
April 28, 2024
Spartan Resources Limited (Spartan or Company) (ASX:SPR) is pleased to present its Quarterly Activities and Cash Flow Report.
Exploration / Growth
- Drilling at the 952koz Never Never Gold Deposit delivered multiple exceptional high-grade gold intercepts, extending the mineralisation to over 1km depth and remaining open. Significant assays reported during the quarter included:
- 11.55m @ 36.77g/t gold from 875.0m, incl. 4.0m @ 101.07g/t (DGDH052)
- 13.00m @ 25.82g/t gold from 624.0m, incl. 4.0m @ 51.53g/t (DGRC1391-DT)
- 15.85m @ 20.23/t gold from 585.0m, incl. 2.5m @ 64.00g/t (DGRC1400-DT)
- 6.33m @ 33.72g/t gold from 561.7m, incl. 1.0m @ 114.00g/t (DGRC1305-W1)
- 18.60m @ 9.67g/t gold from 696.25m, incl. 6.05m @ 18.17g/t (DGRC1392-DT)
- 16.65m @ 10.29g/t gold from 625.83m, incl. 3.0m @ 52.03g/t (DGRC1377-DT)
- 11.04m @ 11.69g/t gold from 567.0m, incl. 2.83m @ 42.24g/t (DGDH051)
- Updated JORC-compliant “Exploration Target” completed for the Never Never Deposit, inclusive of the December 2023 Never Never Mineral Resource Estimate in March 2024 to 8.1 to 9.9 Mt at 5.8 to 6.7g/t Au for 1,600,000 to 1,900,000 ounces*.
- Outstanding assays from the West Winds and Four Pillars targets, including:
- 20.00m @ 3.49g/t gold from 322.0m, incl. 6.0m @ 7.30g/t (DGRC1422) – WW
- 19.0m @ 2.65g/t gold from 33.0m, incl. 1.0m @ 28.84g/t (DGRC1371) – WW
- 21.0m @ 3.29g/t gold from 233.0m, incl. 5.0m @ 11.01g/t (DGRC1389) – WW
- 15.0m @ 6.06g/t gold from 358.0m, incl. 3.0m @ 23.65g/t (DGDH046) – FP
- Drilling at the Sly Fox target has doubled the mineralised footprint, with assays including:
- 9.0m @ 2.67g/t gold from 228.0m (DGRC1366)
- 23.83m @ 2.44g/t gold from 379.0m, incl. 5.0m @ 5.23g/t (DGRC1382)
- An extensive drilling program is continuing, with three diamond rigs and one Aircore rig currently on site.
- Updated Mineral Resource Estimate (MRE) for the Dalgaranga Gold Project scheduled for delivery by mid-year.
Care and Maintenance (Dalgaranga)
- During the Quarter, a number of maintenance activities were completed including inspection and monitoring of key plant and other site infrastructure to ensure the Dalgaranga site remained in a state for a rapid restart.
Corporate
- Ms Deanna Carpenter appointed as an independent Non-Executive Director, with Mr John Hodder stepping down from the Board.
- Highly experienced mining executive Craig Jones appointed as Chief Operating Officer.
- Post Quarter-end, the Company launched a fully underwritten $80 million placement and accelerated entitlement offer.
- Unmarketable Parcel Share Sale Facility completed, reducing the Company’s ongoing administration costs.
- Total cash and listed company investments at 31 March 2024 of $30.5 million.
Spartan Managing Director and CEO, Mr Simon Lawson, commented:
“Spartan has continued to deliver on all fronts during the March Quarter, with more outstanding high- grade results from across the Dalgaranga Gold Project supporting our objective of delineating more high-grade ounces in front of the Project’s existing high-quality infrastructure and laying the foundations for a sustainable long-life gold business.
“Drilling at the high-grade Never Never gold deposit has continued to deliver broad intersections at very impressive grades, such as an uncut intercept of 15.85m grading 136.80g/t gold including 2.50m grading 697.00g/t gold, reinforcing the deposit’s exceptional endowment.
“Underpinned by the success of our drilling programs to date, we have recently reported an updated JORC Exploration Target for the Never Never deposit of 8.1 to 9.9 million tonnes grading between 5.8 and 6.7g/t gold for 1.6 to 1.9 million ounces of contained gold.
“We’re also continuing to see very exciting results from other deposits surrounding the Dalgaranga processing plant, with high-grade results reported from West Winds, Four Pillars and Sly Fox during the reporting period. These results will all contribute towards Our next Resource update for the Dalgaranga Project, which is scheduled for delivery by mid-year.
“With the Company now approaching a critical mass of high-grade gold ounces at Dalgaranga, we have continued to progress mining study work throughout the Quarter to consider the optimal pathway for a return to production.
“As we continue to map this pathway, we were absolutely delighted to appoint Craig Jones as our Chief Operating Officer earlier this month. Craig has an outstanding operational track record – with previous senior roles at Poseidon Nickel, Bellevue Gold and Northern Star Resources – and will be an invaluable asset to Spartan as we work to convert our exploration success into profitable production.
“We were also very pleased to welcome Deanna Carpenter to the Board during the Quarter as a Non- Executive Director. Deanna has extensive experience across equity capital markets, mergers & acquisitions, governance, risk management and corporate compliance and will be a valuable addition to our Board moving forward. We would also like to sincerely thank outgoing Director, John Hodder, who stepped down during the Quarter, for his significant contribution to the Company’s growth and development.
“Looking to the coming months, we have an incredibly busy period ahead, with four drill rigs currently on site, our next Resource update underway and feasibility studies advancing on multiple fronts.”
Click here for the full ASX Release
This article includes content from Spartan Resources 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.
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3h
High-grade Gold Intercept Confirmed at Darlington
North Stawell Minerals (ASX:NSM) is pleased to announce an update on the results of its recent diamond drill program. The North Stawell Project includes a 504 km2 contiguous package of ground that incorporates the gold-prospective corridor immediately north of Stawell Gold Mines’ operation at Stawell. A thin blanket of unmineralised sediments preserves potential for large, near-surface repeats of the multimillion-ounce ore deposit at Stawell. The current focus is on two priority targets, Wildwood and Darlington, which both have potential to be repeats of the multi-million-ounce mineralisation at Stawell.
HIGHLIGHTS
- Diamond Drilling has returned an impressive intercept at the Darlington Project, 6km north of Stawell, Victoria, Australia.
- A brecciated, quartz-sulphide vein with multiple occurrences of visible gold (VG) 1 returned:
2.3m at 29.2 g/t Au from 108.2m (NSD057), including 0.8m at 82.3 g/t Au from 108.2m (NSD057). - The intercept in NSD057 has strong similarities to the historic Mariners Lodes at Stawell - including geology, mineralisation style, structure and gold grades - presenting an exciting deposit-style to explore against. High grade gold intercepts and significant visible gold in the Stawell Corridor are not typical.
- The intercept in NSD057 occurs 70m to the west of the Darlington Mine trend, and, if parallel to Darlington, is open for 850m along strike to the south and 200m to the north, and at depth. If the Mariners-type model2,4 applies, mineralisation may link to the basalt at depth.
- Four additional anomalous (<1g/t Au) zones occur down-hole, including a 6m anomalous zone at the projected, plunging Darlington mineralisation trend and a 16m anomalous zone at the targeted basalt contact3.
- NSD057 intersected the targeted basalt at 276m (120m south of the previous intercept in NSD053(3) and remains open to the south and at depth). The sediments-basalt contact is moderately altered but is cut by a late fault on the contact, potentially faulting out the planned target horizon3.
Figure 1 NDS057 – approx. 108.20m – gold (circled). A multiple-phase hydrothermal siliceous breccia includes multiple blebs of visible gold. scale bar in cm’s. See also ASX:NSM 19 Mar 25).
Executive Director Campbell Olsen advised:
“The results from NSD057 have not disappointed, returning an exceptional, high-grade gold intercept at very shallow depth - 84m vertical – where visible gold was identified in the drill core (ASX:NSM 19 Mar 25). We now interpret strong parallels – geology, mineralisation, grade and structure – to the historic Mariners Lodes at Stawell, 6km to the south and are focused on how this exciting result fits into our existing understanding of the Stawell Corridor mineralisation. We’ve explored against a Mariners structural model for some time, anticipating structurally-controlled mineralised splays from the deeper basalts into the overlying sediments – but had not anticipated a possible repeat of Mariners high-grade gold tenor.
Importantly, the Stawell Corridor is not characterised by high-grade gold, with all published resources in the corridor having grades <5 g/t Au. The intercept in NSD057, if proven to be part of a larger, coherent mineralised zone, has potential to focus some of the strong interest in high-grade Victorian gold systems to western Victoria. There is precedent – the “original” Mariners Mines above the Stawell Mine include historic production of up to 0.95Moz Au at 30g/t Au (ASX:NSM 15 Apr 25).
We are excited to follow up on this result – the target is open in all directions. Also, the very shallow depth gives the exploration team a range of geophysical, geochemical and drilling techniques to quickly expand understanding and refine the target in a cost effective manner.”
Click here for the full ASX Release
This article includes content from North Stawell 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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7h
Juniors Gain Momentum as Gold Price Surges
As the gold price continues its upward trajectory, investors are turning their attention to junior exploration companies poised to capitalize on this bullish trend.
The gold price has reached unprecedented levels in 2025, with spot gold recently peaking at US$3,245.42 per ounce before settling slightly lower. This surge has been attributed to a combination of factors, including inflationary pressures, central bank demand and geopolitical tensions.
For junior exploration companies, these elevated prices present transformative opportunities, reshaping project viability and investor appeal.
What's driving the price up?
The gold market is experiencing a perfect storm of macroeconomic factors that are propelling prices higher. Persistent inflation, increasing central bank demand and current geopolitical dynamics are the primary drivers.
Inflation, traditionally seen as a catalyst for gold investment, continues to erode the purchasing power of currencies worldwide. This economic environment has led many investors to seek the safety of gold as a hedge against inflation. According to recent analysis, sustained inflation is particularly favorable for gold, as it often prompts investors to flock to the precious metal during such economic conditions.
Central banks have also played a crucial role in driving up the gold price. There has been a notable increase in gold purchases by these institutions as they seek to diversify their reserves in response to economic uncertainties. This shift toward gold amid rising inflation and economic volatility has contributed significantly to the recent rally.
Geopolitical tensions continue to bolster gold's appeal as a safe-haven asset. Recent events in various global hotspots have resulted in increased demand for gold, with reports highlighting that strong demand driven by geopolitical pressures has supported a significant increase in the gold price.
Unlocking value in juniors
Junior exploration companies often serve as high-beta gold plays, offering investors the potential for outsized returns in a rising gold price environment. As the gold price increases, these early stage companies can experience significant valuation uplifts.
For instance, a rising gold price lowers cut-off grades for projects, effectively increasing the size of economically viable resources. This can lead to substantial increases in the net present value (NPV) of a project, often disproportionate to the rise in the gold price itself. For investors, this means that a relatively small increase in the gold price can result in a much larger percentage gain in the value of a junior mining stock.
Additionally, as the gold price rises, there's often renewed investor and institutional appetite for early stage exposure in the sector. This increased interest can lead to improved liquidity and higher valuations for junior explorers. According to market analysts, junior miners often thrive in gold bull markets, as evidenced during previous upcycles.
One of the most significant impacts of a rising gold price is the potential to breathe new life into projects previously considered marginal or too early stage. As the economics of these projects improve, companies may revisit and update their economic studies, potentially leading to a re-rating of the company's value.
For projects at the preliminary economic assessment( PEA) or PEA+ stage, a higher gold price can dramatically improve key metrics such as internal rate of return (IRR) and payback period. This can make projects more attractive to investors and potential partners or acquirers. Updated economic studies that reflect these improved metrics often serve as catalysts for share price appreciation.
Moreover, a rising gold price can justify increased exploration budgets, allowing companies to expand known resources or discover new ones. This can lead to resource updates that further enhance a project's value proposition.
GMV Minerals: Positioned for upside
In this current bullish gold market, GMV Minerals (TSXV:GMV,OTCQB:GMVMF) emerges as a compelling investment opportunity. This US-based junior gold development company boasts a clean setup and significant rerate potential, primarily due to its flagship Mexican Hat project in southeast Arizona.
The Mexican Hat project's current mineral resource estimate shows an inferred resource of 688,000 ounces of gold at an average grade of 0.58 grams per metric ton. This open-pit, heap-leach profile demonstrates impressive metallurgical recoveries of approximately 95 percent. GMV's choice of heap leaching as the primary extraction method is strategic, offering lower capital investment and operating costs, a rapid payback period and a minimal environmental footprint. These factors contribute to the project's favorable economics and environmental considerations.
The project’s PEA, completed in December 2020, used a conservative base case gold price of US$1,600. Given the current market dynamics, GMV is taking proactive steps to update its economic projections, including revised cashflow models using current gold prices and inflation-adjusted costs.
While an updated PEA is anticipated in mid 2025, internal modeling numbers provided by the authors of the original PEA (not NI 43-101 compliant) using a gold price of US$3,080 suggest remarkable potential, according to the company’s president and CEO, Ian Klassen. At this price point, the project could achieve a 93 percent IRR and a discounted NPV of US$626 million. This projection is particularly striking when compared to GMV's current market capitalization of approximately C$10 million, highlighting the company's potential for significant value appreciation.
GMV is also engaged in strategic discussions with mid-tier producers to secure equity investments. These potential partnerships could prove invaluable, enabling drilling activities without diluting shareholder value while involving credible strategic partners in the project's advancement.
The company is planning an ambitious 7,300 meter drilling program comprising 35 to 38 holes, with the goal of upgrading the resource from inferred to measured and indicated status. This crucial step paves the way for a feasibility study, addressing the fact that the original holes were drilled in the late 1980s and predate NI 43-101 standards.
Looking ahead, GMV's strategic roadmap is clearly defined. The company is focused on updating the PEA, solidifying strategic partnerships, completing the twinning program and progressing towards feasibility. The ultimate goal is to position the Mexican Hat Project for a potential exit, capitalizing on the current favorable gold market conditions.
As gold continues its upward trajectory, GMV Minerals presents an intriguing opportunity for investors seeking exposure to junior gold developers with significant upside potential.
What investors should watch for
For investors looking to capitalize on the potential of junior exploration companies in a rising gold price environment, several key indicators are worth monitoring:
- Defined resources: Companies with established resources are better positioned to quickly advance projects and attract investment.
- Jurisdictional stability: Projects located in politically stable and mining-friendly regions reduce geopolitical risks.
- Strong financial position: A clean balance sheet and prudent capital management enable companies to navigate market fluctuations effectively.
- Active development plans: Companies actively advancing their projects demonstrate commitment and readiness to capitalize on favorable market conditions.
Investor takeaway
In conclusion, the current gold market presents a golden opportunity for investors to gain exposure to junior exploration companies. By understanding the macroeconomic drivers of gold prices, recognizing the leverage potential of juniors and identifying key indicators of success, investors can position themselves to potentially benefit from this bullish cycle in the gold market.
As always, investors should conduct thorough due diligence and consider their risk tolerance before making investment decisions in the junior mining sector.
This INNSpired article is sponsored by GMV Minerals (TSXV:GMV,OTCQB:GMVMF). This INNSpired article provides information which was sourced by the Investing News Network (INN) and approved by GMV Minerals in order to help investors learn more about the company. GMV Minerals 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 GMV Minerals and seek advice from a qualified investment advisor.
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11h
Gold Price Hits New Record, Touching US$3,500 for First Time
The gold price reached yet another record high on Tuesday (April 22), hitting US$3,500 per ounce.
In trading on Monday (April 21), the precious metal surged past the US$3,400 mark; it then briefly touched US$3,500 early on Tuesday morning before settling in the US$3,425 to US$3,450 range.
Gold has been on the rise all year, with the latest boost coming after US Federal Reserve Chair Jerome Powell spoke at the Economic Club of Chicago on April 16. In his remarks, he said he expects US President Donald Trump's tariff policy to negatively impact American economic growth and further fuel inflation in the country.
Gold's momentum was boosted in the following days as Trump made his own statements suggesting he is seeking ways to remove Powell as the head of the US central bank. However, the Fed operates at arm's length, and it would require an act of Congress to remove Powell from his post. Powell's term is set to expire in May 2026.
As gold soared, the US dollar sank to its lowest point in three years, falling as low as 97.95 points.
Gold price chart, April 15 to 22, 2025.
Chart via the Investing News Network.
Gold has soared in recent weeks amid the chaos caused by Trump's tariff announcements on April 2.
Those measures included a 10 percent tariff on all but a handful of countries, including Canada and Mexico, with more severe reciprocal tariffs to come into effect later on. However, on April 9, Trump announced he would pause the additional tariffs for 90 days, saying more than 70 countries had contacted him to make deals.
Trump may have been feeling pressure from economic advisors as a surge in treasury yields signaled a potential economic crisis brewing in the US bond market. Normally a safe haven during market volatility, the bond market saw a significant selloff as US tariffs and worries about the US economy's stability spooked traders.
Although the pause gave most countries some breathing room, tariffs against China were left on the table. After much back and forth, US tariffs levied against China have now increased to 145 percent.
The net effect of Trump's actions has been political and financial turmoil, sparking selloffs in major stock markets and pushing prices for safe-haven assets like gold to fresh records.
Additionally, China, Japan and South Korea agreed on March 30 to seek deeper free trade ties in response to the threat of tariffs from the US government. The deal marks a significant move by the three countries following decades of US diplomacy to maintain close relationships with Japan and South Korea.
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.
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12h
Black Cat Pours First Gold at Lakewood Processing Facility
Black Cat Syndicate (ASX:BC8,OTC Pink:BLCAF) has successfully poured first gold at its recently purchased Lakewood processing facility, marking a key milestone for the company.
The pour took place on April 16, with 757 ounces of gold produced at the site.
The Lakewood facility, acquired by Black Cat on March 31, is located 6 kilometres southeast of Kalgoorlie, Western Australia, and within 40 kilometres of Black Cat’s fully owned Kal East gold operation.
Processing began on April 1, immediately after Black Cat took possession of Lakewood. Since then, the company has hauled 60,000 tonnes of ore from Kal East's Myhree open pit to the processing facility.
“The commencement of processing through Lakewood has started well with throughputs, grade and recoveries all above expectation,” said Black Cat Managing Director Gareth Solly.
Unreconciled production comes to 42,000 tonnes at 2.1 grams per tonne (g/t) gold for 2,740 ounces produced. According to Black Cat, throughput of up to 1.2 million tonnes per annum was achieved.
Mining activities at Kal East are ongoing, as is underground drilling at Black Cat's Paulsens gold operation.
Kal East achieved its first gold pour in October 2024. The site currently holds a JORC-compliant mineral resource of 18.8 million tonnes at 2.1 grams per tonne gold for 1,294,000 ounces.
Black Cat acquired Paulsens in 2022, after it was placed on care and maintenance in 2017. Between 2005 and 2017, the underground mine produced 907,244 ounces at 7.3 g/t gold for an average of 75,000 ounces annually.
Paulsens is located in the Ashburton Basin in the Eastern Pilbara region.
Black Cat also owns the Coyote gold operation, which is recognised as the only gold-processing facility in the Western Tanami region. Coyote has a JORC mineral resource of 3.7 million tonnes at 5.5 g/t gold for 645,000 ounces.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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12h
WIN Metals Updates Butchers Creek Gold Resource, Plans to Advance Development
WIN Metals (ASX:WIN)will now advance toward developmental studies for its Butchers Creek gold project.
The company released an updated mineral resource estimate for the asset on April 16, saying it now stands at 5.23 million tonnes at 1.91 grams per tonne (g/t) gold for 321,000 ounces of gold.
The project's indicated resource has increased by 86 percent, coming in at 3.58 million tonnes at 2.24 g/t gold for 258,000 ounces of gold. The inferred category holds 1.66 million tonnes at 1.18 g/t gold for 63,000 ounces of gold.
Butchers Creek is located in the East Kimberley region of Western Australia and historically produced at least 52,000 ounces of gold. According to WIN, open-pit mining took place at the site between 1995 and 1997.
WIN acquired Butchers Creek from Meteoric Resources (ASX:MEI,OTC Pink:METOF) in late 2024. According to the company, it hosts numerous high-order drill targets from over 60 known gold occurrences.
After taking ownership of the property, WIN launched an exploration program. In its December quarterly report, the company announced the completion of 7,200 metres of reverse-circulation drilling across 25 holes.
Speaking about the updated resource for Butchers Creek, WIN Managing Director and CEO Steve Norregaard said it will allow the company to move forward with development studies while drilling other "high-priority, high-grade targets."
"With readily accessible mineralisation located immediately below the shallow open pit amenable to low-cost open pit mining methods, the opportunity to monetise this asset in the current high gold price environment is now an imperative," he noted. WIN plans to enhance Butchers Creek's resource base via work at the Golden Crown area.
Originally a nickel-focused company, WIN pivoted toward gold following a decline in nickel prices.
The company sees long-term value in its Mount Edwards nickel project in Western Australia, but said nickel prices may need to reach US$20,000 per tonne again before it resumes active exploration and development.
In August 2024, WIN sold its nickel, lithium and other associated metal rights within the Munda gold project to Auric Mining (ASX:AWJ), saying it would net a minimum of AU$1.2 million.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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12h
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$3,500.05 per ounce, its all-time high, during trading on April 22, 2025.
What drove it to set this new ATH? Gold reached its highest price amid concern that US President Donald Trump would remove Jerome Powell as chair of the US Federal Reserve. Falling markets and a declining US dollar continued to support gold, as did increased gold purchasing in China in response to US tariffs on the country. Gold pulled back below US$3,400 later in the day as Trump stated he didn't plan to fire Powell and that he may lower tariffs on China.
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 Trump and the escalating trade war between the US and China. As of April 11, Trump had raised US tariffs on Chinese imports to 145 percent and China has raised its tariffs on US products to 125 percent.
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 longtime US allies Canada and Mexico and tariffs on the European Union. Trump has also implemented 25 percent tariffs on all steel and aluminum imports.
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 Powell, the gold spot price hit a new all-time high on July 16 at US$2,469.30. One week later, news that then-President Joe Biden would not seek re-election and would instead pass the baton to Vice President Kamala Harris eased some of the tension in the stock markets and strengthened the US dollar. This also pushed the price of gold down to US$2,387.99 on July 22.
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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