One kilogram and a five hundred gram gold bars next to one kilogram silver bars at The Vaults Group gold dealers arranged in Barcelona, Spain, on Monday, April 28, 2025.Gold and silver prices lost ground on Wednesday as investors booked profits after a historic annual rally and exchange operator CME Group hiked the margins on precious metal futures for the second time in the space of a week.Spot gold prices fell 0.8% to $4,313.59 per ounce at 7:50 a.m. ET, extending losses in the run-up to the new year. The ...

Core Insights - The crypto market is experiencing significant volatility, particularly in October, which is traditionally seen as a bullish month, due to renewed US-China trade tensions [1][4] - Bitcoin has seen a decline of over 12% after reaching an all-time high above $126,000, negatively impacting the broader market [1][3] - Recent market rebounds are viewed as temporary and driven by short-covering rather than genuine improvements in trade relations [2][4] Trade Tensions - The Chinese commerce ministry has announced enhanced restrictions on rare earth metal exports, which are crucial for various industries [2] - US President Trump threatened a 100% tariff on Chinese imports, causing turmoil in global markets, including crypto [3] - The current 90-day tariff truce between the US and China is set to conclude soon, with potential new tariffs of 30% on Chinese imports and 10% on US imports into China [5] Market Reactions - Spot Bitcoin exchange-traded funds have experienced outflows exceeding $362 million, while spot Ether ETFs saw outflows of $428 million [3] - Analysts predict that upcoming tariff news will significantly influence market volatility as both countries seek leverage [6]

Trade Relations - India's Commerce and Industry Minister, Piyush Goyal, is visiting the U.S. to discuss a "mutually beneficial" trade agreement aimed at resolving tariff tensions, particularly regarding U.S. tariffs on Indian goods and oil imports from Russia [2][4] - The U.S. has imposed a 50% tariff on most Indian goods and an additional 25% tariff on Russian crude oil purchases, significantly affecting Indian exporters in labor-intensive sectors [3][4] - The goal is to finalize a bilateral trade agreement by autumn 2025, with a target to increase bilateral trade from $191 billion to $500 billion by 2030 [4] H-1B Visa Policy - A new executive order by U.S. President Donald Trump imposes a $100,000 one-time fee for H-1B worker visas, causing confusion among visa holders, particularly from India and China [5][6] - Major tech firms have advised employees to return to the U.S. before the deadline due to fears of potential re-entry restrictions [5][6] - The administration claims the H-1B program has been exploited to lower wages, while supporters argue it is essential for attracting skilled talent [6] Automotive Industry - Mitsubishi Motors achieved a significant victory in the Asia Cross Country Rally 2025, outperforming Toyota despite budget constraints [10][11] - This win marks Mitsubishi's first rally triumph in three years and highlights the company's strategic improvements under financial pressures [11]

Tariff Impact & Economic Outlook - UBS认为，即使总统实施所有关税，有效关税率也仅增加2% [3] - 市场已消化关税噪音，因税收减免和预期降息提供支持 [4][8] - 市场意识到已实施的关税将在下半年对经济产生影响，通货膨胀将上升，企业利润将受到一定程度的打击 [7] Tax Cuts & Corporate Performance - 美国公司享受永久性的企业税削减，税率从35%降至21% [9] - 税收减免、资本支出条款、奖金折旧和研发支出将支持企业降低有效税率，即使他们面临关税的不利因素 [11] Dollar Dynamics & Global Investment - 全球投资者可能对美国资产配置过多，导致美元下跌 [12] - 美元走弱有利于美国公司，因为当他们转换较弱的美元时，他们的外国收入看起来更好 [13] Fed Policy & Market Drivers - 市场上涨并非完全依赖美联储降息，更倾向于经济保持良好状态 [14] - 人工智能资本支出周期将推动市场向前发展 [16] Small Cap Opportunities - 小型公司估值偏低，但需要通胀降低、美联储降息以及关税问题不大等条件才能真正上涨 [17][18] - 目前的环境（通胀高企，增长放缓）对小型公司不利 [19]

Core Insights - SSR Mining Inc. (SSRM) stock reached a 52-week high of $13.48, closing at $13.45, driven by the restart of Seabee mine operations and high gold and silver prices [1][5] - Year-to-date, SSRM shares have increased by 45.1%, outperforming the industry growth of 21% and the Zacks Basic Materials sector and S&P 500 gains of 22.7% and 25%, respectively [1][5] Performance Comparison - SSR Mining has outperformed peers such as Pan American Silver (PAAS), Hecla Mining (HL), and IAMGOLD (IAG), which have year-to-date gains of 35.2%, 30.8%, and 29.1%, respectively [2] Growth Drivers - The current silver price is approximately $36.80 per ounce, near a 13-year high, influenced by U.S. trade policy changes and geopolitical uncertainties, with both silver and gold prices up 27% year-to-date [9] - The silver market is projected to face a deficit of 117.6 million ounces in 2025, marking the fifth consecutive year of deficit, which is favorable for silver prices [10] - Gold prices are expected to rise due to increased central bank purchases and ongoing geopolitical tensions [12] Operational Updates - Seabee mine operations resumed on June 13, 2025, after a two-week suspension due to power outages, with no reported damage [12] - In Q1 2025, Seabee produced 26,001 ounces of gold, a 9.4% year-over-year increase, with expectations of 70,000-80,000 ounces for the full year [13] - The cost of sales for Seabee is projected at $1,230-$1,270 per payable ounce, with an all-in sustaining cost (AISC) of $1,710-$1,750 per payable ounce for 2025 [13] Strategic Acquisitions - SSR Mining acquired the Cripple Creek & Victor (CC&V) mine on March 3, 2025, enhancing its U.S. presence and adding approximately 170,000 ounces to annual gold output [14][15] - The acquisition is expected to positively impact key per-share metrics, including NAV, gold production, mineral reserves, and free cash flow [15] Earnings Estimates - The Zacks Consensus Estimate for SSR Mining's earnings for 2025 and 2026 has increased by 52.4% and 16%, respectively, over the past 60 days [16] - The consensus estimate for 2025 earnings is $1.25 per share, indicating a year-over-year increase of 346%, while the estimate for 2026 is $2.02 per share, reflecting a 62% increase [18] Valuation Metrics - SSR Mining is currently trading at a forward 12-month price-to-earnings multiple of 8.16X, which is below the industry average of 14.44X and cheaper than IAMGOLD at 8.31X [19][20] Long-Term Growth Outlook - SSR Mining has a diversified portfolio with expected gold production at Marigold to exceed 270,000 ounces annually by 2027, with an 18% CAGR from 2024 [21] - Seabee's production is anticipated to average 75,000 ounces annually from 2024 to 2028, with ongoing exploration and resource development to extend mine life [22] Investment Consideration - The strategic acquisition of the CC&V Mine, combined with strong asset performance and rising gold and silver prices, positions SSR Mining favorably for growth, supported by an attractive valuation and upward earnings estimate revisions [25]