Can the U.S. survive its debt? The 'doom loop' trap, gold's & dollar's future under Trump – Stephanie Pomboy

Gold, silver hammered by surging USDX, bond yields

Trump’s victory spurs Bitcoin surge to $76k, stock rally while gold and silver tumble

Trump’s re-election is the ‘worst economic nightmare’ for the EU – ING

China to issue $2B dollar bonds in Saudi Arabia as de-dollarization efforts accelerate

Gold prices slide amid dollar surge after Trump win, Fed now brings further downside risk – FX Empire’s Hyerczyk

Decisive election outcome and dollar strength move gold sharply lower

Trump’s America-First policy drives US dollar and bond yields higher, pushing gold prices down 3%, silver prices down 5%

Bitcoin price rockets above $75k on Trump win, precious metals sell off

Gold market analysis for November 6 - key intra-day price entry levels for active traders

Kitco News Live - U.S. Election 2024

Taxes, tariffs, and inflation : How Trump and Harris impact gold prices

Recession is already here as U.S. debt crisis makes growth impossible – Matthew Piepenburg

The gold market needs to fire on all cylinders to hold $3,000 in 2025 - Naxitis’ Bernard Dahdah

Rising mining costs and record gold demand shape investment landscape, says Sprott Asset CEO

Bitcoin gained 1,900% in Trump’s first term: Will BTC price hit $1M this time?

Gold plummets to three-week low below $2,700 as Trump’s victory boosts USD

Trump's victory sparks a bullion promises: Gold price falls   

M&A watchers expect Trump to fan flames of dealmaking recovery

Dollar’s election-fueled surge worsens Trump’s currency problem

Oil pares losses after falling 2% as dollar jumps on Tump victory

Wall Street’s Trump gamble paying off as ETF bets vindicated

Gold price outlook – gold plunges after landslide election in America

Bitcoin hits new record and dollar gains as Trump trade gains momentum

Market reaction to Trump's win is a sign of great things to come: Thomas Hayes

USD/CAD returns above 1.3900 as US Dollar strengthens across the board

Oil News: Trump victory spurs dollar surge, weighing on crude outlook

DJT, crypto, and other Trump trades rise after candidate clinches victory

TSLA: Tesla stock charges higher as EV maker stands to gain a lot from Trump win

USD: A Republican clean sweep to fuel dollar strength, higher yields – MUFG

Gold price sharply down on Trump win, less risk aversion    

Mining sector needs a plan for increased cash flow from record-high gold prices - BMO 

Gold firmer on mild safe-haven demand amid U.S. election jitters

Gold ETFs pick up slack from weaker sovereign and jewelry demand in Q3, Peru’s silver output soars in 2024 – Heraeus

Gold price holding firm as ISM Services PMI rises to 56%

Gold market analysis for November 5 - key intra-day price entry levels for active traders

Gold price steady as marketplace awaits U.S. election results    

Is the gold rally done? 2025 and 2026 could be silver’s time to shine - World Bank

Crypto lending set for a revival as institutions eye DeFi opportunities – industry experts

UK pension fund allocates 3% to Bitcoin as institutional adoption grows

Why Bitcoin’s path to $200k doesn’t depend on a collapse of the dollar - Bitwise CIO Matt Hougan

Stablecoins boost Treasury demand, says U.S. Treasury report

Trump doubles down on crypto, proposes no capital gains tax for Bitcoin and U.S.-made tokens

Emory University invests in Bitcoin ETFs as institutional demand reaches new peak

BRICS de-dollarization: New digital currency, gold, and Bitcoin all on the table

Pennsylvania House passes Bitcoin Rights Bill to protect crypto holders

India considers total ban on Bitcoin, private cryptos in favor of CBDC

Fed and ECB push for Bitcoin ban to enable permanent deficits

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Trump family’s World Liberty Financial token sale falls flat, only hits 10% of goal

BlackRock CEO Larry Fink: Bitcoin is on track to become ‘digital gold’

China said it is willing to strengthen cooperation in port connectivity, mineral development and infrastructure construction with Mongolia, Chinese official news agency Xinhua said.Chinese Premier Li Qiang, when meeting with Mongolian Prime Minister Luvsannamsrain Oyun-Erdene, said late on Tuesday that China would support more “qualified enterprises” to invest in Mongolia, and in return hopes for a stable and predictable business environment for Chinese firms.(By Liz Lee and Shanghai newsroom; Editing by Leslie Adler)

China highlights port connectivity, minerals, infrastructure with Mongolia

The Perth Mint reported a decline in gold sales for the month of October, while silver sales slipped to their lowest in four months, the refiner said on Wednesday.Why it is importantPerth Mint, owned by the government of Western Australia, is the world’s largest producer of newly mined gold. It is also the biggest refiner by volume in Australasia, according to the company’s website.Its intake each year equates to almost 75% of newly mined gold in Australia, one of the world’s biggest gold producers.By the numbers Sales of gold coins and minted bars dropped around 44% in October from the previous month to 29,935 ounces, representing an almost 29% decrease year-on-year.Silver product sales also fell about 44% month-on-month to 539,898 ounces, marking its lowest level since June. It posted a nearly 50% fall from last year.The gold-silver ratio stood above 84 after falling to below 79 during the month, reflecting the volatile trading nature of October.Key quotes “Challenging market conditions were persisting and the high gold price continued to impact on sales of minted products,” said Neil Vance, Perth Mint’s general manager of minted products.Context Spot gold prices gained about 4.2% last month and scaled a record high of $2,790.15 per ounce on Oct. 31, boosted by the likelihood of further interest rate cuts by the US Federal Reserve, uncertainties around the US election and tensions in the Middle East.Meanwhile, silver prices gained nearly 8% in September, and touched their highest level since October 2012 at $34.87 per ounce last month.(By Anmol Choubey; Editing by Alison Williams)

Perth Mint’s October gold sales dip, silver slips to 4-month low

Beijing – China’s industry ministry is proposing to step up domestic exploration of mineral resources under a plan to support the energy storage manufacturing industry.China will step up efforts to support domestic exploration of lithium, cobalt, and nickel resources and bolster national resource security, under a draft plan released on Wednesday by the Ministry of Industry and Information Technology.The plan is targeting an increase in the scale of the new energy storage manufacturing industry to match demand by 2027, calling for the creation of three to five 100 billion yuan ($13.96 billion) new energy storage manufacturing firms by then.($1 = 7.1616 Chinese yuan renminbi)(Reporting by Colleen Howe and Amy Lv; Editing by Jan Harvey)

China’s industry ministry plans to step up lithium, cobalt, nickel exploration

Donald Trump’s return to the White House will refocus the nation’s energy policy onto maximizing oil and gas production and away from fighting climate change, but the Republican win in Tuesday’s presidential elections is unlikely to dramatically slow the U.S. renewable energy boom.That is because a Biden-era law providing a decade of lucrative subsidies for new solar, wind and other clean energy projects would be near-impossible to repeal, thanks to support from Republican states, while other levers available to the next president would only have marginal impact, analysts say.“I don’t think a Trump president can slow the transition,” said Ed Hirs, Energy Fellow at the University of Houston. “This is well underway.”Renewable energy sources like solar and wind are the fastest growing segments on the power grid, according to the Department of Energy, driven by federal tax credits, state renewable energy mandates, and technology advancements that have lowered their costs.President Joe Biden in 2022 signed into law the Inflation Reduction Act guaranteeing billions of dollars of solar and wind subsidies for another decade as part of his broader effort to decarbonize the power sector by 2035 to fight climate change.Before the election, Trump slammed the IRA as being too expensive and promised to rescind all unspent funds allocated by the law – a threat that, if accomplished, could pour cold water over the U.S. clean energy boom.But doing so would require lawmakers, including those whose states have benefited from IRA-related investments like solar panel factories, wind farms and other projects, to vote to repeal it.“The jobs and the economic benefits have been so heavy in red states, it’s hard to see an administration come in that says we don’t like this,” said Carl Fleming, a partner at law firm McDermott Will &amp; Emery, who advised the Biden White House on renewable energy policy.Many of Trump’s allies also benefit from the IRA through their investments in clean energy technologies, Reuters has previously reported.Fleming said Trump could, however, slow things down around the margins by hindering federal agencies that deliver IRA grants and loans, or by reducing federal leasing for things like offshore wind.“You could see a new administration come in and they can very quickly begin to cut budgets or restrict budgets or restrict the freedom of agencies to do certain things that are tied to funding,” he said.“But I think that’s a smaller subset of the larger renewables market that’s really relying on those, so I don’t think it would have a shocking effect.”The Biden administration has rushed to ensure it spends the majority of available grant fundingunder the IRA before a new president arrives, Reuters has previously reported.One way Trump could slow the transition is through executive action by changing public lands leasing, analysts said. The Biden administration had sought to expand lease auctions for offshore wind in federal waters, along with solar and wind on land.“I think you would see more preference given to fossil fuel extraction on public lands and waters,” said Tony Dutzik, associate director and senior policy analyst at Frontier Group, a non-profit sustainability think tank.That could have an outsized impact on the offshore wind industry, which aims to site projects in federal waters. Most onshore solar and wind projects are located on private property, as is the vast majority of oil and gas drilling.Trump has said he intends to end the offshore wind industry “on day one,” arguing it is too expensive and poses a threat to whales and seabirds, a dramatic policy reversal after his first administration supported offshore wind development.Bernstein Research said Trump is likely to enact a moratorium on new offshore wind lease sales.Meanwhile, U.S. fossil fuel production is likely to look much the same under Trump, experts said. The U.S. has already become the world’s largest oil and gas producer, under the watch of Biden, thanks to a drilling boom in fields like the Permian Basin under Texas and New Mexico.Trump paved the way for the boom by slashing red tape during his term in the White House and he could expand U.S. fossil fuel production in a second term by rolling back Biden’s climate initiatives, his campaign said. Trump could, for example, push for drilling in Alaska’s Arctic National Wildlife Refuge.Biden blocked ANWR drilling leases, but even if Trump opens up the pristine area prized by environmentalists, it is uncertain whether companies would be willing to pump in the rugged north.“Presidents can make a lot of noise about plans for U.S. oil and gas, but ultimately it’s individuals and companies responding to prices of a global commodity that make the decisions on when to drill,” said Jesse Jones, head of North American Upstream at Energy Aspects.

Trump return will slow, not stop, US clean energy boom

China Zinc Smelters Purchasing Team (CZSPT) has set domestic processing fees for zinc concentrate at between 2,000 yuan ($281.57) a metric ton and 2,500 a ton for the first quarter in 2025, state-backed research house Antaike said on Tuesday.The group also set processing fees for imported cargoes at $10–$30 per dry ton, Antaike said, adding that it discussed how to “strengthen industry self-discipline” in an environment where “zinc smelting and processing fees continue to seriously deviate from costs”.In August, major Chinese zinc smelters had agreed at a meeting to adjust planned maintenance on production lines and postpone commissioning of new capacity, according to a report from Antaike at the time, as falling ore processing prices due to tight ore supply eroded the sector’s profits.They had also discussed potentially establishing a floor pricing mechanism for zinc concentrate treatment charges.($1 = 7.1030 Chinese yuan renminbi)(By Amy Lv, Bernard Orr and Colleen Howe; Editing by Louise Heavens)

China zinc smelter group sets processing fees for Q1 2025

Santiago – Chile’s state copper giant Codelco has applied for an environmental permit for a $650 million project to make water use in its Andina mine more sustainable, the company said on Tuesday.The plan is to funnel water from the mine’s Ovejeria tailings, or mine waste, and other sources to the concentrator plant in its Andina division some 70 kms (43 miles) away for more efficient and sustainable water use, the company said in a statement.“This allows us to keep reducing our environmental footprint and confront the consequences of climate change,” Lindor Quiroga, general manager of Andina, said in Tuesday’s statement.Under increased pressure from global clients seeking sustainable mining and in the face of water scarcity, Codelco has adopted initiatives to be more sustainable.The Andina project in central Chile, which has faced a decade of drought, will require a maximum of 1,650 workers and take an estimated 36 months to complete.(Reporting by Fabian Cambero and Alexander Villegas; editing by Barbara Lewis)

Codelco seeks permit for $650m Andina water project

Hecla Mining on Monday named Rob Krcmarov as its chief executive officer, effective Nov. 7, replacing Catherine Boggs.The company produces more than 45% of all silver in the United States, and has mines in Alaska, Idaho, Quebec, Canada and Yukon Territory, Canada.Krcmarov will succeed Hecla’s interim CEO Boggs, and previously served on the executive leadership team of Canadian mining firm Barrick Gold.Hecla’s shares were up nearly 1% in premarket trading.(By Vallari Srivastava; Editing by Shounak Dasgupta)

Hecla Mining names Rob Krcmarov as CEO

Miner Hindustan Zinc said on Tuesday the Indian government, its largest minority shareholder will sell a total 2.5% stake in the company and valued the sale at 53.34 billion rupees (about $634 million).The Indian government, which currently holds a 29.54% stake in the company, is looking to sell 105.6 million shares at a floor price of 505 rupees apiece under the offer for sale.The floor price is at a nearly 10% discount to Tuesday’s closing price of 559.65 rupees.The sale is scheduled for Nov. 6 and Nov. 7, the miner said.Last month, Reuters reported that the company is discussing the possibility of splitting into two. The government had rejected a similar proposal by Hindustan Zinc in March, saying it was not convinced that such a move would boost shareholder value.The stake sale comes months after the majority shareholder in the company, Vedanta hived off a 3.3% stake in the firm for $950 million.($1 = 84.0840 Indian rupees)(Reporting by Manvi Pant in Bengaluru; Editing by Eileen Soreng)

Indian government to sell 2.5% stake in Hindustan Zinc for $634m

South Korea’s Supreme Court has rejected a legal appeal to prevent a suspension of the Seokpo zinc smelter, its operator Young Poong Corp said.Seokpo was ordered by the Gyeongsangbuk-do provincial government in 2021 to halt its operations for one month and 30 days due to a violation of the Water Environment Conservation Act, but has since pursued legal remedies to block the shutdown.The South Korean court has now decided to uphold the 2021 order, Young Poong said in a regulatory filing on Nov. 1. The company said it will keep investors updated when there is a timetable for the shutdown.The fate of the 400,000 metric ton-per-year smelter, the world’s sixth-largest, has been closely watched as zinc prices soared 17.5% this year amid tight mining supply.The CEO of Young Poong was arrested in August as part of an investigation of his liability over subsequent safety-related deaths at the Seokpo operation. The company had already cut production at Seokpo since March.Young Poong has been in a bitter fight for control of the $18 billion zinc empire Korea Zinc, the world’s biggest zinc producer.The two majors will split operations in zinc and sulfuric acid sales and procurement of raw materials of zinc concentrates, which have become extremely costly to secure.A series of disruptions – including a delay at Russia’s Ozernoye, a slow ramp-up at Kipushi in Democratic Republic of Congo and force majeure at Century Zinc’s operation in Australia – has strained global zinc concentrate supplies.On top of the rising cost of raw material, zinc smelters also face an uncertain outlook for refined zinc, mainly used in protecting steel from corrosion.The latest Reuters poll indicated that the world’s fourth most used metal is heading for a moderate surplus of 115,000 tonnes next year.(By Jihoon Lee and Julian Luk; Editing by Jan Harvey)

South Korea’s highest court rejects appeal from zinc smelter against shutdown

Nov 4 (Reuters) - Mineral Resources (MIN.AX), said on Monday its billionaire founder Chris Ellison would exit the Perth-based mining services firm within 18 months after an internal probe found he used company resources for his personal benefit and evaded taxes.The board's investigation found Ellison, who led MinRes through its initial public offering in 2006 and remains its biggest shareholder, engaged in widespread misconduct including failing to properly disclose revenue from his overseas entities to the Australian Taxation Office. The scandal has wiped about 20% from its share price since Oct. 21 and underscores the investment risk of having a company operating under the shadow of a single dominant corporate figure."I acknowledge that I made mistakes, some of which were driven by my wish to keep private certain events that cause me great personal embarrassment," Ellison said in a statement. He could not be reached immediately for further comment.MinRes shares fell as much as 10.1% on Monday as analysts criticised the lack of obvious successor to Ellison and the drawn-out timeline of his replacement. Shares were last trading 9% lower at 0454 GMT."While we appreciate there's financial penalties, strengthening corporate governance and a timeline for chair and MD transition, the slow pace of change will likely weigh on the stock, in our view," Citi analysts said in a note as they downgraded the stock to "sell" from "neutral" and slashed their price target.Ellison, who will remain as managing director until a successor is found, has been fined A$8.8 million ($5.81 million) by the firm. He will also forfeit his salary and other incentives of up to A$9.6 million.Chairman James McClements, who has been in the role since May 2015, will also leave in the next year as part of the firm's broader plans to restore its battered reputation.Pension fund HESTA, a shareholder in MinRes, said "governance failures that allow inappropriate behaviour by management can pose a material financial risk to the long-term value of our members' investments."HESTA said it had been engaging with MinRes and welcomed the board taking steps to address governance issues, including the CEO transition and imposing material financial consequences as "this will help restore investor confidence and trust."The internal probe found the company had made payments of A$3.8 million to an offshore entity owned by Ellison for various mining equipment, with the mining boss not having declared the transactions and income after the firm's IPO.The board also revealed the company had been paying rent for properties which belonged to the billionaire, along with rent-related benefits to the founder's daughter. He also directed company employees to work on his boat and properties and manage his personal finances."There can be no doubt that the actions, decisions and behaviours of Mr Ellison have been profoundly disappointing and require sanction and penalty," McClements said.($1 = 1.5158 Australian dollars) Reporting by Roushni Nair and Rishav Chatterjee in Bengaluru; Editing by Lisa Shumaker, Lincoln Feast, Jamie Freed and Rashmi Aich

MinRes' billionaire founder Ellison to exit after board probe finds misconduct

Brazilian authorities are preparing to remove illegal gold miners from an Indigenous reservation in the Amazon rainforest that has been criss-crossed with informal airstrips and contaminated with mercury, an official said.The Munduruku territory covers nearly 24,000 square km (9,000 square miles), about the size of the US state of New Hampshire, and is home to 61 villages of Munduruku, Apiacas and other Indigenous groups in an area known for violent land disputes.The Munduruku reservation has the second-most illegal mining in Brazil, according to a report seen by Reuters from government agency Censipam, which manages operations protecting the Amazon.Brazilian President Luiz Inacio Lula da Silva has vowed to fight illegal mining on Indigenous lands after a surge under his predecessor Jair Bolsonaro.Illegal gold miners have poisoned rivers and triggered public health crises on Indigenous reservations, which are the responsibility of the federal government.The planned operation will involve federal bodies from the Defense Ministry to Indigenous affairs agency Funai, Nilton Tubino, who has been coordinating similar efforts in the Yanomami territory in far northern Brazil, told Reuters.The Yanomani territory, where illegal miners have also been vectors for malaria and other contagious disease, has seen the most illegal mining, Censipam says.Authorities have identified 21 informal airstrips in the Munduruku territory providing supplies for mining activity, the Censipam report showed. Turbino said the operation would aim to cut supplies for illegal activities in partnership with Brazil’s fuel and aviation regulators.The Censipam report showed that 388 new illegal mining spots opened in the Munduruku territory in 2022, the last year of the Bolsonaro administration, falling to 128 last year and 23 so far this year.Tubino said the government would avoid inflaming any conflicts with the operation.(By Ricardo Brito and Andre Romani; Editing by Brad Haynes and Alison Williams)

Brazil prepares to remove illegal Amazon gold miners from Munduruku land

The Canadian government on Monday released draft regulations that would cap emissions of greenhouse gases from the oil and gas sector by 35% from 2019 levels, slightly less than initially envisaged.The regulations would create a cap-and-trade system designed to recognize better-performing companies and give an incentive to higher-polluting firms to make their production processes cleaner, the environment ministry said in a news release.The Liberal government had initially said it wanted the energy industry – Canada’s highest-polluting sector – to cut emissions by up to 38% from 2019 levels by 2030. Monday’s news release made no mention of 2030.The draft rules are designed to put a clear limit on pollution from oil and gas production, Ottawa says.“The proposed regulations work by setting a cap on greenhouse gas pollution within the sector, equivalent to 35% below 2019 levels,” the release said.The energy industry and oil-producing provinces say the regulations are in effect a production cap that will kill jobs and cut tax revenue.“The proposed regulations put a limit on pollution, not production … (they) are carefully designed around what is technically achievable within the sector, while allowing continued production growth,” said the release.Formal consultations on the regulations will run from Nov. 9 until Jan. 8 of next year. The final version will be published in 2025, Ottawa said, but gave no details on timing.

Canada wants energy sector to cut emissions by up to 35% below 2019 levels

“All roads lead to inflation,” Paul Tudor Jones recently told CNBC. The veteran hedge fund manager believes government debt is on an unsustainable path and is therefore buying bitcoin, gold and other commodities.Right on cue, the gold price hit a record high this week.Bullion has gained nearly 35% since January. Shares in gold miners are up by around the same amount. Despite their recent run, the miners appear a more attractive inflation hedge than the lustrous metal they produce.Anyone acquainted with the industry might find that hard to believe. Historically, gold miners have offered remarkably poor protection against rising prices.Over the past three decades the index of US consumer prices more than doubled and the price of gold rose sixfold. Over the same period, the Philadelphia Gold and Silver Index of listed miners climbed by about 40%. The mining benchmark remains well below its peak in 2011. Since that date US prices and bullion have risen by 33% and 55%, respectively.Few industries have a more dismal record of allocating capital.After the gold price took off in the early 2000s, miners pursued growth at any cost. They borrowed freely, splurged on new developments, and pushed up costs by extracting gold from low quality mines – what’s known in the business as low-grading. Debt levels at the four senior miners – Newmont, Barrick Gold, Agnico Eagle Mines and Kinross Gold – rose to an average 50% of net assets.After the gold price dropped in 2011, the miners were left stranded. Barrick, the world’s largest miner at the time, announced some $23 billion of asset writedowns between 2012 and 2015.Over the past decade the miners have put their problems behind them, says Caesar Bryan, portfolio manager of the Gabelli Gold Fund. They brought in new management teams who ran the companies to generate cash rather than maximise output. They restricted capital spending and strengthened their balance sheets.Currently, average debt for the largest miners stands at 14% of net assets. Unfortunately, however, they hit a rough patch during the pandemic when labour shortages and difficulties in sourcing mining equipment pushed up costs. Once again, their stock prices dropped sharply.Having underperformed since time immemorial, gold miners are viewed with distrust – even by industry insiders. Therein, lies the opportunity, suggests Bryan, quoting an astute epithet from investment strategist Don Coxe: “The most exciting returns are to be had from an asset class where those who know it best, love it least, because they have been hurt the most.”Gold miners may be doing well now but it does not feel like a genuine bull market to Bryan, who has been covering them since 1987. Exchange-traded funds tracking gold, and the VanEck Gold Miners ETF, have experienced regular outflows.The mood of attendees at the Gold Forum Americas, the world’s largest gathering of precious metals investors, held this September in Denver, Colorado, was subdued. They were clearly frustrated by the continued underperformance of gold mining shares relative to bullion – though the equities have since caught up.Gold miners are generating cash, boosting dividends and announcing plans to buy back shares. But they still look cheap on most valuation metrics, Bryan maintains. Assuming the current spot price holds, he expects several intermediate gold miners – including Toronto-listed Endeavour Mining and Dundee Precious Metals – to generate free cash flow equivalent to 20% or more of their current market value.Gold equities are also trading at historically depressed levels relative to their net asset values. This metric is arrived at by taking estimated reserves, subtracting mining costs and applying a 5% discount rate to the resulting cash flows. The calculation involves many questionable assumptions, but the key input – the forecast gold price – is conservative.Mining analysts at investment banks are predicting that gold will fall back below $2,000 an ounce by 2028, according to Beacon Securities – a drop of nearly 30%. The gap between the spot price and the analysts’ forecast has never been larger.What this means is that the miners’ net asset values are understated, says Stefan Rehder, founder and managing director of Value Intelligence Advisors, a Munich-based investment firm.That’s not all. The miners’ reported reserves are also depressed by the bearish gold forecast used in the NAV calculation, since assets that cannot be profitably mined at or below the forecast price are excluded from reserves. At the end of 2023, Newmont assumed a price of $1,400 an ounce for calculating reserves. The company estimated that a $100 increase in the gold price would boost its reported reserves by 5%.Having been burned so badly a decade ago, miners have maintained their capital discipline. The industry’s pessimistic gold prognosis discourages them from extracting lower grade ores.“Whilst we are clearly in a phase of the capital cycle where miners are investing again, they are doing it in a very controlled and muted way compared to last time,” says Paul Kennedy, portfolio manager of the WS Ruffer Gold Fund.The reason, Kennedy argues, is that “management teams are scarred by the experience of the last cycle and still try to define ‘growth’ broadly as ‘growth in cash flow’ rather than as growth in volume of ounces produced.”Given that the stock market places such a low value on the miners’ reserves, it makes more sense for them to acquire competitors than develop new projects. Merger activity has picked up. Last year, Newmont acquired the large Australian miner Newcrest. In September, AngloGold Ashanti made a $2.5 billion offer for Centamin.Gold mining deals can be fraught. Newmont’s 2019 takeover of Goldcorp did not turn out well. Last week, Newmont’s stock dropped after the company reported problems with some recently acquired Newcrest assets. Still, acquisitions are less risky than developing new mines.Investor sentiment towards the barbarous relic may finally be turning. Gold bars are flying off the shelves at Costco. The World Gold Council reports that inflows into gold ETFs turned positive in the third quarter after twelve months of outflows.The soaring gold price is feeding through into miners’ earnings. The fact that miners are available on handsome prospective cash flow yields provides investors with a margin of safety. If the bullion price holds up, shares in gold miners should be a lot higher.(By Edward Chancellor; Editing by Peter Thal Larsen and Katrina Hamlin)

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Coin	Price	1h%	24h%	7d%	Volume (24h)	Market Cap
Bitcoin BTC	$75,837.05	0.14	8.70	4.44	75.46B	1.50T
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XRP XRP	$0.54	0.28	5.69	3.83	1.59B	54.47B
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USD Coin USDC	$1.00	0.00	0.00	0.01	4.24B	36.80B
Solana SOL	$188.04	-0.52	12.46	6.92	8.22B	110.64B
Cardano ADA	$0.36	0.97	8.48	1.85	467.89M	16.35B
Dogecoin DOGE	$0.20	0.05	14.46	16.89	9.39B	29.10B
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Can the U.S. Survive Its Debt? The 'Doom Loop' Trap, Gold's & Dollar's Future Under Trump – Stephanie Pomboy