Astral Resources NL (ASX: AAR) (Astral or the Company) is pleased to report assay results from a recently completed 26-hole/2,808 metre RC drilling program at the Kamperman Prospect, part of its 100%-owned Feysville Gold Project (Feysville), located approximately 14km south of Kalgoorlie in Western Australia (Figure 1).
HIGHLIGHTS
Astral Resources’ Managing Director Marc Ducler said: “This 26-hole drill program is arguably the most successful program completed to date at Kamperman.
“These latest results confirm our geological interpretations with, pleasingly, a broad 30- metre-wide zone of consistent +2g/t gold mineralisation defined across multiple sections in the southern zone at Kamperman.
“Mineral Resource estimate work is now underway at Kamperman following receipt of these latest results, while the Rogan Josh and Think Big estimations are currently being finalised.
“The focus is now turning to the Theia Deposit at the Mandilla Gold Project, with the first phase (6,000 metres) of in-fill RC drilling expected to get underway next week.
“Following the completion of the Phase 1 program, Astral will return to Feysville following up the significant gold anomalies that were announced earlier this month in an area to the north-west of Kamperman.”
This announcement reports assay results for 23 holes of the 26-hole program. Assay results for the remaining three holes are pending.
Figure 1 – Map illustrating location of Mandilla and Feysville Gold Projects.
FEYSVILLE GOLD PROJECT
The Feysville Gold Project is located within the north-north-west trending Norseman – Wiluna Greenstone Belt, within the Kambalda Domain of the Archean Yilgarn Craton, approximately 14km south of the KCGM Super Pit in Kalgoorlie.
Significant gold and nickel mineralisation occurs throughout the belt, including world-class deposits such as the Golden Mile Super Pit in Kalgoorlie owned by Northern Star Resources Limited (ASX: NST) and the St Ives Gold Mine south of Kambalda owned by Gold Fields Limited. The area also hosts the substantial Beta Hunt Gold Mine owned by Karora Resources Inc. (TSX: KRR).
Feysville hosts an MRE of 3Mt at 1.3g/t Au for 116koz of contained gold2 at the Think Big deposit, providing a foundation for the project to potentially become a source of satellite ore feed to a future operation based on Astral’s flagship Mandilla Gold Project.
Locally, Feysville has been interpreted to contain upthrust ultramafics, emplaced within a sequence of volcanic sediments (the Black Flag sediment group), granitic intrusions, mafic basalts, gabbro and andesite.
A map of the Feysville Gold Project identifying tenements and deposits/prospects on local area geology is set out in Figure 2.
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This article includes content from Astral Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Astral Resources presents a compelling investment case as an ASX-listed gold explorer with a 1.46 Moz resource base in Western Australia's premier Kalgoorlie region, anchored by its flagship Mandilla project which demonstrates robust economics with an AU$442 million NPV and 11-year mine life.
Astral Resources (ASX:AAR) is a gold mineral exploration company with three gold projects in tier 1 mining jurisdictions of Western Australia. The three assets are the Mandilla gold project, the Feysville gold project, and the Carnilya Hill gold project. The flagship and 100 percent owned Mandilla gold project has a mineral resource containing 1.27 million ounces (Moz) of contained gold. The other key project, 100 percent owned Feysville, hosts an updated Mineral Resource Estimate (MRE) of 5.0 Mt at 1.2g/t gold for 196 koz of contained gold . Feysville could potentially become a satellite source of high-grade ore feed for the flagship Mandilla gold project.
The scoping study completed at Mandilla unveils robust project economics. The cornerstone of the scoping study is the Theia deposit, which alone accounts for 81 percent of the total Mandilla mineral resource estimate. The deposit hosts a mineral resource estimate of 29 Mt at 1.1 g/t gold for 1.02 Moz of contained gold in one large open pit. The scoping study indicates a mine life of 11 years with an annual production of 100,000 oz in the first seven and a half years, dropping to 41,000 oz for the remaining three and a half years. The study outlines compelling financial metrics, including NPV@8 percent of AU$442 million, free cash flow of AU$740 million, and a payback period of nine months.
Astral benefits from a team of professionals boasting extensive expertise in geology and mining.
The company is led by managing director Marc Ducler, who has more than two decades of experience in the mining industry. The management team has a proven track record of executing several successful exploration and development projects, as well as M&A.
The Mandilla gold project is located within the northern region of the Widgiemooltha greenstone belt, approximately 70 kilometers to the south of the prominent mining hub of Kalgoorlie, Western Australia. Mandilla includes four deposits namely, Theia, Iris, Eos and Hestia. The cornerstone of the project is the Theia deposit, constituting 81 percent of Mandilla's resources, totaling 29 Mt at a grade of 1.1 g/t gold, amounting to 1.02 Moz of contained gold in a single open pit. Mandilla has a total mineral resource estimate of 37 Mt at 1.1 g/t gold for 1.27 Moz.
The scoping study indicates a mine life of 11 years with an annual production of 100,000 oz in the first seven and a half years, dropping to 41,000 oz for the remaining three and a half years. Astral estimates the pre-production capital spend at AU$191 million, and the project is anticipated to generate a free cash flow of AU$740 million (assuming a gold price of A$2,750/oz). The project’s NPV @8 percent is estimated at AU$442 million, and the IRR at 73 percent.
Drill collars at Theia deposit
Astral continues to advance exploration and resource expansion efforts at Mandilla. The company recently completed a four-hole 1,762-metre in-fill diamond drilling program at the Theia deposit late last year. Best results included: 28 metres at 2.63 g/t gold, 15.5 metres at 1.81 g/t gold, 9.6 metres at 27.6 g/t gold, 2.4 metres at 169.1 g/t gold, 24.9 metres at 4.14 g/t gold and 72.2 metres at 1.15 g/t gold.
Astral has commenced work on a pre-feasibility study at Mandilla, which is due in the June quarter 2025.
The Feysville project is situated in Australia's premier gold belt, merely 14 km south of the Golden Mile deposit, which boasts 70 million ounces, located in Kalgoorlie. The project's updated JORC 2012 MRE indicates 5.0 Mt at 1.2 g/t gold for 196 koz of contained gold. Including the Mandilla MRE of 37 Mt at 1.1 g/t gold for 1.27 Moz of contained gold, Astral’s total gold MRE is now calculated to be 42 Mt at 1.1 g/t gold for 1.46 Moz of contained gold (group MRE).
At Feysville, Astral is focusing on the high-grade Kamperman prospect. A recent 31-hole (3,834 m) reverse circulation (RC) drilling program at Kamperman returned encouraging assay results. The latest drilling program returned best assay results of 33 metres at 3.75 g/t gold, 22 metres at 5.21 g/t gold, and 22 metres at 4.44 g/t gold. This high success rate continues to indicate that Kamperman has the potential to be a substantial source of high-grade satellite ore for the Mandilla processing plant.
Mark Connelly is a mining industry veteran who has held positions of CEO and managing director with several multinational companies across many jurisdictions, including Australia, North America, South America, Africa and Europe. He has a proven track record in deal making and was principally responsible for the merger of Papillon Resources and B2 Gold Corp in October 2014 (value US$570 million), as well as the key person responsible for the merger of Adamus Resources and Endeavour Mining for US$579 million. He is currently the non-executive chair of Calidus Resources, Omnia Metals Group, Alto Metals, Warriedar Resources and Nickel Search.
Marc Ducler has more than 20 years of experience in the mining industry. He has held senior operational management roles with GoldFields, BHP, Fortescue Metals, MRL and Roy Hill. He was also the managing director of Egan Street Resources (a gold exploration and development company) until it was acquired by Silver Lake Resources (ASX:SLR).
Peter Stern has experience in corporate advisory, specializing in M&A and capital raising. He has spent six years with Macquarie Bank and three years with UBS and Deutsche Bank. He is a graduate of Monash University with a Bachelor of Science (geology major). Stern is a fellow of the Australian Institute of Company Directors and the chairman of Troy Resources.
David Varcoe is a mining engineer with over three decades of experience. He has extensive operational and managerial experience across various commodities, including gold, iron ore, copper, diamonds, coal, uranium and rare earths. His expertise spans board positions, operations management, project management and consulting. Varcoe is a principal consultant with the leading Australian firm AMC Consulting.
Justin Osborne is a geologist with over 30 years of experience in exploration. He was previously the executive director at Gold Road Resources (ASX:GOR), where he played a crucial role in developing the world-class Gruyere gold deposit (6.6 Moz gold). Osborne also held senior positions on the exploration executive team at Gold Fields. He was instrumental in developing the Damang Superpit project in Ghana and achieved significant discovery success at the St Ives gold mine.
Brendon Morton has over 20 years of experience, particularly in the global resources sector across Australia, Africa and Asia. He has held several executive financial and company secretarial roles with ASX-listed and unlisted companies in the resources industry.
Steve Lampron is a mining engineer with more than 20 years industry experience. As well as having worked in production roles for companies such as Placer Dome, Barrick and North American Palladium he has also worked as a Consultant for over 10 years.
Julie Reid has 36 years of experience working across Australia, Vietnam and Indonesia, covering a variety of commodities in diverse geological terrains. She holds a Bachelor of Applied Science from Curtin University of Technology.
Gold exploration with highly prospective assets in Western Australia
Gold price chart, March 24 to 31, 2025.
Chart via the Investing News Network.
How widespread the tariffs will be, or if there will be any carve outs, is still unknown.
Trump has threatened various tariffs since the start of his administration, but few have yet to materialize. The majority have targeted US trade partners like Canada, Mexico and the European Union.
On March 26, Trump announced a 25 percent tariff on all automobiles made outside of the US, but suggested there may be exemptions for parts and vehicles that fall under US-Mexico-Canada Agreement guidelines. Those rules require that 60 percent of vehicles and components be manufactured in the US, Canada or Mexico.
The net effect of Trump's actions has been political and financial turmoil, sparking selloffs on major stock markets and pushing prices for safe-haven assets like gold to fresh records.
Additionally, China, Japan and South Korea agreed on Sunday (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.
Freeport (NYSE: FCX) today provided an update on its first-quarter operating results.
First-quarter 2025 consolidated production from FCX's global mining operations approximated expectations. The timing of shipments from PT Freeport Indonesia (PTFI) resulted in the deferral of a portion of its first quarter production to future periods.
Following receipt of regulatory approvals on March 17, 2025, PTFI resumed concentrate export shipments from Indonesia which were temporarily restricted after December 2024. Additionally, PTFI continues to ramp-up production at its newly commissioned precious metals refinery (PMR).
FCX currently expects its consolidated copper sales for first-quarter 2025 to be in line with its January 2025 guidance of 850 million pounds and its gold sales for first quarter 2025 to be approximately 100 thousand ounces below its January 2025 guidance of 225 thousand ounces.
Consolidated unit net cash costs for first-quarter 2025 are currently estimated to average approximately 5% higher than the January 2025 guidance of $2.05 per pound of copper for the first quarter, principally reflecting the timing of gold shipments resulting in lower by-product credits.
FCX is reviewing its annual consolidated sales guidance in connection with its routine quarterly forecast updates and does not currently expect a material change to its 2025 annual guidance.
FCX's consolidated average realized price for copper for first-quarter 2025 is expected to approximate $4.40 per pound, compared with the London Metal Exchange (LME) average quarterly settlement price of $4.24 per pound. FCX expects its average copper selling price to be higher than the LME average because approximately one-third of its consolidated sales are based on U.S. Commodity Exchange Inc. (COMEX) prices.
FCX will release its first-quarter 2025 earnings results before the market opens on Thursday, April 24, 2025, and will hold a conference call to discuss the results at 10:00 a.m. Eastern Time that same day.
FREEPORT: Foremost in Copper
FCX is a leading international metals company with the objective of being foremost in copper. Headquartered in Phoenix, Arizona, FCX operates large, long-lived, geographically diverse assets with significant proven and probable reserves of copper, gold and molybdenum. FCX is one of the world's largest publicly traded copper producers.
FCX's portfolio of assets includes the Grasberg minerals district in Indonesia, one of the world's largest copper and gold deposits; and significant operations in North America and South America, including the large-scale Morenci minerals district in Arizona and the Cerro Verde operation in Peru.
By supplying responsibly produced copper, FCX is proud to be a positive contributor to the world well beyond its operational boundaries. Additional information about FCX is available on FCX's website at FCX.com.
Cautionary Statement: This press release contains forward-looking statements in which FCX discusses its potential future performance, operations and projects. Forward-looking statements are all statements other than statements of historical facts, such as plans, projections or expectations relating to production and sales volumes; unit net cash costs; PTFI's remediation, commissioning, and ramp up of its new smelter and full production at the precious metals refinery; export licenses, export duties and export volumes, including PTFI's ability to continue exports of copper concentrate until full ramp-up is achieved at its new smelter in Indonesia; timing of shipments of inventoried production and the impact of copper and gold price changes. The words "anticipates," "may," "can," "plans," "believes," "estimates," "expects," "projects," "targets," "intends," "likely," "will," "should," "to be," "potential" and any similar expressions are intended to identify those assertions as forward-looking statements.
FCX cautions readers that forward-looking statements are not guarantees of future performance and actual results may differ materially from those anticipated, expected, projected or assumed in the forward-looking statements. Important factors that can cause FCX's actual results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, supply of and demand for, and prices of the commodities FCX produces, primarily copper and gold; PTFI's ability to export and sell or inventory copper concentrates through remediation and full ramp-up of its new smelter in Indonesia; changes in export duties; completion of remediation activities and achieving full ramp-up of the new smelter in Indonesia; full production at the PMR; production rates; timing of shipments; and other factors described in more detail under the heading "Risk Factors" in FCX's Annual Report on Form 10-K for the year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission (SEC).
Investors are cautioned that many of the assumptions upon which FCX's forward-looking statements are based are likely to change after the date the forward-looking statements are made, including for example commodity prices, which FCX cannot control, and production volumes and costs, some aspects of which FCX may not be able to control. Further, FCX may make changes to its business plans that could affect its results. FCX undertakes no obligation to update any forward-looking statements, which speak only as of the date made, notwithstanding any changes in its assumptions, changes in business plans, actual experience or other changes.
The operational estimates in this press release are subject to further changes upon completion of FCX's normal quarterly closing process and procedures.
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Cartier Resources presents a compelling gold investment opportunity, driven by a growing Abitibi resource, solid institutional support, and upcoming development milestones.
Cartier Resources (TSXV:ECR,FSE:6CA) is a Quebec-based gold exploration company advancing a compelling growth story anchored in one of Canada’s most prolific gold regions — the Abitibi Greenstone Belt. With a focused strategy, institutional support and a commitment to innovation, Cartier is building a significant gold resource base while positioning its flagship Cadillac project as an emerging mining camp east of Val-d’Or. As the company transitions from explorer to potential developer, the coming months present multiple catalysts for a significant valuation uplift.
Cartier projects in the Abitibi Greenstone Belt in Quebec
The Cadillac project has evolved from a single mine project into an emerging gold camp with multiple deposits, advanced resource modeling, and a clear path to development. Located in a mining-friendly jurisdiction with existing infrastructure, the Cadillac project is ideally positioned to attract development partners, strategic investments or acquisition interest from senior producers.
In 2023, using a gold price of US$1,750, Cartier completed a preliminary economic assessment( PEA) which confirmed the project’s robust economics, with a production forecast of 116,900 oz/year over 9.7 years and a low AISC of US$755/oz. With permitting pathways de-risked by historical mining activity, and over 100 km of cumulative drilling in hand, Cartier is preparing to execute a 100,000 meter exploration program — designed to validate the district-scale potential of its land package. The company’s use of AI and geostatistical reinterpretation techniques, in addition to traditional exploration methods, positions it at the forefront of modern mineral discovery.
The Cadillac project has all the hallmarks of a high-potential development-stage gold asset: grade, scale, jurisdiction, infrastructure, and strategic backing. Cartier is also actively pursuing parallel value-creation opportunities, including the reprocessing of legacy tailings at the Chimo site and monetization of non-core assets like Wilson, Fenton and Benoist.
Cadillac project’s strategic location and significant land package
The company’s flagship Cadillac project is a consolidated land package totaling 11,525 hectares, located along a 15-kilometre strike of the Larder Lake–Cadillac Fault (LLCF) — one of the most productive gold-bearing structures in Canada. This fault zone has historically produced over 100 million ounces of gold across multiple camps. Cartier’s land package includes the past-producing Chimo Mine (379,012 oz gold from 1964 to 1997), West Nordeau, and several new discovery zones over a 10-km strike length straddling the LLCF.
Cartier has completed four mineral resource estimates (MREs) between 2019 and 2022. The most recent, published in May 2023, outlined 7.1 million tons (Mt) @ 3.1 grams per ton (g/t) gold (720,000 oz) indicated and 18.5 Mt @ 2.8 g/t gold (1.63 Moz) inferred. The PEA evaluated an underground mining operation fed from three primary zones (Chimo, East Chimo, West Nordeau), with a 2.9-year payback on a C$341 million capex. The PEA assumes an average head grade of 3.0 g/t gold and annual production of 116,900 oz gold. Infrastructure advantages include an existing shaft, power line and permitted tailings facility.
In 2024, Cartier drilled 28,000 meters across 162 holes, identifying 10 new high-grade gold zones including intercepts such as 173.6 g/t gold over 0.5 m (VG10), 130.0 g/t gold over 1.4 meters (East Nordeau), and 24.7 g/t gold over 2 meters (Nordeau). A 100,000 meter follow-up drill campaign, launching in 2025, will focus on expanding these discoveries and outlining new resource blocks. The exploration strategy includes AI-driven modeling, deposit-scale reinterpretation, and traditional geophysics/geochemistry, all layered into a ranking system for prioritizing targets.
As part of Cartier’s sustainability-focused development strategy, the company is evaluating the potential for reprocessing approximately 600,000 tons of historical tailings deposited during the Chimo Mine operations. This project could unlock near-term, low-cost production with a minimal environmental footprint. Cartier will launch metallurgical characterization to assess gold recovery potential and economic viability. The project benefits from proximity to several underutilized gold mills in the Val-d’Or region, potentially enabling toll milling agreements.
Cartier also holds 100 percent ownership of three additional gold projects — Wilson, Fenton and Benoist — all located within the Abitibi Belt and each hosting historical gold mineralization or compliant resources. The Wilson Project (1,750 ha, three zones), Fenton (671 ha, 12 zones) and Benoist (3,086 ha, two zones) are currently available for joint ventures or sale. These assets offer significant exploration upside and optionality, allowing Cartier to remain focused on Cadillac while preserving long-term value.
Philippe Cloutier is the founder and driving force behind Cartier Resources. A professional geologist with over 35 years of experience in the exploration and development of precious and base metal deposits, Cloutier has a deep technical understanding of the Abitibi Greenstone Belt, having spent most of his career advancing projects in this prolific region.
Nancy Lacoursière brings over 20 years of experience in corporate finance, accounting and strategic financial management. She has held CFO and senior finance positions across the natural resources and manufacturing sectors, with a strong focus on Quebec-based operations.
Ronan Déroff is a senior exploration geologist and Cartier’s designated qualified person under NI 43-101. With over 15 years of experience in mineral exploration, resource modeling, GIS and project management, Déroff leads the technical execution of Cartier’s exploration strategy. He has overseen the development of multiple MREs and PEAs for the Cadillac project, and played a central role in integrating modern data analysis and AI-assisted targeting into the company’s workflow. He holds a Masters in operations and management of mineral resources (EGERM), from the Université d’Orléans (France).
Some have posited that the gold price may break US$3,000 per ounce and carry on as high as US$4,000 or US$5,000. Now that it has broken US$3,000 for the first time, how high could it go? There are even those with hopes 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? In the past year, a new gold all time high (ATH) has been reached dozens of times, and we share the latest one and what has driven it to this level below. We also take a look at how the gold price has moved historically and what has driven its performance in recent years.
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.
2025 gold price chart for December 31, 2024, to March 27, 2025.
Chart via the Investing News Network.
The gold price peaked at US$3,127, its all-time high, during trading on March 31, 2025. What drove it to set this new ATH?
Gold set its 20th new high price of 2025 on March 31, as US President Donald Trump's messaging continued to change with regards to the tariffs he plans to implement on April 2.
On March 30, during an interview with NBC, Trump also said he was "pissed off" with Russian President Vladimir Putin as Putin drags out peace talks. Trump threatened to put tariffs of 25 to 50 percent on US imports from any country buying Russian oil "if a deal isn't made, and (Trump thinks) it was Russia's fault."
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 United States 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.
Five-year gold price chart for March 26, 2020, to March 27, 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 the third quarter. By October 4, gold had fallen to a low of US$1,820.01 and analysts expected the precious metal to be on the path to drop below the US$1,800 level.
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 rising expectations that the US Federal Reserve would begin to reverse course on interest rates, gold broke through the important psychological level of US$2,000 per ounce 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 per ounce 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 per ounce 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 former US President Donald 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 per ounce.
One week later, news that President Joe Biden would not seek re-election and would instead pass the baton to his VP 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 per ounce on July 22.
However, the bullish factors supporting gold over the past year remain in play and the spot price for gold has gone on to breach the US$2,500 level first on August 2 on a less than stellar US jobs report before closing just above the US$2,440 level. A few weeks later, gold pushed past US$2,500 once again on August 16, to close 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 President 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 President 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 US Federal Reserve opted to leave its interest rate unchanged. The following day, President Trump announced it very likely will 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 US Federal Reserve leaving interest rates unchanged, a rush to safe haven assets and the looming threat of US President Donald 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 Russian President Putin against Ukrainian President Volodymyr Zelenskyy regarding Russia's invasion of Ukraine.
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's Charlotte McLeod 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.
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.”
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, Melissa Pistilli, 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.
(TheNewswire)
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March 31, 2025 TheNewswire - Vancouver, British Columbia Blue Lagoon Resources Inc. (the "Company") (CSE: BLLG; FSE: 7BL; OTCQB: BLAGF) is pleased to announce that it has closed a third tranche of its previously announced non-brokered private placement (the "Offering"), bringing the total funds raised across the three tranches to $2,646,750 .
In this third tranche, the Company issued 5,397,000 units (the "Units") at a price of $0.25 per Unit, raising gross proceeds of $1,349,250 .
"We are very pleased to close another successful tranche of our financing, which saw participation from both new and existing shareholders," said Rana Vig, President and CEO of Blue Lagoon Resources . "This continued support underscores the confidence in our vision as we move closer to commencing gold and silver production at Dome Mountain . These funds will be instrumental in completing the final preparations of the mine site , including the completion of our water treatment facility , and will also provide initial working capital to support the transition to production ." he said.
Each Unit in the Offering consists of one common share in the capital of the Company and one-half of one transferrable common share purchase warrant. Each whole warrant (a "Warrant") entitles the holder to purchase one additional common share of the Company at an exercise price of $0.35 per share until March 28, 2027. The proceeds raised from the Offering are expected to be used to finish the installation of the water treatment facility at the mine site, other preparatory work and for general corporate purposes. The securities issued under the Offering are subject to a four month hold period expiring on July 29, 2025, in accordance with applicable Canadian securities laws.
Any production decision in advance of obtaining a feasibility study of mineral reserves demonstrating economic and technical viability of the project is associated with increased uncertainty and risk of failure.
About Blue Lagoon Resources Inc.
Blue Lagoon Resources is a Canadian based publicly listed mining company (CSE: BLLG; FSE: 7BL; OTCQB: BLAGF) focused on building shareholder value through the aggressive development of its 100% owned Dome Mountain Gold project. The Company is run by professionals with significant finance and mining experience and operates within a prime mining jurisdiction in British Columbia, Canada. With the granting of a full mining permit, a key milestone achieved in February 2025 - one of only nine such permits issued in British Columbia since 2015 - Blue Lagoon is now focused on last preparatory activities and tasks related to the safe and secure opening of the Dome Mountain Gold Mine, targeting Q3 2025 as the start of gold production . The Company's primary objective has always been to become a cash-flowing mining company, to ultimately deliver tangible monetary value to shareholders, state, and local communities.
For further information, please contact:
Rana Vig
President and Chief Executive Officer
Telephone: 604-218-4766
Email: ranavig@bluelagoonresources.com
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Statement Regarding Forward-Looking Information: This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Blue Lagoon Resources Inc. (the "Company") expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "targets", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "mine", "production" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include results of exploration activities may not show quality and quantity necessary for further exploration or future exploitation of minerals deposits, volatility of gold and silver prices, delays in mine development activities, future cash flow expectations and continued availability of capital and financing, permitting and other approvals, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management, contractors and consultants on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's, contractor's and consultants' beliefs, estimates or opinions, or other factors, should change.
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