An employee takes granules of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo Purchase Licensing Rights
Summary
Companies
Trump took the oath of office at 12:01 p.m. ET
U.S. markets closed for Martin Luther King Jr. Day holiday
Gold hit over a month high last week
Jan 20 (Reuters) – Gold prices edged higher on Monday, bolstered by a weaker U.S. dollar, as markets assessed the potential economic impact of U.S. President Donald Trump‘s second-term policies following his inauguration.
Spot gold added 0.3% to $2,709.09 per ounce as of 1:49 p.m. ET (1849 GMT) with trading volumes thin due to the U.S. markets being closed for the Martin Luther King Jr. Day holiday.
U.S. gold futures fell 0.7% at $2,730.20, reducing the premium over the spot price, after a Trump administration official said that President Trump would issue a broad trade memo on his first day in office that stops short of imposing new tariffs.
The price spread between New York futures and spot prices was inflated in recent weeks as traders priced in possible U.S. import tariffs and boosted deliveries into the CME stocks.
A line chart titled “Spot gold price in USD per oz” that tracks the metric over time.
“I believe Donald Trump (presidency) will result in higher market volatility, while some of his policies might keep inflation higher for longer. This should continue to support safe-haven assets like gold,” UBS analyst Giovanni Staunovo said.
Gold is used as a hedge against inflation, although Trump’s inflationary tariff policies could prompt the Federal Reserve to keep rates higher for longer, diminishing the non-yielding bullion’s appeal.
Trump has talked of tariffs of as much as 10% on global imports as well as 60% on Chinese goods and a 25% import surcharge on Canadian and Mexican products.
“Gold’s status as a financial asset makes it likely exempt from broad-based tariffs, and we therefore assign a 10% probability to a 10% effective tariff on gold being introduced within the next 12 months,” Goldman Sachs said.
Bullion hit its highest since Dec. 12, 2024, last week after cooler core inflation data, Fed Governor Waller’s dovish remarks and reports of gradual tariff introductions led traders to price in two rate cuts this year from just one earlier.
The dollar index (.DXY), opens new tab dropped 0.9%, making gold more attractive to foreign buyers.
Spot silver rose 0.7% to $30.52 per ounce, palladium shed 0.8% to $940.29 and platinum declined 0.2% to $940.70.
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Reporting by Daksh Grover and Sherin Elizabeth Varghese in Bengaluru, additional reporting by Swati Verma; Editing by Christina Fincher and Nick Zieminski
There’s a secrecy to the specifics of our planned rendezvous, when I meet a sharp-suited Egon von Greyerz in Zurich airport’s arrivals hall. Hands shaken, he guides us out of a side entrance towards a car park in a quiet corner of the sprawling complex. Roughly 30,000 people work in and around the site; annually, tens of millions of passengers pass through here. Scarce few are aware of the existence, let alone the precise location, of our intended destination: a high-security, 350sqm vault somewhere deep beneath us. Inside it, vast quantities of gold, much of it belonging to von Greyerz, and a roster of his company’s exceedingly wealthy international clientele.
For more than 25 years, von Greyerz has been in this business: buying, selling and storing precious metals for the super-rich, all the while preaching his golden gospel. “We set certain minimum levels,” he says, “to invest through us: $400,000 to store gold in this Zurich vault, or our similar one in Singapore. We use another deep in the Swiss Alps: you’ll need to invest $5m to have anything there.”
It’s not just the uber-wealthy who are turning to gold: more and more of us are at ie
It’s not just the uber-wealthy who are turning to gold, as its price continues to soar. Whether going big on bullion or nabbing a gold sovereign for a few hundred pounds to pension-plan, more and more of us are at it. Welcome to a new gold rush. Last year, the Royal Mint, which buys and sells gold bars and coins, had a “record year” for customer purchases. Revenues from its gold bullion sales were up 153% year on year. It’s not hard to see why. In 2024, gold prices increased by 28%. From the climate crisis to Trump’s presidency, and increasing geopolitical instability, the world feels ever more uncertain. As we’ve done for millennia, many are turning to gold in search of safety and security.
For a tiny percentage of investors, this vault in Zurich offers gold-plated security and safety. We are buzzed into an unassuming office building – beyond the ground floor lobby, a cargo warehouse for customs checks. Up on the second floor, most doors are adorned with airline emblems, or those of international logistics firms. There’s little remarkable about the small, open-plan space I’m shown into, save for a large television screen in one corner displaying a series of neatly divided squares, each livestreaming one of the countless CCTV cameras in and around the vault below.
Once seated in the office’s neat meeting room, we get to it. Many vaults globally, von Greyerz begins, are in airports: high security, easy export. Geographically, Switzerland is convenient for storage: 50–70% of global gold is refined here. My passport is taken by a smartly dressed staffer for a final identity check. No photos allowed; I’m asked not to share certain security details. “Our business model is streamlined and simple,” von Greyerz says. “We buy gold for our clients direct from refineries, always freshly minted. We handle all the practicalities of storing it safely. It’s the same process in reverse if you want to sell. Gold has a global market value, known as its paper or spot price. The cost of physical gold is always a little higher, taking into account production costs. We add a small mark-up, too.” The vaults used aren’t owned by von Greyerz. “Given we buy and sell, an independent company storing is necessary: our clients, should they wish to, can come and inspect their assets entirely of their own accord.”
‘It’s an investment. Buy it and then forget about it’: Zoe Lyons in the smelting room at Hatton Garden Metals. Photograph: Dan Burn-Forti/The Observer
Once given the green light, we descend, beeped into the restricted customs area with its gun-wielding guards. Codes are entered; passes presented. Down a sterile staircase, along a dim, strip-lit tunnel and through a metal detector. Any issues, the alarm system immediately alerts nearby armed airport police. “We actively don’t have armed guards in the vault,” says von Greyerz, “because they can be a liability and turn on you. Few staff, who you know, are better than an army of people. Americans always expect men with machine guns to be stationed outside. That’s not our way.”
I ask the value of what’s stored ahead of us. It’s confidential. Are we talking millions? Tens of millions? Hundreds of millions? Von Greyerz smiles, but his lips won’t loosen. “All I can say is it’s more than whatever you think.” For context, a standard 12.5kg gold bar, the ones you’ll recognise from films, would set you back about £880,000.
Doors slam shut. I’m directed to remain behind a red line, as a heavy hatch is opened. Beyond a lattice of grills, a 130sqm cavern. Sandwiched between wooden crates are layers of large, exposed bars of silver. That’s standard in storage. The walls beyond are lined with shelves, upon which are piles of sealed grey-and-blue boxes: inside them, the gold. In an adjoining room, various treasures are brought out for our examination. First, britannias: 1oz gold coins stamped with a profile of King Charles. “In 2002,” says von Greyerz, “when we first invested in gold, these were worth £200. Now, it’s £1,850.” That was in June 2024, during my vault visit; as of early January 2025, a Britannia is worth over £2,200. Next, a box filled with 100g bars. Rectangular, with round edges. Finally, a pile of 1kg bars, circa £70,000 a piece.
‘We don’t have armed guards in the vault, as they can be a liability and turn on you’: Egon von Greyerz buys, sells and stores gold for the super-rich in Zurich. Photograph: Scanderbeg Sauer/The Observer
Later, over lunch in Zurich’s old town, von Greyerz sets out his stall. “I’ve always been interested,” he says, “in understanding risk and protecting against downside.” He spent a few years working in the Swiss banking sector before joining a fledgling Dixons in 1972. In London, he was a company man for 17 years, latterly as a board member and finance director. “I resigned at 42, wanting to do my own thing.” He set up shop with a private asset and investment company, advising wealthy families and personal clients.
“Financial risk in the market, then and now, is too high for comfort,” he says. “Global debt today is $315trn; it’s an inescapable bubble. Since the early 1700s, 500 currencies have died, most through hyperinflation. Governments invariably destroy the finances of a country. Empires fall. Global powers change. Today, we’re seeing an acceleration in debts and decline. I think we’re close to another collapse.” He’s written about the subject extensively. A new era, he believes, will be based on commodities, not currency. “So, I turned to wealth preservation and came to the conclusion – obvious, in my opinion – that gold is its ultimate form. Simply put, it’s the only money that has survived through human history. Every other currency, without exception, has failed. In every situation of panic or crisis, people have always looked to gold.”
Convinced, in the late 1990s, von Greyerz took this analysis to a select group of clients. “In 2002, with gold dropping down a little in price, I put everything I had into gold, and suggested those I worked with do the same. It was never meant to become a company selling services or encouraging others to follow. But people kept asking…” Now he has clients in more than 90 countries. “With monetary currency,” he says, “you hold your wealth in something which, with inflation, has a constantly depreciating value. Even with low interest rates, the purchase power of your cash is always going down.”
There’s a distinction, von Greyerz clarifies, between gold and other investments. “I don’t see gold as speculation,” he says, “as something to buy and sell based on market changes. Prices fluctuate, but the trajectory is clear.” In essence, for those he advises – and von Greyerz himself – gold is a hedge; insurance for if and when their other financial assets implode. If the banking system and international order collapses, – say, amid a climate catastrophe – bullion remains tangible when the numbers disappear from our screens. “Our clients are prepared, worried about the world. Entrepreneurs, freethinkers.” Mavericks, maybe. “But they’re not strange people, they’re thinking smartly. Few of our clients invest less than 20% of their wealth in gold. Many invest more, up to 50% even.” Globally, only 0.5% of wealth is stored in gold. “If that goes up to 1.5% even, its value will go up vastly.” Just 3,000 or so tonnes of gold are mined each year; it’s a finite resource, you can’t just, on tap, produce it. Some predict reserves in the ground will run out as soon as 2050. There are other reasons to halt mining before then: emissions and water footprint; and regular reports of the global mining industry’s human rights abuses.
Most of us, von Greyerz concedes, could never dream of purchasing quantities that would qualify for his services. “Still,” he argues, “anything is worth investing. I believe for wealth preservation purposes you should buy gold at any level you can afford. Plus, in the UK, there’s no capital gains tax on any profits made on gold coins that are British legal tender, such as britannias and sovereigns.” In January 1970, 1oz of gold was worth about £14. Today, it’s up more than 15,000%.
Talk of brass tacks alone fails to capture the reality of gold’s enigmatic and enduring allure. Piles of cash, stocks and shares, or say, a lump of copper, would struggle to similarly stir the senses. Other metals are shiny; so why gold? Andrea Ferrero has been a professor of economics at Trinity College, Oxford, for a decade. Previously, he was an economist at the New York Federal Bank. “The starting point of gold’s role,” Ferrero says, “isn’t obvious. Its universal value can be put down to gold having a role in producing luxury goods and other commodities.” Traditionally, gold had few practical applications, its purpose purely cosmetic. “There’s its relative scarcity – we’ve discovered most of the gold, even with active searches. Plus, there are recent commentaries about the role of gold in industry, processors or other chips and technology. Industrial application might be another reason its value is going up.”
We should also look, Ferrero continues, to economic history. For centuries, gold played a major role in both domestic and international monetary systems: the first gold coins were struck on the order of King Croesus of Lydia (today part of Turkey), around 550BC. By the late 19th century, many of the world’s major currencies were fixed to gold at a set price per ounce: the gold standard. “This anchoring allowed for exchange rate stability. Today,” says Ferrero, “we live in the legacy of that system: the main role of gold is still hedging, a safe haven commodity.”
Ready to melt: gold products at Hatton Garden. Photograph: Dan Burn-Forti/The Observer
Contemporary political developments have only compounded gold’s current cachet. “Since the Russian invasion of Ukraine,” he says, “and with developments in the Middle East, there has been a big rise in geopolitical uncertainty. It’s one of the hottest topics in economics. Institutional and international investors are looking to diversify portfolios and allocate bigger shares to safe assets. In that respect, gold feels secure. It’s very libertarian – independent from governments. For states, like individuals, gold is like building a nuclear bunker,” says Ferrero, “preparing for a scenario you hope never materialises, but you’re ready, just in case.” According to the World Gold Council, latest data shows that central banks globally bought 53 tonnes of gold in November.
Just as important, feels historian Dr Stephen Tuffnell, is gold’s place in our cultural psyche. Much of his research has focused on the 19th-century gold rushes, at which stage, he says, gold cements itself as an almost mythical metal. “It’s then,” he says, “that miners see gold as a way to escape the drudgery of waged labour. It’s a bit like gambling, but in nature’s lottery.” In truth, many prospectors found small amounts. “Still, there’s an addiction to chasing gold rushes around the world. Yes, the age of gold underpins a wave of globalisation, but there’s more… There was a narrative then, maybe false, that with hard labour you could secure your own future. The excitement around gold, to this day, remains embedded in Anglo-American culture. It quickens the pulse in a way other metals don’t. There’s an idea that gold is wealth in its purest form.”
Just off the main thoroughfare of London’s Hatton Garden is Zoe Lyons’s family firm, Hatton Garden Metals. Their four-storey building is in the heart of the capital’s jewellery, precious-metal and diamond district, dating back centuries. Downstairs is a shopfront: two counters, a private inspection room and a waiting area, this morning – as on most days – filled with queueing customers. Above it, administrative offices, a boardroom I’m soon shown into and, on the top floor, a smelting lab, where purchased precious metals are melted down.
Lyons has been in the trade for 15 years, following in the footsteps of her South-Manchester pawnbroker and jeweller parents. Her sister also works in the business, as do various cousins. There are no minimums here. “Customers coming to the counter,” says Lyons, “generally have maybe up to £1,000-worth of gold on them. That figure can increase substantially: our trade customers come in with multiples and multiples of that to sell. We actively encourage customers not to make appointments. For the security of our clientele, it’s best that nobody knows who is coming in with what or when.”
A team of four experts buy and sell gold from the counters, each having undertaken six months of intricate training. “They know how to identify hallmarks, how to use acids to ascertain carats. They can identify plated items, strip items from core and base metal, assess if something needs smelting…” The list goes on. “In this industry, a typo or mistake can prove very expensive.” In essence, Hatton Garden Metals operates with the logic of a bureau de change. “There’s a lot of information online for buyers,” Lyons says. “Different companies flog different stocks: collectibles, commemorative items, the gift market. We publicly display our premiums over the spot price – the price we’ll buy, and that we’ll sell for. That changes on our website every 30 seconds. Once the deal is done, the price is locked.”
More collectible gold coins might be retained by the business for resale, but most of what Lyons and her team purchase is smelted down and sold back to the market at a price fixed twice-daily globally; in the UK, overseen by the London Bullion Market Association (LBMA). “We roughly know the volume we have coming in, and so book in a trade with the bank, either morning or afternoon. It means if the market dropped by 50% tomorrow, it doesn’t affect anything we’ve done today.” No risks can be taken. “I can’t hold on to gold in the hope the price goes up later. If the market went the other way, you’d have a problem on your hands.”
They provide a service to “a really eclectic mix of clients,” Lyons says. “Customers who buy a little every month for a pension or rainy day; those selling gold they’ve inherited, or owned for a long time; traders on Hatton Garden; preppers and end-of-worlders. Lots of our customers don’t feel totally secure about their money in the bank. They don’t want cash, not that banks make it easy to access it.”
Red hot: a gold-smelting furnace. Photograph: Dan Burn-Forti/The Observer
Presumably, her own savings are converted into gold? “When I first started,” she replies, “I did buy some sovereigns. Then the market jumped up like, £10, and I sold.” Today, Lyons now refrains from purchasing her own product. “Well, I have a little bit, but nothing significant. It’s something I yell at my parents about still: why didn’t you buy when gold was so cheap? Half-sovereigns were £20 when my parents started. Today, they’re £250. I’m sure my kids and grandkids will say the same. But gold is a long-term investment: you want to buy it and then not look at the prices regularly as it fluctuates. You want to forget about it and live your life.” Difficult, for someone in her line of work. “I don’t have a choice but to constantly monitor the market. If I had any substantial money there, I’d always be obsessing about the ups and downs, and really, I don’t have the time or nerve.”
Each gold-getter I speak to has their own logic: an older, Jewish Londoner who prefers to keep his assets close, a response to a prosecution-filled history. A twentysomething who turned to gold after getting into crypto. Many just see gold as an alternative to traditional ways of saving.
Andy Reid is a regular buyer. A former soldier, today he’s Merseyside-based. He runs a local café, and works as a motivational speaker. For a long time, any spare cash went on premium bonds: a few hundred quid, a few times a year, most often. He’d been watching the Discovery reality show Gold Rush on TV, following gold miners across North America. “I read about how there’s less and less of it left in the ground and the demand for it in modern technology.” Then, a trip to Costco. “I’d been going for years, always noticing the fact they sell gold bars in-store from a glass kiosk…” Yes, really… “It never crossed my mind to buy gold with my scones, then a year or two ago, I started thinking…”
He’s been buying from Hatton Garden Metals ever since. A gold coin each month, if there’s enough cash left in the bank at the end of it. “It’s something you have in your hand. I can go into my safe and hold it. You can also pass it on tax-free.” Britannias and Sovereigns are legal tender, exempt from capital gains tax.
Reid’s children are six and 11. “I want to give them the coins when they’re in their 20s or 30s. I don’t even look at the price, really, when I buy. I’m thinking about the long term. If it goes up by a few quid next year, I’m not going to sell it. I show them what I’ve got so far, sometimes, so they see the results of saving. And it feels real in a way money in an account doesn’t.” He’s aware it’s not a failsafe. Prices do go up and down; no investment is foolproof. “Of course the market could crash,” he says. “I bought a house just before the 2008 financial crisis, and lost £30,000 overnight. I’m not too concerned. It’ll go back up again: just look at history.” And for Reid, at least, it’s about more than a sound investment. “I’m a normal lad from up north,” he says, “who joined the army as a teen with no qualifications. Now I’ve got gold coins in my safe. There’s something special about that you can’t really explain.”
This article was amended on 20 January 2025 because an earlier version mistakenly referred to Geneva, rather than to Zurich, in the subheading and a picture caption.
Vancouver, British Columbia–(Newsfile Corp. – January 24, 2025) – EMPEROR METALS INC. (CSE: AUOZ) (OTCQB: EMAUF) (FSE: 9NH) (“Emperor” or the “Company“) is pleased to announce that it has paid Duparquet Assets Ltd., a private company owned 50% by Globex Mining Enterprises (“Globex“), the second year’s option payment to maintain Emperor’s option on the Duquesne West property in Duparquet township, Quebec, NTS-32D06. The option renewal for 2025 consisted of a $500,000 cash payment and the issuance of 3,671,569 common shares of Emperor equivalent to $300,000 based upon a 20-day volume weighted average price.
CEO John Florek commented: “We are excited to continue progressing with this option agreement. The compelling results from the 2024 drilling season have revealed the presence of visible gold within lower-grade zones, which could significantly impact both grade and total ounces in the open-pit environment. Infill drilling supports this scenario, and we look forward to the upcoming Q1 mineral resource estimate update.”
During 2024, Emperor undertook a 19-hole drill campaign totalling 8,166 meters and collected 7,994 meters of historical core as part of a program focused on outlining a near surface lower grade open pittable gold deposit rather than an underground higher grade mine. Pursuant to previous press releases, Emperor has announced both high grade and low grade intersections building upon the Company’s open pit model. Additional drill hole results are pending.
The Duquesne West property straddles the Porcupine-Destor Fault several kilometres east of the town of Duparquet, Quebec. A number of previous drill campaigns have outlined a historical inferred resource of 4.17 million tonnes grading 5.42 g/t Au (cut) or 6.36 g/t Au (uncut) as reported in the NI 43-101 report “Technical Report and Mineral Resource Estimate Update for the Duquesne-Ottoman Property, Quebec, Canada” by Watts, Griffis and McOuat, David Power-Fardy, M.Sc., Senior Geologist and Kurt Breede, P.Eng., Senior Resource Engineer dated October 20, 2011. This report is available on Globex’s website and is considered relevant and reliable. A “qualified person” as defined under NI 43-101 has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. The Company is not treating the historical estimate as current mineral resources or mineral reserves.
The technical information in this press release was reviewed and approved by John Florek, P. Geo., President and CEO of Emperor in his capacity as the Company’s “qualified person”. For further information on the Duquesne West Property see Emperor’s press release dated October 12, 2022 available on SEDAR+.
About Emperor Metals Inc.
Emperor Metals Inc. is an innovative Canadian mineral exploration company focused on developing high-quality gold properties situated in the Canadian Shield. For more information, please refer to SEDAR+ (www.sedarplus.ca), under the Company’s profile.
CERTAIN STATEMENTS MADE AND INFORMATION CONTAINED HEREIN MAY CONSTITUTE “FORWARD-LOOKING INFORMATION” AND “FORWARD-LOOKING STATEMENTS” WITHIN THE MEANING OF APPLICABLE CANADIAN AND UNITED STATES SECURITIES LEGISLATION. THESE STATEMENTS AND INFORMATION ARE BASED ON FACTS CURRENTLY AVAILABLE TO THE COMPANY AND THERE IS NO ASSURANCE THAT ACTUAL RESULTS WILL MEET MANAGEMENT’S EXPECTATIONS. FORWARD-LOOKING STATEMENTS AND INFORMATION MAY BE IDENTIFIED BY SUCH TERMS AS “ANTICIPATES”, “BELIEVES”, “TARGETS”, “ESTIMATES”, “PLANS”, “EXPECTS”, “MAY”, “WILL”, “COULD” OR “WOULD”.
FORWARD-LOOKING STATEMENTS AND INFORMATION CONTAINED HEREIN ARE BASED ON CERTAIN FACTORS AND ASSUMPTIONS REGARDING, AMONG OTHER THINGS, THE ESTIMATION OF MINERAL RESOURCES AND RESERVES, THE REALIZATION OF RESOURCE AND RESERVE ESTIMATES, METAL PRICES, TAXATION, THE ESTIMATION, TIMING AND AMOUNT OF FUTURE EXPLORATION AND DEVELOPMENT, CAPITAL AND OPERATING COSTS, THE AVAILABILITY OF FINANCING, THE RECEIPT OF REGULATORY APPROVALS, ENVIRONMENTAL RISKS, TITLE DISPUTES AND OTHER MATTERS. WHILE THE COMPANY CONSIDERS ITS ASSUMPTIONS TO BE REASONABLE AS OF THE DATE HEREOF, FORWARD-LOOKING STATEMENTS AND INFORMATION ARE NOT GUARANTEES OF FUTURE PERFORMANCE AND READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON SUCH STATEMENTS AS ACTUAL EVENTS AND RESULTS MAY DIFFER MATERIALLY FROM THOSE DESCRIBED HEREIN. THE COMPANY DOES NOT UNDERTAKE TO UPDATE ANY FORWARD-LOOKING STATEMENTS OR INFORMATION EXCEPT AS MAY BE REQUIRED BY APPLICABLE SECURITIES LAWS.
At Proven and Probable, we dive deep into the latest developments shaping the world of mining, royalties, and resource investments. 📈 Here’s what’s making headlines at EMX Royalty Corporation:
🔹 Strong Financial Results: EMX’s latest financial update showcases robust performance and strategic fiscal management. 🔹 Share Buyback Completion: The successful conclusion of their $5 million share buyback program underscores their commitment to enhancing shareholder value. 🔹 Strategic Divestment: EMX has executed an agreement to sell four projects in the western USA to Pacific Ridge Exploration, streamlining their portfolio. 🔹 Armenia Expansion: The acquisition of royalty interests in Hayasa’s Urasar Project further solidifies EMX’s position in the region. 🔹 Peruvian Opportunity: EMX’s purchase of a royalty on the Chapi Copper Mine highlights their continued focus on high-potential assets globally.
This is a pivotal moment for EMX Royalty, showcasing their strategic approach to growth, value creation, and global asset diversification.
What will the stock market look like in 2025, a year that has started grimly with catastrophic fires burning in California and dangerous snow and ice blanketing the east even before the presidential inauguration?
While interviewing 321gold’s Bob Moriarty this week on CEO & Market Expert Interviews on YouTube, Lucijan Valkovic said his own unofficial private polling found that 95% of people he asked said the market is heavily overvalued and is “about to crash or correct big.”
Moriarty said that while he was a “contrarian,” and it scares him “when 95% of people agree on anything,” the market is “clearly in a bubble.”
“The stock market is a giant bubble in search of a pin,” said Moriarty.
“There are some immense forces in play (and) no one can really predict what’s going to happen,” he said. “However, it’s very easy to predict whatever happens is going to be bad. So, my belief is the stock market’s an accident waiting to happen. And it’s like Bitcoin, you’ve got a lot of people playing musical chairs. And everybody thinks when the music stops, they’re going to be able to reach a chair. And there’s one slight problem with that theory, . . . and that is, what if there’s no chairs?”
Moriarty predicted the fall would be worse than 1929, “much worse.”
“We are going to go through pain, and it’s going to be extreme pain because this economy is so far out of whack,” he said.
Precious Metals as Insurance Policies
How to protect yourself? “You should put your money in something that is not part of the bubble,” Moriarty said.
“I happen to believe the highest value of precious metals is not their investment potential; it’s their potential as an insurance policy against chaos,” he said. “But the cheapest thing in the world right now is resource stocks. They’re literally being given away.”
The world’s central banks have “added significant amounts of gold to their reserves in recent years — and their buying continues even as gold’s price reaches new highs,” Sharon Wu reported for CBS News in December.
“While the precious metal offers unique protections during economic uncertainty, it also comes with challenges,” she wrote. “Storage costs and lack of income generation, for example, make it a complex investment choice.”
However, Valkovic noted that central bank gold purchases are expected to continue this year.
Gold and silver are insurance policies “against financial chaos,” Moriarty told him. “We all need reserves. You need it as an individual. You need it as a family. You need it as a town or city. You need it as a country. And you certainly need it as a bank.”
Moriarty said the banks are looking at the world and the state of the economy and deciding they need extra protection from negative events.
“There are some very dangerous black swans flying, and we need to protect ourselves,” he said. ” And that’s exactly the reason that individuals should be doing the same thing.”
Could Silver Outperform Gold?
Both gold and silver recently hit four-week highs, and gold is expected to have another solid year, but investors should brace for some volatility and temper their upside expectations, Kirill Kirilenko, Senior Analyst at CRU, told Kitco News’ Neils Christensen.
But he predicted gold prices would average around US$2,580 per ounce in 2025 as markets react to Trump’s proposed economic policies. The analyst had more optimism for silver, forecasting an average price of US$31.35 per ounce for the year.
“Silver could slightly outperform gold this year, driven by an increasingly tight fundamental outlook,” he said.
The British research firm expects silver, which as nature’s most conductive metal remains integral to the green energy transition, to remain well-supported.
Moriarty gave another reason for looking at the white metal. “Silver is absurdly cheap,” he said. “My belief is if you’re faced with three or four different alternatives for investing, you should buy what’s cheap, and you should save.”
“Silver has got a long way to run,” Moriarty said. “My opinion is silver will always be the most attractive investment in the resource sector.”
Nuclear: Very Cheap, Very Safe
Moriarty also said he saw uranium stocks performing well as artificial intelligence (AI) and a surging number of data centers recently helped push the price for element, the main fuel for nuclear reactors, to a record high, according to a Yolowire release posted on Barchart.
Prices for enriched uranium rose to US$190 per separative work unit, the commodity’s standard measure, which is up 239% from US$56 three years ago,” according to the report.
“A resurgence of interest in nuclear power has come as governments and companies source carbon-free power to service major industrial facilities and communities,” the release said.
“Nuclear power is a very cheap, very safe form of energy,” Moriarty said. “And we need more of it. … Green energy has been oversold. It is not a solution. It is a very expensive problem.”
But which uranium stocks to invest in? “I think you could walk into a dark room, and you could put the names of the stocks up on a wall. You could shut the light off and throw a dart, and hit something. Uranium is very cheap.”
Moriarty said he doesn’t know which bubble will burst first. But “we’ve got a lot of bubbles, and it is a time for safety, and in a time for safety, you go for what is the least bubbly,” he said.
“The least bubbly, I like that,” agreed Valkovic.
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North Vancouver, British Columbia–(Newsfile Corp. – January 23, 2025) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (“Lion One” or the “Company“) is pleased to report significant new high-grade gold results from 3,866.8 metres of infill and grade control drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The drilling is focused on Zone 5 and includes the Zone’s best assay result to-date of 2,749.86 g/t of gold over 0.3 metres (88.42 oz/t of gold over 1.0 feet).
All drilling was completed from existing near surface underground workings. The Company intersected high-grade mineralized structures in 24 holes drilled up-dip, down-dip, and south along strike of the UR2 and URW3 lodes where current mining activities are in progress. 17 holes intersected multiple high-grade mineralized structures, all of which are near existing underground workings. Most of the drill holes did not exceed 130 metres in length from underground drill stations. Drill results include multiple bonanza grade assays such as 2,749.86 g/t, 269.5 g/t and 235.2 g/t over narrow widths of 0.3 metres. Due to proximity of drill results to existing workings there is a strong probability that some of these structures can be incorporated into the mine plan in the next six to twelve months.
Bonanza grades in Zone 5 at the Tuvatu Alkaline Gold Project are not unexpected. Previously the Company announced high-grade drill results from Zone 5 including 1,986.23 g/t gold over 0.6 metres (see press release dated December 13, 2023), 1,568.55 g/t over 0.3 metres (see press release dated June 5, 2024), and 1,517.79 g/t over 0.3 m (see press release dated December 17, 2024).
Lion One Chairman and CEO Walter Berukoff commented: “We’re extremely pleased with the new results from our Zone 5 infill and grade control drill program. These significant underground drill results continue to confirm the high-grade nature of the Tuvatu Alkaline gold system and provide strong support for our ongoing mining efforts in Zone 5. We’re excited to expand our near-term mine plan in Zone 5 and look forward to mining these areas in 2025. I was particularly interested to see that three of the highest-grade intersections were all identified in hole TGC-265 as separate and distinct structures.”
Highlights of New Drill Results:
2,749.86 g/t Au over 0.3 metres (TGC 265, from 96.2 m depth) Best assay to-date in Zone 5
162.97 g/t Au over 0.6 m (including 269.5 g/t Au over 0.3 m) (TGC-281, from 75.89 m depth)
53.11 g/t Au over 1.5 m (including 235.2 g/t over 0.3 m) (TGC-282, from 92.6 m depth)
96.5 g/t Au over 0.6 m (TGC-288, from 28.8 m depth)
46.94 g/t Au over 1.2 m (including 86.44 g/t Au over 0.3 m) (TGC-265, from 45.7 m depth)
47.22 g/t Au over 0.9 m (including 62.25 g/t over 0.3 m (TGC-265, from 81.1 m depth)
69.38 g/t Au over 0.6 m (including 126.5 g/t over 0.3 m (TGC-267, from 125 m depth)
*Drill intersects are downhole lengths, 3.0 g/t cutoff. See Table 1 in Appendix for additional data.
Figure 1. Location of the Zone 5 drilling reported in this news release. Left image: Plan view of Tuvatu showing Zone 5 drillholes in relation to the mineralized lodes at Tuvatu, shown in grey. Yellow dashed square represents the area shown in the right image. Right image: Oblique view of Zone 5 drilling looking approximately east-northeast. Zone 5 drilling is targeting the up-dip and down-dip extensions of the mineralized lodes above and below current underground developments, shown in red.
The Zone 5 area of Tuvatu is located along the main decline and includes the principal north-south oriented lodes (UR1 to UR3), the principal northeast-southwest oriented lodes (UR4 to UR8), and several of the western lodes (URW2, URW2A, URW3). These lodes are steeply dipping structures that converge at approximately 500 m depth to form Zone 500, which is the highest-grade part of the deposit and is interpreted to be a major feeder zone at Tuvatu. The system remains open at depth with the deepest high-grade intersections occurring below 1000 m depth.
The drilling reported in this news release targeted the near-surface portions of the UR2 and URW3 lodes. Drilling was focused on the up-dip and down-dip areas of the UR2 and URW3 lodes, directly above and below current underground developments. The drilling targeted a 200 m strike length of the UR2 and URW3 lodes. The current total strike length of the UR2 lode is approximately 620 m, while that of the URW3 lode is approximately 330 m. Both lodes remain open along strike and at depth.
The Zone 5 grade control drilling reported in this release was conducted from two underground locations: the 1135 drill station and the 1090 drill station. These drillholes are designed to intersect the mineralized lodes in a perpendicular to sub-perpendicular orientation such that the mineralized intervals approximate the true width of the lodes. Grade control drilling is being conducted on a 10 m grid to provide a detailed understanding of the geometry and mineralization of the Zone 5 lodes. The purpose of the current Zone 5 grade control drill program is to enhance the mine model and inform stope design in advance of mining in the target areas. The majority of the high-grade intervals reported in this release are located within 30 m of underground developments and are anticipated to be included in the mine plan in 2025. Highlights of the Zone 5 drilling reported here are shown in Figure 2.
Figure 2. Zone 5 infill and grade control drilling with high-grade intersects highlighted, 3.0 g/t gold cutoff. Plan view looking down with north to the left. The primary areas targeted by the Zone 5 drilling are the up-dip and down-dip areas of the UR2 and URW3 lodes above and below current underground developments. These areas are scheduled for near-term mining. Drill holes are oriented perpendicular to sub-perpendicular to the mineralized lodes.
The information in this report that relates to mineral exploration at the Tuvatu Gold Project is based on information compiled by the Lion One team and reviewed by Melvyn Levrel, who is the company’s Senior Geologist. Mr Levrel is a Member of the Australian Institute of Geoscientists and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken, to qualify as a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”). Mr Levrel consents to the inclusion in this report of the matters based on the information in the form and context in which it appears.
Lion One Laboratories / QAQC
Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its drilling, sampling, testing, and analyses. The Company operates its own geochemical assay laboratory and its own fleet of diamond drill rigs using PQ, HQ and NQ sized drill rods.
Diamond drill core samples are logged by Lion One personnel on site. Exploration diamond drill core is split by Lion One personnel on site, with half core samples sent for analysis and the other half core remaining on site. Grade control diamond drill core is whole core assayed. Core samples are delivered to the Lion One Laboratory for preparation and analysis. All samples are pulverized at the Lion One lab to 85% passing through 75 microns and gold analysis is carried out using fire assay with an AA finish. Samples that return grades greater than 10.00 g/t Au are re-analyzed by gravimetric method, which is considered more accurate for very high-grade samples.
Duplicates of 5% of samples with grades above 0.5 g/t Au are delivered to ALS Global Laboratories in Australia for check assay determinations using the same methods (Au-AA26 and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61). The Lion One lab can test a range of up to 71 elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 26 important pathfinder elements with an aqua regia digest and ICP-OES finish.
About Lion One Metals Limited
Lion One Metals is an emerging Canadian gold producer headquartered in North Vancouver BC, with new operations established in late 2023 at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The Tuvatu project comprises the high-grade Tuvatu Alkaline Gold Deposit, the Underground Gold Mine, the Pilot Plant, and the Assay Lab. The Company also has an extensive exploration license covering the entire Navilawa Caldera, which is host to multiple mineralized zones and highly prospective exploration targets.
On behalf of the Board of Directors, Walter Berukoff, Chairman & CEO
Neither the TSX-V nor its Regulation Service Provider accepts responsibility or the adequacy or accuracy of this release
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labor or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Appendix 1: Full Drill Results and Collar Information
Table 1. Collar coordinates for drillholes reported in this release. Coordinates are in Fiji map grid.
Hole ID
Easting
Northing
Elevation
Azimuth
Dip
Depth
TGC-0265
1876384
3920429
94
87.7
-11.1
116.0
TGC-0267
1876380
3920530
129
109.8
-10.5
131.0
TGC-0268
1876384
3920429
94
96.1
-14.0
10.7
TGC-0269
1876384
3920429
94
96.3
-10.3
110.2
TGC-0271
1876381
3920530
130
114.8
10.5
136.6
TGC-0273
1876384
3920429
94
103.2
-10.9
91.8
TGC-0275
1876384
3920428
94
111.2
-9.9
85.8
TGC-0277
1876384
3920428
94
119.3
-10.5
85.7
TGC-0278
1876381
3920530
131
116.9
20.3
135.0
TGC-0279
1876385
3920425
96
140.4
11.7
90.6
TGC-0281
1876384
3920425
96
154.2
11.6
102.5
TGC-0282
1876381
3920530
131
113.2
14.8
139.2
TGC-0284
1876381
3920530
131
108.5
19.8
135.7
TGC-0286
1876383
3920424
96
165.4
12.4
111.5
TGC-0287
1876381
3920532
131
88.2
14.4
118.0
TGC-0288
1876381
3920531
131
96.7
14.1
115.1
TGC-0289
1876383
3920424
96
175.0
10.5
126.3
TGC-0291
1876381
3920532
131
87.4
20.0
120.7
TGC-0292
1876382
3920425
94
174.2
-10.4
13.7
TGC-0294
1876382
3920425
94
174.8
-12.5
127.7
TGC-0295
1876381
3920531
131
95.2
23.0
180.7
TGC-0296
1876382
3920426
94
175.2
-24.6
152.1
TGC-0297
1876381
3920530
131
102.0
23.1
120.0
TGC-0299
1876382
3920426
94
174.8
-35.5
200.7
TGC-0300
1876381
3920530
130
104.1
13.5
122.1
TGC-0301
1876381
3920531
130
96.2
13.3
121.4
TGC-0302
1876383
3920425
94
160.5
-10.5
112.8
TGC-0303
1876380
3920530
129
120.6
-20.6
160.0
TGC-0304
1876383
3920426
94
155.6
-31.4
122.6
TGC-0306
1876380
3920529
129
126.1
-19.6
160.1
TGC-0307
1876383
3920426
93
154.5
-44.9
154.1
TGC-0309
1876384
3920427
93
130.5
-45.1
140.6
TGC-0310
1876380
3920532
128
78.4
-48.0
15.8
Table 2. Composite intervals from drillholes reported in this news release (composite grade >3.0 g/t Au, with <1 m internal dilution at <3.0 g/t Au).
Vancouver, British Columbia–(Newsfile Corp. – January 23, 2025) – West Point Gold Corp. (TSXV: WPG) (OTCQB: WPGCF) (“West Point Gold” or the “Company”) is pleased to announce additional drill results from its recently completed 1,264m (8 hole) diamond drill campaign focused on the Tyro Main Zone, at its Gold Chain Project in Arizona.
Highlights:
Hole GC24-34 intersected 42.80m of 2.50 g/t Au, including 11.70m of 5.94 g/t Au, returning mineralization from surface. Hole GC24-34 is located approximately 700 metres northeast along the Tyro Main Zone structure from GC23-28 (link).
Hole GC24-32 intersected a hanging wall zone of mineralization for 6.94m of 4.3 g/t Au including 1.44m of 15.24 g/t Au from 16.31m.
Hole GC24-32 intersected a footwall wall zone of 16.08m of 1.35 g/t Au from 49.07m. Infill sampling of approximately 24 metres is underway.
The Company believes that these results are consistent with previous estimates of size potential at the Tyro Main Zone.
Infill sampling on holes GC24-30, GC24-31, and GC24-32 have the potential to increase the width of the Tyro Main zone.
The Company is preparing for the next phase of drilling at Tyro, expected to start in February 2025.
“We are excited by the material increase in grade and width at the north end of the Tyro Main Zone as evidenced by hole GC24-34 and plan to place additional focus on this area during the upcoming drill program,” stated CEO, Quentin Mai. “As the correlation of mineralization between hanging wall and footwall improves, we anticipate the additional samples sent to the lab around the hanging wall could expand the mineralized zone.”
Figure 1: Preliminary Tyro Main Zone Long Section showing results from 2024 DDH program along with RC drilling, trenches and 200 Level Sampling
The Q4 2024 drill program totaled 1,264m (8 holes), and was designed to improve West Point Gold’s understanding of the Tyro Main Zone, in particular the structural model and controls of the mineralization. Based on these assay results from all the holes there are three key findings.
First, as evidenced in the assay results, the zone appears to have a potentially broader mineralized structures in the hanging wall (east side) of the Tyro Main Zone. As a result, West Point Gold has conducted infill sampling for holes GC24-30 (28 metres), GC24-31 (23 metres), and GC24-32 (24 metres) where assays are pending.
Secondly, the Tyro Main Zone appears to have developed between two near parallel structures whose relative movement is responsible for the ground preparation for subsequent gold-bearing fluids. The footwall boundary appears to be a sharp contact that may control mineralization while the hanging wall remains partially defined.
Thirdly, the area south of the White Spar fault, appears to have a wider, lower grade cap starting from surface, as evidenced by holes GC23-25 (51.8m of 0.28 g/t Au), GC23-26 (32.0m at 0.54 g/t Au) and the upper portion of holes GC24-29 and GC24-35. Surface exposures at the projected intersection of the Main Tyro trend and the White Spar fault zone (see Figure 2) reveal an array of vein orientations that the Company continues to evaluate. The high grades encountered in hole GC23-28 (9.1m at 51.1 g/t Au) were not duplicated in hole GC24-29 suggesting a northeast orientation (Main Tyro Trend) or structures in this area maybe more discontinuous than previously thought. The Company has started both a fluid inclusion study of the Tyro vein system and a hyperspectral study of the core from the most recent program to better understand this area.
The Company continues to believe that these results are consistent with the previously announced exploration target, of 15.6 to 31.2 Mt at 1.5 to 2.5 g/t Au* and conform with the existing geologic model based upon drilling, trenching and geologic mapping conducted over the vein system.
*The potential quantity and grades are conceptual in nature. There has been insufficient exploration drilling to define a mineral resource, and it is uncertain if further exploration will result in the exploration target being delineated as a mineral resource.
Hole GC24-32
Hole GC24-32 was drilled near the top of Tyro Hill (Figure 2) and beneath Trench 6 (16.7m of 2.01 g/t Au) where surface mine workings do not extend to this section. As observed in surface exposures, the hole traversed a broad zone of sub-parallel, banded chalcedony-adularia veins and hydrothermal breccia. Two internal intervals were not sampled during the initial logging and have now been sampled (Figure 3).
Hole GC24-33 was designed to test the Tyro Main Zone between Trenches T6 and T9 (Figures 1 and 2) where about 150 metres of the vein system yielded only anomalous gold values associated with local silicification and quartz veinlets that coincide with a pronounced bend in the Tyro Main Zone (Figure 2). The core has been scanned in the hyperspectral survey and results are pending.
Hole GC24-34
This hole was drilled between holes GC21-14 (35.3m at 1.26 g/t Au) and GC21-15 (21.3m at 2.0 g/t Au) and was intended to pass beneath small, historical mine workings. A broad zone of quartz-adularia veins and stockwork were encountered from the surface to 42.8 m and contained 2.50 g/t Au. Within that interval, a zone of low recovery occurred at 26.8 to 34.75m including a void that likely reflects a mined-out portion of the vein. Strong veining was identified on both sides of the suspected underground mine working. The extent of this working is not known but drilling in 2021 did not intersect mine workings (Figure 1).
These holes were drilled to test the intersection of the Main Tyro and White Spar structures where mapping, trenching and drilling reveal a broad zone of quartz veining, silicification and hydrothermal breccia. All holes encountered broad intervals of quartz veining and local hydrothermal breccia veins but only local areas of gold enrichment, i.e. hole GC24-29 (7.46m @ 0.98 g/t Au) and GC24-35 (13.7m @ 1.58 g/t Au). The lower interval (13.70m at 1.58 g/t Au) on hole GC24-35 is approximately 135 metres below surface, representing the deepest gold intercept on the property to date. Both holes GC24-35 and GC24-36 are currently being analyzed in the recently completed hyperspectral survey to address gold-related alteration and consider the results of the fluid inclusion studies to better define the boiling zone in the gold system.
Figure 5: Looking North at the Historical Tyro Open-Pit
Robert Johansing, M.Sc. Econ. Geol., P. Geo., the Company’s Vice President, Exploration is a qualified person (“QP”) as defined by NI 43-101 and has reviewed and approved the technical content of this press release. Mr. Johansing has also been responsible for overseeing all phases of the drilling program including logging, core cutting, labelling, bagging and transport from the project to American Assay Laboratories of Sparks, Nevada. Samples were then dried, crushed and split, and pulp samples were prepared for analysis. Gold was determined by fire assay with an ICP finish, over limit samples were determined by fire assay and gravimetric finish. Silver plus 15 other elements were determined by Aqua Regia ICP-AES (IM-2A16), over limit samples were determined by fire assay and gravimetric finish. Both certified standards and blanks were inserted on site along with duplicates, standards and blanks inserted by American Assay. Standard sample chain of custody procedures were employed during drilling and sampling campaigns until delivery to the analytical facility.
About West Point Gold Corp.
West Point Gold Corp. (formerly Gold79 Mines Ltd.) is a publicly listed company focused on gold discovery and development at four prolific Walker Lane Trend projects covering Nevada and Arizona, USA. West Point Gold is focused on developing a maiden resource at its Gold Chain project in Arizona, while JV partner Kinross is advancing the Jefferson Canyon project in Nevada.
For further information regarding this press release, please contact:
This press release may contain forward-looking statements that are made as of the date hereof and are based on current expectations, forecasts and assumptions which involve risks and uncertainties associated with our business, including any future private placements, the uncertainty as to whether further exploration will result in the target(s) being delineated as a mineral resource, capital expenditures, operating costs, mineral resources, recovery rates, grades and prices, estimated goals, expansion and growth of the business and operations, plans and references to the Company’s future successes with its business and the economic environment in which the business operates. All such statements are made pursuant to the ‘safe harbour’ provisions of, and are intended to be forward-looking statements under, applicable Canadian securities legislation. Any statements contained herein that are statements of historical facts may be deemed to be forward-looking statements. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. We caution readers of this news release not to place undue reliance on our forward-looking statements as a number of factors could cause actual results or conditions to differ materially from current expectations. Please refer to the risks set forth in the Company’s most recent annual MD&A and the Company’s continuous disclosure documents, which can be found on SEDAR at www.sedarplus.ca. West Point Gold does not intend, and disclaims any obligation, except as required by law, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
In 2024, Americans faced several financial challenges that impacted their ability to save and manage their finances effectively. Inflation remained a top concern, leading to increases in the cost of essentials such as housing, groceries, and utilities, and straining household budgets.
Credit card debt also reached record highs. Rising interest rates on credit cards and loans made it harder for consumers to pay down their balances. Additionally, many households depleted the excess savings they accumulated during the pandemic, leaving them with less of a financial cushion.
With all of this in mind, Yahoo Finance partnered with Marist Poll to survey more than 3,000 banked adults in the U.S. (those with at least one checking or savings account) to shed light on the financial struggles and concerns facing households. Here’s what Americans say have been their biggest barriers to saving and how they feel about their finances heading into 2025. (See our full methodology here.)
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Key findings
Only 22% of respondents report being very or completely satisfied with their savings, while 35% are very or completely dissatisfied. Forty percent of women are very or completely dissatisfied with their savings, compared to 28% of men.
Nearly half (48%) of respondents saved less in 2024 compared to the previous year, with only 21% saving more.
Nearly half (47%) of respondents cite the cost of living as their biggest obstacle to saving.
One-third (33%) of respondents couldn’t cover bills for even one month if they lost their income.
44% of respondents believe they will save more in 2025, with optimism highest among Gen Z (63%) and millennials (53%).
60% of respondents say they are more optimistic about their finances for the coming year with Donald Trump as president. This optimism crosses generational lines, with Gen Z (70%) as the most optimistic.
The Yahoo Finance/Marist Poll 2025 national survey on the state of savings
We set out to learn more about how higher costs and competing financial obligations have impacted Americans’ savings. Here’s what we found:
Two-thirds of respondents say the cost of living for the average family in their area is not affordable
In a post-COVID-19 world, the rising cost of living dominated financial news headlines. Many households felt the pinch as inflation reached a 40-year high of 9.1% in June 2022. Though the inflation rate has since tempered (the Consumer Price Index was up 2.7% year over year in November 2024), the sky-high costs of housing, groceries, and other essentials are here to stay for the foreseeable future.
Overall, our survey found that most respondents describe the cost of living in their area as “not very affordable” (45%), while another 22% say it’s not affordable at all.
On the other hand, Gen Z respondents were more likely to describe the cost of living as “very affordable” (9%) compared to other generations: millennials (8%), Gen X (3%), and baby boomers/silent/greatest generations (2%).
Only one-quarter of Americans say they live comfortably
Not only are survey respondents unhappy with the cost of living in their area, but most are struggling to pay for necessities while putting money away for the future.
Just over a quarter of survey respondents say they live comfortably. Older Americans (baby boomer/silent/greatest generations) were more likely to say they live comfortably (40%).
Meanwhile, 31% of respondents are able to meet their basic expenses with a little money left over for extras, while another 30% are just able to meet their basic expenses. And 12% say they don’t have enough money to cover their basic living expenses.
More women are dissatisfied with how much they’ve saved than men
Everyone’s savings goals are different, based on lifestyle, family size, debt obligations, and more. When it comes to whether Americans are satisfied with how much they’ve saved so far, the results are mixed.
Thirty-five percent of respondents in our survey are dissatisfied with the amount of money they’ve saved. Women (40%) are more likely than men (28%) to say that they are very or completely dissatisfied with their savings — perhaps not surprising given the financial challenges that many women face, including the gender pay gap and a higher burden of caregiving responsibilities.
About half of Americans say they saved less in 2024 compared to 2023
This past year proved to be a difficult one for Americans’ savings. Despite historically high deposit account interest rates, consumers were also faced with inflation, skyrocketing interest rates on debt, record-level education costs, and more.
Nearly half of respondents in our survey report they saved less money in 2024 compared to 2023; only 21% reported saving more money. Nearly a third of respondents said they saved about the same amount.
Overall, women were more likely to say they’ve saved less money in 2024 than they did in 2023 (53% versus 42% of men), especially millennial and Gen X women (57% and 59%, respectively).
Younger generations are more optimistic about their savings potential in the new year
With a new year — and a new administration — we sought to find out how Americans believe their savings habits will change in 2025.
It’s not all doom and gloom, especially for younger savers. Younger Americans are more likely to say they will save more: 63% of Gen Z and 53% of millennials versus 44% of Gen X and 25% of baby boomers/silent/greatest generations.
Most likely to save about the same amount in 2025 are those in the baby boomer/silent/greatest generations (44%). Women, however, are more likely than men to say they will save less this year (27% vs. 20%, respectively).
Cost of living has been the most significant barrier to saving
We wanted to learn more about the various challenges savers are facing that are preventing them from reaching their savings goals.
Nearly half of respondents (47%) pointed to cost of living as their biggest obstacle when it comes to saving money. Other common reasons included unexpected bills or expenses (11%), too many financial obligations (10%), and change of income or employment status (10%).
Older Americans were most likely to report they face no challenges to saving money (19%).
Gen Zers and millennials are most likely to ask family and friends for help in a financial emergency
In times of financial distress, there are several avenues you might take to cover your bills — some of which are better for your bottom line than others.
The largest percentage of respondents (26%) say that their solution would be to tap into their savings. Fifteen percent say they’d cut down on their spending, while 14% would pick up an extra job or more hours at work.
Another 10% of respondents say they would ask a family member or friend for help in a financial emergency, with Gen Zers and millennials the most likely to do so (15% for both).
Gen Xers and baby boomers/silent/greatest generations are more likely to put their expenses on a credit card (10%).
A third of households couldn’t cover one month’s worth of bills if they lost their job or source of income
Most experts recommend saving at least three to six months’ worth of expenses in an emergency fund. However, given the many barriers to saving that Americans face, not everyone is able to meet this guideline.
The average length of time respondents could cover their expenses using money that is readily available in their checking or savings account is seven months.
However, about 1 in 3 respondents say they would not be able to cover their bills and expenses for even one month. Gen Z (38%) and millennials (41%) are more likely than other generations to say they could not pay their bills for one month.
In contrast, Gen X and baby boomers/silent/greatest generations (19% for both) are more likely than younger generations to have enough savings to manage for one year or more.
60% of Americans are more optimistic about their finances in the coming year with Donald Trump as president
For better or worse, with a new administration often comes a new economic agenda. And most Americans are expecting positive changes.
A majority of respondents (60%) are more optimistic about their personal finances with Trump as the next president. This was the consensus across generations, with Gen Z being the most optimistic (70%). Baby boomers/silent/greatest generations were the most pessimistic (46%).
This survey of 3,131 adults was conducted Dec. 3 through Dec. 5, 2024, by the Marist Poll sponsored in partnership with Yahoo Finance. Adults 18 years of age and older residing in the United States were contacted through a multi-mode design: By phone using live interviewers, by text, or online. All potential respondents were screened for age.
Probability-based sampling frames include RDD landline plus listed landline, RDD cell phone sample plus cell phone sample based on billing address to account for inward and outward mobility within a state. These samples were provided by Dynata and used to administer the surveys collected via phone and text to web. A sampling frame based on aggregated non-probability online research panels was randomly selected from Cint’s digital insights platform to administer the surveys collected via web.
Survey questions were available in English or Spanish. All samples were selected to ensure that each region was represented in proportion to its adult population. The samples were then combined and balanced to reflect the 2022 American Community Survey five-year estimates for age, gender, income, race, and region.
Results for all adults (n=3,131) are statistically significant within ±2.1 percentage points. Results for banked households (n=2,828) are statistically significant within ±2.2 percentage points. The design effect for this survey is 1.4 which has been incorporated in the calculation of all reported margins of error. The partisan breakdown for this survey among registered voters is 38% Democrat, 36% Republican, and 25% Independent.
We’re diving into the latest developments on the acquisition of the Motherlode Crown Grants—a significant addition to the Greenwood Precious Metals and Battery Metals Project in British Columbia. 🏔️
With historical production of copper, gold, and silver, coupled with promising exploration results, Grizzly Discoveries is well-positioned to play a critical role in meeting the demand for precious and battery metals. 🚀
📹 Watch the video to uncover: ✅ Key highlights of the Motherlode Crown Grants ✅ Exploration updates and high-grade sample results ✅ The strategic potential of this acquisition
💡 Don’t miss this chance to learn about the growth of Canadian resource exploration and its role in powering the future of clean energy!
Vancouver, British Columbia–(Newsfile Corp. – January 17, 2025) – Riverside Resources Inc.(TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (“Riverside” or the “Company”), is pleased to present its 2025 outlook while highlighting key milestones accomplished during 2024. With a 100% owned portfolio of high-potential exploration projects, a robust financial position, and well-established strategic partnerships, Riverside remains focused on delivering value through a disciplined and exploration-driven approach. The Company is committed to advancing its assets, fostering new opportunities, and positioning itself for sustained growth and success in the evolving resource sector.
The Company is in a strong cash position, with over C$4 million in cash reserves, no outstanding debt, and a tightly managed share structure with fewer than 75 million shares outstanding and no warrants. This robust financial foundation provides Riverside with the flexibility to advance its exploration initiatives and capitalize on emerging opportunities in North America as it continues to build its royalty portfolio of precious and base metals.
With a focus on maintaining fiscal discipline and strategically allocating resources, Riverside is well-positioned to pursue high-potential projects across its diverse portfolio. The Company’s financial stability and its ability to source high-potential projects enhance its ability to attract partnerships and drive shareholder value through exploration success and asset development. These factors, along with Riverside’s proven track record of delivering results, create a strong foundation for growth, the potential spinout of new businesses to shareholders, and continued exploration success in 2025 and beyond.
“Building on the strong foundation progressed in 2024, Riverside is poised to unlock key opportunities in 2025,” said Riverside’s President and CEO, John-Mark Staude. “With a solid financial position, a diverse portfolio of high-quality projects, and strategic partnerships, we are advancing our exploration efforts in Canada and Mexico while capitalizing on royalty opportunities and ongoing transactions to drive value creation.
The first half of 2025 is shaping up to be an active and pivotal period for Riverside. We are moving forward with plans to spin out our Ontario gold assets into a separate exploration company, a strategic initiative designed to unlock additional value for shareholders and provide secondary liquidity potential. Additionally, we are working closely with our partner, Fortuna Mining, on follow-on exploration the drilling success of 2024 with a program at the Cecilia Project in Mexico, on discovering now high-grade mineralization at the system the Company delineated during the 2024 program. Updates on both initiatives will be shared early in the year.
In British Columbia, we are prioritizing exploration for gold and rare earth elements across key properties, including the Deer Park, Revel and Taft projects, to take advantage of growing demand for critical minerals. These projects represent exciting opportunities to expand our resource base and further diversify our portfolio in a stable Canadian jurisdiction with drive up access and easy delivery to markets.
Looking ahead, we are actively evaluating potential acquisitions to grow our property portfolio in another North American jurisdiction. This expansion aligns with our strategy to capitalize on favorable markets and enhance Riverside’s position as a leader in exploration-driven value creation. With these initiatives and a strengthening commodities market, we are confident in our ability to deliver meaningful results and shareholder value in 2025.”
2025 Strategic Goals and Potential Milestones
Advancing Canadian Assets:
In the first half of 2025, Riverside Resources plans to present a proposal to its shareholders for the potential spinout of its Ontario gold properties-Pichette, Oakes, and Duc-into a dedicated exploration company named Blue Jay Gold (Resources). This strategic initiative aims to create a standalone entity that will focus exclusively on advancing these high-potential gold assets, strategically located within the prolific Geraldton-Beardmore Greenstone Belt in Northwestern Ontario. Shareholders previously benefited from the successful spinout of Capitan Mining (TSXV: CAPT) in 2021, as highlighted in Riverside’s press release at the time. Now, shareholders have another opportunity to unlock value through the proposed spinout of Riverside’s Ontario gold assets into a new company. This initiative aims to create a focused exploration entity, providing shareholders with direct exposure to its potential success and unlocking the embedded value within Riverside’s portfolio.
Riverside intends to execute follow-up exploration on its gold and rare earth element properties in British Columbia with a focus on advancing these projects to drill-ready status. Planned work includes detailed mapping, geochemical sampling, and geophysical surveys to refine targets and evaluate resource potential. Riverside aims to capitalize on the growing demand for gold and critical minerals, leveraging its technical expertise to advance these high-potential assets while seeking partnerships to accelerate exploration efforts.
Mexico Exploration and Partnerships:
The Company is collaborating closely with our partner, Fortuna Mining, to design and launch a follow-on exploration program at the Cecilia Project in Mexico. This next phase of exploration will continue to delineate and define the full extent of the mineralized system, building on the results from the successful 2024 drill program. By focusing on key structural zones and high-priority areas identified through geophysical surveys and earlier drilling, we aim to target higher-grade gold zones and large-scale deposits.
This planned program will include additional detailed mapping and geochemical analysis to refine targets and identify areas of significant gold and silver potential. Geophysics is also planned to refine targets ahead of the next 2025 drill program at Cecilia based upon this spring 2025 exploration results. The project exhibits many technical similarities to nearby operations, such as the Santa Elena District, where Coeur Mining recently acquired Silvercrest Metals for over $1 billion USD, and First Majestic’s most productive operation in Mexico. Updates on this initiative, along with the drill results from the 2024 program, are expected to be shared in Q1 2025 as laboratory results are finalized.
Pursue additional joint ventures or sale agreements for key projects such as Union and Ariel to further de-risk and monetize Riverside’s asset base. This strategic approach aligns with the Company’s goal of diversifying beyond Mexico while capturing value from the high-quality assets developed over the past five years.
Royalty and Strategic Opportunities:
Actively advance and expand Riverside’s royalty portfolio to enhance its value as key royalties are developed and progressed through the pipeline by major partners, such as Fresnillo PLC. The portfolio includes significant assets, such as the Net Smelter Return (NSR) royalty on the Tajitos Gold Project in Mexico with Fresnillo, which holds promising potential for future production. Fresnillo is actively advancing development and permitting at Tajitos with the project well-positioned for continued progress toward production, enhancing the royalty’s value. Further, the recent election of Mexico’s new President, who has maintained a pro-business stance bolsters the attractiveness of the Tajitos NSR.
Continue advancing discussions with U.S.-based exploration groups and other partners across the Americas to explore potential generative exploration alliances. These partnerships and portfolios have the potential to strategically enhance value for Riverside shareholders over the coming year.
Corporate Development:
Maintain a strong focus on financial discipline while strategically expanding and upgrading the Company’s portfolio of quality mineral assets. Riverside remains committed to managing its capital prudently, ensuring resources are allocated efficiently to projects with the highest potential for discovery and value creation. This disciplined approach enables the Company to advance its exploration initiatives while safeguarding its robust balance sheet.
As part of this strategy, Riverside will prioritize opportunities to acquire high-quality assets in mining-friendly jurisdictions, leveraging its proprietary databases and technical expertise to identify projects with significant upside potential. In addition to its current focus in Canada and Mexico, the Company is exploring the potential for acquisitions in another mining-friendly North American jurisdiction, further diversifying its asset base and creating new growth opportunities.
Actively engage with the investment community through attending conferences and events, including Vancouver Round Up, PDAC 2025, Swiss Mining Institute, the Rule Symposium 2025
2024 Recap and Highlights
Canada
Ontario Projects:
Riverside transferred its three key projects into a new subsidiary company, strategically positioning them for a potential unlocking of value in 2025.
Pichette Gold Project: through integrating structural geology LiDAR and geochemical data Blue Jay Gold has identified several new zones with mineralization. Recent fieldwork led to the discovery of mineralized banded iron formations, with samples returning assays up to 21 g/t gold. (Press Release, February 29, 2024)
Duc Project: The company completed a Light Detection and Ranging (LiDAR) survey, enhancing the understanding of surface projections and structural features. This data coupled with last year’s magnetics survey has improved the targeting for future exploration, particularly in identifying major shears indicative of Abitibi greenstone-style gold deposits.
Blue Jay Gold (Resources) Spinout: Riverside announced plans to transfer its Ontario gold assets, including Pichette, Oakes, and Duc, into a wholly owned subsidiary, Blue Jay Gold. (Press Release, November 14, 2024) This strategic move aims to unlock shareholder value by creating a focused exploration company dedicated to advancing these high-potential gold projects in the Geraldton-Beardmore Greenstone Belt.
British Columbia Projects:
Deer Park and Sunrise Gold Projects: Riverside has an option to acquire these projects north of Castlegar and the Rossland Gold Camp. Initial exploration identified two main targets: Viking Horde and Cougar Ridge with rock samples returning assays up to 7.07 g/t gold. These acquisitions align with Riverside’s strategy to expand its presence in British Columbia’s prolific mining regions.
Taft Project: The company secured an option to acquire a 100% interest in the Taft Project, covering 3,000 hectares in the Perry River Carbonatite Belt west of Revelstoke. This project is prospective for rare earth elements and gold, aligning with Riverside’s focus on critical minerals essential for renewable energy and advanced technologies.
Mexico
Cecilia Project: Riverside, in collaboration with Fortuna Mining, launched a fully funded 2,250-meter drill program targeting geologic exploration zones: the Agua Prieta Breccia, East Target, and Mayra vein system. This program expanded on previous exploration efforts to delineate and define the strength and continuity of hydrothermal alteration which was supported by geophysical and field data. This partnership highlights Cecilia’s potential as a cornerstone asset in Sonora and demonstrates Riverside’s expertise in leveraging its extensive Mexican database to identify high-quality opportunities that secure partnerships.
Union Project: Riverside has continued to consolidate the Union Project district by securing property agreements and integrating the data from multiple properties. This effort is aimed at developing a comprehensive, district-wide understanding of the geological framework and identifying high-priority exploration targets. The Company signed a Letter of Intent (LOI) with Questcorp Mining Inc. for an option agreement to acquire a 100% interest in the Union Project for which the Company was paid a fee of $12,500. (Press Release, September 6, 2024). The agreement includes $5.5 million in exploration expenditures, cash payments, and share issuances over four years, with Riverside retaining a 2.5% NSR royalty. Exploration efforts in 2024 focused on mapping, sampling, and geochemical surveys, identifying high-grade gold and zinc zones. These findings have positioned the project for further development in partnership with Questcorp.
Ariel Copper-Gold Project: The company has continued to advance the Ariel Project by consolidating landholdings and conducting early-stage exploration. Riverside has identified porphyry copper-gold-molybdenum potential across a 16 km² area. Recent efforts have focused on securing joint venture opportunities to unlock the project’s value.
Qualified Person & QA/QC:
The scientific and technical data contained in this news release was reviewed and approved by Freeman Smith, P.Geo, a non-independent qualified person to Riverside Resources who is responsible for ensuring that the information provided in this news release is accurate and who acts as a “qualified person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
About Riverside Resources Inc.:
Riverside is a well-funded exploration company driven by value generation and discovery. The Company has over $4M in cash, no debt and less than 75M shares outstanding with a strong portfolio of gold-silver and copper assets and royalties in North America. Riverside has extensive experience and knowledge operating in Mexico and Canada and leverages its large database to generate a portfolio of prospective mineral properties. In addition to Riverside’s own exploration spending, the Company also strives to diversify risk by securing joint-venture and spin-out partnerships to advance multiple assets simultaneously and create more chances for discovery. Riverside has properties available for option, with information available on the Company’s website at www.rivres.com.
ON BEHALF OF RIVERSIDE RESOURCES INC.
“John-Mark Staude”
Dr. John-Mark Staude, President & CEO
For additional information contact:
John-Mark Staude President, CEO Riverside Resources Inc. info@rivres.com Phone: (778) 327-6671 Fax: (778) 327-6675 Web: www.rivres.com
Eric Negraeff Investor Relations Riverside Resources Inc. Phone: (778) 327-6671 TF: (877) RIV-RES1 Web: www.rivres.com
Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., “expect”,” estimates”, “intends”, “anticipates”, “believes”, “plans”). Such information involves known and unknown risks — including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
