CHF WEEKLY ROUND-UP: May 26-30 2025

Global Markets have shown remarkable resilience, bouncing back from the lows seen in early April, but have experienced significantly elevated volatility. Even sectors traditionally seen as stable, like utilities and financials, have experienced heightened swings typical of areas like technology. All this volatility can be unsettling, and it is reshaping the investment landscape, yet it can also create opportunities for traders.

Wednesday evening, a unanimous three-judge panel blocked the bulk of President Trump’s blanket import duties, and most of the April 2, 2025, orders were suspended. Then, on Thursday, a federal appeals court reinstated them, directing the plaintiffs in the case to respond by June 5 and the administration by June 9. Only six weeks remain in the ninety-day pause to full application of those tariffs. White House economic advisers said three trade deals were “nearly done” but did not identify them, and that they expect to advance other agreements, all while admitting that talks with China have stalled. President Trump posted that he will no longer be “Mr. Nice Guy” with China, regarding trade. Markets were positive on the first ruling but lost momentum on the second, remaining calm in the face of the legal actions.

While the U.S. markets were closed on Monday for Memorial Day, the TSX was active, rising to a new all-time high. The TSX-V moved higher as well, reaching a level not seen in more than three years. Canadian Parliament reopened with King Charles III’s reading of the throne speech. The government then introduced CAD$486 billion in spending proposals. The Bank of Canada (BoC) will provide its next interest rate statement on Wednesday, June 4, 2025, and will consider elevated core inflation rates, prospects for additional tariffs, and the lack of fiscal restraint in its decision. Analysts expect a cautious stance and that the BoC won’t ease interest rates until next year. First quarter 2025 GDP was reported by Statistics Canada at 2.3% annually, up from the fourth quarter of 2024.

President Trump delayed the proposed 50% blanket tariff on EU imports to July 9, slightly easing trade‑war anxieties. The major U.S. indices were positive through the turmoil but have not climbed back to the highs of the early part of the year, and they opened weaker today. The President called Fed Chair Powell to the White House on Thursday for their first face-to-face meeting, again demanding a lowering of interest rates. The Fed is in no rush to lower interest rates as the economy remains resilient: maybe in September, maybe next year. The U.S. dollar is holding at a low level, not seen for more than three years, in the face of rising bond rates.

Gold prices continue to hold support above USD$3,300/oz, even as the number of gold bears increases and bullion faces some selling pressure. Moderating inflation appears to be having little impact on the market, which opened at USD$3,305.50/oz this morning. Francisco Blanch, head of global commodity research at Bank of America Securities, said: “Gold and silver markets have been going through a correction that could last a few months, but we're still bullish longer term and in the second half of 2025.” His targets are USD$4,000/oz for gold and USD$40/oz for silver. Veteran gold bull and analyst John Ing also says USD$4,000 gold is still in play.  Major investor Eric Sprott remains positive on gold, making a substantial investment in New Found Gold to maintain his interest level, and has even become a new Control Person (as defined in TSX rules). Hang on to your gold and gold shares.

Base and industrial metals have continued to trade in narrow ranges since the tariff announcement. Buying surges in advance of full tariff imposition continue to hold the prices at these support levels. Copper sits at USD$4.65/lb. and nickel at USD$6.90/lb. today. Ivanhoe Mines Ltd.’s Kamoa-Kakula complex in the DRC, one of the world’s most important copper mines, remains uncertain, more than a week after seismic activity caused widespread flooding below ground. Harmony Gold is getting into copper with a $1 billion all-cash deal to acquire MAC Copper and its flagship CSA mine in Australia. Stay invested in this sector.

Critical, battery and electric materials did not experience any significant price gains this week as oversupply and China’s dominance have held this sector down, even though demand has not gone anywhere. Platinum group metals may be gathering momentum for a significant comeback from an extended bear market, according to Natural Resource Investors Goehring & Rozencwajg Associates, LLC., due to their use in Hybrid vehicles that are growing in popularity over EVs. The uranium price continues creeping upward, reaching USD$72.00/lb this week. Unrecognized opportunities are there to be found.

We are pleased to present our round-up of client news released between May 26 and 30, 2025.

Technology

On May 23, 2025, Visionstate (TSXV: VIS) released a video interview featuring Visionstate IoT President Shannon Moore and posted it on “the Watchlist” at Stockhouse. Shannon outlined the opportunity being created by Ontario’s Bill 190 and Visionstate’s product rollout strategy to meet the demand being created by the legislation.

Watch the Interview.

SAVE THE DATE

If you are attending “THE Mining Investment EVENT” in Quebec City June 2-5, 2025 Athena Gold Corporation (CSE: ATHA) (OTCQB: AHNRF) and Libra Energy Materials would love you to visit them in the Mi3 Explor-Co Lounge. To find out more about this event and to register to attend the conference, click the link here.