Summary of Key Points from the Conference Call Industry Overview - **Industry**: Global Aerospace & Defense - **Focus**: US Defense Stocks and Budget Outlook for 2026 and Beyond Core Insights and Arguments 1. **Performance of Defense Stocks**: US defense stocks outperformed in early 2026 amid rising geopolitical tensions and President Trump's proposed $1.5 trillion defense budget for 2027, although uncertainty remains high [1][7] 2. **Budget Dynamics**: The 2026 DoD Appropriations Bill has been drafted, increasing investment funding by 27% compared to 2025, marking the largest increase in over 20 years. However, there are concerns regarding the clarity of future budgets beyond 2026 [4][24] 3. **Geopolitical Tensions**: Recent geopolitical events have calmed but remain a significant factor influencing defense budgets. Ongoing threats from countries like Iran, China, and Russia continue to exert upward pressure on defense spending [4][17][18] 4. **Executive Orders Impact**: President Trump's Executive Order restricts defense companies from share repurchases and limits executive compensation, which could pose short-term risks to stock prices [20][21] 5. **Future Budget Projections**: The proposed $1.5 trillion budget for 2027 is viewed as unlikely, with expectations for a budget increase but significant challenges in gaining Congressional support [22][23] Company-Specific Insights L3Harris - **Rating**: Outperform, Target Price: $398 - **Strengths**: High growth areas in space and rocket propulsion, strong margins in Communication Systems, and rising backlogs [8][34] - **Recent Developments**: Plans to spin off the Missile Solutions business through an IPO, supported by a $1 billion investment from the US government [35][36] Northrop Grumman (NOC) - **Rating**: Market-Perform, Target Price: $727 - **Strengths**: Strong positioning in nuclear deterrence and next-gen space programs, with growth expected from B-21 and other key programs [39] - **Challenges**: Issues with big programs and delays affecting growth potential [39] Lockheed Martin (LMT) - **Rating**: Market-Perform, Target Price: $586 - **Strengths**: High growth in Missiles & Fire Control, demand for tactical missiles [41] - **Concerns**: Execution issues and slower growth outlook due to challenges in the F-35 program [41][42] General Dynamics (GD) - **Rating**: Market-Perform, Target Price: $398 - **Strengths**: Rising demand for Navy shipbuilding and strong performance in Gulfstream business jets [46][47] - **Challenges**: Supply chain issues affecting throughput and margins [47] Raytheon (RTX) - **Rating**: Market-Perform, Target Price: $189 - **Strengths**: Growing backlog and international sales [54] - **Concerns**: Identified by President Trump as underperforming in meeting DoD demand [55] HII - **Rating**: Market-Perform, Target Price: $412 - **Strengths**: Improving shipbuilding outlook and strong backlog [49][51] - **Challenges**: Historical throughput disappointments and supply chain issues [50] Additional Important Points - **Investment Implications**: The overall dynamics are positive for defense stocks, but near-term risks related to executive orders and cash deployment policies could impact stock performance [7][33] - **Congressional Concerns**: There are significant questions regarding the Golden Dome funding and the new DoD acquisition strategy, with Congress demanding clarity on spending and performance metrics [26][27][28] This summary encapsulates the key points discussed in the conference call, highlighting the current state of the aerospace and defense industry, specific company insights, and broader implications for investors.

Core Insights - Gold prices have surged significantly, climbing 60.88% over the past six months and 93.20% over the past year, with a recent increase of 6.93% in the last five days, surpassing the $5,200 mark [1][11] - Geopolitical tensions and tariff frictions are driving market volatility and increasing demand for gold as a safe-haven asset [2][5] - Expectations of further Federal Reserve rate cuts and a declining U.S. dollar are supporting the bullish outlook for gold [4][6] Geopolitical and Economic Factors - Renewed tariff threats from President Trump against South Korea and earlier threats against Canada are escalating trade tensions, which are contributing to market unease and boosting safe-haven demand for gold [3][5] - Ongoing U.S. military actions and heightened tensions in regions like Syria, Venezuela, and the Middle East are reinforcing investor demand for gold [5] Market Dynamics - The U.S. Dollar Index (DXY) has decreased by 2.24% over the past five days and 10.75% over the past year, with an all-time decline of 19.81%, making gold more affordable for international buyers [7] - Inflows into gold and precious metals commodity funds reached $1.96 billion in the week ending January 21, marking the 10th week of net purchases in 11 weeks, indicating strong investor interest [8] Central Bank Activity - Central bank gold purchases are expected to remain robust, with Goldman Sachs projecting monthly buying to average around 60 metric tons [9] - Analysts forecast that gold prices could potentially reach $6,000 in 2026, driven by strong demand from central banks and retail investors amid escalating global tensions [10] Investment Strategies - Investors are encouraged to adopt a "buy-the-dip" strategy to increase exposure to gold, as the fundamentals supporting the rally remain strong [13] - Recommended gold ETFs for increased exposure include SPDR Gold Shares (GLD), iShares Gold Trust (IAU), and SPDR Gold MiniShares Trust (GLDM), among others [14][15] - For those interested in gold mining, options include VanEck Gold Miners ETF (GDX) and Sprott Gold Miners ETF (SGDM), which can magnify gains and losses associated with gold prices [16][17]

Stock image. Gold prices soared past $5,300 an ounce for a new record on Wednesday amid weakness in the US dollar, driving investors further away from currencies and into hard assets.Spot gold jumped more than 2% to $5,311.29 per ounce, building on a 3% gain from the previous session. Year to date, the metal has risen by almost 20%, a pace that would easily best last year’s performance (65%). Growing concerns over the value of US dollar, the world’s premier reserve currency, have sparked investment demand f ...

The dollar’s slide to a four-year low lent fresh momentum to the precious metals complex on Wednesday, pushing prices further , even as geopolitical tensions continued to support it. Reactions to the latest rally were mixed with some analysts forecasting further surge in the precious metals, but some cautioned saying they are in the over-bought category. At 1915 hours IST, gold zoomed to $5,295 an ounce. Gold April futures soared to $5,344 an ounce before easing. In India, the yellow precious ended at a fre ...

Key TakeawaysPresident Donald Trump has announced the deployment of a "massive armada" towards Iran, including a carrier strike group, escalating geopolitical tensions in the Middle East.Trump is expected to announce his choice for Federal Reserve Chair soon, signaling a push for lower interest rates that is already contributing to a four-year low for the U.S. dollar and benefiting Asian currencies.The S&P/ASX 200 Index (XJO) in Australia surged by 0.9% to 8,941.6 on Tuesday, reaching a three-month high, dr ...

Core Viewpoint - Gold has reached a record high, surpassing the $5,000 per ounce mark, driven by increased demand for safe-haven assets amid escalating geopolitical tensions [1] Group 1 - The price of gold has extended its historic rally, indicating strong investor interest in the commodity [1] - The surge in gold prices reflects a broader trend of investors seeking stability in uncertain times [1]

Group 1: Stock Performances - Hecla Mining Company (NYSE:HL) gained 29.31% this week amid rising precious metal stocks due to geopolitical tensions and a weakening US dollar, with expectations of a Fed rate cut [1] - First Majestic Silver Corp. (NYSE:AG) increased by 26.57% this week, following the trend in precious metal stocks [1] - Venture Global, Inc. (NYSE:VG) jumped 21.6% this week after the ICC issued a final arbitration award in favor of the company against Repsol [2] - Moderna, Inc. (NASDAQ:MRNA) rose 17.44% this week due to positive results from a five-year follow-up of a Phase 2b melanoma vaccine trial [2] - New Gold Inc. (AMEX:NGD) gained 24.03% this week, supported by a recommendation from Glass Lewis for shareholders to vote in favor of a merger with Coeur Mining Inc. [3] - Coeur Mining, Inc. increased by 23.13% this week, also benefiting from the merger news with New Gold [3] - United Microelectronics Corporation (NYSE:UMC) jumped 13.82% this week, reflecting positive market sentiment [3] - Micron Technology, Inc. (NASDAQ:MU) rose 13.21% this week after an analyst initiated coverage with an Outperform rating [4] - Korea Electric Power Corporation (NYSE:KEP) gained 15.29% this week, contributing to the overall positive performance in the sector [4] Group 2: Company Guidance and Production - Iamgold Corporation (NYSE:IAG) produced 765,900 ounces of gold in 2025 and provided guidance for 2026, targeting production between 720,000 to 820,000 ounces [4]

Market Overview - The combined market valuation of nine of the top-10 most valued firms decreased by ₹2.51 lakh crore last week, with Reliance Industries experiencing the largest decline [1][2] - The BSE benchmark Sensex fell by 2,032.65 points or 2.43 percent during the same period [1] Company-Specific Valuations - Reliance Industries' market valuation dropped by ₹96,960.17 crore to ₹18,75,533.04 crore [3] - ICICI Bank's valuation decreased by ₹48,644.99 crore to ₹9,60,825.29 crore [3] - HDFC Bank's market cap fell by ₹22,923.02 crore to ₹14,09,611.89 crore [3] - Bharti Airtel's valuation diminished by ₹17,533.97 crore to ₹11,32,010.46 crore [3] - Tata Consultancy Services (TCS) saw a decline of ₹16,588.93 crore to ₹11,43,623.19 crore [3] - Larsen & Toubro's market cap decreased by ₹15,248.32 crore to ₹5,15,161.91 crore [3] - Bajaj Finance's valuation fell by ₹14,093.93 crore to ₹5,77,353.23 crore [4] - State Bank of India's market cap edged lower by ₹11,907.5 crore to ₹9,50,199.77 crore [4] - Infosys' valuation dived by ₹7,810.77 crore to ₹6,94,078.82 crore [4] - Hindustan Unilever's market cap increased by ₹12,311.86 crore to ₹5,66,733.16 crore [4] Market Sentiment - The market sell-off was attributed to weak global cues, persistent foreign institutional investor (FII) outflows, a depreciating rupee, and subdued corporate earnings [2][5] - Escalating geopolitical tensions and aggressive FII selling contributed to the market correction [5]

Market Overview - The combined market valuation of nine of the top-10 most valued firms decreased by ₹2.51 lakh crore last week, with Reliance Industries experiencing the largest decline [1][2] - The BSE benchmark Sensex fell by 2,032.65 points or 2.43 percent during the same period [1] Company Valuations - Reliance Industries' market valuation dropped by ₹96,960.17 crore to ₹18,75,533.04 crore [3] - ICICI Bank's valuation decreased by ₹48,644.99 crore to ₹9,60,825.29 crore [3] - HDFC Bank's market valuation fell by ₹22,923.02 crore to ₹14,09,611.89 crore [3] - Bharti Airtel's valuation diminished by ₹17,533.97 crore to ₹11,32,010.46 crore [3] - Tata Consultancy Services (TCS) saw a decline of ₹16,588.93 crore in its market capitalisation, bringing it to ₹11,43,623.19 crore [3] - Larsen & Toubro's market capitalisation decreased by ₹15,248.32 crore to ₹5,15,161.91 crore [3] - Bajaj Finance's valuation declined by ₹14,093.93 crore to ₹5,77,353.23 crore [4] - State Bank of India's market capitalisation edged lower by ₹11,907.5 crore to ₹9,50,199.77 crore [4] - Infosys' market valuation dived by ₹7,810.77 crore to ₹6,94,078.82 crore [4] - In contrast, Hindustan Unilever's market capitalisation increased by ₹12,311.86 crore to ₹5,66,733.16 crore [4] Market Sentiment - The market correction was attributed to several factors, including escalating geopolitical tensions, aggressive foreign institutional investor (FII) selling, and concerns regarding the depreciation of the rupee [5]

Company Overview - Avino Silver & Gold Mines focuses on silver and gold production, primarily operating in Mexico with key assets being the Avino Mine and La Preciosa [1] Recent Performance - ASM's share price increased by 13.5%, closing at $7.83, driven by a 22% year-over-year increase in silver production [3] - The company produced 345,298 ounces of silver in Q4 2025, contributing to a total silver production of 1.16 million ounces for the year, which is a 4% increase [3] Market Trends - The broader market for silver has been favorable, with prices soaring 223.6% year over year due to strong safe-haven demand, geopolitical tensions, and trade conflicts [4] - Industrial demand for silver, particularly in solar energy and electronics, has also contributed to the price increase [4] Analyst Ratings - H.C. Wainwright upgraded ASM to a "Buy" rating on January 23, 2026, raising the price target from $7.40 to $12.50, reflecting confidence in ASM's growth potential [2][6] - The stock is currently priced at $9.26, marking an 18.20% increase with a market capitalization of approximately $1.45 billion [5]