Market intelligence
Real yields, official-sector demand, capital allocation and the producers who have to deliver into the tape.
38 reports on file
- ProducersMixedAugust 13, 2026
Tolukuma restart tests PNG's hardest gold logistics
Tolu Minerals is drilling and progressing a restart at the Tolukuma gold mine in Papua New Guinea. We assess brownfield restart economics against the jurisdiction's logistics and legacy risk.
Filed by Callum Rhodes - ProducersMixedAugust 13, 2026
Gold Fields leans on Salares Norte to hit guidance
Gold Fields expects Salares Norte in Chile to exceed guidance and offset weaker output at Gruyere in Australia and Tarkwa in Ghana. We assess the concentration risk behind the guidance upgrade.
Filed by Elena Duarte - ProducersConstructiveAugust 13, 2026
Wia Gold closes Kokoseb funding gap with equity and debt
Wia Gold says a further A$125 million equity placement, alongside a proposed US$360 million Sprott debt facility, fully funds Kokoseb in Namibia through construction. We assess the structure.
Filed by Callum Rhodes - M&AConstructiveAugust 11, 2026
Barrick and Newmont settle Nevada, clearing path to IPO
Barrick and Newmont have expanded the Nevada Gold Mines joint venture, vended in Fourmile, Mike and Fiberline, and settled their disputes for 1.95 billion dollars. We assess what it means for both balance sheets.
Filed by Nadia Ferreiro - MarketsMixedAugust 10, 2026
Gold's best week in eight months is a positioning story
Gold logged a roughly 7 per cent weekly gain in early August 2026, its strongest in eight months. We separate the rate expectation, the dollar move and the flow that drove it.
Filed by Andres Karlsson - MarketsMixedAugust 9, 2026
Jefferies: gold's path hinges on real-yield direction
Jefferies argues gold can recover despite 10-year TIPS real yields near 2.41%, because history shows the recovery depends on real-rate pressure easing rather than rates falling. We test the claim against 2013, 2018 and 2022.
Filed by Andres Karlsson - MarketsConstructiveAugust 8, 2026
PBOC's gold buying streak hits 21 months, and gets bigger
China's central bank extended its gold buying streak to 21 months in July 2026 with its largest single-month purchase in nearly three years. Reserves reached 76.08 million ounces.
Filed by Andres Karlsson - ProducersConstructiveAugust 7, 2026
B2Gold's strong quarter still hinges on one Mali permit
B2Gold beat production expectations at Fekola, Masbate and Otjikoto with lower than expected all-in sustaining costs, and expects the Menankoto exploitation permit from Mali shortly.
Filed by Callum Rhodes - MarketsMixedAugust 6, 2026
Hong Kong's bullion hub ambitions meet London's limits
Hong Kong is building out gold vaulting and trading infrastructure as Asian central bank demand grows. We assess whether the liquidity follows the policy.
Filed by Andres Karlsson - CapitalConstructiveAugust 5, 2026
Hecla's cash conversion: a capital-cycle read
Hecla more than doubled free cash flow year on year and reported its strongest balance sheet on record, even as realised silver and gold prices pulled back. A read on mid-tier capital discipline.
Filed by Nadia Ferreiro - MarketsConstructiveAugust 3, 2026
Standard Chartered: Q1 gold demand weakness was a revision
Standard Chartered reports healthy official sector gold demand with a second-quarter rebound outweighing revised first-quarter weakness. We look at what the revision changes.
Filed by Andres Karlsson - MarketsMixedJuly 30, 2026
Gold demand: flat volume, record value, ETF outflows
Total gold demand was unchanged year on year at 1,269 tonnes in the second quarter of 2026. First-half value hit a record 380 billion dollars while exchange-traded funds shed 45 tonnes.
Filed by Andres Karlsson - MarketsConstructiveJuly 29, 2026
Real yields, the Fed, and gold's case into Q4
Gold has held up through a period of elevated real yields. We look at the TIPS curve, the Federal Reserve's expected path and what breaks the relationship.
Filed by Andres Karlsson - CapitalMixedJuly 27, 2026
Gold miners still lag bullion, and it's about trust
Gold miners have underperformed bullion across the cycle despite record margins. We look at cost inflation, capital discipline and the credibility gap behind the discount.
Filed by Nadia Ferreiro - ProducersConstructiveJuly 23, 2026
Newmont's record cash flow raises a capital question
Newmont produced about 1.3 million attributable gold ounces in the second quarter of 2026 and generated record second-quarter free cash flow of 2.2 billion dollars, returning 1.9 billion to shareholders.
Filed by Callum Rhodes - MarketsMixedJuly 21, 2026
Recycled gold is the quiet ceiling on this rally
Scrap gold returning to refineries in India, Turkey and East Asia is the fastest-responding supply source in the market. We look at how it caps rallies.
Filed by Andres Karlsson - MarketsMixedJuly 9, 2026
The case for a domestic gold purchase scheme
Central bank purchase of domestically produced gold builds reserves and creates a legal buyer of last resort. It also imports every provenance risk in the chain.
Filed by Andres Karlsson - CapitalCautionaryJuly 2, 2026
Uganda's gold export levy: a lesson revisited
Uganda's earlier attempt at a heavy gold export levy collapsed export volumes almost overnight. The episode still frames every fiscal proposal in the sector.
Filed by Daniel Okecho - MarketsMixedJune 18, 2026
Gold above $4,000: wide margins are now the risk
With spot gold holding above four thousand dollars, the sector's problem is no longer revenue. It is the temptation to spend the windfall badly.
Filed by Andres Karlsson - ProducersConstructiveJune 2, 2026
Endeavour's Sabodala-Massawa: West Africa's benchmark
Endeavour's Senegalese flagship remains one of the best-run gold assets in West Africa. The 2026 expansion decision is the year's key catalyst.
Filed by Callum Rhodes - MarketsMixedMay 6, 2026
Gold at $4,000: reading the 2026 tape without hype
Spot gold cleared $4,000 an ounce in 2026 on central bank buying and a softer dollar. What the fundamentals actually support from here.
Filed by Andres Karlsson - ProducersConstructiveMay 1, 2026
Newmont's Q1 2026: buybacks win over acquisitions
Newmont's first-quarter 2026 print leaned into buybacks and non-core divestments rather than fresh M&A. For once, the market thanked them for it.
Filed by Callum Rhodes - ProducersMixedApril 20, 2026
Wagagai: Uganda's largest gold mine, tested
Wagagai Gold Mines in Busia targets about 1.2 tonnes of refined gold a year and reports more than 2,000 jobs. We test the ramp-up assumptions behind those figures.
Filed by Callum Rhodes - MarketsConstructiveApril 18, 2026
Central banks are still buying: gold's quiet bid
Official sector gold purchases remained elevated into 2026, cementing central banks as the marginal buyer that reshaped the market since 2022.
Filed by Andres Karlsson - Base MetalsConstructiveApril 9, 2026
Kamoa-Kakula recovers from the 2025 guidance cut
After a difficult 2025 hit by seismic activity and grid instability, the DRC's flagship copper complex is back to running near design capacity in early 2026.
Filed by Elena Duarte - M&AConstructiveApril 2, 2026
Northern Star and De Grey: the Hemi test begins
Northern Star closed its takeover of De Grey Mining in 2025. The 2026 task is turning the Hemi discovery into a scheduled, financed development.
Filed by Nadia Ferreiro - Base MetalsMixedMarch 24, 2026
Copper's supply squeeze: no 2026 deficit resolution
Grid electrification, data-centre load and stalled greenfields keep copper in structural deficit through 2026, according to the IEA and industry data.
Filed by Elena Duarte - CapitalMixedMarch 19, 2026
Uganda's mining royalties, tested for leakage
Royalty rates, export levies and the state's free-carry entitlement under the Mining and Minerals Act 2022. We map where receipts actually leak.
Filed by Grace Nabwire - MarketsConstructiveMarch 11, 2026
Silver's industrial story: solar, AI and a deficit
The Silver Institute's 2025 and 2026 surveys report a fifth consecutive annual deficit, driven by solar and electronics demand rather than investment flows.
Filed by Andres Karlsson - MarketsMixedMarch 5, 2026
Lithium's slow floor: curtailments catch up with price
After two years of oversupply, curtailments at Australian and Chinese lepidolite operations have finally begun to bite. Spodumene prices have stopped falling.
Filed by Andres Karlsson - ProducersMixedFebruary 22, 2026
Newmont's 2025 reset: a slimmer, sharper portfolio
Newmont closed 2025 with tighter cost and capital guidance and rolled out an enhanced capital allocation framework alongside its 2026 outlook.
Filed by Callum Rhodes - ProducersConstructiveFebruary 16, 2026
Agnico Eagle's record 2025: disciplined capital
Agnico Eagle posted record free cash flow and hit 2025 production guidance, returning $1.4 billion to shareholders and lifting the dividend 12.5%.
Filed by Callum Rhodes - MarketsMixedFebruary 11, 2026
Gold overtakes coffee as Uganda's top export
Gold has displaced coffee as Uganda's largest foreign exchange earner. We look at the consequences for the shilling, reserves and terms-of-trade volatility.
Filed by Andres Karlsson - Base MetalsConstructiveJanuary 29, 2026
AI's power bill: what it means for metals
IEA and grid operator forecasts put data-centre electricity demand roughly doubling by 2030. That reshapes the demand curve for grid metals.
Filed by Elena Duarte - MarketsMixedJanuary 22, 2026
Uganda's gold exports hit $5.8bn in 2025
Uganda shipped bullion worth about 5.8 billion dollars in 2025, up roughly 76 per cent on 2024. We separate price effect, volume effect and re-export flow.
Filed by Andres Karlsson - M&AConstructiveNovember 18, 2025
AngloGold's Sukari bet: a Tier 1 asset proves itself
A year after acquiring Centamin, AngloGold Ashanti's Sukari mine in Egypt is delivering the production and cost profile the deal was built on.
Filed by Nadia Ferreiro - ProducersConstructiveSeptember 15, 2025
Pan African Resources: quietly compounding
Pan African Resources grew group gold production 5.6% to 196,527 ounces in FY25 and posted a record H2 production number.
Filed by Callum Rhodes - ProducersConstructiveSeptember 2, 2025
Harmony Gold's FY25: grades, cash, copper ahead
Harmony Gold's FY25 results, released in August 2025, reported strong margins, record cash flows, and a strategic pivot toward copper.
Filed by Callum Rhodes
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