Markets and commodities react

In Canada, equity markets were mostly positive this week. The S&P/TSX Composite Index (INDEXTSI:OSPTX) gained 1 percent to close at 27,314.01 on Friday (July 18) and set a new all-time high during the week. The S&P/TSX Venture Composite Index (INDEXTSI:JX) fared even better this week, gaining 2.53 percent to 797.75. However, the CSE Composite Index (CSE:CSECOMP) fell 2.6 percent to 126.84.

As for US equity markets, the S&P 500 (INDEXSP:INX) gained 0.66 percent to close Friday at 6,296.78 and the Nasdaq 100 (INDEXNASDAQ:NDX) climbed 1.35 percent to 23,065.47, with both also setting new record highs during the week. On the other hand, the Dow Jones Industrial Average (INDEXDJX:.DJI) fell 0.1 percent to 44,342.20.

In precious metals, the gold price rose 0.78 percent over the week to US$3,349.66 by Friday at 5 p.m. EDT. Meanwhile, the silver price continued to trade near 11-year highs, climbing 3.13 percent on the week to US$38.15 per ounce.

In base metals, copper ended the week were it started out, but was still trading near all time highs at US$5.60 per pound. The S&P GSCI (INDEXSP:SPGSCI) posted a 1.26 percent gain to finish the week at 551.61.

Top Canadian mining stocks this week

How did mining stocks perform against this backdrop?

Take a look at this week’s five best-performing Canadian mining stocks below.

Stock data for this article was retrieved at 4 p.m. EDT on Friday using TradingView’s stock screener. Only companies trading on the TSX, TSXV and CSE with market capitalizations greater than C$10 million are included. Mineral companies within the non-energy minerals, energy minerals, process industry and producer manufacturing sectors were considered.

1. Altima Energy (TSXV:ARH)

Weekly gain: 97.96 percent
Market cap: C$43.99 million
Share price: C$0.97

Altima Energy is a light oil and natural gas exploration and development company with operations in Alberta, Canada.

Its primary asset is the Richdale property in Central Alberta. The property consists of five producing light oil wells and sits on 5,920 acres of long-term reserves. The property hosts combined proved and probable reserves of just under 2 billion barrels of oil equivalent, with a pre-tax net present value of C$25.8 million.

The company also owns two wells at its Twinning light oil site near Nisku, seven producing wells at its Red Earth property in Northern Alberta and two multi-zone wells at its Chambers Ferrier liquid gas production property.

Shares in Altima started to gain after it released news on July 8 that it had completed a private placement for proceeds of up to C$5.5 million. Under the terms of the deal, the company will issue 20 million units at C$0.275 per unit, which each include one common share and one warrant allowing the holder to purchase a common share for C$0.40.

The company said that part of the proceeds would be used to complete field upgrades at its Red Earth and Richdale properties.

2. Kirkland Lake Discoveries (TSXV:KLDC)

Weekly gain: 81.82 percent
Market cap: C$11.26 million
Share price: C$0.10

Kirkland Lake Discoveries is a gold and copper exploration company focused on projects in its district-scale land package located in the Kirkland Lake area of Ontario, Canada.

Its holdings span an area of approximately 38,000 hectares in the Abitibi Greenstone Belt that has been host to past-producing gold and copper mines. It is broadly divided into KL West and KL East, which contain the Goodfish-Kirana and Lucky Strike gold projects, respectively, among others.

On April 29, the company announced it entered into a mining option agreement with Val-d’Or Mining (TSXV:VZZ) to acquire a 100 percent interest in the Winnie Lake and Amikougami properties, as well as mining claim purchase agreements with two vendors to acquire further claims around the Winnie Lake Pluton. The properties expand KL West’s southern portion.

Following the agreement, the company conducted grab samples at the Winnie Lake property and reported the results on July 9. One grab sample collected near the historic Winnie Shaft zone yielded grades of 1.6 grams per metric ton (g/t) gold, 28.2 g/t silver, 5.7 percent copper, 5.3 percent zinc and 1.65 g/t tellurium.

The company also discovered a quartz-veined intrusive outcrop 150 meters west of the shaft during field prospecting, with samples displaying characteristics of magmatic-hydrothermal copper-gold systems, including visible malachite and strong potassic alteration.

Additionally, Kirkland Lake reported it has received full drill permits for Winnie Lake and plans to initiate activities at the site this summer, focusing on the newly defined zones.

3. Happy Creek Minerals (TSXV:HPY)

Weekly gain: 70 percent
Market cap: C$10.33 million
Share price: C$0.085

Happy Creek Minerals is an exploration company focused on advancing a portfolio of assets in British Columbia, Canada.

Its primary focus has been on its Fox tungsten property located in the South Caribou region of the province. It comprises 135.9 square kilometers of mineral tenure and hosts deposits containing tungsten, molybdenum, zinc, indium, gold and silver. In total, 21,125 meters of exploration drilling have been carried out at the site, primarily in shallow holes, for resource definition.

Happy Creek’s share price began climbing Tuesday after the company announced a non-brokered private placement to raise gross proceeds of up to C$3.25 million in flow-through units at C$0.07 per share and non-flow-through units at C$0.05 per share.

The following day, Happy Creek upsized the offering to C$3.75 million.

The company plans to use the gross proceeds for drilling, exploration and development at Fox, as well as other exploration work in the Caribou.

4. Camino Minerals (TSXV:COR)

Weekly gain: 56.52 percent
Market cap: C$13.5 million
Share price: C$0.36

Camino Minerals is a copper exploration and development company with a portfolio of projects in Chile and Peru.

Earlier in 2025, the company shifted its focus to its newly acquired, construction-ready Puquois copper project in Chile.

In October 2024, Camino entered a definitive agreement to create a 50/50 joint venture with Nittetsu Mining (TSE:1515) that would acquire Cuprum Resources, which owns the Puquios project. The partners completed the acquisition April 17 and said they would turn their attention to project financing.

On March 17, Camino filed a prefeasibility study for the project. The study results demonstrate a post-tax net present value of US$118 million, with an internal rate of return of 23.4 percent and a payback period of 3.1 years at a fixed copper price of US$4.28. It also outlines all-in sustaining costs of US$2.00 per pound over a 14.2 year mine life.

In addition to the economic details, the included mineral resource estimate shows a measured and indicated resource of 149,000 metric tons of copper from 32.16 million metric tons of ore grading 0.46 percent copper.

Camino also owns the Los Chapitos project, which has been a long-time focus of the company. The project covers approximately 22,000 hectares near the coastal town of Chala, Peru, and hosts near-surface mineralization.

Camino has been conducting exploration efforts at Los Chapitos throughout the first half of 2025. On Wednesday, it reported trench results from the newly identified Mirador zone, including 1.07 percent copper over 90 meters, with a four-meter section containing 3.05 percent copper.

5. Solstice Gold (TSXV:SGC)

Weekly gain: 56.25 percent
Market cap: C$29.38 million
Share price: C$0.125

Solstice Gold is an exploration company focused on its flagship Strathy gold project in Ontario, which it acquired in June 2024.

The project consists of 45 claims covering an area of 45 square kilometers in the Temagami Greenstone belt. Historical documents report six gold showings in the central portion of the project areas, with documented mineralization at the Leckie prospect.

In its latest project update on July 2, Solstice announced it had wrapped up its spring drill program, which focused on four target areas. In total, the company completed 3,125 meters of drilling across 14 holes, and results are expected in July.

The company also reported that it had entered into an agreement to acquire 17 additional claims, which would increase the project area by 50 percent. It added that targets identified from its IP program may extend along strike into these claims.

FAQs for Canadian mining stocks

How much does it cost to list on the TSXV?

There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.

The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.

These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.

How do you trade on the TSXV?

Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange’s trading hours.

Gold pricing 101

Gold pricing is often characterized as being driven by “fear and uncertainty,” at least in the short run, including geopolitical fears like war and economic uncertainties such as recession. It is also typically recognized to be an “inflation hedge,” in the long run anyway.

Gold is an asset with a price determined in a 24/7/365 global auction, most often quoted per troy ounce, in the world’s reserve currency of US dollars. New supply plays an unusually small role compared to almost all other commodities, goods or services. Thus, highest bid wins.

Perhaps none of these things about gold, and its price, are new nor surprising. But what might be, despite the end of the gold standard in 1971 and legalization of gold investment in 1974, is that gold is still a shadow currency to fiat ones, especially US dollar, in the ‘always run.’

The annual gold price from 1960 to 2024 is displayed below, as sourced from the World Bank. Rises include: late 1970s; late 2000s; and mid 2020s. Slides include: early 1980s; late 1990s; and early 2010s. Overall growth was: Sum 555 percent; Ave 8.7 percent; Max 98 percent; Min –24 percent; and CAGR 6.8 percent.

Gold yearly growth ($).

Source: World Bank.

Money supply 101

Gold is the inflation hedge, precisely because it is shadow currency. Money supply is the inflation source, precisely because it is fiat currency. As Chicago economist Milton Friedman wrote in Money Mischief (1994): “In the modern world, inflation is a printing-press phenomenon.”

There are multiple money supply measures, such as M0, M1, M2 and M3. M1 includes paper and coin currency held by the general public as well as liquid bank deposits (e.g. checking accounts). M3 includes M1, plus less liquid bank deposits (e.g. savings accounts) as well as “repos.”

Austrian economist Robert Murphy details in Understanding Money Mechanics (2021) just how the Fed’s printing, Treasury bonds and bank loans create US money supply, through open market operations. Since 2008 and 2020, the Fed has expanded to buying and selling just about anything.

Speaking on behalf of the Fed, and all major central banks, the Bank of England wrote in Money Creation in the Modern Economy (2014): “(B)ank lending creates deposits. At that moment, new money is created. (This is) ‘fountain pen money,’ created at the stroke of bankers’ pens(.)”

Annual M1 and M3 money supply from 1960 to 2024 are displayed below, as sourced from the OECD. M3 starts to take off from the mid 1990s. Both blast off in the early 2020s, M1 in part due to redefinition. Combined growth was: Sum 533 percent; Ave 8.3 percent; Max 126 percent; Min –6.4 percent; and CAGR 7.4 percent.

Money yearly growth ($).

Source: OECD.

Gold inflation 101

Christian economist Gary North points out in Honest Money (2011) that businesses have three choices in the face of money inflation: A) profit deflation; B) price inflation; C) quality shrinkflation. Investors have a fourth: D) gold inflation. A, B, and C are all bad options. D is good.

The chart below shows cumulative annual growth of gold versus M1 and M3. Gold performs and protects against both M1 and M3 from 1974 to 2019, even in 2001, but not against M1 from 2020 to 2024. In 2019, gold had a 150 percent lead on M1 and 92 percent on M3. By 2022, it shrunk to –110 percent and 80 percent.

Cumulative yearly growth (percent).

Sources: OECD and World Bank.

A 2020 regression study found: “When the Federal Reserve increases money supply by 1%, gold prices increase by 0.94%.” A 2023 academic paper: “Confirms a long-term relationship between gold price and US M2.” Note that M1’s 2021 redefinition has now made it nearly identical to M1.

Period yearly change (percent).

Sources: OECD and World Bank.

However, the authors of Austrian School for Investors (2015) wrote: “Gold does not correlate with the rate of inflation as such, but with the rate of change of the inflation rate. In order to buttress this hypothesis, we calculated the regression depicted in (the chart below).”

Source: Austrian School for Investors: Austrian Investing between Inflation and Deflation.

In conclusion, as per my Wokenomics 101 (2023) ghost blog, money inflation by: “increasing demand puts upward pressure on price and quantity and downward pressure on quality.” That puts upward pressure on: nominal CPI and GDP statistics; as well as real gold investment and price.

Inflation doesn’t harm all. It helps some. They are the “Bootleggers and Baptists,” as Public Choice economist Bruce Yandle dubbed them in 1983. Bootleggers are crony capitalists, politicians and bureaucrats whose inflated revenue outpaces costs. Baptists are the “useful idiots.”

Thus, “Follow the Money” back to the “inflationistas” of: Big Business; Big Government; and Big Banks. All gain supernormal profits from easy money: one, making more money; two, collecting more money; and three, creating more money. Also, “Follow the Money” when it comes to gold.

And, sadly, there is one policy that is always bipartisan; print more money. But, gladly, gold will always win.

About Darren Brady Nelson

Darren Brady Nelson is chief economist with Fisher Liberty Gold and policy advisor to The Heartland Institute. He previously was economic advisor to Australian Senator Malcolm Roberts. He authored the Ten Principles of Regulation and Reform, and the CPI-X approach to budget cuts.

Investor Insight

With a fully permitted, high-grade gold project, established infrastructure and first gold production on the horizon, Maritime Resources is set to become Atlantic Canada’s next gold producer, positioning the company for significant re-rating and long-term growth.

Overview

Maritime Resources (TSXV:MAE) is a Canadian gold development company focused on generating near-term cash flow from the Hammerdown gold project, a high-grade past-producer in the prolific Baie Verte mining district of Newfoundland & Labrador. The project is fully permitted, de-risked and shovel-ready, with construction underway and first ore deliveries to the Pine Cove Mill expected in late summer to early fall 2025.

Hammerdown project site

Hammerdown benefits from significant infrastructure synergies, including proximity to paved roads, power, ports and Maritime’s wholly owned Pine Cove processing facility. Unlike many greenfield developers, Maritime is executing a bootstrap production model that leverages its installed infrastructure and local skilled labor to reduce costs, minimize risk and accelerate value creation through short term cash flow generation during a period of record high gold prices

Longer term, the company plans to build out a 100,000 oz/year production platform by incorporating nearby deposits (Orion, Stoger Tight, Deer Cove) and utilizing its idle 700 tpd Nugget Pond gold plant. Maritime’s regional land package includes more than 435 sq km of highly prospective ground with gold, VMS, and porphyry-style mineralization potential.

Company Highlights

• Near-term Gold Production: First production targeted for H2/2025 from the fully permitted Hammerdown open pit project.
• High-grade Gold Reserves: 1.9 Mt at 4.46 g/t gold (272 koz) proven and probable reserves support initial 35,000-45,000 oz/year production.
• Low-CAPEX Startup: Initial capital estimated at C$15 to $20 million, among the lowest in the sector for a new mine, leveraging Maritime’s fully operational Pine Cove mill
• Owned Processing Infrastructure: Pine Cove Mill (1,300 tpd, operational) and the Nugget Pond gold plant (700 tpd CIP circuit, on standby).
• Exploration Upside: 435 sq km land package includes multiple brownfield and greenfield targets proximal to infrastructure.
• Institutional Backing: Strong support from Dundee Corporation, Eric Sprott and other institutions.
• Local Workforce Advantage: Fully staffed Pine Cove Mill with 100 percent local residents

Key Projects

Hammerdown Gold Project

The Hammerdown gold project is Maritime’s flagship asset and is strategically located near the town of King’s Point in the Baie Verte mining district of Newfoundland and Labrador. A past-producing, high-grade deposit formerly operated by Richmont Mines, Hammerdown is being redeveloped as a shallow open-pit operation. The project hosts proven and probable reserves of 1.89 million tonnes at an average grade of 4.46 grams per ton (g/t) gold for 272,000 oz of contained gold, making it one of the highest grade open pit projects in North America

A feasibility study completed in 2022 outlined annual production of approximately 50,000 oz over a 5-year mine life, with attractive economics including a pre-tax NPV (5 percent) of US$251 million at a gold price of US$2,500/oz and an all-in sustaining cost (AISC) of US$912/oz. Since then Maritime has taken steps to de-risk the project including acquiring the Pine Cove mill, allowing for significant savings in capital costs compared to using the Nugget Pond mill.

The processing plan entails crushing ore on site and trucking it approximately 130 km to the Pine Cove Mill. Maritime has completed all major permitting for the project, and construction began in spring 2025 with pre-stripping, civil works and crushing infrastructure installation. The company completed more than 8,750 meters of tight-spaced (10×10 meters) grade control drilling, confirming excellent continuity and high-grade intercepts such as 24.5 g/t gold over 13.9 meters, including 42.2 g/t over 8.0 meters. First gold production is expected in late summer to early fall 2025, with ramp-up to 700 tpd mill feed supported by the fully operational Pine Cove Mill.

Pine Cove Mill

Pine Cove gold pour

Located near Baie Verte, the Pine Cove Mill is a 1,300-ton-per-day gold processing facility recently brought back online after two years of care and maintenance. The mill flowsheet includes crushing, grinding, flotation, regrinding of the float concentrate and Merrill-Crowe leaching circuits for gold doré production. The facility will be upgraded with a new 500 hp regrind circuit (replacing a 150 hp unit), a ball mill inching drive, and an enhanced material handling system to optimize recovery and reliability. The site also includes a large in-pit tailings storage facility, existing waste dump capacity, and access to a deepwater port. Pine Cove has already produced 700oz of gold from processing low grade mineralized stockpiles from around the site. The mill is now preparing to receive and process feed from Hammerdown, with full integration scheduled for H2/2025.

Nugget Pond Gold Circuit

Nugget Pond Gold Circuit

Maritime also owns the 700 tpd carbon-in-pulp (CIP) gold circuit at the Nugget Pond Plant, located 40 km east of Pine Cove. Although currently idle, this plant represents a key component of Maritime’s long-term production strategy to scale toward 100,000 oz per year. The plant is fully configured for gold recovery and is well-positioned to process feed from future regional deposits or third-party toll milling. Maritime’s envisions Nugget Pond operating as a second production hub, enabling parallel processing capacity as the company develops additional deposits in the district.

Stoger Tight and Deer Cove Projects

Located within 10 km of the Pine Cove Mill, Stoger Tight and Deer Cove are advanced-stage deposits with near-term development potential. Stoger Tight hosts a historical NI 43-101 resource of 642,000 tons grading 3.02 g/t gold for 62,300 oz (indicated), with an additional 53,000 tons at 5.63 g/t for 9,600 oz (inferred). It is partially permitted and has the potential to become a satellite source of ore for Pine Cove.

Deer Cove is a high-grade system discovered by Noranda, featuring 500 meters of historic underground development. Recent drill results include 6.9 g/t over 25.1 meters, including 26.1 g/t over 3.6 meters. Stockpiles of 4,275 tons at 3.1 g/t gold have been identified. Both projects benefit from road access and proximity to infrastructure, making them ideal candidates for phased development and integration into Maritime’s hub-and-spoke production model.

Green Bay, Whisker Valley and El Strato Exploration Projects

Maritime’s broader exploration portfolio includes more than 435 sq km of prospective ground in the Baie Verte district, encompassing gold, copper, VMS and porphyry-style targets. The Green Bay project includes the Orion deposit, a near-surface gold target located along strike from Hammerdown. Whisker Valley is an epithermal gold system with porphyry potential, returning 6.2 g/t gold over 5.8 meters in previous drilling. El Strato hosts one of the highest-grade soil and bedrock anomalies in Newfoundland, with gold values up to 200 g/t in outcrop. Additionally, the Black Ridge VMS target features grab samples grading up to 12.6 g/t gold, 181 g/t silver, and 11.8 percent copper. These regional assets offer significant blue-sky potential and provide a robust pipeline of targets that could be developed and processed through Maritime’s existing infrastructure.

Management Team

Garett Macdonald – President and CEO

Garett Macdonald is a mining engineer with over 30 years of experience in mine development, engineering and operations. Former VP operations at Rainy River Resources, where he advanced the 8 Moz Rainy River project to construction prior to its $310-million sale to New Gold. He also served as VP project development at JDS Mining, leading the Curraghinalt feasibility study (+5 Moz gold), and held technical and management roles at Placer Dome, Teck and Suncor Energy.

Germaine M. Coombs – CFO and Corporate Secretary

A chartered accountant with more than three decades of financial leadership in the mining sector, Germaine M. Coombs is the former CFO of Aurelius Minerals and Stonegate Agricom, and former corporate controller at FNX Mining and the Iron Ore Company of Canada.

Perry Blanchard – VP, Environment & Sustainability

Perry Blanchard brings over 25 years of experience in health, safety and environmental leadership across major Canadian mining projects. Blanchard previously managed permitting and sustainability at Detour Gold’s flagship mine and Vale’s Voisey’s Bay operations.

Peter Goudie – Hammerdown Operations Manager

Peter Goudie is a veteran operations leader with over 35 years of experience in mining and contracting, including roles with Guy J. Bailey and Shoreline Aggregates. He manages day-to-day operations at the Hammerdown project, with deep knowledge of logistics, mobile equipment and site execution in Newfoundland’s mining sector.

Dwight Goudie – Pine Cove Mill Manager

Dwight Goudies is a mill operations specialist with over 40 years of metallurgical and processing experience at gold and base metal mines across Newfoundland and Labrador. He is the former mill manager at FireFly Metals and Rambler Metals & Mining’s Nugget Pond facility, and currently oversees all operations at the Pine Cove Mill.

Billy Grace – Chief Engineer

A mining engineer with more than 15 years of experience in mine engineering, project management and consulting, Billy Grace is the former general manager at Aureus Gold, and technical services manager at Newmont’s Musselwhite mine. He also worked at Golder Associates and Mining Plus.

Larry Pilgrim – Project Manager, Newfoundland Properties

Larry Pilgrim is an exploration geologist with more than 45 years of experience in Newfoundland. He is the former chief geologist at Richmont Mines and Rambler Metals, where he helped delineate the original underground reserves at Hammerdown and served as chief geologist during mine operations. He has been leading exploration activities for Maritime since 2018.

Eric Tremblay – Technical Advisor Mining

Eric Tremblay is a highly regarded mine builder with over 30 years of operations experience. He is the former GM at Osisko’s Canadian Malartic Mine and IAMGOLD’s Westwood and Sleeping Giant operations. Tremblay is currently the COO of Dalradian Resources, leading the multi-million ounce Curraghinalt gold project in Northern Ireland. Tremblay provides Maritime with expertise in mine construction, operational scale-up and technical risk management.

Paolo Toscano – Technical Advisor Engineering and Construction

Paolo Toscano has over 30 years of experience in engineering and construction. He most recently served as senior vice-president of engineering and construction for Calibre Mining at the Valentine gold project in Newfoundland and Labrador. Prior to Calibre, he was director of projects for Alamos Gold and New Gold.

1. Tantalus Systems (TSX:GRID)

Year-to-date gain: 76.32 percent
Market cap: C$179.48 million
Share price: C$3.35

Tantalus Systems provides technology that gives utilities greater control and insight into their electric grids.

This includes advanced metering infrastructure (AMI), load management systems and grid analytics, all of which contribute to a more efficient and reliable power grid.

One of its key products, TRUConnect AMI, provides real-time data on energy consumption and grid conditions. The TRUFlex Load+DER Management system helps manage energy demand and integrate distributed energy resources like solar power, while TRUGrid Automation optimizes grid operations and improves response to events like power failures.

On July 7, Tantalus announced that it was extending its partnership with EPB in Chattanooga, Tennessee, to deploy 20,000 TRUSense Ethernet Gateways over the next five years, integrating with EPB’s fiber network to enhance grid modernization and operational efficiency.

2. Anaergia (TSX:ANRG)

Year-to-date gain: 44.68 percent
Market cap: C$229.36 million
Share price: C$1.36

Anaergia is a global company that specializes in converting waste, including wastewater and agricultural and municipal solid waste, into renewable energy, clean water and organic fertilizer.

In July 2024, Anaeriga announced the completion of a strategic investment, saying it had closed the third tranche of a C$40.8 million investment deal with Marny Investissement that gave Marny a controlling interest of about 60 percent in Anaergia. The investment supported Anaergia’s strategic pivot to prioritizing capital-efficient growth and streamlined operations, with a greater focus on technology sales and operation and maintenance contracts.

The company has operations in 17 countries spanning North America, Africa, Asia and Europe. So far in 2025, Anaergia has expanded its global reach through partnerships with companies in Italy and Spain, as well as through a partnership agreement to build a biogas facility in South Korea.

3. CVW CleanTech (TSXV:CVW)

Year-to-date gain: 18.82 percent
Market cap: C$148.28 million
Share price: C$1.01

CVW CleanTech is focused on making the Canadian oil sands industry more sustainable.

The company’s Creating Value from Waste (CVW) technology recovers bitumen and valuable minerals like titanium and zircon from oil sands tailings ponds, reducing the environmental impact of oil and gas production.

In 2024, the company transitioned to a royalty-based model, investing in other cleantech companies in exchange for a share of their revenue. Its first royalty investment was in Northstar Clean Technologies (TSXV:ROOF,OTC:ROOOF), a company with technology that processes end-of-life asphalt shingles into components including liquid asphalt, as well as aggregate and fiber for industrial use. The deal was finalized in September.

Now, the company is seeking shareholder approval to change its name to CVW Sustainable Royalties and switch its TSX Venture exchange listing from a technology issuer to an investment issuer, further solidifying its change in focus. However, it is still committed to commercializing its CVW technology.

Silver price, April 1 to July 17, 2025.

Chart via Trading Economics.

At the start of June, the price of silver soared to 14 year highs, opening the month at US$32.99 and rising to US$36.76 by June 9. Ultimately, the metal reached a year-to-date high of US$37.12 on June 17. Although the price has eased slightly from its high, it has remained in the US$36 to US$37 range to the end of the quarter and into July.

Silver supply/demand balance still tight

Various factors impacted silver in the second quarter of the year, but industrial demand was a primary driver in both upward and downward movements. Over the past several years, silver has been increasingly utilized in industrial sectors, particularly in the production of photovoltaics. In fact, according to the Silver Institute’s latest World Silver Survey, released on April 16, demand for the metal reached a record 680.5 million ounces in 2024.

Artificial intelligence, vehicle electrification and grid infrastructure all contributed to demand growth

At the same time, mine supply has failed to keep up, with the institute reporting a 148.9 million ounce production shortfall. This marked the fourth consecutive year of structural deficit in the silver market.

“(We have) flat supply, growing demand — demand that’s nearly 20 percent above supply,’ he said. ‘And our ability to meet those deficits is shrinking because we’re tapping into these aboveground stockpiles that have shrunk by about 800 million ounces in the last four years, which is equivalent to an entire year’s mine supply. So it’s the perfect storm.’

But industrial demand can send the silver price in either direction.

The chaos caused by Trump’s on-again, off-again tariffs has caused some consternation among investors.

While gold and silver have traditionally both been viewed as safe-haven assets, silver’s increasing industrial demand has decoupled it slightly from that aspect. When Trump announced his ‘Liberation Day’ tariffs on April 2, silver was impacted due to fears that a recession could cause demand for the metal to slip.

Although the dip in silver was short-lived, it was one of its steepest falls in recent years.

“If a global recession really starts, silver will most likely nosedive momentarily. In terms of its 2025 performance, silver growth has been largely bolstered by consolidated precious metals group appreciation, additionally beefed up by relative USD weakness.’

Geopolitics and the silver price

Adding to the tailwinds is a growing east-west divide. Due to its usage in industrial components, particularly those related to the military and energy sectors, and its role as a safe haven, silver is being influenced by geopolitics.

June’s price rally came alongside growing speculation that Israel was preparing to attack Iranian nuclear sites. Investors became concerned that war could disrupt international trade and oil movements in the region.

Ultimately, their concerns were proven right, and Israel launched attacks on June 12; the US then bombed key nuclear facilities on June 21. While the escalation is new, the underlying politics have been simmering for years.

Sanctions against Russia have strengthened support among the BRICS nations, which have been working to reduce their reliance on US dollar assets, such as treasuries, and increase trade in their own currencies.

But they may also be working to separate themselves from western commodities markets. In October 2024, Russia floated the idea of creating a precious metals exchange to its BRICS counterparts. If established, it could shake up pricing for commodities like silver, allowing Russia to circumvent sanctions and trade with its bloc partners.

While the exchange is still just an idea, a bifurcated world is not. While the US has targeted most nations with tariffs, it has singled out China. Much of the first half of the year saw the world’s two largest economies escalate import fees with one another, with China even restricting the export of rare earth elements to the US.

Discussions on national security and critical minerals have been at the forefront for the last several years. Still, they have become even more pronounced with the US and China on tense footing.

“Even if that’s going to happen, industrial use value — building infrastructure, building national security, national energy priorities — needs a lot of silver, and there just simply isn’t enough supply out of the ground to meet the demand. That’s long-term demand above the ground. This has been a thing, but right now, because of these geopolitical forces and realignments, silver is going to drop more into that industrial role,” she said.

Silver price forecast for 2025

Overall, the expectation is that without new mine supply and dwindling aboveground stockpiles, silver is likely to remain in deficit for some time. Other factors, like Trump tariffs and geopolitics, aren’t likely to disappear either.

Demand could ease off if a global recession were to materialize, but safe-haven investing could offset declines.

For his part, Krauth thinks the silver price is likely to remain above the US$35 mark, but it could fluctuate and he suggested a rally in the US dollar could push the silver price down. However, he also sees some pressure easing on the recession side of the equation if the US signs tariff deals that would eliminate some uncertainty.

“US$40, let’s say by the end of this year,’ he said, adding, ‘Frankly, I could see something really realistically above that, maybe an additional 10 percent if the scenario plays out right.’

He doesn’t think that’s the end. In the longer term, Krauth sees silver going even higher. He pointed to the current gold-silver ratio, which is around 92:1, compared to an average of 60:1 over the last 50 years.

“So we could go to, who knows, somewhere like maybe 40 or 30 to one in the ratio. That would be tremendous for silver — that could bring silver above US$100. I’m not saying that’s happening tomorrow, but in the next couple of years I would say that’s certainly something that could easily be in the cards,” Krauth said.

Fundamentals and geopolitics aligned for silver in the first half of 2025, and barring a recession, they are likely to provide tailwinds in the second half. Whether the price climbs or continues to find support at US$35 is yet to be seen.

MP teams up with defense department

Just days before the Apple deal, MP secured a US$400 million preferred equity investment from the US Department of Defense (DoD), making the Pentagon its largest shareholder.

The funds will support a second magnet manufacturing plant — called the 10X facility — which is slated for commissioning in 2028 and will increase MP’s annual magnet output to 10,000 metric tons.

The government has also committed to purchasing 100 percent of the magnets produced at the new plant for 10 years, guaranteeing a floor price of US$110 per kilogram for neodymium-praseodymium oxide.

If market prices fall below that level, the DoD will pay the difference. Once production begins, the government will also receive 30 percent of any profits above the guaranteed price.

With operations spanning mining, separation, metallization and magnet production, MP is currently the only US firm with end-to-end capabilities for rare earth magnet manufacturing. The company is also expecting a US$150 million Pentagon loan to enhance its heavy rare earths separation capabilities at Mountain Pass.

MP’s Independence facility in Texas, alongside the upcoming 10X plant, anchors its downstream production strategy. The recycled feedstock used for Apple’s magnets will be sourced from post-industrial waste and retired electronics — reducing environmental impact while reinforcing resource resilience.

Apple, for its part, is pressing ahead with its US$500 billion US manufacturing initiative.

Earlier this year, it announced plans for a new artificial intelligence server factory in Texas and signaled continued interest in reshoring key parts of its production ecosystem.

Watch a recap of key Rule Symposium takeaways.

Tailwinds turning to headwinds

In addition to strategically allocating to gold, geopolitical uncertainty was as a key theme at the Rule Symposium.

During his presentation “Back to the Old Drawing Board: First Principles and the Lost Art of Investing Through Crisis,” author and publisher Grant Williams made the case that longstanding tailwinds — globalization, demographic expansion and low interest rates — have reversed, giving way to persistent uncertainty.

Grant Williams (@ttmygh) is the first keynote speaker in a jam-packed day at the #RuleSymposium.

Offering advice on #investing during times of crisis, Williams told the full room that the “world has been on a debt binge for the last four decades.” pic.twitter.com/wWBtOu598W

— Resource Investing (@INN_Resource) July 8, 2025

Williams provides an overview of shifting market dynamics.

He traced the last four decades of wealth creation to a rare alignment of forces that pushed asset prices, particularly US equities, sharply higher. However, since 2020, a new macro regime has emerged, defined by tighter monetary policy, rising geopolitical risk and fading confidence in the US dollar.

Like many speakers at the Rule Symposium, Williams also underscored the massive gold purchases central banks are making. During Q1 of this year, central banks added 244 metric tons of gold to their official reserves, a 24 percent increase above the five year quarterly average, according to World Gold Council data.

For Williams, this shift signals growing concern within the financial system — a trend investors shouldn’t overlook.

“When central banks are exchanging their reserves for gold in record amounts, if they feel the sudden urgent need to own more gold, you better believe that we should feel that too,” he noted.

The expert went on to illustrate how major economic and societal cycles are converging, suggesting more volatility ahead. A live poll of the audience taken during his session revealed growing unease among attendees, with many already adjusting their portfolios and long-term goals. In response, Williams called for a return to key principles: scarcity, durability, resilience, trust, patience and a clear-eyed acceptance of uncertainty.

These, he said, should now anchor any sound investment approach. He urged Rule Symposium attendees to shift their mindset from chasing returns to preserving capital by reducing overexposure to US equities, diversifying by geography and asset class and focusing on businesses with real staying power.

The investment playbook of the past no longer fits the world we’re entering, he stressed.

Navigating what Williams calls an “age of headwinds” will require humility, discipline and a willingness to rethink what truly creates and protects wealth.

Hard assets set to shine

Economist, author and former Wall Street executive Dr. Nomi Prins laid out a case for what she calls the “real asset uprising,” a global shift in value and power driven by hard assets like gold, silver, copper, uranium and rare earths.

Drawing on her experience in high-level banking and her current work in the mining sector, Prins argued that rising geopolitical friction, shifting trade dynamics and financial system strain are fueling a renewed focus on tangible resources. She pointed to surging institutional interest in commodities, noting that Wall Street deal flow tied to real assets is up 24 percent year-on-year, while hiring in commodity finance roles has increased by 15 percent.

Gold, once dismissed on trading desks, is now seen as a strategic monetary tool.

According to Prins, the yellow metal will not replace the US dollar as the reserve currency, but it will play a central role in bilateral trade and power negotiations. Gold’s jurisdiction — where it is stored and mined — is now more important than ever, she explained, as nations seek to shield assets from sanctions and instability.

Silver, copper, uranium and rare earths are all finding support through similar structural tailwinds, Prins pointed out.

Silver demand is rising due to its industrial applications, and limited aboveground supply is driving long-term contracts.

For its part, copper has become so strategically important that the US is conducting a Section 232 national security investigation into its supply chain, a move historically reserved for defense resources. Major buyers like China and India are stockpiling copper in anticipation of supply constraints.

Uranium is also surging back into focus, driven by bipartisan support for nuclear energy. Legislation and executive orders are fast tracking uranium permitting and enrichment, with utility demand expected to outstrip supply.

Rare earths = real assets

Prins highlighted rare earths as a critical new front in the ongoing global shift in value and power.

‘Rare earths are intrinsic to the nation,’ she said, pointing to their essential role in defense, electronics and energy technologies. With 85 percent of processing controlled by China, the US has launched Section 232 investigations to assess domestic vulnerabilities — reports on copper and rare earths are expected this fall.

Prins described her decision to join the board of a rare earths company as a natural extension of her belief in physical assets: “It’s not just about the asset — it’s about controlling the asset, the processing and the movement.”

That theme underpins the investment case: security of supply, efficient processing and strategic jurisdiction are key to value creation. She also noted a dramatic capital rotation, saying that US$330 billion has exited bonds over the past year, while US$230 billion has flowed into commodities.

“Wall Street is following the real asset story,” Prins emphasized.

.@porterstansb of Porter’s Daily Journal joins @RealRickRule for a #RuleSymposium fireside chat about the investment landscape.

“There are a good two or three years left in the #resource boom,” said Stansberry, who is working on a book about Warren Buffet’s #investing mistakes. pic.twitter.com/K9FdihfJO3

— Resource Investing (@INN_Resource) July 8, 2025

Rule sits down with Porter Stansberry to discuss his investment strategy.

Prins then said real upside now lies not just in owning resources, but in having processing capability.

New technologies, like advanced rare earths separation methods, are increasing economic viability and attracting private capital. “Where private money and public power combine, that’s where the investment opportunity is,” she said.

With key policy announcements and trade shifts looming in the fall, she warned investors this is a “very critical time” in the real asset uprising. For Prins, the message is clear: investors, policymakers and mining leaders must position accordingly, because, in today’s world, “whoever controls the ground controls the game.’

Court upholds TMC disclosures on deep-dea mining risks

Lockheed is not alone in navigating the legal uncertainties surrounding seabed mining.

The Metals Company (TMC) (NASDAQ:TMC), a deep-sea mining startup, recently survived a shareholder lawsuit alleging it had misled investors about the environmental impacts and financial backing of its operations.

US District Judge Eric Komitee dismissed the claims, ruling that the company’s comparisons to conventional mining methods were not misleading, even if deep-sea mining still carries environmental risks.

“It is eminently possible that (1) deep-sea mining causes meaningful environmental harm, and yet (2) such harm is significantly less than the harm caused by existing methods,” the judge wrote.

TMC had disclosed in filings that deep-sea mining could result in damage and that the regulatory path remained uncertain. Its legal win may encourage others — like Lockheed — to proceed more openly with their seabed plans, albeit cautiously.

Deep-sea mining industry cautiously awakens

The growing pursuit of potentially extracting resources from the world’s oceans comes at a critical juncture for the seabed-mining industry. For decades, a de facto moratorium on mining in international waters has been in place due to regulatory uncertainty and environmental concerns.

The ISA has issued more than 30 exploratory permits, but has yet to finalize commercial extraction rules. That delay has prompted frustration from some parties, while drawing calls from others for a pause or outright ban.

Currently, the ISA is holding key assemblies in Jamaica to hash out the long-awaited mining code to regulate commercial activity on the ocean floor with provisions for environmental safeguards, royalties, and tax obligations.

But a growing number of countries — 37 at last count — have pushed for a precautionary pause, citing risks to deep-sea ecosystems that remain largely uncharted. Scientists warn that mining these habitats could cause irreversible damage.

In 2023, Lockheed appeared to step back from the sector by selling two UK-sponsored exploration licenses in the Pacific, a move interpreted by analysts as signaling reduced confidence in deep-sea mining.

However, its retained US licenses suggest it never fully exited the space.

The Trump administration’s executive order marks the most assertive US step yet to undermine the ISA’s multilateral approach, raising fears among diplomats that the agency may lose legitimacy.

China, which has also invested heavily in seabed mining, responded sharply to the move.

“The US authorization violates international law and harms the overall interests of the international community,” Chinese foreign ministry spokesman Guo Jiakun said earlier this year.

AI results impact major tech players

In public markets, AI-related equities continued to attract attention.

NVIDIA posted another blockbuster quarter, with its market cap on the cusp of $US4 trillion at the end of June. Its performance was driven largely by demand for Blackwell architecture.

Alphabet (NASDAQ:GOOGL), facing a possible Chrome divestiture, reported an increase in AI-related ad revenue and highlighted growing adoption of its Gemini model suite. Amazon (NASDAQ:AMZN) reported a 23 percent annual increase in net sales from its Amazon Web Services segment, beating earnings estimates by 17.78 percent.

Meta Platforms’ (NASDAQ:META) Reality Labs division reported a $US4.2 billion operating loss; however, interest in embodied AI applications for the metaverse and augmented reality continue to be the company’s long-term play, with CEO Mark Zuckerberg poaching the industry’s top talent to assemble the Meta Superintelligence Lab. On July 7, Reuters reported that the company had added Apple’s (NASDAQ:AAPL) Ruoming Pang as its latest recruit.

Microsoft’s (NASDAQ:MSFT) OpenAI partnership faced issues after OpenAI bought Windsurf, an AI coding firm. Disputes arose over Microsoft’s access to WindSurf’s IP and its stake in a restructured OpenAI.

Q2 was also marked by a shift to AI in hardware, robotics and edge applications.

Chipmakers Advanced Micro Devices (NASDAQ:AMD) and Google introduced specialized AI accelerators, a potential challenge to NVIDIA’s nearly three year run as the dominant provider.

Notable developments in robotics included Google Cloud and Samsung Electronics’ (KRX:005930) partnership, integrating Google Cloud’s advanced generative AI technology into Samsung’s new home AI companion robot, Ballie.

Data center operators like Amazon Web Services and Google Cloud also increased their infrastructure investments in the US as part of an effort to reduce reliance on foreign markets and secure long-term AI compute capacity.

Companies began testing or rolling out new AI agent capabilities, empowered by the Model Context Protocol from Anthropic. Major tech players, along with payment giants Visa (NYSE:V), Mastercard (NYSE:MA), Stripe, Block (NYSE:SQ) and PayPal (NASDAQ:PYPL), began adopting the Model Context Protocol to integrate seamless payment functionality directly into AI chatbots, moving beyond simple browse to full commerce.

Microsoft enhanced its GitHub Copilot offering with new coding agents capable of autonomous actions, while a handful of companies, including Dataiku, Databricks and Atlassian (NASDAQ:TEAM), introduced tools designed to build, deploy and manage autonomous systems for real-world enterprise applications.

On the quantum computing side, a paper published by researcher Craig Gidney for Google’s Quantum AI division suggests that a quantum computer could break a highly secure 2048 bit encryption, like the kind used for online banking, much faster than previously thought, requiring fewer than a million qubits.

Quantum computing firms later saw their shares spike following bullish comments from NVIDIA’s Huang at his company’s Paris GTC conference. Before Huang’s comments, IBM (NYSE:IBM) announced its development of the world’s first large-scale, error-free quantum computer, set to launch by 2029.

Graph indicating that investor enthusiasm for AI stocks has recently ‘lost altitude.’

Graph via Picton Investments.

However, the firm also suggests that this shift is redirecting the spotlight to real-world AI applications, leading to an expected acceleration of industrial adoption and the creation of new companies.

At this year’s Web Summit conference in May, panelists emphasized the critical role of strategic early stage investments when it comes to navigating the evolving AI landscape and identifying new opportunities.

“Our take is (that) AI is going to upend a lot of technology businesses. In the specific sense, I am of increasingly high conviction that authoring software is going to be more or less free, and that’s going to shake up the topology of the software business market (in terms of) what makes sense and what’s investable,” said Brett Gibson, managing partner at Initialized Capital, during a panel discussion on where AI investment is headed next.

He added that customizable software will ultimately allow for tailored solutions for virtually any need.

In H2, quantum computing could continue its shift from pure research into early stage commercialization.

Updates may come from firms like IonQ (NYSE:IONQ), which recently raised US$1 billion to expand quantum networking, as well as Quantinuum and PsiQuantum, which may reach technical milestones.

Meanwhile, D-Wave (NYSE:QBTS) is pivoting toward hybrid commercial models, which may offer continued proof of revenue from quantum optimization-as-a-service.

However, the outcome of ongoing trade negotiations between the US and the rest of the world could impact chip capacity and rare earths supply chains, constraining the growth of AI hardware stocks.

The Trump administration’s imposition of 25 percent tariffs on Japan and South Korea may pose a threat to semiconductor capacity and rare earths equipment imports critical for AI hardware.

“Both countries have been close partners on economic security matters and have a lot to offer the United States on priority matters like shipbuilding, semiconductors, critical minerals and energy cooperation,” Asia Society Policy Institute vice president Wendy Cutler said in response to the hikes.

Investor takeaway

The second quarter of the year confirmed an evolution in the AI landscape as the industry moves beyond theoretical discussions to real-world applications and critical infrastructure development.

While geopolitical tensions and concerns about job displacement may continue to present challenges, this pivot could set the stage for continued innovation and adaptation as the industry navigates both opportunities and complexities.

Gold price, April 1 to July 10, 2025.

Chart via Trading Economics.

The price of gold started the second quarter on a downswing, falling below the US$3,000 mark by April 8, but quickly found momentum and soared to its quarterly high of US$3,434.40 on April 21.

It broke through the US$3,500 threshold briefly during the day’s trading session.

However, the gains were temporary, and gold once again fell; by May 1, it had dropped to US$3,237.30.

The metal saw a slight rebound to US$3,400.70 before the May meeting of the US Federal Reserve, but it came under pressure after that and had fallen to US$3,185 by May 14.

The end of May saw more tailwinds for the gold price, pushing it first to US$3,358 by May 23, then to US$3,381.70 by June 2. By the middle of the month, it was back to trading above US$3,400. Since that time, the precious metal has remained mainly above the US$3,300 level, closing the quarter at US$3,303.30 on June 30.

Tariff uncertainty helps boost gold price

The biggest story from the first quarter has carried over into the second quarter: tariffs.

Since the start of his second term in the Oval Office, US President Donald Trump has applied the threat of tariffs like a cudgel in trade talks with other countries. His long-held belief is that other nations, even longtime allies, are benefiting from trade with the US, while the US itself is facing detrimental effects.

During the first quarter of the year, the Trump administration levied tariff threats against Canada and Mexico. While most of his promised import fees were dialed back at the eleventh hour, a 25 percent tax was still applied to imports of Canadian steel and aluminum, as well as non-CUSMA-compliant automobiles and parts.

On April 2, Trump announced a broader set of tariffs on nearly every country in the world, regardless of trade status with the US. Dubbed “Liberation Day” by Trump, the executive order applied a baseline 10 percent fee to all imports from most countries to the US, plus significant reciprocal measures against countries with the largest trade deficits.

The new measures, set to be implemented on April 9, created panic among investors, causing a global market meltdown. Fear also spread to US debt holders, such as Japan and Canada, which began to sell US treasuries, pushing up the 10 year bond yield. Spooked investors rapidly flocked to gold, pushing the price to record highs above US$3,400.

“The bond market understands that Washington is so broken and the debt situation is so bad,’ he explained. ‘It varies in degrees compared to other countries, but everybody’s in the same boat. That’s why gold all of a sudden … gold is the safe haven now, even more than treasuries. And I don’t think a lot of people every thought they’d see that again.’

Ultimately, the stock market turmoil and the shift in bond market sentiment brought about a quick reversal from Trump, who paused his tariff plans for 90 days. Although the gold price showed signs of easing as market participants calmed, the metal remained high through the end of the quarter as uncertainty remained near the surface.

The pause was set to expire on July 9, but the White House announced a last-minute extension delaying the implementation of the tariffs on all but 14 countries, including Japan, South Korea and South Africa.

However, there are still underlying concerns.

The US-China trade war, which raged through much of the first half of the year, was put on hold on May 12 after tariffs between the two largest economies reached their peak, adding headwinds to the gold price. Up to that point, the US had levied a 145 percent import tax on Chinese goods while China had applied a 125 percent tax on US imports.

Although tensions have stabilized since the pause, on July 7, China warned the US against reigniting conflicts. China also said it would retaliate against any country that makes deals with the US to China’s detriment.

Geopolitical tensions erupt in the Middle East

Financial uncertainty was a key driver of the gold price through the second quarter as investors sought to diversify their portfolios amid a chaotic investment landscape, but it wasn’t the only factor.

Geopolitical tensions also played a significant role, particularly in the Middle East.

With the Israel-Gaza conflict now past 18 months, the larger fear was that it would spill into a broader regional war.

Those fears were stoked in late May, when there was speculation that Israel was preparing to attack nuclear facilities in Iran. The news helped pull gold out of monthly lows as more investors sought the safety of the metal.

Ultimately, the speculation was true — on June 12, Israel launched attacks against key nuclear sites in Iran, causing Iran to launch counterattacks against targets in Israel and providing further tailwinds for the gold price.

What’s driving demand for gold?

Other support for the gold price came from continued purchases from central banks.

According to World Gold Council data, central banks bought 244 metric tons of gold in Q1. The amount was 24 percent higher than the five year quarterly average, but 9 percent lower than the average from the last three years.

The largest first quarter gold buyers were the National Bank of Poland, which added 49 metric tons of the metal to its holdings, increasing its total to 497 metric tons. This was followed by the People’s Bank of China, which purchased 13 metric tons, bringing its reported gold reserves to 2,292 metric tons

In another report, the World Gold Council indicates that despite high prices, central banks continued to buy gold in May, albeit at a slightly reduced pace, with a net 20 metric tons entering their reserves.

But it’s not just central banks that are picking up gold.

“In the past, there has been relatively little involvement, even to now, from western retail investors in this move. This has been overwhelmingly led by central banks and large funds,” Temple said.

However, he noted a shift in buying on the back of wider interest, pointing to gold’s popularity at Costco Wholesale (NASDAQ:COST), although he noted, ‘So far, this hasn’t moved the needle significantly.’

Temple added, “Traditionally the big needle mover when you’ve got these larger swings in markets and market sentiment has come from investors who are buying exchange-traded funds (ETFs) and buying the larger gold stocks, and then ultimately working their way down the food chain and buying the better exploration stories. We finally started in recent months to see some of that where it’s deserved. There have been some really nice moves.’

This idea is echoed in the World Gold Council’s June ETF report, which indicates that ETF flows ended the first half of 2025 with the highest semiannual inflows since the first half of 2020.

The North American movement led the way, with more than US$4.8 billion entering the market in June, bringing the total for the first half of the year to US$21 billion. This was followed by US$2 billion in inflows in Europe, with its first half total reaching US$6 billion. Asian markets added US$610 million with a first-half record of US$11 billion.

Gold price forecast for 2025

The expectation is that the factors that drove the gold price in H1 are unlikely to go away soon.

Trump continues to kick the tariff question down the road. And although a ceasefire has been called between Israel and Iran, tensions in the region are still high. The conflict between Russia and Ukraine is ongoing, with Russia escalating attacks at the start of July, to the point of invoking Trump’s ire.

“We were thinking that by the time you got into June, July, August, not only would you have some seasonal weakness, but you’d also have a situation where financial markets might have calmed down and taken a less pessimistic outlook to the economy, simply because the initial shock of Trump policies was in there and had been digested. What we’re seeing is a prolongation of that shock period.’

Financial uncertainty and conflicts were a theme echoed by Kandoshko.

She pointed to the July 9 — now August 1 — deadline for tariffs as a potential inflection point.

“This could spark another rally in gold prices if trade tensions escalate. I have a feeling that the existing tariffs will gradually push prices up, which might lead the Fed to hold off on cutting rates. In the grand scheme of things, higher inflation is likely to boost gold demand, especially from central banks,” Kandoshko said.

She also believes a weak US dollar will likely be a boon for gold, making it more attractive to overseas buyers.