"The bigger picture to me is this idea that the paper money supply keeps increasing against gold. It's not necessarily about gold prices rising, it's about the value of paper currencies falling in relation to gold," said Will Rhind of GraniteShares.
Will Rhind, CEO of GraniteShares, discusses gold's ongoing price momentum and latest all-time high, saying he sees fear as a key driver right now.
However, increasing M2 money supply is also an important underlying factor for the yellow metal.
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Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
The gold price saw peaks and troughs this week.
After rising to almost US$3,350 per ounce on Monday (May 26), the yellow metal took a dive, dropping to just below US$3,260 on Wednesday (May 28). It was back on the rise the next day, hitting US$3,324, but ended up finishing the week lower, closing out at the US$3,289 level.
Trade tensions were in focus throughout the period.
Concerns lessened early in the week, when US President Donald Trump said he would delay raising tariffs on the EU, but uncertainty ratcheted back up on Wednesday, when an American trade court issued a ruling that blocked most of his tariffs put in place by his administration.
“It is not for unelected judges to decide how to properly address a national emergency” — Kush Desai, White House spokesperson
The decision prompted a flurry of activity and backlash from Trump and his supporters, with a federal appeals court ultimately reinstating the tariffs on May 29 (Thursday).
The turmoil was beneficial for gold, as was news that the US economy shrank by 0.2 percent annually in Q1. The GDP estimate is the second of three from the Bureau of Economic Analysis, and comes in lower than the first calculation of a 0.3 percent contraction.
Commodities giant Glencore (LSE:GLEN,OTC Pink:GLCNF) has quietly moved billions worth of global coal and ferroalloys assets into an Australian subsidiary.
The Australian Financial Review was the first to report the news, and it's already sparked speculation about renewed M&A talks between Glencore and Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO). The two major companies reportedly engaged in discussions last year, but did not move forward.
With this restructuring from Glencore and Rio Tinto's CEO due to step down later this year, market watchers see potential for a deal to be done.
Anglo American (LSE:AAL,OTCQX:AAUKF) made headlines this week as the firm finished demerging its platinum-group metals unit, Valterra Platinum (JSE:VAL).
Valterra, formerly Anglo American Platinum, began trading on the Johannesburg Stock Exchange on Wednesday, and will have a secondary listing in London as of June 2.
Anglo made the decision to spin off Valterra after heading off a US$49 billion takeover bid from BHP (ASX:BHP,NYSE:BHP,LSE:BHP) last year. The company embarked on a restructuring plan that will see it hone in on copper and iron ore; like platinum, its coking coal and nickel assets are set to be divested.
Interestingly, Valterra's debut comes alongside a platinum price boost. The metal recently broke out to its highest level in about two years, nearly reaching US$1,100 per ounce.
Edward Sterck of the World Platinum Investment Council believes it's too soon to tell whether the rise is sustainable, but he does see a "perfect storm" brewing for platinum.
Here's how he explained it:
I think platinum's fundamentals are just highly attractive at the moment.
You've got really constrained supply, you've got demand that is actually beginning to show some real signs of growth, driven principally by an inflection in jewelry demand and by ongoing growth in investment demand.
And so given those things are resulting in these really significant deficits — this is the third year of almost a million ounces of deficit out of an 8 million ounce market — those are just rapidly depleting those aboveground stocks ... this has all generally come together as a perfect storm. We are seeing that tightness in the market, and I feel quietly optimistic that we're going to see that long-awaited price response come through.
Watch the full interview for a more in-depth look at supply and demand dynamics for platinum.
Want more YouTube content? Check out our expert market commentary playlist, which features interviews with key figures in the resource space. If there's someone you'd like to see us interview, please send an email to cmcleod@investingnews.com.
And don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
It was a slow start to the week for gold, but it didn't take long for the price to pick up.
The yellow metal began the period at the US$3,220 per ounce level, but was gaining steam by Tuesday (May 20), briefly breaking US$3,300. Gold continued higher the next day, and after pulling back briefly on Thursday (May 22) was able to finish the week strong, changing hands at the US$3,360 level.
Bond market turmoil is one factor that's been influencing gold's price movements.
A Wednesday (May 21) auction of 20 year bonds was poorly received, with yields surging past 5.1 percent to reach the highest level seen since November 2023. Yields for 10 year and 30 year bonds were also on the rise, with the latter nearing a two decade high as stocks and the dollar took hits.
The upheaval in bonds came on the back of US President Donald Trump's efforts to get the One Big Beautiful Bill through the House. Slowing the passage of the wide-ranging domestic policy package were concerns that Trump's plan to cut taxes would significantly increase US debt.
"Make no mistake, the bond market will have its own vote on the terms of the budget bill. It doesn’t seem this president or this Congress is actually going to meaningfully reduce the deficit" — George Catrambone, DWS Americas
Last week's downgrade of US debt from Moody's (NYSE:MCO) also didn't help bonds. The agency bumped its rating down from AAA, its highest ranking, to AA1, which is one step lower. It expects even larger deficits in the US in the coming decade as government revenue stays flat and entitlement spending rises.
The One Big Beautiful Bill ultimately passed on Thursday by a very slim margin, receiving 215 votes in favor and 214 against. It will now proceed to the Senate, where it may face further obstacles.
Contained in the bill are tax cut extensions for both individuals and corporations, as well as provisions for removing taxes on tips and overtime. It also allows for tax deductions on American-made vehicles, and offers "Trump savings accounts" for newborns. The bill cuts funding to initiatives like Medicaid and the Supplemental Nutrition Assistance Program, better known as SNAP.
Preliminary analysis from the Congressional Budget Office, a nonpartisan organization, suggests that the bill will increase the federal deficit by US$3.8 trillion during the 2026 to 2034 period.
The uranium sector got a boost on Friday (May 23) after Trump signed several executive orders geared at overhauling the country's Nuclear Regulatory Commission and speeding up nuclear reactor deployment.
"It's a hot industry. It's a brilliant industry. You have to do it right," Trump told reporters about the nuclear energy sector. The executive orders also focus on initiatives to power up US uranium mining and enrichment, and will allow nuclear reactors to be built on federal land.
The news sent uranium stocks higher, with sector major Cameco (TSX:CCO,NYSE:CCJ) closing the day up 10.04 percent at C$80.55. Denison Mines (TSX:DML,NYSEAMERICAN:DNN) and Uranium Energy (NYSEAMERICAN:UEC) saw even larger gains of 13.49 percent and 25 percent, respectively.
The Sprott Uranium Miners ETF (ARCA:URNM) finished up 12.14 percent.
A note from the European Central Bank (ECB) turned heads this week with the suggestion that certain dynamics could make the gold market a threat to financial stability.
Here's a key excerpt from the report:
While gold prices are driven by many factors, investors showed high demand for gold as a safe haven asset and, at the beginning of 2025, a notable preference for gold futures contracts to be settled physically. These dynamics hint at investors’ expectations that geopolitical risks and policy uncertainty could remain elevated or even intensify in the foreseeable future. Should extreme events materialise, there could be adverse effects on financial stability arising from gold markets.
The full ECB report is definitely worth a read if you have the time.
Gold's high price hasn't deterred buyers in China — new customs data from the country shows that April imports clocked in at 127.5 metric tons, an 11 month high.
That's also a 73 percent increase from the previous month, according to Bloomberg. The news outlet notes that China's central bank controls the flow of gold in and out of the country, so the strong increase is likely the result of fresh quotas given to some commercial banks.
Want more YouTube content? Check out our expert market commentary playlist, which features interviews with key figures in the resource space. If there's someone you'd like to see us interview, please send an email to cmcleod@investingnews.com.
And don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Josef Schachter of the Schachter Energy Report shares his updated outlook for oil and natural gas.
He sees a buy window potentially opening for stocks in June, and also believes oil prices are due to rise.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
WaveTrack International founder Peter Goodburn discusses his outlook for gold and silver.
"It's going to be very difficult to really double your money in gold at these price levels — even after a correction, I think it will be difficult ... (but) I think US$70 (per ounce) is a very easy proposition for silver based on the gold-silver ratio," he said.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Private investor Don Hansen returns to share his latest thoughts on gold, gold stocks and more.
"There is never going to be a better time to get in the gold market. It can't get any better," he said.
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Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
