Group 1 - The traditional 60/40 stock-bond portfolio is losing its effectiveness as stocks and bonds increasingly move together during market stress, eroding decades of diversification strategies [1][2][4] - The International Monetary Fund (IMF) highlights that the breakdown of traditional hedging strategies is reshaping financial markets, making diversification more challenging [2][5] - Historically, bonds provided a buffer against falling equity prices, but this relationship has deteriorated since late 2019, particularly during the pandemic [3][4] Group 2 - The simultaneous decline of stocks and bonds during market selloffs is compounding losses and increasing volatility, affecting hedge funds and risk parity strategies that depend on historical correlations [4][5] - Conservative institutions like pension funds and insurance companies are now facing unexpected market swings, raising systemic risks [5] - As conventional hedges falter, investors are turning to non-sovereign assets such as gold and silver, which have seen significant price increases, with gold more than doubling since early 2024 [7][8] Group 3 - Economic pressures, including expanding bond supply and inflation above target levels, have diminished the protective qualities of sovereign debt [8][9]

Ivanhoe Mines reports profit of $228M and adjusted EBITDA of $578M for 2025Kamoa-Kakula generates 2025 revenue of $3.28B and EBITDA of $1.45B, at a margin of 44%, despite lower production and sales since MayKamoa-Kakula cost of sales of $2.82/lb., and cash cost (C1) of $2.16/lb., achieving revised 2025 guidanceKamoa-Kakula cash cost (C1) guidance of $2.20/lb. to $2.50/lb. for 2026, decreasing to $1.90/lb. to $2.30/lb. for 2027Ramp up of Africa's largest and highest-technology copper smelter advancing ahead ...

Core Viewpoint - Giga Metals Corp. is launching a fully funded spring field program to advance exploration in the Attic Zone of the Turnagain Project, which is promising for copper, platinum, and palladium mineralization [1][5]. Group 1: Spring Program Details - The spring program aims to build on the successful results from the previous year's magnetotelluric (MT) survey, which effectively mapped the ultramafic intrusion [2][4]. - An integrated MT-EM approach will be employed to systematically explore previously underexplored areas within the Attic Zone to significant depths [4]. - Fieldwork is expected to commence in June, with results anticipated later in the summer [5]. Group 2: Project Background - The Turnagain Project, located in northern British Columbia, contains one of the few significant undeveloped sulphide nickel and cobalt resources globally [6]. - The Attic Zone is adjacent to the known nickel resource and is also prospective for copper, platinum, and palladium mineralization [7]. Group 3: Technical Aspects - The expanded MT coverage will include three additional MT lines, bringing the total to five, which will help define the search volume for conductors within the ultramafic intrusion [9]. - A ground electromagnetic (EM) survey will also be conducted to detect conductive bodies within or at the margins of the intrusion, with technical parameters being finalized [9].

Gold advanced back above $4,900 an ounce as dip-buyers snapped up the metal after a two-day drop. Bullion rose as much as 2.7% in thin trading on Wednesday, with much of Asia offline due to the Lunar New Year holiday. The metal had lost more than 3% over the previous two sessions. Throughout the holiday period investors “can reasonably expect a soft patch” for precious metals, analysts at BMO Capital Markets wrote in a note, opening a window for bargain-buying. Gold had an extraordinary month in Januar ...

039542.76553.8011.040.235.560.361.160.280.021.18Including552.14553.801.660.758.141.527.601.820.096.11LION MREPML-25- 045368.40370.201.800.5414.461.157.960.980.125.56and380.20389.609.400.257.292.011.830.230.093.26Including381.25385.304.050.4714.504.453.980.520.157.01and40 25-046495.80516.2020.400.689.040.885.011.290.064.11Including496.80505.208.401.4216.661.5010.132.900.078.05Note: Reported length is downhole distance; true width based on model projections is estimated as 85% of downhole length1Copper Equiva ...

Chalice Mining Conference Summary Company Overview - **Company**: Chalice Mining (OTCPK:CGML.F) - **Focus**: Discovery of a large-scale palladium, nickel, and copper resource near Perth, Australia, with significant quantities of gold, platinum, and cobalt [1][2] Key Financial Metrics - **Market Capitalization**: Approximately AUD 700 million [5] - **Cash and Investments**: AUD 71 million, funding the project to Final Investment Decision (FID) in early 2028 [3] - **Net Present Value (NPV)**: AUD 1.4 billion at base case prices, increasing by AUD 250 million for every $100 increase in palladium price [2][12] - **Internal Rate of Return (IRR)**: 23% at base case prices, currently around 38% at spot prices [7][12] - **Production Profile**: Expected to produce 220,000 ounces of precious metals and 16,000 tonnes of base metals annually, with a palladium equivalent of about 450,000 ounces [6] Project Development - **Mine Life**: Initial 23 years with potential for further resource extraction [6] - **Production Costs**: All-in sustaining cost of $370 per ounce, making it the lowest cost producer in the PGM space [7][19] - **Resource Size**: 660 million tonnes in an open pit, with 17 million ounces of contained PGMs [7][8] - **Reserve Conversion**: Approximately half of the resource is in proven and probable reserves [8] Market Dynamics - **Palladium Demand**: Strong demand driven by hybrid vehicle sales and electronics applications, with a significant market size of 9 million ounces per year [16][18] - **Geopolitical Factors**: U.S. tariffs on Russian palladium are expected to drive prices higher, as there are limited alternative sources [14][15] - **Supply Constraints**: South African and Russian producers are struggling to maintain production, leading to a potential supply crunch [19] Exploration and Future Opportunities - **Exploration Investment**: AUD 5-10 million allocated for grassroots exploration in the least explored western part of Yilgarn [3] - **Government Support**: Major and strategic project status from the government, with encouragement to expand the project [9] - **Funding Opportunities**: Anticipated low-cost financing and interest from export credit agencies for project funding [24] Metallurgical Advances - **Flow Sheet Development**: Successful development of a proven flow sheet for nickel and copper concentrates, overcoming previous challenges [21][22] - **Metallurgical Testing**: AUD 15 million spent on metallurgical test work, resulting in improved recovery rates [21] Conclusion - **Investment Opportunity**: Chalice Mining presents a compelling investment opportunity with significant upside potential as it approaches production, especially given the current undervaluation relative to spot NPV [4][12][25]

Market Overview - Gold prices remained stable at approximately $4,880 an ounce after experiencing a decline of over 3% in the previous two sessions due to a strengthening US dollar [1] - A significant rally had previously driven gold to an all-time high of over $5,595 an ounce in late January, but the market corrected sharply to nearly $4,400 within two sessions [2] Price Forecasts - Major banks such as BNP Paribas, Deutsche Bank, and Goldman Sachs predict that gold prices will resume an upward trend, supported by ongoing geopolitical tensions and a shift away from sovereign bonds and currencies [3] - Investors are closely monitoring comments from Federal Reserve officials for insights into US monetary policy, as potential interest rate cuts could benefit non-yielding precious metals like gold [4] Federal Reserve Insights - Fed Governor Michael Barr indicated that interest rates should remain steady until there is more evidence of inflation moving towards the central bank's 2% target [5] - Fed Bank of Chicago President Austan Goolsbee mentioned the possibility of further rate cuts this year if inflation continues to trend towards the target [5] Current Market Data - As of 8:51 a.m. in Singapore, spot gold was priced at $4,880.18 an ounce, while silver decreased by 1% to $72.83 an ounce. Platinum and palladium saw slight increases of 0.9% and 0.5%, respectively [6]

Fundamentals - Spot gold rose 0.2% to $4,886.69 per ounce after declining more than 2% to a more than one-week low on Tuesday [1][9] - U.S. gold futures for April delivery remained steady at $4,904.50 [1][9] - A stronger dollar makes gold more expensive for holders of other currencies [4][10] - Markets expect three 25-basis-point Fed rate cuts this year, which typically benefits non-yielding bullion [6][10] - Spot silver fell 0.8% to $72.86 per ounce after dropping over 4% in the last session [7][10] - Spot platinum gained 0.9% to $2,025.80 per ounce, while palladium added 0.5% to $1,690.54 [7][10] Market Conditions - Mainland Chinese, Hong Kong, Singapore, Taiwan, and South Korea markets are closed for the Lunar New Year holidays, leading to low trading volumes and potential volatility [5][10] - Geopolitical risks are keeping markets on edge as investors await the Federal Reserve's January meeting minutes for insights into future rate cuts [10] Economic Indicators - Chicago Fed President Austan Goolsbee indicated that the Fed could approve "several more" rate cuts this year if inflation declines to the central bank's 2% target [5][10] - Recent weak consumer price reports may mask strong service price increases [5][10]

Gold fell below $4,900 an ounce as the dollar advanced amid thin holiday trading, with much of Asia closed for the Lunar New Year. Silver also retreated. The dollar rose as much as 0.4% before easing to trade little changed — after closing higher Monday — as traders kept an eye on potential tensions in the Middle East and growing risk-off sentiment across equity markets. A stronger greenback makes precious metals more expensive for most buyers. Most Read from Bloomberg Bullion has been on a powerful ra ...

Core Viewpoint - Gold prices have experienced volatility, slipping below $5,000 an ounce amid thin trading conditions, influenced by recent US inflation data and market sentiment [1][2]. Group 1: Price Movements - Gold fell as much as 1.4% on Tuesday, following a 1% loss in the previous session, with current trading at $4,967.82 an ounce [1][6]. - A speculative buying wave had previously pushed gold to a record high above $5,595 an ounce, but a two-day rout brought it back to near $4,400, from which it has regained roughly half of its losses [2]. Group 2: Market Forecasts - Major banks, including BNP Paribas, Deutsche Bank, and Goldman Sachs, predict that gold prices will resume an upward trend due to persistent factors such as geopolitical tensions and a shift away from currencies and sovereign bonds [3]. - Jefferies analysts have raised their 2026 price forecast for gold to $5,000 an ounce from $4,200, citing inflation and dollar debasement as key supportive macro factors [4]. Group 3: Market Sentiment and Risks - Analysts suggest that if gold remains below $5,000 for an extended period, it could discourage bullish traders due to recent volatility, increasing downside risks [5].