
June 26, 2024
Many Peaks Minerals Limited (ASX:MPK) (Many Peaks or the Company) is pleased to announce it has entered into a binding agreement with Atlantic Resources CI SARL to secure an exclusive right to acquire a 100% interest in two permits totaling 644Km2 in eastern Cote d’Ivoire. The acquisition underscores Many Peaks’ proactive approach to portfolio growth and diversification focusing on a highly favourable jurisdiction for both discovery and development potential. The Company plans to initiate a comprehensive exploration program to assess for resource potential within the option period.
Highlights
- Many Peaks secures the right to acquire 100% ownership of the Baga Gold Project covering 644km2 area of highly prospective Birimian gold terrane in eastern Côte d’Ivoire
- Enlarges Many Peaks’ landholding in Côte d’Ivoire to 1,919km2 (50% increase) significantly expanding the project exploration pipeline
- Reconnaissance mapping at the Baga Gold Project has identified occurrences of previously unmapped intrusions and shear corridors with coincident alteration and sulphide minerals highlighting prospectivity of an underexplored region
- Systematic surface geochemistry programmes commencing immediately
- Strong cash balance to aggressively advance exploration with ongoing drilling at the Odienne Project and drilling at the Ferke Project in the planning stages
The recently granted exploration permits cover an underexplored area of structural complexity in the Birimian gold terrane (Figure 1), where multiple major mapped structures converge. Initial mapping and rock chip sampling has identified extensive shearing associated with alteration and localised zones of weathered sulphide minerals. Many Peaks will commence surface geochemistry survey programmes immediately, comprised of mapping and rock chip sampling, concurrent with a comprehensive stream sediment sampling campaign.
Many Peaks’ Executive Chairman, Travis Schwertfeger commented:
“Having quickly established ourselves in Côte d’Ivoire and successfully initiating exploration activity within weeks following acquisition of the exciting Odienné and Ferké projects, the Company is very pleased to identify an additional opportunity further bolstering our pipeline of projects for growth within the same jurisdiction. The Baga Gold Project is complimentary to the existing portfolio in Côte d’Ivoire providing several operational synergies delivering opportunities for an increase in positive results to the market and significant leverage to adding value through exploration success.
Located in a region that has demonstrated its potential to host world-class gold deposits, this acquisition aligns with our commitment to adding shareholder value through innovative and cost- effective exploration, discovery, and resource development.”
Baga Gold Project Summary
The Baga Gold Project is a 644km2 landholding comprised of two recently granted exploration permits located 150km east of the city of Bouaké, Cote d’Ivoire and situated 80km west of the Ghana border (Figure 2).
The permits cover an underexplored region of structural complexity highly prospective for orogenic gold deposits. The permits are, situated where the southern extent of the Duango-Fitini shear zone in Côte d’Ivoire’s north forms a flexure or structural splay into Oumé-Fetekro parallel shears within Birimian metasediments and metavolcanics. At this change of orientation in structures within the Biriiman terrane the Baga project area also covers the intersection, or truncation of the Bui Belt which hosts Tarkwaiian sediments and conglomerate units extending east and northeast into central Ghana (Figure 1).
The intersection of multiple regional scale structures in combination with identification of previously un-mapped lithologic complexity associated with evidence of alteration, sulphide minerals proximal to shear corridors in reconnaissance mapping by Many Peaks highlight a highly prospective area to advance exploration activity.
Click here for the full ASX Release
This article includes content from Many Peaks Minerals, 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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10 September 2024
Many Peaks Minerals
Investor Insight
Significant acquisitions of projects in some of the most prolific gold districts of Côte d’Ivoire, West Africa, position Many Peaks for significant discoveries, giving the stock a compelling investment case.
Overview
Many Peaks (ASX:MPK) is an Australia-based mineral exploration company with gold assets in Côte d’Ivoire, West Africa, and exposure to key energy transition assets in Newfoundland, Canada. With drill-ready targets across its projects, Many Peaks aims to realise growth and value creation through exploration discovery and near-term mineral resource definition.
In West Africa, the company is focused on four recent acquisitions in Côte d’Ivoire totaling 1,919 square kilometres, including the more advanced-stage Odienné and Ferké gold projects with recent gold discoveries and more than US$4 million in previous exploration expenditures.
The company acquired a portfolio of three projects from Turaco Gold Ltd in May 2024, consolidating interests held in the projects by Turaco and Predictive Discovery Ltd. The Company’s establishment into one of the fastest growing gold regions in the world was quickly followed with a binding agreement securing an exclusive option to acquire a 100 percent interest in the Baga gold project, which comprises two permits totaling 644 square kilometres in eastern Côte d’Ivoire.
Many Peaks’ Canadian asset targets the lithium potential in Newfoundland, where an emerging lithium district is strategically positioned with access to both European and North American markets.
A management team with a range of experience throughout the natural resources industry leads the company towards achieving its goals of strengthening shareholder value through exploration.
Company Highlights
- Many Peaks is a mineral exploration company focused on advancing its gold projects in Côte d’Ivoire, West Africa: Odienné, Ferké, Baga and Oumé.
- Land holding in West Africa comprises 1,919 sq km within the Birimian Gold Terrain, providing the company a strategic near-term gold resource potential
- Also holds a 100 percent interest in the Aska lithium project in Newfoundland, Canada.
- An expert management team with extensive experience throughout the natural resources industry leads the team toward fully exploring its assets.
Key Projects
Côte d’Ivoire (West Africa)
Many Peaks’ assets in Côte d’Ivoire comprise four projects – Odienné, Ferké, Baga and Oumé.
Odienné Gold Project
Located in northwest Côte d’Ivoire, Odienné comprises two granted exploration permits covering a total area of 758 square kilometres. It is situated on the flexure of a regional scale structure zone hosting mineralisation to the northwest in neighbouring Guinea and immediately south along the margin of the Archean-aged Man craton.
Odienné Project location in the context of Siguiri Basin geology compilation and gold project locations regionally
Auger drilling in early 2023 defined coherent gold in saprolite anomalism, which prompted a maiden air core drilling campaign in late 2023.
Many Peaks has followed up 2023 success with aggressive exploration, expanding the project’s auger drilling coverage within weeks of acquisition. Systematic coverage of auger has succesfully defined three prioritised targets extending across more than 16 kilometres of a 30-kilometre gold anomaly.
The company is now well positioned for follow-up air core and diamond drilling campaigns to further define confirmed gold mineralisation on the project over the coming 2024-25 field season.
Ferké Gold Project
Located in northern Côte d’Ivoire, the Ferké gold project covers 300 square kilometres within a single granted exploration licence. Ferké is situated on the eastern margin of the Daloa greenstone belt at the intersection of major regional scale shear zones.
Ferké Gold Project outline with drill collar locations, including the location of the Ouarigue discovery within the >16km Leraba Gold Trend
Initial exploration work conducted at Ferké defined a more than 16-kilometre-long gold-in-soils anomaly on the Leraba Gold Trend. Previous exploration included systematic surface geochemistry, trenching and reconnaissance reverse circulation (RC) drilling across the broader Ferké area. Early success in reconnaissance RC drilling included initial intercepts into the Ouarigue target area, including results of 25 metres @ 3.06 grams per ton (g/t) gold from 64 metres in hole FNRC016.
The success in RC drilling was followed up with trenching and an initial 18 diamond drill holes, which confirmed a significant outcropping mineralised body associated with a granite intrusion, including intercepts from surface of 91.1 metres @ 2.02 g/t gold in hole FNDC008 and 47 metres @ 3.72 g/t gold from surface in hole FNDC012.
Baga Gold Project
Baga and Oumé project locations on generalised regional scale geology interpretation
The Baga gold project is a 644 sq km landholding comprising two granted permits in Côte d’Ivoire. The project is located 150 km east of the city of Bouaké and covers an underexplored region of structural complexity located just 21 km east of a recent greenfields gold discovery by Endeavour Mining, which over the past three years rapidly defined the 4.5 Moz Assafou gold resource estimate within their Tanda-Iguela permit areas.
Within weeks of securing the option to acquire a 100 percent interest in Baga, Many Peaks has completed the first surface geochemical campaign covering the project area.
The permits are situated where the southern extent of the Duango-Fitini shear zone in Côte d’Ivoire’s north forms a flexure or structural splay into the Oumé-Fetekro parallel shears within Birimian metasediments and metavolcanics. At this change of orientation in structures within the Birimian terrane the Baga project area also covers the intersection, or truncation of the Bui Belt structural trend which hosts Tarkwaiian sediments and conglomerate units extending east and northeast into central Ghana. Baga Gold represents a highly prospective area to advance exploration activity by Many Peaks.
Oumé Gold Project
The Oumé project is an early-stage exploration asset located in south-central Côte D’Ivoire. It comprises a single exploration permit (the Beriaboukro licence) and is situated on the Oumé-Fetekro belt, historically one of Côte d’Ivoire’s most productive greenstone belts. The area is host to Allied Gold’s 2.5 million-ounce (Moz) Bonikro, the 1.9 Moz Agbaou gold deposit and Endeavour’s 3 Moz Lafigué gold project.
Newfoundland (Canada)
Aska Lithium
Many Peaks’ 100-percent-owned Aska project is approximately 45 kilometres east of Cape Ray, Newfoundland. The project covers 193 square kilometres in proven lithium terrane and is situated in a growing lithium district known to host lithium-caesium-tantalum type pegmatites.
Management Team
Travis Schwertfeger - Executive Chairman
Travis Schwertfeger is a geologist with over 25 years of global industry experience primarily in gold and copper projects across Africa, Australia, Africa and the Americas. Schwertfeger has previously held several technical roles in exploration and production, including over seven years operating in West Africa with Newmont Mining and other ASX-listed explorers. He has prior experience as a director of ASX-listed mineral resource companies through previous roles, including a former role with Exore Resources (acquired by Perseus in September 2020 for ~A$80m).
Ben Phillips - Non-executive Director
Ben Phillips has more than 15 years of experience in commercial negotiations and has worked in several industries, including oil and gas, resource, technology and defence. He provides advice on a wide range of operational aspects, from R&D and exploration to production, commercialization and sales. Phillips is the executive chairman of Norfolk Metals (ASX:NFL), was previously a non-executive director at Bronson Group (ASX:BGR) and, subsequently, Mandrake Resources (ASX:MAN). He is currently a corporate executive at Ironside, focused on sourcing, structuring, funding, and management requirements for public and private small-cap companies.
Marcus Harden - Independent Non-executive Director
Marcus Harden is a geologist with extensive gold and base metals exploration and management experience throughout Australia, Africa, Asia and the Americas. Harden's more recent roles include chief geologist of AuTECO Minerals, head of regional exploration for Bellevue Gold, chief geologist of Alicanto Minerals Ltd, and other senior exploration roles with Gryphon Minerals and First Quantum Minerals. He has played key roles in the discovery and definition of several gold deposits globally with ASX-listed junior companies. Among previous projects with contributions to discovery, three are currently operating mines and one is in development. He is also a member of The Australian Institute of Geoscientists.
Aaron Bertolatti - Company Secretary
Aaron Bertolatti is a chartered accountant and company secretary with more than 10 years of experience in the mining industry and accounting profession. Bertolatti has significant experience in the administration of ASX-listed companies, corporate governance and corporate finance.
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Advancing gold discoveries in Côte d’Ivoire, West Africa
6h
Diamond Drilling Commences at Ferke Gold Project
19 March
Raises A$6.22m to Intensify Drilling at Ferke
16 March
New High Grade Gold Shoot at Ferke Project
11 March
AC Drilling Commences on Priority Targets at Ferke Project
Many Peaks Minerals (MPK:AU) has announced AC Drilling Commences on Priority Targets at Ferke Project
23 February
Reconnaissance AC Drilling Yield Structural Targets
5h
RC Drill Results Continue to Expand Guyer Footprint
Iceni Gold Limited (ASX: ICL) (Iceni or the Company) is pleased to provide an update on first drill results from the Guyer Prospect, which is subject to a Farm-in Agreement with Gold Road Resources (ASX:GOR). Guyer is within the Company’s flagship 14 Mile Well Gold Project, located between Leonora and Laverton.
Highlights
- An initial early-stage campaign of 31 RC holes for 6420m on two 1500m spaced drill sections each evaluating +1000m across the aircore bedrock gold anomaly at Guyer is now complete.
- Results for the first 15 RC holes on drill section 1 have been received, with every drill hole on the first section intersecting gold mineralisation within an altered granodiorite with results including:
- 10m @ 0.67 g/t Au from 115m in GUYRC0003 Incl. 2m @1.89 g/t Au from 121m
- 15m @ 0.47 g/t Au from 189m in GUYRC0005 Incl. 1m @ 1.22g/t from 201m
- 10m @ 0.55 g/t Au from 76m in GUYRC0009 Incl. 1m @1.56 g/t Au from 83m
- 13m @ 0.52 g/t Au from 78m in GUYRC0013 Incl. 5m @ 1.16 g/t Au from 79m
- The results confirm and expand upon the broad +1000m wide aircore anomaly, with multiple intervals of gold mineralisation now defined within the primary zone of the granodiorite host.
- The geology and alteration observed in drill section 2 is consistent with that seen in section 1 located 1500m to the north and these sections when combined with the aircore results demonstrate and support a large area of mineralised and altered granodiorite, with its limits and geometry yet to be defined.
- The Guyer Trend is part of the $35million exploration Farm-In and Joint Venture (JV) agreement signed on 18 December 2024 with Gold Road Resources Limited (ASX: GOR).
- A 3500m campaign of diamond drilling, designed to confirm structural orientations and vectors toward high-grade zones within the large granodiorite hosted gold envelope at Guyer is scheduled to commence in April.
- The ongoing exploration program is managed by Iceni and is part of the initial $5 million minimum expenditure commitment by GOR under the Farm-In agreement.
Commenting on the drill program, Iceni Managing Director Wade Johnson said:
“We are very pleased with the results from the initial RC drillholes at Guyer, that have supported and expanded the system beyond the bedrock gold anomaly defined by the wide spaced aircore drilling. The wide spaced RC drillholes on the two 1.5km spaced drill traverses have outlined an extensive mineralised and altered corridor within the granodiorite host rock that has provided the foundation to bring forward a diamond drilling program.
The drilling has outlined broad zones of alteration and associated gold mineralisation over the full width of the +1000m evaluated on each drill traverse and this initial RC drilling demonstrates Guyer has the hallmarks of significant gold system in the 14 Mile Well project. The Company and Gold Road are looking forward to the diamond drilling program that will commence shortly and provide the information to integrate the RC and AC results into a structural framework to advance the model to accelerate drilling on focused targets”.
This article includes content from Iceni Gold, 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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Ole Hansen: Gold, Silver, Copper, Oil — Prices, Supply, Demand in 2025
Ole Hansen, head of commodity strategy at Saxo Bank, shares his outlook for the gold, silver, copper and oil sectors as tariff uncertainty continues.
"If you're actively trading these markets, keep your position to a level that reflects the new and higher volatility," he said, urging investors to be mindful amid the current turmoil.
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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8h
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 even 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?
Gold price chart, December 31, 2024, to April 14, 2025.
Chart via the Investing News Network.
The gold price peaked at US$3,245, its all-time high, during trading on April 14, 2025.
What drove it to set this new ATH? Gold set its latest high price of 2025 on April 14 due to increased gold purchasing in China in response to US tariffs on the country.
The gold price has set a string of new highs this month alone amid high market volatility as markets react to the latest tariff decisions from US President Donald Trump and the escalating trade war between the US and China. As of April 11, Trump has now raised US tariffs on Chinese imports to 145 percent and China has raised its tariffs on US products to 125 percent.
Two days earlier, Trump paused his higher "Liberation Day" tariffs on any countries that did not reciprocate in response. However, the blanket 10 percent tariffs still stand, as do the 25 percent tariffs on the automotive sector.
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 currently paused blanket tariffs on long-time US allies Canada and Mexico and tariffs on the European Union. Trump has also implemented 25 percent tariffs on all steel and aluminum imports.
As for the effect of these wide-spread 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. 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?
Five year gold price chart, April 13, 2020, to April 14, 2025.
Chart via the Investing News Network.
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.
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 Israel-Hamas fighting intensified, gold reached a then new high of US$2,152.30 during intraday trading on December 3.
That robust momentum in the spot gold price has 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 have just kept on coming.
The global macro environment is 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 Jerome Powell, the gold spot price hit a new all-time high on July 16 at US$2,469.30. One week later, news that 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.
However, the bullish factors supporting gold over the past year remain in play, and the spot price for gold went on to breach US$2,500 on August 2 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 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 Friday, September 20, it moved above US$2,600 and held above US$2,620.
In October, gold breached the US$2,700 level and continued to set new highs 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.
Gold has seen upward momentum in the last year on a variety of factors.
In 2025, the gold price was on the rise early in the new year as Trump and his team began to talk seriously about a wide-ranging set of tariffs on several countries in the run up and following his inauguration on January 20.
On January 29, the Bank of Canada shaved 25 basis points off its policy interest rate, marking its sixth consecutive decrease, and announced plans to end quantitative tightening.
On the same day, the Fed opted to leave interest rates unchanged. The following day, Trump said he would very likely be placing 25 percent tariffs on Mexico and Canada as of February 1, alongside tariffs on the EU and China.
Gold price set new highs in all currencies alongside a weakening US dollar, the Fed leaving interest rates unchanged, a rush to safe haven assets and the looming threat of Trump's tariffs on February 1.
Additionally, new US economic data showed inflation-adjusted gross domestic product in the country increased an annualized 2.3 percent in the fourth quarter of 2024 after rising 3.1 percent in the third quarter.
Some other factors supporting gold to new highs include Trump threatening to annex Greenland, Canada and the Panama Canal, Trump's proposed resettlement of Palestinians out of the Gaza Strip to develop it into "the Riviera of the Middle East," a suggestion that has been condemned globally, and him appearing to side with Putin against Ukrainian President Volodymyr Zelenskyy regarding Russia's invasion of Ukraine.
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 that affect the gold price, 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 each year between 2018 and 2020 to around 3,000 to 3,100 metric tons 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 metric tons in 2022.
The World Gold Council has reported that central bank gold purchases in 2023 came to 1,037 metric tons, marking the second year in a row above 1,000 MT. In the first half of 2024, the organization says gold purchases from central banks reached a record 483 metric tons.
“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, said in an email to the Investing News Network (INN) at the beginning of Q4.
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. According to Smallwood, he is seeing an influx of fund managers wanting to learn about precious metals.
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?
As a final note on the price of gold and buying gold bullion, 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 (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 (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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13h
Trigg Minerals: Advanced-Stage Exploration Company Developing Antimony Assets in New South Wales
Trigg Minerals (ASX:TMG,OTCQB:TMGLF)is an emerging force in the global critical minerals sector, dedicated exclusively to the development of antimony—an essential metal recognized by the United States, Australia, and the European Union for its critical role in national security, energy transition technologies, and advanced manufacturing.
The company’s flagship Wild Cattle Creek deposit, part of the Achilles antimony project in New South Wales, is the highest-grade undeveloped antimony resource in Australia and one of the few large-scale, standalone antimony projects worldwide. As global supply chains recalibrate and geopolitical tensions mount, Trigg Minerals is strategically positioned to deliver a secure, sovereign supply of antimony to Western markets amid a deepening global shortfall.
The company is advancing an aggressive drilling and resource growth program at Wild Cattle Creek, targeting an increase from its current JORC-compliant resource of 1.52 Mt @ 1.97 percent antimony (29,902 tonnes contained metal) to over 100,000 tonnes—potentially placing it among the world’s top three antimony deposits.
Company Highlights
- Trigg Minerals is an ASX-listed company entirely focused on antimony, a critical mineral vital for solar panels, flame retardants, semiconductors and military applications.
- The flagship Achilles project’s Wild Cattle Creek deposit hosts a high-grade JORC resource of 1.52 Mt @ 1.97 percent antimony for ~30,000 tonnes contained antimony—Australia’s highest-grade undeveloped antimony deposit.
- The company’s aggressive expansion plan includes a near-term drilling program targeting a threefold increase in contained antimony to over 100,000 tonnes, positioning Trigg among the top three antimony deposits globally.
- Trigg is attracting growing attention as a potential partner to support Western antimony supply chains amid rising demand and geopolitical tension.
- Operating in New South Wales—a Tier 1 jurisdiction—Trigg benefits from government incentives, including co-investment, exploration support and deferred royalty schemes.
- China controls 83 percent of global antimony production and recently banned exports to the US, creating a strategic opening for Western suppliers like Trigg.
This Trigg Minerals profile is part of a paid investor education campaign.*
Click here to connect with Trigg Minerals (ASX:TMG) to receive an Investor Presentation
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14h
Blue Lagoon Resources: Summer 2025 Production-ready Gold Producer in British Columbia
Blue Lagoon Resources (CSE:BLLG, OTCQB:BLAGF,FSE:7BL) is poised to become British Columbia’s next high-grade underground gold producer. The company’s 100 percent-owned Dome Mountain Gold Mine has reached a major milestone with the receipt of a full BC mining permit—paving the way for near-term production.
With production on the horizon, early cash flow will be reinvested to grow the existing high-grade resource and advance exploration across the company’s expansive land package. This strategy positions Blue Lagoon as a low-risk, high-upside opportunity in a strengthening gold price environment.
Backed by strong insider ownership, low capital intensity, and a clear path to production, Blue Lagoon is successfully transitioning from a junior explorer to a gold producer.
The Dome Mountain Gold Project is the company’s flagship asset and sole focus—a rare, near-production opportunity in one of Canada’s top mining jurisdictions. Located just 50 minutes from the mining-friendly town of Smithers, BC, the project covers nearly 21,000 hectares in a prolific gold belt with excellent infrastructure, road access, and power.
Dome Mountain has a storied history, with over $80 million in historic investment by major players like Noranda and Timmins, as well as over $30 million invested by Blue Lagoon since 2019.
Company Highlights
- One of only seven precious metal projects permitted in British Columbia over the last decade. Dome Mountain is set to restart in Q3 2025 with all major permits in hand.
- First gold sales expected in Q3 2025; initial production of 15,000 oz gold/year from 55,000 tons of underground mineralized material.
- Toll milling agreement in place with Nicola Mining; pre-production capex limited to the completion of a water treatment plant.
- Property spans nearly 22,000 hectares with 15 known high-grade veins, but only 10 percent has been explored.
- Strong alignment with shareholder value, Blue Lagoon’s strategy is to minimize dilution by funding exploration through mine cash flow.
- Strong working relationship with Lake Babine Nation and full community support.
This Blue Lagoon Resources profile is part of a paid investor education campaign.*
Click here to connect with Blue Lagoon Resources (CSE:BLLG) to receive an Investor Presentation
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11 April
Editor's Picks: Gold Breaks US$3,200, Experts Call for Price to Go Higher
This week has brought ups and downs for the gold price as US President Donald Trump's tariff decisions continue to create widespread uncertainty across sectors globally.
The yellow metal started the week at about US$3,020 per ounce, but quickly tumbled below the US$3,000 level as markets around the world took a beating.
Although gold is known as a safe haven, it's common for it to fall in tandem with other assets during widespread downturns. The idea is that gold won't drop as hard and will recover more quickly.
Speaking just after gold's fall, Gary Wagner of TheGoldForecast.com explained that its decline shouldn't be concerning for investors. Here's how he explained it:
"One thing that is clear is that when equities came under fire ... liquidation happened across the board in multiple asset groups and classes. Gold was kind of a witness to that, and the massive liquidation that occurred was either to liquidate profitable positions to cover margin calls, or just to get more into cash than they had been in terms of the position of the portfolio. So to me it's not that unexpected, and the amount of the decline is actually fairly calm considering how much it's gone up."
Wagner's advice not to worry about gold's pullback was prescient — the precious metal was back on the move by Wednesday (April 9), and on Thursday (April 10) it notched yet another fresh all-time high.
It continued moving upward on Friday (April 11), breaking US$3,200 and setting another price record.
Gold's midweek rebound came after Trump's turnaround on tariffs — in a surprise move on Wednesday, he announced a 90 day pause on "reciprocal" tariffs for most countries.
China is an exception — Trump said he would be boosting China's rate to 125 percent after the Asian nation announced further retaliatory tariffs against the US. It's since been clarified that tariffs on China stand at 145 percent; on Friday, China said it would raise its tariffs on the US to 125 percent.
Canada and Mexico are also exceptions. Most goods from these countries are already subject to 25 percent tariffs, and these will remain in place. Blanket 25 percent tariffs on cars and car parts, as well as steel and aluminum, have also not been affected at this point.
The reversal from Trump came not long after he encouraged his followers on Truth Social to "be cool" and told them it was "a great time to buy." It also reportedly came after White House officials put increasing pressure on Trump to change course. Worries about a selloff in US government bonds raised alarm bells, with Treasury Secretary Scott Bessent taking these concerns to Trump.
"The bond market is very tricky, I was watching it. The bond market right now is beautiful. But yeah, I saw last night where people were getting a little queasy" — Trump
Major US indexes rebounded strongly once Trump announced his decision, and although they had given up some gains by the end of the week, they still finished the period in the green.
In terms of where that leaves gold, many experts with agree its prospects still look bright even as it trades at all-time highs. Here's what Will Rhind of GraniteShares said:
"If you look at something called the M2 ratio, which is the money supply divided by the price of gold, that is a particularly scary chart. Obviously if history is any guide, then when the ratio is high, that typically means that gold is overvalued, and when the ratio is low, that typically means that gold is undervalued.
"If you look at it right now, we're somewhat I would say below the median. In other words, we're closer to gold being undervalued rather than overvalued at a time when we just talked about gold hitting a new all-time high."
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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