A UAE ban on all trade with Sudan has badly impacted the North African nation’s gold exports, spurring it to seek alternative buyers in Oman and elsewhere https://t.co/9UwgPMcvVC ...

Investment Rating - The report maintains a bullish outlook on gold and silver, raising long-term price targets for gold to $2,500 per ounce and silver to $35 per ounce, reflecting increases of +25% and +30% respectively [3][4]. Core Insights - The report highlights that the conditions driving the recent strength in gold prices are expected to persist, including factors such as the US structural deficit, inflationary pressures from deglobalization, perceived threats to the independence of the US central bank, and global geopolitical tensions [3]. - Central banks are projected to continue purchasing gold at elevated levels, with a calculation indicating that over 11,000 tonnes of gold would need to be acquired to achieve a 30% gold holding in total reserves, suggesting a bullish outlook for gold prices [2][12]. - The average gold price forecast for the next six years has been increased by +6% to $3,049 per ounce, while the average silver price forecast has been raised by +7.5% to $38 per ounce [3]. Summary by Sections Price Forecasts - Long-term real gold and silver prices have been raised to $2,500 per ounce and $35 per ounce respectively, with near-term forecasts for gold at $3,356 per ounce in 2025 and $3,659 per ounce in 2026 [3][7]. - The report anticipates a short to medium-term target for gold prices to reach $4,000 per ounce [3]. Central Bank Purchases - Central banks are expected to exert upward pressure on gold prices through continued purchases, with a significant amount of gold needed to reach optimal portfolio allocations [2][12]. - The report notes that central banks with less than 30% of their reserves in gold will need to purchase a total of 24,665 tonnes to achieve this target, indicating a long-term demand for gold [2][21]. Company Ratings and NAV - The report indicates that net asset values (NAVs) and price objectives (POs) for North American precious metals companies have increased, with an average NAV increase of around 12% and POs up by approximately 11% [4]. - Agnico Eagle Mines (AEM) is highlighted as the top pick due to its strong track record and growth potential [4].

Group 1 - The Federal Reserve Chairman Powell signaled a dovish stance at the Jackson Hole annual meeting, indicating the possibility of two more rate cuts within the year, which is expected to drive down real interest rates and benefit gold prices [1] - Zhongjin Gold, as a leading company in the gold industry, achieved a net profit of 2.695 billion yuan in the first half of 2025, representing a year-on-year increase of 54.64%, with the mining segment's gross profit margin rising by 6.97 percentage points to 55.27% [1] - The company has actively explored and increased reserves, completing an increase in gold metal reserves of 13.82 tons, thereby strengthening its resource assurance capabilities [1] Group 2 - As of August 29, 2025, the CSI Hong Kong-Shenzhen Gold Industry Stock Index rose by 3.47%, with constituent stocks such as WanGuo Gold Group and Jiangxi Copper rising by 8.90% and 8.66% respectively [3] - The Gold Stock ETF Fund saw a 3.13% increase, with a latest price of 1.35 yuan, and has accumulated a 4.72% increase over the past week [3] - The Gold Stock ETF Fund has a one-year net value increase of 41.33%, with a maximum monthly return of 16.59% since inception [4] Group 3 - The top ten weighted stocks in the CSI Hong Kong-Shenzhen Gold Industry Stock Index account for 66.02% of the index, with Zijin Mining and Shandong Gold being the top two [5] - The Gold Stock ETF Fund closely tracks the CSI Hong Kong-Shenzhen Gold Industry Stock Index, which includes 50 large-cap stocks involved in gold mining, smelting, and sales [4]

Core Viewpoint - The SPDR Gold Trust, the world's largest gold ETF, reported a total holding of 962.5 tons of gold as of August 27, 2025, reflecting an increase of 2.58 tons from the previous trading day, indicating a positive trend in gold ETF holdings [5]. Group 1: Gold ETF Holdings - As of August 27, 2025, SPDR Gold Trust's holdings reached 962.5 tons, up by 2.58 tons from the prior day [5]. - This marks the third consecutive trading day of increases in gold ETF holdings [5]. Group 2: Gold Price Movement - On August 27, spot gold prices experienced a slight increase, with a low of $3,373.51 per ounce and a high of $3,398.82 per ounce, closing at $3,397.48, up by $3.86 or 0.11% [5]. - The gold price faced downward pressure earlier due to a rebound in the US dollar and profit-taking by short-term speculators, but buying support emerged as prices dipped [5]. Group 3: Federal Reserve Influence - Federal Reserve's New York President Williams indicated that the September meeting is "live," suggesting policy flexibility, but did not explicitly support rate hikes or cuts [5]. - The market anticipates an 87% probability of a 25 basis point rate cut at the Fed's September 17 meeting, influenced by dovish comments from Powell [6]. Group 4: Technical Analysis - Technical indicators suggest a neutral to bullish outlook for gold, with prices above all moving averages and an RSI above 50, indicating potential for upward movement [6]. - Key resistance is near the $3,400 mark, with further resistance at approximately $3,440 if breached [6]. - Important support levels are identified at the convergence of the 21-day and 50-day moving averages around $3,350, with a more solid support at the 100-day moving average of $3,328 [6].

Core Insights - The company is currently operating eleven drill rigs as part of a fully funded 70,000-metre drill program for 2025, with three rigs at the San Antonio Project and eight at the Guayabales Project [1] - Drilling at the Guayabales Project aims to define shallow mineralization, expand high-grade sub-zones, and test new targets, with two deep capacity drill rigs focused on the Apollo system [1][3] - The San Antonio Project has seen approximately 10,000 metres of diamond drilling completed, with significant mineralization identified at the Pound target [2][4] Company Developments - Executive Chairman Ari Sussman expressed confidence in the potential of the San Antonio Project, highlighting its proximity to infrastructure and the absence of nearby communities [3] - The company has upgraded all rigs at San Antonio to optimal performance parameters due to previous drilling limitations [5] - The results from drill holes SAC-15 and SAC-18 indicate strong porphyry mineralization, with SAC-18 averaging 1.88 g/t AuEq over 172.40 metres [6][9] Technical Details - The assay results from SAC-15 show 154.20 metres averaging 1.12 g/t AuEq, including higher density mineralized sub-zones [5][8] - The company has identified three mineralized phases at the San Antonio Project, with Phase 1 covering a large area and hosting low-grade gold, while Phases 2 and 3 contain higher-grade mineralization [8] - The company plans to drill test multiple targets within the San Antonio Project in 2025, leveraging its close proximity to the Guayabales Project [14]

Summary of J.P. Morgan Commodity Market Positioning & Flows Industry Overview - The report focuses on the global commodity market, specifically analyzing open interest values and investor positioning across various sectors including energy, precious metals, base metals, and agricultural commodities [3][7][10]. Key Points and Arguments Global Commodity Market Trends - The estimated value of global commodity market open interest declined by **1.0% week-over-week (WOW)**, decreasing by **$14 billion** to **$1.47 trillion**, falling below the 10-year seasonal high [3][7]. - The net investor position across global commodity futures markets decreased by **3.3% WOW**, amounting to **$124 billion** as of August 12 [3][14]. Sector-Specific Insights - **Energy Markets**: - Open interest value in energy markets decreased by **$6 billion WOW**, marking the third consecutive weekly decline, primarily due to price weakness amid ongoing geopolitical tensions [3][20]. - Global oil demand growth is tracking at **0.92 million barrels per day (mbd)**, slightly below the estimated **0.94 mbd** for the year-to-date [3]. - **Precious Metals**: - Open interest in precious metals markets fell by **5.9% WOW** to **$245 billion**, driven by significant outflows from gold markets totaling **$9.7 billion** [3][25]. - The People's Bank of China (PBoC) continued its gold buying streak, adding **2 tonnes** to its reserves in July, with year-to-date purchases reaching **21 tonnes** [4]. - **Base Metals**: - Open interest in base metals increased by **2.3% WOW** to **$175 billion**, with net inflows concentrated in copper and nickel [6][24]. - **Agricultural Commodities**: - Open interest value in agricultural markets rose by **1.4% WOW** to **$330 billion**, driven by rising prices in grains and oilseeds [6][27]. - The USDA reported record high US corn and soybean yields, with corn at **188.8 bushels per acre** and soybeans at **53.3 bushels per acre** [6]. Price Momentum and Market Signals - Price momentum across commodities was mixed, with declines in most metals and energy markets, while agricultural commodities showed increased momentum [6][47]. - Positive price momentum signals were observed for **CBOT Soybeans** and **ICE Coffee**, while short-term sell signals emerged for **ICE EUA's**, **COMEX Gold**, and **LME Lead** [6][47]. Investor Positioning - Managed Money net length in COMEX Gold futures decreased by **5.7k contracts** to approximately **148k contracts net long**, indicating a cautious investor sentiment [3][15]. - The net long position of Investment Funds in European Union Allowances (EUA's) increased by **39% WOW** to **28,856 lots** as of August 8 [6][23]. Additional Important Insights - The report highlights the importance of monitoring Federal Reserve Chair Powell's comments at Jackson Hole, particularly regarding gold markets, as sticky inflation suggests limited easing from the Fed [3]. - The report also cautions about potential short covering risks across grain, cotton, and sugar markets due to weak investor positioning [6]. This comprehensive analysis provides a detailed overview of the current state of the global commodity market, highlighting key trends, sector-specific insights, and investor behaviors that could influence future market movements.

Core Viewpoint - Collective Mining Ltd. has announced positive assay results from its ongoing drilling program at the Apollo system, indicating significant gold-silver-copper-tungsten mineralization and the potential for further expansion of the resource [1][6][12]. Drilling Program and Results - The company is conducting a fully funded 70,000 metre drill program for 2025, with 11 drill rigs currently operational, focusing on the Guayabales Project and the San Antonio Project [2][3]. - Approximately 133,000 metres of diamond drilling have been completed at the Guayabales Project, with 93,000 metres specifically at Apollo [3]. - Recent assay results from four drill holes at Apollo revealed high-grade mineralization, including 183.70 metres at 3.01 g/t gold equivalent from 37.30 metres downhole (APC-134) and 37.15 metres at 7.05 g/t gold equivalent from 118.10 metres downhole (APC-136) [6][8][14]. Future Plans and Expectations - The company plans to expand the high-grade Ramp Zone at Apollo, with a second large capacity drill rig now on site and expected to begin operations shortly [4][6]. - The shallow drilling program at Apollo is nearing completion, with approximately six drill holes remaining, and is expected to enhance the internal block model by filling gaps and expanding the mineralized area by about five percent [14]. Project Overview - The Guayabales Project is the flagship project of Collective Mining, anchored by the Apollo system, which hosts large-scale, high-grade mineralization [12][11]. - The company aims to systematically drill test newly modeled high-grade sub-zones and explore greenfield targets within the project area [12].

Core Insights - Norsemont Mining Inc. has launched a redesigned corporate website and updated corporate presentation following a successful private placement with new strategic investors [1][4] - The new website features improved navigation and expanded information on the Choquelimpie Gold-Silver-Copper Project, enhancing investor access to corporate updates and resources [2][3] Company Overview - Norsemont Mining owns a 100% interest in the Choquelimpie project in northern Chile, which has an initial mineral resource estimate of 2,184,000 indicated gold equivalent ounces and 557,000 inferred gold equivalent ounces [6] - The Choquelimpie project has over 1,700 drill holes and significant existing infrastructure, including roads, power, water, camp, and a 3,000-tonne-per-day mill [6] - The company is committed to responsible and sustainable resource development, utilizing modern exploration techniques to enhance shareholder value [6]

Group 1: Bitcoin Market Dynamics - Bitcoin has surpassed $124,000 per coin, reaching a new historical high on August 14 [1][3] - In July, Bitcoin first broke the $120,000 mark, indicating increased investor confidence in risk assets globally [4] - Companies in the U.S. have significantly increased their Bitcoin holdings, with Strategy holding approximately 629,000 Bitcoins, and Marathon Digital Holdings owning 50,639 Bitcoins [4][5] Group 2: Market Volatility and Liquidations - Over the last 24 hours, 107,000 traders experienced liquidations, totaling approximately $431 million, with long positions accounting for $149 million and short positions for $283 million [6][7] - The largest single liquidation occurred on Bybit-BTCUSD, valued at $10 million [6] Group 3: Gold Market Response - Spot gold prices surged, reaching over $3,374 per ounce, recovering previous losses [2][9] - The recent decline in the U.S. dollar index has made gold more affordable for overseas buyers, contributing to the price increase [10] - Expectations of a potential interest rate cut by the Federal Reserve in September have further bolstered gold prices, with a projected increase of 28% in gold prices this year [11]

Group 1: Bitcoin Market Dynamics - Bitcoin has surpassed $124,000 per coin, reaching a new historical high, indicating increased investor confidence in risk assets globally [1][3] - In Q2 2025, U.S. listed companies purchased approximately 131,000 bitcoins, an 18% increase from the previous quarter, with Strategy holding the largest amount at about 629,000 bitcoins [3][4] - The recent surge in Bitcoin prices is attributed to favorable legislative conditions for crypto assets under the Trump administration and the growing trend of companies accumulating Bitcoin [6] Group 2: Cryptocurrency Market Performance - Other major cryptocurrencies, including Ethereum (ETH), Dogecoin (DOGE), and Cardano (ADA), have also seen significant price increases, reflecting a broader rally in the digital asset market [4][5] - In the last 24 hours, over 107,000 traders experienced liquidations, totaling approximately $431 million, with long positions accounting for $149 million and short positions for $283 million [5][6] Group 3: Gold Market Trends - Spot gold prices have risen sharply, reaching over $3,374 per ounce, recovering previous losses amid the cryptocurrency rally [2][8] - The decline in the U.S. dollar index and a slight decrease in the 10-year U.S. Treasury yield have provided support for gold prices [9][10] - Market expectations for a potential interest rate cut by the Federal Reserve in September have further bolstered optimism, contributing to the rise in gold prices [10]