投资咨询业务资格：证监许可【2012】669号 中信期货研究（有⾊每⽇报告） 2025-12-30 节前资金获利了结，基本金属冲高回落 交易逻辑：11月美国CPI低于市场预期提振降息预期，美联储新一任候选 人还处于遴选中，不过这并不影响美联储独立性受损及弱美元发酵；12月 10-11日中央经济工作会议召开，定调较为积极，继续"国补"，国内消 费预期有望改善，整体上看，宏观面偏正面。原料端延续偏紧局面，并逐 步往冶炼端传导，供应端收缩风险仍然存在。终端略偏弱，12月汽车销售 延续放缓，12月空调排产降幅扩大，2026年1-2月排产预计改善，基本金 属现实供需偏宽松，但预期偏紧。整体来看，中短期，元旦前资金获利了 结，基本金属冲高回落，但弱美元预期+供应扰动担忧逻辑没变，可待铜 铝锡止跌后继续关注低吸做多机会；长期，国内潜在增量刺激政策预期仍 在，并且铜铝锡供应扰动问题仍在，供需仍有趋紧预期，看好铜铝锡价格 走势。 铜观点：供应收缩预期较强，铜价偏强运⾏。 氧化铝观点：成本⽀撑有效性较弱，氧化铝价仍旧承压。 铝观点：宏观预期正⾯，铝价震荡偏强。 铝合⾦观点：成本⽀撑延续，盘⾯震荡偏强。 锌观点：国内外库存⾛势分化 ...

Core Viewpoint - TomaGold Corporation plans to conduct a non-brokered private placement to raise up to $250,000 through the issuance of flow-through common shares at a price of $0.065 per share, subject to TSX Venture Exchange approval [1]. Group 1: Private Placement Details - The offering will consist of up to 3,846,154 common shares issued on a flow-through basis [1]. - The gross proceeds from the sale of the flow-through shares will be used for exploration expenses that qualify as Canadian exploration expenses under the Income Tax Act [2]. - The securities issued will be subject to a hold period of four months and one day under Canadian securities laws [3]. Group 2: Company Overview - TomaGold Corp. is a Canadian junior mining company focused on acquiring, exploring, and developing precious and base metal projects, primarily in gold and copper [5]. - The company's core assets are located in the Chibougamau Mining Camp in northern Quebec, including the Obalski gold-copper-silver project and options on 12 additional properties [5]. - TomaGold also holds a 24.5% joint venture interest in the Baird gold property near the Red Lake Mining Camp in Ontario, along with lithium and rare earth element projects in the James Bay region [5].

Bel, we want to get you ready for the trading day today. Three days left here in 2025. Luke Lloyd, president and CEO of Lloyd Financial Group, joining me now.I mean, look, we were talking about the possibility of Santa Claus rally, the possibility of S&P 7000. We have the hats. I already wore one.I hope they cut the commercial for it. Um, you know, at some point, do you think we get there. And is it now.>> Yeah, it's been the whole month or basically this month. I mean, you got to remember just a month ago, ...

Core Viewpoint - FireFly Metals Ltd has successfully completed an equity raising and share purchase plan (SPP), resulting in a cash balance of approximately A$246.9 million to support its drilling strategy and mining studies at the Green Bay Copper-Gold Project [1][33]. Group 1: Share Purchase Plan (SPP) Details - The SPP was increased to A$10 million due to strong demand, with applications totaling approximately A$31 million, significantly exceeding the initial target of A$5 million [2][3]. - A total of 5,826 eligible shareholders were invited to participate, with a participation rate of approximately 27%, and an average application amount of around A$19,383 [3]. - The scale back of applications was implemented to ensure equitable outcomes for shareholders, limiting dilution relative to their holdings [5][8]. Group 2: Equity Raising Overview - The equity raising included an A$85 million institutional placement, a C$34.5 million Canadian bought deal offering, and a charity flow-through placement totaling approximately A$16.4 million [7]. - The proceeds from the equity raising and SPP will primarily be used for resource growth and upgrades at the Green Bay project, as well as for underground development and working capital [3][4]. Group 3: Mineral Resource Estimates - The Green Bay Copper-Gold Project currently hosts a total of 50.4 million tonnes of Measured and Indicated Mineral Resources at a grade of 1.7% copper equivalent, and 29.3 million tonnes of Inferred Mineral Resources at a grade of 1.9% copper equivalent [14][29]. - The project has a clear strategy to rapidly grow its mineral resource to establish a globally significant copper-gold asset [14]. Group 4: Future Strategy - The company aims to maximize the potential at Green Bay through aggressive resource growth and economic studies in 2026 [5]. - The strong demand for the SPP reflects the company's commitment to its retail shareholders and its strategy to create value using nine drilling rigs [4].

The “Hard Asset Super-Cycle” of 2025 hit a speed bump on Monday, as a wave of profit-taking and easing geopolitical tensions triggered a sharp year-end correction across the metals complex. There was also a viral and unconfirmed rumor of a massive silver margin call circulating on social media, possibly adding to the downward turn. The SLV Trust is tumbling. See the chart and price action here. Metals MarketOn Monday, Gold retreated roughly 4.5% to trade near $4,345, pulling back from its recent all-time hi ...

Let's get to some committee moves. Joe, you sold the GLD. A lot of talk about metals and gold in particular recently.You sold the GLD. >> I did. So, in the middle of November, I entered a position in the GLD as a trade.This was not on an expectation that this was going to be a long-term investment. When I think about how I view 2026 for the precious metals, I want to be long the precious metals. So for those of you that are sitting in investments in precious metals and have had them over the last several ye ...

Core Insights - Gold and silver prices have sharply declined after reaching record highs, with gold futures dropping over 4% to around $3,400 and silver futures falling 8% after hitting $80 per ounce [2][6]. Group 1: Market Dynamics - The Chicago Mercantile Exchange increased margin requirements on silver futures, leading to forced selling by highly leveraged traders [2]. - Precious metals have experienced significant price increases this year, with gold rising 67% and silver surging nearly 150% due to strong industrial demand and supply deficits [5][6]. Group 2: Industrial Demand and Supply Concerns - China, the third-largest silver mining country, is expected to impose export restrictions starting in January, raising concerns about supply amid growing demand from the AI industry [3]. - Silver is crucial for various industrial applications, with nearly 60% of its usage in electronics, solar panels, and electric vehicles [3][4]. Group 3: Market Sentiment and Warnings - Analysts are cautioning about a potential reversal in the prices of gold and silver, noting historical patterns of rapid price increases followed by significant declines [6][7]. - The president and CEO of the Silver Institute highlighted the ongoing global structural market deficit for silver, which has persisted for five years [4].

Gold (GC=F) and silver (SI=F) tumbled after touching record highs, bringing a parabolic move in the precious metals space to a screeching halt. Gold futures tumbled more than 4% to hover near $3,400. Silver futures dropped 8% after briefly touching a high of $80 per ounce. Traders were on edge going into Monday's session after the Chicago Mercantile Exchange raised margin requirements on silver futures, forcing highly leveraged traders to either add cash or sell their positions. Meanwhile, China, the w ...

摘要 会当凌绝顶——铜行业 2026 年投资策略 20251229 2026 年铜行业的投资策略是什么？ 2026-2027 年全球电解铜市场供需缺口预计扩大，需求端受益于传统 需求（耐用消费品、地产）复苏和结构性需求（AI 投资、数据中心建设、 海外电网改造）增长，供给端受矿端扰动、冶炼费用下滑及潜在减产影 响。 短期铜价受矿端供应紧张支撑，中期受益于全球制造业 PMI 改善，长期 由 AI 投资和电网改造驱动。尽管存在短期波动，但对 2026 年铜价行情 持乐观态度。 2025 年铜价经历震荡上行，印尼 Grasberg 铜矿矿难和美联储鸽派表 态是关键催化剂，分别推动铜价中枢上抬和市场降息预期。 铜行业面临资源禀赋约束，包括储量少、品位低、分布分散及成本曲线 陡峭。开发周期漫长，新项目从发现到开采需 5-8 年，限制了供给快速 增长。 中国企业在全球铜业中扮演重要角色，贡献了全球产量的 15%-20%， 但贡献了 50%的增量。2026 年上半年供应紧张程度可能高于下半年， 需关注停产项目复产进度。 Q&A 2026 年是铜行业配置的良好时点，尽管 2025 年已经出现了一定涨幅，但综 合基本面和宏观环 ...

Newmont Corporation (NYSE:NEM) is one of the 13 Best Gold Mining Companies to Invest In Now. On December 10, TipRanks reported that RBC Capital increased the price target from $97 to $120 and reiterated its Buy rating on Newmont Corporation (NYSE:NEM). Earlier, on December 1, UBS analyst Daniel Major also increased the firm’s price target on Newmont Corporation (NYSE:NEM) from $105.50 to $125 and kept a Buy rating. The analyst told investors in a research note that gold started 2025 as a popular bullish t ...