential for informed investment decisions.
Investor takeaway
Colombia's mining sector, particularly in the gold-rich region of Antioquia, presents a compelling narrative of resource potential and economic opportunity. As the country continues to refine its regulatory framework and attract international investment, regions like Antioquia are poised to play a pivotal role in shaping the future of Colombia's mining industry.
This INNSpired article is sponsored by Quimbaya Gold (CSE:QIM). This INNSpired article provides information which was sourced by the Investing News Network (INN) and approved by Quimbaya Goldin order to help investors learn more about the company. Quimbaya Gold 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 Quimbaya Gold and seek advice from a qualified investment advisor.
Providence Gold Mines’ portfolio of past-producing gold assets with a resource potential of 1 to 4 million ounces, makes it a compelling investment opportunity for investors seeking exposure to undervalued, high-potential gold assets amid a current gold bull market.
Overview
Providence Gold Mines (TSXV:PHD,OTCQB:PRRVF,GR-FRANKFURT:7RH1) is a junior gold exploration company focused on the revitalization of the historic Providence Group of Mines and further unlocking the potential of its high-grade gold deposits within the Mother Lode Gold Belt in Sonora, California. This prolific gold district has historically reportedly produced over 128 million ounces of gold, making it one of the most significant gold-producing regions in North America.
Providence Gold is strategically positioned to benefit from the current gold bull market, as global economic uncertainty, inflationary pressures, and rising demand for safe-haven assets continue to drive gold prices to historic highs. With a portfolio of past-producing gold mines, high-grade drill targets, and a near-term pathway to production through stockpile processing, the company is poised to potentially generate significant value for shareholders. The Providence Group of Mines consists of seven patented mineral claims: Bonita, Consuelo, Fair Play, Good Enough, McCarthy, Mexican and Providence.
This past-producing gold asset was historically one of the more famous high-grade mines in the Mother Lode Belt, with reported production grades exceeding 1 oz/ton (or 31 g/t gold). Mining operations ceased in 1916, leaving behind significant unmined high-grade ore at depth, as well as gold-bearing stockpiles that have since been identified as a near-term cash flow opportunity.
Providence Gold Mines is led by professionals with extensive experience in discovery of new mines in the mother lode district and corporate finance. Their combined expertise in geology, capital markets and project execution positions the company for successful exploration and potential near-term production. This, combined with high-grade historical production, modern geological exploration techniques, and near-term catalysts, Providence Gold is well-positioned to emerge as a high-value gold exploration and development play in a rising gold market.
Company Highlights
Providence Gold controls a portfolio of gold mines in Tuolumne County, California, situated in the heart of the historic Mother Lode district, a region that has produced over 128 million ounces of gold to date.
The Providence Group of Gold Mines, consisting of seven patented staked mineral claims, was historically a high-grade producer, with reported grades grossly exceeding 1.0 oz/ton.
The company has identified gold-bearing stockpiles from historical operations that could provide an immediate cash-flow opportunity through simple gravity-based processing.
Utilizing 3D terrestrial LIDAR laser scanning technology and traditional exploration methods, Providence Gold has identified new high-grade drill targets beneath and between historical stopes, supporting a resource potential estimate of 1 to 4 million ounces.
The company has outlined a 4,000-meter core drilling program, targeting high-grade zones identified through 3D modeling, trenching and soil geo chemistry and traditional mapping.
Key Project
Providence Group of Mines
The Providence Group of Mines, located in Tuolumne County, California, sits within the Mother Lode Belt, a historic gold-producing region responsible for over 128 million ounces of gold production since the 19th century. The Mother Lode Belt is one of the most significant gold districts in the United States, characterized by high-grade mesothermal vein-hosted orogenic gold deposits. The district features structurally controlled mineralization associated with regional shearing and faulting, forming a series of gold-bearing quartz veins that have been the focus of both historic and modern mining operations.
Gold mining at the Providence Mines dates back to 1894, with extensive production recorded until 1916. At the time of closure, the mine was actively extracting high-grade ore, but operations ceased due to a dispute and a regional fire that destroyed surface infrastructure, rather than depletion of mineral resources. Historical reports indicate the mine's lower levels, specifically from the 10th to 12th levels, were actively being developed into rich ore shoots at the time of shutdown, suggesting that significant mineralization remains in place.
The ore shoots within the Providence Gold system are reported to have historically produced between 30,000 to 50,000 ounces per stope, with average gold grades exceeding 1 oz/ton (31 g/t gold). The McCarthy Mine, one of the key areas within the Providence Group, has returned surface samples with gold assays ranging from 77 g/t to 97 g/t gold, further demonstrating the district’s exceptional high-grade potential. Importantly, the historical mine workings only reached a depth of 100 feet, leaving down-dip extensions of the ore body entirely unexplored.
Modern structural interpretations and geophysical surveys suggest that gold mineralization at Providence is open at depth and along strike, with a strong likelihood of additional undiscovered high-grade ore shoots. Given that mining operations in the early 20th century were limited by technology and capital, the potential for discovering new gold zones using modern exploration techniques remains highly attractive.
Exploration and Development Plans
Providence Gold has embarked on a multi-phase exploration strategy designed to assess the down-dip and strike extensions of near surface, historically mined high-grade gold veins, as well as evaluate the potential for bulk-tonnage, low-grade gold mineralization at surface. The company’s technical approach integrates cutting-edge technologies, including 3D terrestrial LIDAR scanning, geophysical surveys and targeted diamond drilling.
One of the most significant near-term opportunities is the processing of historical stockpiles, which were initially misclassified as waste but have since been confirmed to contain gold mineralization. Recent trenching and bulk sampling returned positive assay results, with recovery tests demonstrating that gold can be efficiently extracted using simple crushing and gravity separation methods. Since the stockpile material is already milled, this initiative could provide a near-term source of revenue while exploration drilling advances.
The primary exploration initiative at Providence is a 4,000-meter core drilling program, targeting previously untested areas near surface, beneath and between the historical stopes. The company has identified high-priority drill targets based on 3D geological modeling and interpretation of compiled data, which suggest that gold-bearing structures extend well beyond the historically mined zones.
Another key aspect of Providence’s exploration strategy is the development of a digital 3D mine model, integrating historical production data, drill results, 3D Lidar surveys and structural interpretations. This modeling enables the team to simulate mineralized zones, predict ore shoot continuity, and optimize future mining scenarios.
Near and Long-term Development Plan Going Forward
In the near-term, the company has identified gold-bearing stockpiles from historical operations that could provide an immediate cash-flow opportunity through simple crushing and gravity-based processing.
In the long-term, Providence remains focused on developing its assets through a phased approach which includes:
Phase 2 Resource Definition (2025-2026): Expanding the drill program to delineate an NI 43-101 compliant resource, incorporating both high-grade underground targets and bulk-tonnage surface mineralization.
Preliminary Economic Assessment & Engineering Studies (2026-2027): Evaluating the feasibility of underground mining operations, along with potential processing of the historical stockpiles for early cash-flow generation.
Permitting & Development (2028+): Advancing toward potential production, leveraging California’s permitting framework and existing infrastructure within the Mother Lode Belt.
Management Team
Ronald A. Coombes - President, CEO & Director
Ronald Coombes brings over 25 years of experience in mineral exploration and project development. He has successfully managed multiple mining ventures, including a molybdenum project that grew from a $1.5 million to $288 million market cap in just 12 months. Throughout his career, Coombes has reviewed and assessed over 100 mining projects across Canada, the US and Mexico, specializing in fundraising, acquisitions and early-stage resource development. He is also a director of Lincoln Mining, which is currently advancing the Pine Grove Gold Deposit in Nevada.
Rodger Young - Chairman, Vice-president & Director
Rodger Young has extensive expertise in international financing, particularly in the natural resources sector. He was the founder and director of a major finance house based in London, specializing in raising capital for mining and resource-based projects. His experience in corporate governance, financial structuring, and investment strategies provides Providence Gold with a strong foundation for securing capital and advancing its projects.
Dr. Lee Groat - Qualified Person & Senior Advisor
Dr. Lee Groat is a renowned geologist and professor at the University of British Columbia. With expertise in structural geology, economic mineral deposits, and exploration strategy, he has contributed significantly to advancing mineral projects globally. His technical leadership ensures Providence Gold’s exploration programs are guided by cutting-edge geological analysis and best industry practices.
The gold price gained 30 percent in 2024, setting new highs along the way.
It broke through US$2,500 per ounce, then continued higher, hitting US$2,600 and then US$2,700.
Less than a month and a half into 2025, the breakneck pace continues. The price of gold broke through the US$2,800 mark on January 31, and pushed above US$2,900 during intraday trading on Monday (February 11).
Gains since the start of the year have been primarily driven by economic uncertainty, as US President Donald Trump has vowed to make sweeping changes to trade and foreign policy and amid relative strength in the US dollar.
The most recent announcement came on Sunday (February 10), when Trump told reporters on Air Force One that he was planning 25 percent tariffs on aluminum and steel and reciprocal tariffs on all countries. He said a formal announcement would be made on Monday, but at the time of publication, no announcement had been made.
There was quick pushback on the tariff plans as the EU threatened its own retaliatory tariffs.
The new tariffs come just one week after the US backed down from imposing sweeping 25 percent tariffs on all goods entering the US from Mexico and Canada. The president appeared to be leveraging the threat of tariffs against its two trading partners to increase border security. Both countries had previously announced significant increases in funding for technology and patrols along their respective borders.
Recent weeks have also seen the President make remarks about the future of Gaza that would see the displacement of millions of Palestinians. Trump also suggested that Gaza could become US property as it works to redevelop the area, likening it to the Riviera. On Monday he expanded on the idea saying that Gaza residents would have no right to return.
The language and tone of his statements were met with pushback, particularly from other Middle Eastern countries, which argued it could push the region deeper into conflict.
Investors seek stability as uncertainty mounts
All these announcements have spooked some investors, prompting them to turn to gold for added stability in their portfolios.
According to data from the World Gold Council (WGC), US$2.6 billion in investments were added to gold ETFs in January. The majority of these inflows came from European funds, which saw investors add 39 metric tons to their holdings. However, both US and Asian funds saw some decreases, with combined losses of 10 metric tons.
The council suggests that the increase was at least partly due to European Central Bank rate cuts, which caused a sharp fall in bond yields during the month.
The release also predicts further gains in February, in particular from China, where New Year’s celebrations tend to favor retail gold sales. The WGC noted that February sales have a positive correlation with January's performance.
Monday saw gold rise sharply, gaining 1.48 percent to reach US$2,902.30 per ounce by 1 p.m. EST. Silver was also up, but not as much, gaining 0.71 percent to US$32 per ounce.
Despite the announcements of new tariffs, equity markets were also up in morning trading. The S&P 500 (INDEXSP:INX) gained 0.64 percent to 6,064.57, while the Nasdaq-100 (INDEXNASDAQ:NDX) rose 1.22 percent to 21,754.19. The Dow Jones Industrial Average (INDEXDJX:.DJI) saw a slight gain of just 0.2 percent to 44,390.78.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Gold demand surged to a record high in 2024, driven by buying from central banks and individual investors.
Data from the World Gold Council's (WGC) latest report on gold demand shows that in 2024, total annual demand for gold, including over-the-counter transactions, reached a record-breaking 4,974 metric tons (MT).
Annual demand was up by 1 percent year-on-year from 2023's 4,945.9 MT.
Central banks added more than 1,000 MT of gold to their reserves for the third consecutive year, while investment demand hit a four year high, supported by a strong performance in gold exchange-traded funds (ETFs).
Central banks lead gold demand
Central banks remained the largest drivers of gold demand in 2024. As a group, they made cumulative net purchases of 1,045 MT in 2024, with the fourth quarter alone accounting for 333 MT.
The National Bank of Poland led the upsurge, purchasing 90 MT of the yellow metal in 2024, while other emerging market central banks also contributed significantly to the overall total.
This heightened demand from central banks marks a continuous shift in the global monetary system, with central banks increasingly favoring gold as a hedge against currency volatility and geopolitical tensions.
2024 was the third year in a row in which central banks' gold purchases exceeded 1,000 MT, marking a notable increase compared to the pre-2022 average of 473 MT.
Despite questions about future demand, central banks are expected to maintain their purchasing momentum into 2025, particularly as geopolitical risks continue to influence policy decisions.
Investor demand supports gold ETF growth
Gold's appeal to individual investors also remained robust in 2024, particularly in gold ETFs.
Investment demand for the precious metal reached 1,180 MT for the year, a 25 percent increase from 2023, with ETFs drawing significant inflows, especially in the second half of the year. These inflows were driven by factors including lower interest rates, geopolitical instability and a strengthening gold price.
In contrast to the previous three years, during which gold ETFs experienced substantial outflows, 2024 saw near-stagnant holdings by the end of the year, showing a marked shift in investor sentiment.
Market participants increasingly turned to gold as a safe haven, and the US market in particular witnessed considerable ETF inflows, driven by the relative weakness of the US dollar and concerns over inflation.
Gold jewelry demand struggles as price climbs
While investment demand soared, the jewelry sector struggled in 2024, with global jewelry consumption falling by 11 percent to 1,877 MT. The significant gold price rise during the year led to lower volumes of gold jewelry being purchased, as consumers found it increasingly difficult to afford the yellow metal.
The weakness in jewelry demand was global, though India saw relatively smaller declines compared to China, which experienced a significant drop of 24 percent from 2023.
However, the value of gold jewelry consumption increased by 9 percent, reaching a record high of US$144 billion. This allowed jewelers to achieve higher sales figures, with a marked contrast between demand volume and value.
Technology and industrial demand increases
In the technology sector, demand for gold grew by 7 percent in 2024, which the WGC attributes largely to the increasing adoption of artificial intelligence (AI) infrastructure.
Gold used in electronics rose by 9 percent year-on-year, contributing to the technology sector's solid demand. Overall, total annual gold demand from the tech sector came to 326 MT.
While gold’s role in industrial applications is a smaller portion of overall demand, its usage in advanced technologies continues to grow, underlining its importance in cutting-edge sectors like AI, electronics and renewable energy.
Gold mine and recycling supply rise
Gold supply saw modest growth in 2024, rising by 1 percent to a record 4,974 MT, a new high for the data series. Both mine production and recycling were up compared to the prior year, with recycling climbing 11 percent.
The WGC states that the outlook for gold supply remains strong, with expectations for robust mine production and potential increases in recycling rates in the coming year.
The gold price reached an average of US$2,386 per ounce in 2024, a 23 percent increase from the previous year. In Q4, the average price peaked at US$2,663, contributing to a total value of US$111 billion for the quarter.
What's driving gold's record price highs?
The WGC's report comes as the gold price hits new records, and in an interview with the Investing News Network, Joe Cavatoni, senior market strategist, Americas, at the WGC, shed light on the metal's price drivers.
"I think many investors are seeing the benefits and the merits of having gold as a diversifying asset in their portfolio," he said. "I think they're understanding that the risk shocks you might see to risk assets will continue to be something that will develop over the next two to three months at a minimum as we start to hear and see policies unpacked."
Watch Cavatoni discuss the WGC's latest report.
Cavatoni also pointed to expectations of lower interest rates as a motivating force for gold.
"All of those factors are stacking up to continue to be a very strong performance driver for gold," he said.
Tariff uncertainty is also contributing to gold's movement. The US has placed additional tariffs on China, and although it's deferred tariffs on Canada and Mexico for the time being, much uncertainty remains.
In Cavatoni's opinion, it will be key for sector participants to tune out distractions.
"I think the key thing right now is that you can clearly see the benefits of gold in a portfolio that's diversified. You can see the benefits of having it as a component of your allocation mentality, and I think overall what I'd say is that clients, investors and those who understand the gold market need to understand there'll be a lot of noise," he noted.
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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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