Bullion Blog

<p>Welcome to this week&rsquo;s Market Wrap Podcast, I&rsquo;m Mike Gleason.</p> <p>Coming up don&rsquo;t miss an incredibly informative interview with Rhona O&rsquo;Connell, Head of Market Analysis with StoneX Financial &ndash; a global leader when it comes to financial services, commercial hedging, foreign exchange and physical commodities. Rhona has over 40 years of experience as a commodities […]

<p>Mozambique officials are considering converting $1.4 billion in debt it owes China into yuan loans as part of a debt restructuring plan.</p> <p>This is yet another sign of ongoing <a href="https://www.moneymetals.com/news/2025/03/11/de-dollarization-gold-and-a-shift-to-a-multipolar-world-003898&quot;>de-dollarization</a>.</p> <p>A spokesperson from the country&rsquo;s finance ministry hinted that the Chinese suggested the move.</p> <blockquote> <p>&ldquo;In this specific case, it was a valid possibility

Getchell Gold Corp. (GTCH:CSE; GGLDF:OTCQB) announced an updated Mineral Resource Estimate (MRE) for its Fondaway Canyon gold project located in Churchill County, Nevada, on April 30, 2026. Encapsulating both open put and underground mining, highlights of the MRE include: 21% Mineral Resource Estimate growth resulting from the addition of only 10 drill holes (3,400m

Zodiac Gold Inc. (ZAU:TSX.V; ZAU:XFRA; ZAUIF:OTCQB) announced the commencement of a drone survey of its Arthington-Youth Camp trend on May 4, 2026. The company will complete a high-resolution drone magnetic and LiDAR survey as a key step in advancing its 2026 exploration of the Todi Gold Project. The company said, “The 47.8km² survey will be flown

Lake Victoria Gold Ltd. (LVG:TSX; LVGLF:OTCQB; E1K:FSE) announced it is advancing its fully permitted Imwelo Gold Project toward development with drill rigs mobilizing to site ahead of a targeted sterilization drilling program scheduled to start next week, according to a May 6 release. The drilling is a crucial component of the pre-construction phase, aimed at

Canary Gold Corp. (BRAZ:CSE; CNYGF:OTC; K5D:FSE) shared an update on its exploration activities at the Madeira River Project in Rondônia, Brazil, in a May 6 release. The company recently received analytical results from the first 33 screw auger drill holes, part of its inaugural exploration program, the release noted. To date, Canary Gold has completed

Sun Summit Minerals Corp. (SMN:TSX.V; SMREF:OTCQB) reported plans for its 2026 exploration drill program at the JD Project in the Toodoggone Mining District in north-central British Columbia. According to the company, drilling is scheduled to begin in early June with more than 10,000 meters planned across the Creek and Finn zones. The company stated that

Torr Metals Inc. (TMET:TSX.V) announced the completion of its 2026 surface geochemical sampling program at the Bertha–Bertha North and Kova target areas, two of four interpreted porphyry centers within the company’s expansive 332-square-kilometer Kolos Copper-Gold Project in British Columbia, according to a May 6 release. The program was a continuation of Torr’s initial Phase I

Metallic Minerals Corp. (MMG:TSX.V; MMNGF:OTC) announced it has entered into an option agreement with Argyle Resources Corp. (ARGL: TSX.V) to allow Argyle to acquire a 100% interest in Metallic’s McKay Hill property, which is strategically located 50 kilometers north of the Keno Hill Silver District in Yukon, according to a release on May 7. The

Avrupa Minerals Ltd. (AVU:TSX.V; AVPMF:OTC; 8AM:FSE) is a European-focused junior exploration and development company operating under a hybrid project generator model. The company maintains a portfolio of projects across Portugal, Finland, and Kosovo, with exploration primarily targeting volcanogenic massive sulphide (VMS) systems associated with copper and zinc mineralization, often with gold and silver by-products. Potential

<p>&ldquo;In assay&rdquo; means a gold or silver bar that has been tested for purity and sealed in certified packaging by a refiner. The assay confirms weight and fineness, while the sealed card ensures authenticity and protects the metal for resale.</p> <p>When a bar is sold in &ldquo;in assay,&rdquo; it comes in a tamper-evident package. This

<p>Gold demand was up 2 percent year-on-year in the first quarter, setting a record in value terms.</p> <p>Including over-the-counter (OTC) selling, gold demand came in at 1,231 tonnes. Volume growth, coupled with the surging gold price, drove a 74 percent jump in the value of Q1 demand to a record of $193 billion.</p> <p>Investment demand

<p>Government red tape is creating havoc in India&rsquo;s gold market.</p> <p>For the last five weeks, gold imports have virtually stopped. According to the Economic Times of India, this is pushing domestic gold prices higher and threatening shortages in the world&rsquo;s second-largest gold market.</p> <p>The gold price premium in India surged above $20 last week, signaling

<p>After going negative in March after the outbreak of hostilities between the U.S. and Iran, flows of gold into ETFs flipped positive again in April, with all regions reporting inflows of metal. &nbsp;</p> <p>Net global ETF gold holdings increased by 45 tonnes, totaling $6.6 billion last month. That pushed total ETF gold reserves to 4,137

<p><span style="font-weight: 400;">In this episode of the </span><i><span style="font-weight: 400;">Money Metals Midweek Memo</span></i><span style="font-weight: 400;">, host Mike Maharrey reflects on a recent trip to </span><a href="https://www.moneymetals.com/silver-gold-storage&quot;><span style="font-weight: 400;">Money Metals&rsquo; main facility and bullion depository in Eagle, Idaho</span></a><span style="font-weight: 400;">.</span></p> <p><span style="font-weight: 400;">The visit was technically a work trip. Maharrey said the team filmed well over

ESGold Corp. (ESAU:CSE; ESAUF:OTCQB; Z7D:FSE) announced on May 5 that it entered into binding purchase agreements to acquire 44 additional mineral claims totaling approximately 2,448 hectares in the Montauban region of Québec. According to the company, the acquisitions expand its contiguous land position surrounding the Montauban Gold-Silver Project. The company stated that it agreed to

On May 5, 2026, Scorpio Gold Corp. (SGN:TSX.V) announced results from two step-out holes of its Phase 2 drill campaign at the Manhattan District Project in Nevada, USA. The program has so far explored 76 holes (25MN-011 through 25MN-045, 26MN-046 through 26MN-068), with total exploration length hitting just under 22,000 meters. With the following results

Western Exploration Inc. (WEX:TSX.V; WEXPF:OTC) announced that is actively advancing its wholly owned Doby George gold project towards a future construction decision by advancing its Mine Plan of Operations (MPO) for submission to the U.S. Forest Service (USFS), according to a May 5 release. “The activities we are announcing today reflect the steady, disciplined progress

Contango Silver and Gold (CTGO:TSX; CTGO:NYSE) announced the successful completion of the initial phase of its 2025/2026 underground diamond drilling program at the Lucky Shot Project in Alaska, as reported in a May 5 release. This initial phase is part of a broader 18,000-meter underground and surface exploration campaign aimed at expanding resources, enhancing the

<p>The Fed met last week and once again took no action. As usual, the headlines were generated by the things Powell &amp; Company said and didn't say.&nbsp;</p> <p>In this episode of the Midweek Memo podcast, host Mike Maharrey analyzes the meeting and the messaging that came out of it. He explains why the rhetoric has

<p>On April 16, the Chairman of the U.S. Commodity Futures Trading Commission publicly endorsed legislation that would break up the geographic concentration of silver depositories approved for COMEX delivery.</p> <p>The mismatch between silver fundamentals and price has a structural explanation. And last month, perhaps for the first time in the history of the U.S. silver

Markets have been grinding through a consolidation phase since late January — one that was long overdue. Metals had climbed faster and steeper than anything I’d witnessed before. That pullback won’t last much longer. The broader equity market may well be headed for a serious collapse, and when that happens, the most heavily traded names

GoldHaven Resources Corp. (GOH:CSE; GHVNF:OTCQB; 4QS:FSE) reported results from an independent geological review that validated and expanded the understanding of its 100-per-cent-owned Copecal project in Mato Grosso state, Brazil. The review followed an assessment of drill core and data from the company’s inaugural diamond drilling program, which consisted of nine holes totaling 1,085.7 meters. According

Star Gold Corp. (SRGZ:OTCQB) announced on May 4, 2026, the receipt of a U.S. forest service permit to begin road restoration work at its Longstreet gold-silver project. The permit is for approximately 2.56 miles of Forest Service Trail 24208, a critical access corridor to the company’s property in Nye County of Nevada’s Walker Lane mineral

Fitzroy Minerals Inc. (FTZ:TSX.V; FTZFF:OTCQB) reported results from a helicopter-borne MobileMT airborne electromagnetic and magnetic survey completed over its Caballos project in the Valparaiso region of Chile. The survey, conducted by Expert Geophysics Services Inc., identified multiple conductivity and resistivity anomalies interpreted to be consistent with porphyry-style hydrothermal systems and connected to mineralization intersected during

<p>If you&rsquo;re wondering <b>what half dollars are silver</b>, the answer comes down to one simple factor: <b>the year the coin was minted</b>. However, there are some exceptions that most guides leave out.</p> <p><b>Half dollars are silver if minted in 1964 (90% silver), 1965&ndash;1970 (40% silver), or in specific collector proof and mint sets after 1992.</b></p>

<p>Gold has nearly <a href="https://www.moneymetals.com/gold-price&quot;>doubled in two years</a>. Silver has outpaced it. For the commodity that backed money for most of human history and that central banks still treat as the final settlement asset, these moves should represent a clean signal about physical scarcity and monetary demand. Western gold prices no longer carry that information

<p>Central banks continued to buy gold in March; however, big sales by Turkey and Russia sent net purchases negative by 27 tonnes.</p> <p>Officially, central banks globally bought 37 tonnes of gold in March, led by Poland.</p> <p><img src="https://www.moneymetals.com/uploads/content/central-bank-gold-buying-march-26.png&quot; width="686" height="298" class="mx-auto p-3" alt="" /></p> <h2>The Gold Buyers</h2> <p>!!–Product-Random-Best-2–!!</p> <p>Despite rumors that the country might tap

<p>The movement of silver out of the U.S. has helped ease market tightness, but an ongoing structural supply deficit makes the metal vulnerable to future squeezes.</p> <p>Silver went on an incredible run late last year after taking off in October as <a href="https://www.moneymetals.com/news/2025/10/20/london-india-and-the-anatomy-of-a-silver-squeeze-004422&quot;>a silver squeeze gripped the market</a>. The metal<span> opened in 2025 at $28.84

Cabral Gold Inc. (CBR:TSX.V; CBGZF:OTCMKTS) reported that construction of its phase 1 gold-in-oxide heap leach project at the Cuiu Cuiu gold district in Brazil is approximately 70% complete, with 85% of project costs committed under contract. The company stated the project remains on budget and on schedule for plant commissioning in the third quarter of

On May 1, 2026, Pirate Gold Corp. (YARR.TSX.V) confirmed the discovery of a large, advanced argillic alteration zone at the Crippleback Lake anomaly located at its Treasure Island project in Newfoundland, Canada. The project spans 90 kilometers along the Valentine Lake fault gold district. The Crippleback anomaly is located along the southern portion of the Treasure

StrikePoint Gold Inc. (SKP:TSX.V; STKXF:OTCQB) announced preliminary assay results from its Spring 2026 drilling campaign at the Hercules Gold Project in the renowned Walker Lane area of Nevada, a May 4 release said. The drilling program included 29 holes covering a total of 3,918 meters. The primary aim of was to gather adequate data to

Radisson Mining Resources Inc. (RDS:TSX.V; RMRDF:OTCQB) announced on May 4, 2026, results from 16 new drill holes at its 100%-owned O’Brien Gold project in the Abitibi region of Québec, Canada. Highlights include: OB-26-384, the deepest hole ever drilled at the O’Brien Gold Project, intersected 4.54 grams per tonne (“g/t”) gold (“Au”) over 12.0 meters

There has been a lot of attention for resource investors on the war and energy, as well as the gold and silver correction, while copper has been in what I call a stealth bull market. It is not getting much attention. This is a weekly Comex chart, and there was a one-day spike at the

As I write this missive, we have just entered into the six most dangerous months of the year after experiencing the ninth best month for performance in five decades. The S&P 500 closed up 9.75% in the month of April, with the NASDAQ registering its best performance since April 2020, up 15.29%. What is surprising

<div>Today, we see strong evidence that the precious metals sector's bottom is in. Not only that, the downside risk now looks minimal, and the next major upleg looks set to begin soon, even imminently.</div> <div> <div x-data=" item_id: undefined, view: null " x-html="view || 'Product-Random-Featured'" x-init="view = await (await fetch('/shortcodes/product/random/featured?category=2')).text()">!!–Product-Random-Featured-2–!!</div> </div> <div></div> <div>The biggest giveaway

<p>The U.S. debt has reached yet another ominous milestone.</p> <p>In March, <a href="https://www.moneymetals.com/news/2026/03/19/national-debt-quietly-eclipses-39-trillion-004774&quot;>the national debt surged over $39 trillion</a>. &nbsp;Now, the federal debt held by the public-to-GDP ratio has crossed the 100 percent threshold.</p> <p>In other words, the U.S. government owes the world more money than the economy's total annual output.</p> <p>And it&rsquo;s actually worse

<p>India has accelerated efforts to bring its gold home.</p> <p>In the spring of 2024, India brought 100 tonnes of gold home, repatriating it from vaults in the UK.&nbsp;Over the last six months, the Reserve Bank of India has repatriated another 104 tonnes.</p> <p>According to data from the Management of Foreign Exchange Reserves, India now has

<p><span style="font-weight: 400;">In a wide-ranging conversation on the </span><i><span style="font-weight: 400;">Money Metals</span></i><span style="font-weight: 400;"> podcast, host Mike Maharrey sat down with </span><a href="https://share.google/XCBzptJoAIS0ZHoJ0&quot; target="_blank" rel="noopener"><span style="font-weight: 400;">British comedian, author, and financial commentator Dominic Frisby</span></a><span style="font-weight: 400;"> to explore the deep historical and modern significance of gold.&nbsp;</span></p> <p><span style="font-weight: 400;">Frisby, author of </span><i><span style="font-weight: 400;">The Secret

Seabridge Gold Inc. (SEA:TSX; SA:NYSE.MKT) announced that its KSM Project has been designated as a provincial priority project by the Province of British Columbia, according to an April 30 release. This significant recognition is part of the province’s strategy to promote strategic developments that create jobs throughout the region, the company noted. By being included

Cerro de Pasco Resources Inc. (CDPR:TSXC; GPPRF:OTCQB; N8HP:FSE) announced it has successfully qualified for an upgrade from the OTCQB Venture Market to the OTCQX Best Market, according to an April 29 release. Starting that day, the company’s shares began trading on the OTCQX under the ticker symbol CDPMF, marking a significant step in the company’s

Honey Badger Silver Inc. (TUF:TSXV; HBEIF:OTCQB) is a Canadian silver company focused on acquiring and advancing high-quality silver assets in mining-friendly jurisdictions across Northern Canada. Headquartered in British Columbia, Canada, the company controls a portfolio of 100%-owned projects in the Yukon, Northwest Territories, and Nunavut. What initially drew my attention to this company was its

American Pacific Mining Corp. (USGD:CSE; USGDF:OTC) is nearing the completion of an intricate underground survey at its Madison Copper-Gold Project in Silver Star, Montana, according to an April 28 release. The company has teamed up with Water & Environmental Technologies Inc. (WET) and Dengel Surveying to conduct a high-resolution control survey and LiDAR scan of

In an April 27, 2026, news release, Silverco Mining Ltd. (SICO:TSXV) announced that the company has entered into a definitive share agreement, providing for the previously announced acquisition by the company of Nuevo Silver Inc. Silverco will acquire all the issued and outstanding common shares of Nuevo via issuance of common shares of the company.

Sierra Madre Gold and Silver Ltd. (SM:TSX.V; SMDRF:OTCQX) reported its audited consolidated financial results for the year ended December 31, 2025, including fourth quarter results. The company reported that it sold a total of 628,196 silver equivalent ounces in 2025, consisting of 271,204 ounces of silver and 4,041 ounces of gold. For the full year,

Allied Critical Metals Inc. (ACM:CSE; ACMIF:OTCQB; 0VJ0:FSE) announced that it has applied to list its common shares on the TSX Venture Exchange as a Tier 1 mining issuer. The listing application is subject to review by the TSX Venture Exchange and satisfaction of applicable listing requirements. Roy Bonnell, CEO of Allied, stated, “We believe that

In April, Wall Street had one of its best months since 2020. The Nasdaq Composite surged over 15%, the S&P 500 up 10%, and the Dow Jones climbed 7%. The advance has been powered by a resurgent AI infrastructure and triple-digit gains from one of our own picks, Intel Corp. (INTC:NASDAQ). I have never been

Aztec Minerals Corp. (AZT:TSX.V; AZZTF:OTCQB) announced it has engaged APEX Geoscience Ltd. of Edmonton, Alberta, to complete maiden mineral resource estimates and National Instrument 43-101 technical reports for two projects: the 85%-owned Tombstone Project in southeastern Arizona and the 100%-owned Cervantes Project in Sonora, Mexico. The maiden mineral resource estimates and supporting technical reports are

In a March 16 contributed opinion piece for Streetwise Reports, Michael Ballanger noted that Fitzroy Minerals Inc. (FTZ:TSX.V; FTZFF:OTCQB) had completed the first tranche of a CA$18.8 million financing at CA$0.50 per share, with the stock closing the week at CA$0.38. He wrote that the company’s two primary projects in Chile were located in a

<p><strong>What are pennies made out of</strong>? Most people assume pennies are made of copper. After all, they look copper, feel copper, and have been associated with the metal for generations. But that assumption hasn't been true for decades.</p> <p>In reality, today's U.S. penny is mostly <strong>zinc</strong>, with only a thin outer layer of copper. Even