NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OTTAWA, Ontario, Sept. 05, 2025 (GLOBE NEWSWIRE) -- (TSX: MNT/MNT.U) The Royal Canadian Mint (the “Mint”) announced today that it has completed its previously-announced follow-on offering of 833,200 exchange-traded receipts (“ETRs”) under the Mint’s Canadian Gold Reserves program at a price of C$53.18 per ETR for gross proceeds of C$44,309,576 (the “Offering”). The newly-issued ETRs have been listed on the Toronto Stock ...

Core Viewpoint - The article discusses the contrasting trends in international and domestic gold prices, highlighting the confusion among investors regarding whether to buy at current prices or wait for a potential drop. It emphasizes the high valuation and volatility of gold prices, driven by various economic factors and market sentiments [3][4][5]. Group 1: Price Movements - On September 4, gold futures on the New York Commodity Exchange fell to a low of $3,573.7 per ounce, with a maximum intraday drop exceeding $40 [1]. - In contrast, the Shanghai Gold Exchange saw gold prices rise, with the benchmark price reaching a high of 811 RMB per gram, and gold bars priced at 814 RMB [1]. - Domestic gold investment bars were quoted at 849 RMB, while branded gold jewelry prices increased to 1,060 RMB, reflecting a slight rise from the previous day [1]. Group 2: Market Analysis - The current gold price is seen as having deviated from fundamental support, leading to ongoing technical correction pressures and subsequent sell-offs [3][4]. - The strengthening U.S. dollar is identified as a key factor suppressing gold prices, as a stronger dollar increases the cost of gold for holders of other currencies, thereby reducing demand [4]. - Analysts suggest that high gold prices may deter investor interest, creating a negative feedback loop where higher prices lead to weaker demand [4]. Group 3: Future Outlook - There is a divergence of opinions regarding future gold price movements, with some analysts believing that the underlying support for gold prices remains intact despite short-term correction risks [5][6]. - A critical price point is identified at $3,500 per ounce; a rebound at this level may signal the end of short-term adjustments, while a drop below could lead to deeper corrections [6][7]. - The upcoming Federal Reserve meeting on September 16-17 is anticipated to influence market expectations regarding potential interest rate cuts, which could impact gold prices [6].

Report Industry Investment Rating No information provided. Report's Core View - Gold is experiencing a cooling of sentiment [2][4] - Silver is in a state of oscillatory adjustment [2][4] - For copper, the market's expectation of the Fed's interest rate cut restricts the price decline [2][9] - Zinc is in a continuous process of inventory accumulation [2][12] - The reduction of internal and external inventories supports the price of lead [2][15] - Tin is oscillating within a range [2][17] - Aluminum is oscillating within a range, alumina is operating weakly, and cast aluminum alloy follows the trend of electrolytic aluminum [2][22] - The price of stainless steel is oscillating within a narrow range [2][26] Summary by Related Catalogs Gold and Silver - **Fundamental Data**: The closing prices of Shanghai Gold 2510 and Gold T+D showed increases, while the closing price of Shanghai Silver 2510 slightly decreased. The trading volume and positions of some contracts changed, and the positions of SPDR Gold ETF decreased. The inventories of Shanghai Gold and Shanghai Silver increased [5] - **Macro and Industry News**: The US ISM services index expanded at the fastest pace in half a year, employment was weak, and prices remained high. The ADP employment growth in August slowed significantly, and the first - time unemployment claims reached the highest level since June. The trade deficit widened, and there were various statements and events related to the Fed [5][8] - **Trend Intensity**: The trend intensity of both gold and silver is 0, indicating a neutral outlook [7] Copper - **Fundamental Data**: The closing prices of the Shanghai Copper main contract and the London Copper 3M electronic disk decreased. The trading volume and positions of some contracts changed, and the inventory of Shanghai Copper increased while that of London Copper decreased [9] - **Macro and Industry News**: The weak JOLTS job vacancy data in the US strengthened the market's expectation of interest rate cuts. The copper production in Chile in July increased slightly, and some copper - related companies had production and operation news [9][11] - **Trend Intensity**: The trend intensity of copper is 0, indicating a neutral outlook [11] Zinc - **Fundamental Data**: The closing price of the Shanghai Zinc main contract decreased, while that of the London Zinc 3M electronic disk increased. The trading volume and positions of some contracts changed, and the inventory of Shanghai Zinc decreased while that of London Zinc decreased [12] - **News**: The ADP employment growth in the US in August slowed significantly, strengthening the Fed's interest rate cut expectation. The US trade deficit widened [13] - **Trend Intensity**: The trend intensity of zinc is - 1, indicating a slightly bearish outlook [14] Lead - **Fundamental Data**: The closing prices of the Shanghai Lead main contract and the London Lead 3M electronic disk decreased. The trading volume and positions of some contracts decreased, and the inventories of Shanghai Lead and London Lead decreased [15] - **News**: The weak JOLTS job vacancy data in the US strengthened the market's expectation of interest rate cuts [15] - **Trend Intensity**: The trend intensity of lead is 0, indicating a neutral outlook [15] Tin - **Fundamental Data**: The closing prices of the Shanghai Tin main contract and the London Tin 3M electronic disk decreased. The trading volume and positions of some contracts changed, and the inventories of Shanghai Tin and London Tin increased [18] - **Macro and Industry News**: Similar to the gold - silver section, there were various economic data and events in the US [18][19][20] - **Trend Intensity**: The trend intensity of tin is - 1, indicating a slightly bearish outlook [21] Aluminum, Alumina, and Cast Aluminum Alloy - **Fundamental Data**: The closing prices of the Shanghai Aluminum main contract, the Shanghai Alumina main contract, and the Aluminum Alloy main contract changed. The trading volume and positions of some contracts also changed, and the inventories of electrolytic aluminum, alumina, and aluminum alloy had different trends [22] - **Comprehensive News**: The US ISM services PMI expanded at the fastest pace in half a year, with weak employment and high prices [24] - **Trend Intensity**: The trend intensity of aluminum and cast aluminum alloy is 0 (neutral), and that of alumina is - 1 (slightly bearish) [24] Nickel and Stainless Steel - **Fundamental Data**: The closing prices of the Shanghai Nickel main contract and the Stainless Steel main contract changed. The trading volume and positions of some contracts changed, and there were price and profit - related data in the nickel industry chain [26] - **Macro and Industry News**: There were various events in the nickel - related industry in Canada, Indonesia, and China, such as production suspension, environmental violations, and policy changes [26][27][28][29][30] - **Trend Intensity**: The trend intensity of both nickel and stainless steel is 0, indicating a neutral outlook [31]

Core Viewpoint - Domestic gold jewelry prices continue to rise, with brands like Chow Sang Sang and Luk Fook Jewelry increasing prices by 7 RMB per gram, reflecting a broader trend in the gold market [1][2]. Market Demand - Consumers are primarily purchasing gold for wedding-related needs, with many remaining rational and not stockpiling gold despite rising prices [2][4]. - The recent increase in gold prices has led to a cautious approach among consumers, with many opting to wait for potential price drops before making significant purchases [2][5]. Consumer Behavior - The foot traffic at the Shui Bei Gold Trading Center saw a significant increase during the summer months, with 2.763 million visitors, a 22.2% year-on-year rise, but a decline of 9.13% in early September [4]. - Couples and families are the main buyers, focusing on wedding gold and gifts for children, while the demand for small decorative items is also noted [2][3]. Investment Trends - There is a noticeable cooling in investment demand for gold, with many consumers choosing to wait for price corrections before buying investment gold bars [5]. - The gold recovery market is experiencing a surge, with a doubling of customers seeking to sell or exchange gold, indicating a shift in consumer sentiment towards liquidity [5]. Market Outlook - Gold has become a highly sought-after asset, with spot gold prices reaching over $3,560 per ounce, marking a year-to-date increase of over 35% [6]. - Several financial institutions are optimistic about future gold prices, with projections suggesting prices could reach $3,700 to $4,000 per ounce by mid-2026 [6].

Group 1 - The Hecht Commodity Report is a comprehensive source for commodities analysis, covering over 29 different commodities and providing various market calls and trading recommendations [1][2] - Platinum and palladium have underperformed compared to gold and silver, with palladium reaching a peak of $3,342.50 per ounce in early 2022 before dropping below $1,000 [2] - The report offers actionable ideas for traders and investors, including bullish, bearish, and neutral calls [1][2] Group 2 - The author maintains positions in commodities markets, including futures, options, and physical holdings of platinum and palladium [3] - The report emphasizes that past performance does not guarantee future results, and no specific investment advice is provided [4]

Market Overview - Silver opened at $40.843 on September 3, reached a high of $41.461, a low of $40.622, and closed at $41.1260. On September 4, silver opened at $41.270, peaked at $41.382, dipped to $40.957, and closed at $41.010 [1]. Key Economic Data - U.S. July JOLTs job openings were reported at 718.1 thousand, lower than the expected 737.8 thousand and previous 743.7 thousand [2]. - U.S. July factory orders decreased by 1.3%, slightly better than the expected decline of 1.4% and a previous drop of 4.8% [2]. - U.S. August ISM Manufacturing PMI was 48.7, below the expected 49 and previous 48 [2]. - U.S. August Consumer Confidence Index was reported at 97.4, exceeding the expected 96.2 and revised previous value of 98.7 [2]. - U.S. July Core PCE Price Index year-on-year was 2.9%, matching expectations and slightly above the previous 2.8% [2]. Federal Reserve Policies and Events - Federal Reserve officials expressed differing views on interest rate cuts, with some suggesting potential cuts depending on economic data [2]. - The Federal Reserve will hold a payment innovation meeting on October 21 to discuss stablecoins, AI, and tokenization [2]. Precious Metals Market Dynamics - The largest gold ETF, SPDR Gold Trust, saw a decrease in holdings by 6.3 tons, bringing the total to 984.26 tons [2]. - The largest silver ETF, iShares Silver Trust, reported a reduction of 85.08 tons in holdings, now totaling 15,281.4 tons [2]. Technical Analysis - The silver price is currently in an upward trend, with potential targets set at $41.03, $42.00, and $43.56 based on recent price movements [5]. - The analysis indicates that as long as silver does not fall below the 60-minute moving average, there is an expectation for continued upward movement [5]. Trading Strategies - Aggressive traders are advised to short between $40.90 and $41.30, while conservative traders may consider shorting between $42.80 and $43.16, with a stop loss of $0.35 [6]. - For long positions, aggressive traders may enter between $40.15 and $39.70, with strict stop losses, while conservative traders may look to enter between $39.70 and $39.50 [7].

Market Overview - Global financial markets exhibited a cautiously optimistic tone, with major US indices closing higher despite modest gains [1] - Investors are digesting a series of corporate news and macroeconomic signals while focusing on potential future monetary policy paths [1] US Market Performance - S&P 500 Index rose by 0.29% to $6,450 [3] - Dow Jones Index increased by 0.15% to $45,330 [3] - Nasdaq Composite Index climbed by 0.35% to $23,420 [3] - Russell 2000 Index saw a rise of 0.14% to $2,350 [3] Commodity Market - WTI crude oil stabilized above $65, trading at $65.40 [3][4] - Gold prices fluctuated around $3,538, supported by expectations of a rate cut by the Federal Reserve [3][4] - Silver remained near multi-year highs, slightly above $40 per ounce [3] European Market Performance - FTSE 100 Index decreased by 0.08% to $9,160 [3] - DAX Index increased by 0.08% to $23,660 [3] - CAC 40 Index rose by 0.25% to $7,729 [3] Notable Stock Movements - ULTA Beauty stock surged by 7.98% to $532 after Barclays raised its target price from $589 to $617 [3] - Kraft Heinz stock fell by 6.9% to $26.08 following the announcement of a split to revitalize growth after a decade of merger [3] Sector Focus - The focus of the market is on precious metals and defense sectors, with gold shining due to strong rate cut expectations [4] - Geopolitical uncertainties continue to drive strong momentum in defense stocks, making them prominent in the current market [4]

[Music] The gold platinum ratio calculated as the price of gold divided by the price of platinum serves as a key metric for investors by providing insights into the relative valuation, market dynamics, and broad economic signals between the two precious metals. The ratio helps investors determine whether gold or platinum is overvalued or undervalued compared to the other, guiding decisions on when to buy, sell, or switch between the two. Historically, platinum has traded at a premium to gold due to its rari ...

Core Insights - The article discusses the increasing demand for precious metals, particularly gold and silver, driven by changes in investment regulations in countries like India and Saudi Arabia, as well as the ongoing economic conditions in the U.S. [2][30] - It highlights the potential for stagflation in the U.S. economy, suggesting that commodities and defensive stocks may be favorable investments, while bonds and growth stocks could face pressure [2][30]. CFTC Data Analysis - As of August 26, 2023, the net long positions for COMEX gold increased by 4.5% to 461 tons, while silver saw a significant rise of 18.8% to 5,319 tons [3][6]. - The total long positions for COMEX gold rose by 2.2%, and for silver, it increased by 10.3%, indicating a bullish sentiment in the market [3][6]. - The article notes that the net long positions for platinum and palladium have shown mixed results, with palladium remaining in a net short position for 137 weeks [7][18]. Global Investment Trends - Indian pension fund managers are advocating for increased investment limits in gold, real estate trusts, and infrastructure trusts, which could lead to a significant increase in gold demand [2][27]. - The Saudi Arabian central bank's recent purchases of silver ETFs signal a growing interest from sovereign wealth funds in precious metals [2][29]. Economic Indicators - The article suggests that the U.S. economy may be entering a stagflation phase, which historically leads to increased investment in commodities and physical assets [2][30]. - The correlation between gold prices and North American gold mining stocks has weakened, with the gold price to mining stock ratio dropping to its lowest in three years [19][21]. Market Sentiment - The gold-silver ratio, an indicator of market sentiment, was reported at 86.885, reflecting a slight increase but a cumulative decline of 4.4% for the year [23][24]. - The market anticipates potential interest rate cuts by the Federal Reserve, with expectations of two rate cuts by the end of the year [26][30].

Summary of J.P. Morgan Commodity Market Positioning & Flows Industry Overview - The report focuses on the global commodities market, particularly the precious metals, energy, agricultural, and environmental markets as of August 29, 2025 Key Points Precious Metals Market - Expectations of a Federal Reserve rate cut have driven precious metals to new highs, increasing the estimated value of global commodity market open interest by 0.8% week-over-week (WOW) to $1.51 trillion, marking a five-week high [3][8] - The estimated value of net investor positions in precious metals rose by $2.5 billion WOW to $82.2 billion, with a projected increase of $12.5 billion as of August 29 [3][4] - Gold inflows accounted for $11.3 billion of the total inflows, contributing to a 7% increase in the estimated value of open interest in precious metals to $264 billion [4][27] Energy Market - The estimated value of open interest in energy markets declined by $7 billion WOW, marking the fourth consecutive weekly decline, primarily due to outflows in petroleum products and natural gas [4][22] - Natural gas markets saw a $4.3 billion decline in open interest, driven by $4.7 billion in net outflows [4][36] Agricultural Market - The estimated value of open interest in agricultural markets decreased by 1% WOW to $327 billion, largely due to net outflows of $4.2 billion [4][29] - Short covering was observed across grain and oilseed markets, with a 21% decline in the projected net short position of Managed Money [4][29] Environmental Markets - Open interest in environmental markets increased by 1.8% WOW to $77 billion, driven by net inflows of $1 billion, primarily from the European Union Allowances (EUA) market [4][25] Global Commodity Inventory - The Global Commodities Inventory Monitor (GCIM) showed a recovery in inventory levels, with a rise to 59.3 days-of-use, up 0.5% month-over-month (MOM) [3][52] - Ex-China inventories increased by 1.5% MOM to 51.36 days-of-use, the highest reading of 2025 [3][53] Market Dynamics - Concerns over softening US labor demand persist, with expectations of a soft August jobs report [3] - The US Court of Appeals ruled against President Trump's use of IEEPA for imposing tariffs, which may impact trade dynamics [3] Price Momentum - Price momentum varied across commodities, with notable increases in NYMEX Natural Gas, COMEX Gold, and CBOT Corn, while declines were seen in ICE Cotton and NYMEX Palladium [4][48] Investor Positioning - The overall net investor position across global commodity futures markets increased by 4.5% WOW to $122 billion, with losses only in base metals markets [4][14] Additional Insights - The report highlights the mixed performance across various commodity sectors, indicating a complex market environment influenced by macroeconomic factors and investor sentiment [4][48]