Precious metals prices rallied on the back of heightened uncertainty over U.S. trade policy. ...

Core Insights - Resourcing Tomorrow has announced a new senior-level conference focused on mining and critical minerals investment, scheduled for April 16-17, 2026, at the Four Seasons Hotel in Hong Kong [1] - The conference aims to provide a practical understanding of mining investments, covering aspects such as capital structures, risk management, project development, and returns [2] Conference Details - The agenda will address key investment themes in global mining and critical minerals markets, including mining risk, Chinese and Asian capital engagement, gold and precious metals, critical minerals and battery supply chains, midstream and processing, and geopolitical risks [2] - The event will feature interactive leadership roundtables, closed-door discussions, and structured networking to facilitate senior-level dialogue [3] Speaker Lineup - Confirmed speakers include industry leaders such as Jason Chang (CEO, EMR Capital), Greg Fournier (Managing Director, CIBC Hong Kong), Ling Lu (Managing Director, Standard Chartered Bank), and others [6]

Core Viewpoint - Rio Tinto is refocusing its strategy after UBS resumed coverage with a 'Neutral' rating and increased its 12-month price target to 6,900p from 5,800p, despite shares trading at 7,051p [2] Group 1: Earnings and Financial Projections - UBS raised its earnings assumptions for Rio Tinto, upgrading 2026E EBITDA by 7% and 2027E by 4%, reflecting higher lithium price assumptions and upgrades to precious metals prices [3] - The changes in earnings assumptions are also influenced by Rio's fourth-quarter production report released on January 21 [3] Group 2: Strategic Focus and Operations - With takeover speculation set aside, UBS expects Rio Tinto to concentrate on becoming "a Stronger, Sharper and Simpler organisation," targeting a 40-50% uplift in EBITDA by 2030 and around 3% annual organic growth, primarily driven by Simandou, OT, and lithium [4] - The company plans to exit non-core operations and infrastructure such as TiO2 and borates while maintaining a 60% dividend payout [4] - The discussions with Glencore highlighted Rio's ambition to increase its exposure to copper through organic options and potentially selective M&A [4] Group 3: Takeover Speculation - Rio Tinto decided against pursuing a takeover of Glencore after due diligence revealed significant differences in price and governance expectations, with Glencore seeking about 40% of the combined entity and Rio wanting to retain the chairman and CEO roles [5]

Core Viewpoint - The current market dynamics show a disconnect between stock performance and bond yields, with stocks trading positively while bonds remain resilient despite expectations for higher yields [1][3][6]. Group 1: Market Sentiment - Stocks are trading with enthusiasm, reflecting a growth narrative, while President Trump has mentioned a potential growth rate of 15% [1][2]. - Despite expectations for higher yields due to corporate debt accumulation, bonds are performing well globally, indicating a possible negative growth outlook [2][3]. Group 2: Price Action Analysis - The current price action in bonds is seen as unusual, as it suggests a preference for locking in low yields, which contradicts the positive sentiment in stocks [3][4]. - There is a concern that the current market rally in stocks may not be sustainable, with potential for a broader market washout if yields rise as expected [4][6]. Group 3: Sector Rotation and Diversification - The rotation trade away from US tech stocks towards cheaper global equities is viewed as a fundamental strategy, although it may have gone too far [9][11]. - Small-cap stocks in the US are under scrutiny, with concerns that some software companies may face challenges due to indiscriminate targeting [10][11].

Core Insights - StoneX Group reported a very strong start to fiscal 2026, achieving record net operating revenues, net income, and earnings per share for the quarter ended December 31, 2025 [4][7] Financial Performance - Operating revenues totaled just over $1.4 billion, reflecting a 52% increase year-over-year and a 20% increase sequentially [1] - Net operating revenues increased 47% year-over-year and 24% sequentially [1] - The company posted record net income of $139 million and diluted EPS of $2.50, with net income rising 63% year-over-year and EPS increasing 48% [3][7] - Return on equity was reported at 22.5%, with a book value per share of $48.17 [2][7] Business Segments and Growth Drivers - Growth was primarily driven by listed derivatives, which saw revenues rise by $157.3 million year-over-year, including $130.7 million from the R.J. O'Brien acquisition [6][8] - Precious metals segment generated $75 million in income, with revenues increasing by $83.9 million [6][10] - Operating revenues from OTC derivatives climbed 72% year-over-year, while physical contracts saw a 69% increase [8] Integration and Synergies - The integration of R.J. O'Brien and Benchmark contributed pre-tax net income of $28.5 million and $4.6 million, respectively [5][14] - Management affirmed expected synergies of $50 million, with milestones anticipated later in fiscal 2026 [5][17] - The U.K. consolidation released $20 million in capital, with further consolidations planned [16] Client Activity and Market Position - Average client equity increased by 100%, with R.J. O'Brien contributing $5.8 billion in average client equity during the quarter [9] - StoneX's precious metals operation is described as an "ecosystem," providing various services including OTC liquidity and logistics for physical metal [11][12] Stock Actions - The board approved a 3-for-2 stock split, with shares expected to be distributed on March 20, 2026 [22]

Core Insights - Gold.com, Inc. reported a diluted earnings per share of $0.46 and a net income of $11.6 million for Q2 FY 2026, alongside a non-GAAP EBITDA of $33.9 million [1][2][9] Financial Performance - Revenues for Q2 FY 2026 increased by 136% to $6.477 billion from $2.742 billion in Q2 FY 2025, and increased by 76% from $3.681 billion in Q1 FY 2026 [9][30] - Gross profit for Q2 FY 2026 rose by 109% to $93.4 million, with a gross profit margin of 1.44%, down from 1.63% in Q2 FY 2025 [9][31] - Net income attributable to the Company increased by 77% to $11.6 million from $6.6 million in Q2 FY 2025, and showed a significant recovery from a net loss of $0.9 million in Q1 FY 2026 [9][37] - Adjusted net income before provision for income taxes for Q2 FY 2026 was $23.2 million, a 74% increase from $13.4 million in Q2 FY 2025 [9][38] - EBITDA for Q2 FY 2026 totaled $33.9 million, reflecting a 109% increase compared to $16.2 million in Q2 FY 2025 [9][39] Operational Highlights - Gold ounces sold in Q2 FY 2026 increased by 17% to 545,000 ounces from 466,000 ounces in Q2 FY 2025, while silver ounces sold decreased by 15% to 18.6 million ounces [12][23] - The number of secured loans at period end decreased by 31% to 355 from 518 in the previous year [12][23] - Direct-to-Consumer (DTC) new customers increased by 47% to 96,100, and active customers rose by 64% to 229,100 compared to Q2 FY 2025 [12][23] Strategic Initiatives - The company completed a rebranding from A-Mark Precious Metals to Gold.com and transitioned its stock listing to the New York Stock Exchange under the ticker symbol "GOLD" [1][3] - The acquisition of Monex Deposit Company was finalized in January 2026, enhancing the company's market position [3] - The company is focused on optimizing its expense structure and unlocking synergies from recent acquisitions [3][4] Dividend Announcement - Gold.com's Board of Directors declared a quarterly cash dividend of $0.20 per share, payable on March 4, 2026 [49]

Group 1 - Precious metals prices have shown volatility, experiencing fluctuations before rising again [1] - The current trend indicates a rebound in prices after a period of decline [1] Group 2 - The market for precious metals remains sensitive to economic indicators and geopolitical events [1] - Investors are closely monitoring these trends for potential investment opportunities [1]

Core Insights - Precious metals have likely reached a bottom in their price decline, but they are still facing significant market tests ahead [1] Group 1 - The current market conditions suggest that precious metals may stabilize after a period of decline, indicating potential for recovery [1] - Investors are advised to monitor upcoming economic indicators and geopolitical events that could impact precious metal prices [1] - The demand for precious metals remains strong, driven by both industrial applications and investment interest [1]

Core Viewpoint - The significant rise in silver prices has been followed by a dramatic decline, mirroring trends seen in other precious metals [1] Group 1 - Silver's price increase was notable, but its subsequent drop has been equally striking [1] - The decline in silver prices reflects broader market trends affecting other precious metals [1]

Core Viewpoint - The nomination of Kevin Warsh by President Donald Trump to lead the Federal Reserve is causing market volatility, particularly affecting stocks, Bitcoin, and gold prices due to concerns about potential changes in monetary policy [1]. Group 1: Market Reactions - The markets are reacting negatively to Warsh's nomination, with significant impacts observed in precious metals, indicating a potential bubble being punctured [1]. - Stocks, Bitcoin, and gold are all experiencing fluctuations as investors reassess their positions in light of the new Fed leadership [1]. Group 2: Historical Context - The article references former Federal Reserve Chair William McChesney Martin's perspective on the central bank's role, suggesting that Warsh's nomination aligns with a more hawkish approach to monetary policy [1].