Archive

November 2025

Browsing

As its record-setting year continues, gold is on its way to posting its strongest annual performance since 1979, up an impressive 58 percent year-to-date as of Wednesday (November 12).

The yellow metal once again broke past US$4,200 per ounce this week, moving closer to its all-time high of US$4,379.13, reached on October 17. Silver is up 80 percent year-to-date and also on track for its best year ever.

The silver spot price rose on Thursday (November 13) morning to just a few cents shy of its record price of US$54.47 per ounce. Silver futures hit a new record high of US$54.415 per ounce in early morning trading.

Gold rallied this week even amid news that the longest US government shutdown in history was coming to an end — typically the sort of development that would lessen demand for safe-haven assets. Yet continued labor market weakness in the US is priming expectations of further Federal Reserve interest rate cuts in December.

Ipek Ozkardeskaya, senior analyst at Swissquote Bank, explained that gold is gaining on investor sentiment.

What does it mean to say that gold is acting like a meme stock? Basically, it implies that the gold market is displaying unusual trading dynamics with investment demand at times seemingly more momentum-driven than data-driven.

Gold and silver’s surge may be reflective of the good precious metals vibes investors are now feeling. Social media is buzzing with posts like “GOLD to $5,000!” and trending hashtags like #GoldRush2025 and #SilverSqueeze2.

Gold exchange-traded funds in particular are very popular with retail investors. Sherwood News reported on Tuesday (November 11) that daily call volumes for the SPDR Gold Trust (ARCA:GLD), which is backed by physical gold, had outstripped 1 million by 1:10 p.m. EST, ‘roughly triple their 334,000 average over the last 10 full sessions.’

While the speed and size of the price gains in gold and silver point to a highly sentiment-driven acceleration, this momentum doesn’t discount the strong fundamentals for gold and silver.

Yes, we’re likely to see price pullbacks, but the overall upward momentum is still supported by macro forces such as economic uncertainty, Fed independence concerns, geopolitical risks and in the case of silver, supply worries.

Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

Copper Quest Exploration Inc. (CSE: CQX; OTCQB: IMIMF; FRA: 3MX) (‘ Copper Quest ‘ or the ‘ Company ‘) is pleased to announce that it has entered into an arms-length Option to Purchase Agreement (the ‘ Agreement ‘) dated November 7th, 2025 with 0847114 B.C. Ltd. (‘ Privco ‘), a British Columbia Incorporated company that holds 100% ownership, title, and interest in the Alpine Gold Property (the ‘ Property ‘), located in the West Kootenay region of British Columbia (the ‘ Acquisition ‘).

Highlights of the Alpine Gold Property

  • 2018 NI43-101 Inferred Resource of 268,000 tonnes estimated using a cut-off grade of 5.0 g/t Au and an average grade of 16.52 g/t Au that represents an inferred resource of 142,000 oz of gold (McCuaig & Giroux, 2018).
  • Substantial opportunity to grow the maiden Alpine resource to the east-west and to depth with only about 300m of the roughly 2km long vein system explored to date by underground mine workings and drilling.
  • Estimated 24,000 tonnes Run of Mine mineralized stockpile on surface presenting a possible near term cash flow opportunity.
  • 1,650 meters of clean and dry underground workings accessing sampled and mineable zones.
  • At least 4 additional relatively unexplored vein systems on the Property (Black Prince, Cold Blow, Gold Crown & past-producing King Solomon), all hosting historic high-grade gold values.
  • Road accessible 4,611.49-hectare Property including 15 Crown Grants (1 with surface rights) and 19 staked mineral claims with all-season operation potential (Figure 1).
  • Additions of Mr. Allan Matovich to the Board of Directors. Mr. Ted Muraro and Mr. John Mirko as Technical Advisors on closing. They have a combined mining and exploration experience of 150+ years in the industry.

The 4,611.49-hectare Property is approximately 20 kilometers northeast of the City of Nelson (Figure 1) and hosts the former operating underground mine with a recorded production of approximately 16,810 tonnes of mineralized vein material (Table 1). This material contained 356,360 grams of gold, 222,054 grams of silver, 49,329 kilograms of lead and 17,167 kilograms of zinc. The other 4 significant vein systems on the property will also be explored including the Black Prince and Cold Blow quartz veins approximately 3km to the northeast of the Alpine mine, the Gold Crown vein system 600m southeast, and the past-producing King Solomon vein workings 1.8km to the south. Further information about the Alpine Gold property will be forthcoming in the upcoming weeks.

Brian Thurston, President & CEO of Copper Quest, commented : ‘ With Gold prices at all-time highs, The Alpine Gold property creates a tremendous opportunity to create near term value. I look forward to closing the transaction and welcoming Mr. Matovich, Mr. Muraro and Mr. Mirko to the team.’

Figure 1: Location Claim Map

Appointment of Mr. Allan Matovich as Director

Copper Quest is also pleased to announce that upon closing of the acquisition, Mr. Allan Matovich will join the Company’s Board of Directors. Mr. Matovich is the principal owner of the Alpine Gold Property.

Mr. Matovich has 60+ years of mining and exploration experience in Canada and the United States. He first started with Cominco in Trail BC working in the smelter operation. Mr. Matovich then started Matovich Mining Industries where they supplied considerable tonnages of siliceous flux materials, lead and zinc concentrates to Cominco for over 20 years. Mr. Matovich then opened up a mining operation in 1997 in Northern British Columbia to supply barite for drilling fluids in the oil and gas industry. This mining operation is still in production today. Mr. Matovich also opened up a barite operation in Washington State that is going into production. He also worked with Halliburton, Baker Hughes, and Newmont and was very successful. In 2000, Mr. Matovich purchased the Alpine Gold Mine and since then has spent a considerable amount of time proving up the project.

Mr. Matovich commented I am very pleased to bring the Alpine Gold Property to Copper Quest and join as a director. The company has a fantastic portfolio of critical mineral projects advancing and the Alpine Gold Project gives a potential near term cash flow opportunity along with upside to grow the current resource with drilling. I look forward to working with the Copper Quest team to help create value for all stakeholders involved.’

Table 1 – Production History – Minfile (082FNW127) for Alpine Mine for gold (Au) and silver (Ag)

YEAR Tonnes Tonnes Au Grams Ag Grams Est
Grade
Est
Grade
Mined Milled Recovered Recovered Au (g/t) Ag (g/t)
1988 200 90 198 591 2.20 6.57
*1948 16,889 11,384 25.32 17.07
*1947 2,768 1,866 15.38 10.37
*1946 11,042 5,785 18.59 9.74
*1942 56,079 34,182 824.69 502.68
1941 11,517 11,517 219,350 130,011 18.26 11.29
1940 3,992 3,992 57,852 35,333 14.49 8.85
1939 3 0 62 62
1938 35 0 1,120 902
1915 4 0 1,938
*ore milled not reported

Appointment of Mr. Ted Muraro as Technical Advisor to the Board

Mr. Muraro will be appointed as Technical Advisor to the board on closing of the transaction. Mr. Theodore (Ted) W. Muraro has accumulated over six decades of experience in mineral exploration, including 35 years with Cominco where he advanced through Exploration to serve as the companies Chief Geologist and Internal Consulting Geologist. Early in his career, Mr. Muraro gained underground experience at Keno Hill, HB Mine, Sullivan, and Western Mines. His tenure at Cominco was marked by direct involvement in the discovery and subsequent successful development of the Westmin Mine at Buttle Lake, the Polaris Mine on Little Cornwallis Island in the high Arctic, and Snip Mine on the Iskut River. Following his service at Cominco, Mr. Muraro assumed the role of Vice President, Exploration at Romanex and International Barytex Resources, contributing his expertise to international gold projects.

Mr. Muraro, who was awarded the Spud Huestis award in 2021 for his outstanding contributions to the industry and excellence in exploration, worked as an independent consultant (T.W. Muraro Consulting 1993-2016) on base metal and gold exploration projects around the world until his retirement in 2016. In these later years, he served on several boards as Director and/or Advisor, most recently with Imperial Metals. Mr. Muraro’s working relationship with Al Matovich started in the Rossland Mining Camp and shifted to the Alpine Property in the late 80’s.

Appointment of Mr. John Mirko as Technical Advisor to the Board.

Mr. Mirko will be appointed as Technical Advisor to the board on closing of the transaction. Mr. Mirko has over 40 years’ experience in the mining industry, past President and Founder of Canam Alpine Ventures Ltd. (recently sold to Vizsla Resources Ltd.), currently President and Founder of Canam Mining Corp. and Rokmaster Resources Corporation.

From 1986 to 2010 Mr. Mirko the founder, President-CEO and Director of 4 public mining-exploration companies and a founder and Director of 3 others. He has been self-employed in the sector since 1972 as a prospector, contractor and consultant involved in exploration, development and mine construction of various projects in 12 counties, and commercial production of mineral concentrates and metal products from 5 of the projects.

In 2008, Mr. Mirko was a recipient of the ‘E. A. Scholtz Medal for Excellence in Mine Development’ from the Association for Mineral Exploration of British Columbia, and in 2009, the Mining Association of British Columbia’s ‘Mining and Sustainability Award’ for the MAX Mine.

Mr. Mirko is currently a member in good standing of the Society of Economic Geologists, Inc., the Canadian Institute of Mining, Metallurgy and Petroleum, the Prospectors and Developers Association of Canada and AME BC.

Transaction Details

The Agreement provides for the purchase of all the minerals claims and crown grants held by the Privco that make up the Alpine Gold Property. At closing Copper Quest will issue 14,177,517 Copper Quest common shares to Privco at a deemed price of $0.175c per share. The Shares will have a 24-month escrow agreement from closing date.

Additionally, Copper Quest will reimburse $225,000 towards the 2025 expenditures of the Property that was completed earlier this year and a 2 percent NSR will be granted to Privco on closing of the Acquisition with half being able to be bought back for CAD$1-million.

Closing is subject to a 45-day due diligence period, exchange approval and other customary closing conditions. Closing may occur prior to the 45-day due diligence period. A finder’s fee is payable in common shares in connection with the transaction.

Qualified Person

Brian Thurston, P.Geo., the Company’s President, CEO and a qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects , has reviewed and approved the technical information in this news release.

Gold: Global Demand & Supply

Global demand for gold remains strong, supported by persistent geopolitical uncertainty, inflationary pressures, and ongoing central bank purchases. At the same time, supply growth is limited, with declining reserves at mature mines, few large-scale discoveries, and rising development costs. This tightening supply backdrop highlights the strategic value of advancing new gold projects in secure, mining-friendly jurisdictions. Copper Quest is aligned with these global trends, positioning Alpine to contribute to the next generation of significant gold discoveries.

Stock Options

The Company has granted stock options to Directors, Management, and Consultants of the Company to acquire an aggregate of 2,600,000 common shares in the capital of the Company, pursuant to the Company’s Equity Incentive Plan. The stock options are each convertible into a common share of the Company at an exercise price of $0. 20 until November 13, 2030.

About Copper Quest Exploration Inc.

Copper Quest ( CSE: CQX; OTCQB: IMIMF; FRA: 3MX ) is focused on building shareholder value through strategic acquisitions and the exploration and development of its North American Critical Mineral portfolio of assets. The Company’s land package currently comprises five critical mineral projects that span over 40,000+ hectares in great mining jurisdictions.

Copper Quest has a 100% interest in the Stars Property, a porphyry copper-molybdenum discovery, covering 9,693 hectares in central British Columbia’s Bulkley Porphyry Belt. Contiguous to the Stars Property, Copper Quest has a 100% interest in the 5,389-hectare Stellar Property. CQX also has an earn-in option up to 80% and joint-venture agreement on the 4,700-hectare porphyry copper-molybdenum RIP Project, also in the Bulkley Porphyry Belt.

Copper Quest has a 100% interest in the Nekash Copper-Gold Project, a porphyry exploration opportunity located in Lemhi County, Idaho, along the prolific Idaho-Montana porphyry copper belt that hosts world-class systems such as Butte and CUMO. The project is fully road-accessible via maintained U.S. highways and forest service roads and currently consists of 70 unpatented federal lode claims covering 585 hectares.

Copper Quest has a 100% interest in the Thane Project located in the Quesnel Terrane of Northern BC which spans over 20,658 ha with 10 high-priority targets identified demonstrating significant copper and precious metal mineralization potential.

Copper Quest’s leadership and advisory teams are senior mining industry executives who have a wealth of technical and capital markets experience and a strong track record of discovering, financing, developing, and operating mining projects on a global scale. Copper Quest is committed to sustainable and responsible business activities in line with industry best practices, supportive of all stakeholders, including the local communities in which it operates. For more information on Copper Quest, please visit the Company’s website at Copper Quest .

On behalf of the Board of Copper Quest Exploration Inc.

Brian Thurston, P.Geo.
Chief Executive Officer and Director
Tel: 778-949-1829

For further information contact:

Investor Relations
info@copper.quest

Forward Looking Information

This news release contains certain ‘forward-looking information’ and ‘forward-looking statements’ (collectively, ‘ forward-looking statements ‘) within the meaning of applicable securities legislation. All statements, other than statements of historical fact included herein, including without limitation, future operations and activities of Copper Quest, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as ‘expects’, ‘anticipates’, ‘believes’, ‘intends’, ‘estimates’, ‘potential’, ‘possible’, and similar expressions, or statements that events, conditions, or results ‘will’, ‘may’, ‘could’, or ‘should’ occur or be achieved. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, risks associated with possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, risks associated with the interpretation of exploration results, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company’s exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company’s business and prospects. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. The Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.

The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this press release, and does not accept responsibility for the adequacy or accuracy of this release.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3309c0ba-17fd-4a57-b498-e8a3c49534fc

News Provided by GlobeNewswire via QuoteMedia

This post appeared first on investingnews.com

western copper and gold corporation (TSX: WRN) (NYSE American: WRN) (‘Western’ or the ‘Company’) is pleased to announce the appointment of Mark E. Smith, P.E., P.Eng., to its Board of Directors (the ‘Board’).

Mr. Smith is a professional engineer with over 45 years of global mining experience. He co-founded and managed Vector Engineering for nearly 25 years, a consulting and engineering firm with a staff of 500 people and offices in seven countries. His technical leadership and judgement have been relied upon by many of the world’s largest mining companies, including BHP, Rio Tinto, Barrick, Newmont, Vale, Glencore, and Teck. Mr. Smith holds a Master’s degree in Civil and Geotechnical Engineering from the University of Nevada, Reno.

He has worked extensively in the Yukon, contributing to projects such as Coffee, Macpass, and Mactung, and has advised the Government of Yukon on mine waste and heap leach management practices. More recently, he was appointed by the Government of Yukon to chair the Independent Review Board for the Eagle Mine investigation.

‘We are extremely pleased to welcome Mark to our Board,’ said Sandeep Singh, President & Chief Executive Officer. ‘Mark has a deep understanding of the Yukon and has been a well-respected technical voice in the North for over a decade. His extensive experience and deep knowledge of the territory will be invaluable as we advance Casino through environmental assessment and permitting.’

‘Mark’s addition to the Board builds on Western’s commitment to the highest technical and environmental standards,’ said Raymond Threlkeld, Chairman of the Board. ‘His global expertise will strengthen Western’s ability to sustainably advance a world-class operation in the Yukon.’

‘I’ve dedicated my career to developing successful and environmentally-sound copper and gold projects around the world,’ said Mark E. Smith. ‘From concept to design, construction, operations, and closure, I’ve helped bring hundreds of projects into successful, sustainable production. I’m impressed by the approach taken towards the Casino Project and believe it can have a positive impact on the Yukon. I’m very happy to have been invited to join the Western team.’

ABOUT western copper and gold corporation

western copper and gold corporation is advancing the Casino Project, Canada’s premier copper-gold mine in the Yukon and one of the most economic greenfield copper-gold mining projects in the world.

The Company is committed to working collaboratively with First Nations and local communities to progress the Casino Project, using internationally recognized responsible mining technologies and practices.

For more information, visit www.westerncopperandgold.com.

On behalf of the board,

‘Sandeep Singh’

Sandeep Singh
President & CEO
western copper and gold corporation

For more information, please contact:

Cameron Magee
Director, Investor Relations & Corporate Development
western copper and gold corporation
437-219-5576 or cmagee@westerncopperandgold.com

Cautionary Note Regarding Forward-Looking Statements

This news release includes certain ‘forward-looking information’ and ‘forward-looking statements’ (collectively ‘forward-looking statements’) within the meaning of applicable Canadian and United States securities legislation including the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements are made as of the date of this news release. Forward-looking statements are frequently, but not always, identified by words such as ‘expects’, ‘anticipates’, ‘believes’, ‘plans’, ‘projects’, ‘intends’, ‘estimates’, ‘envisages’, ‘potential’, ‘possible’, ‘strategy’, ‘goals’, ‘opportunities’, ‘objectives’, or variations thereof or stating that certain actions, events or results ‘may’, ‘could’, ‘would’, ‘might’ or ‘will’ be taken, occur or be achieved, or the negative of any of these terms and similar expressions. Such forward-looking statements herein include statements regarding the Company’s plans to advance the Casino Project through environmental assessment and permitting; expectations regarding the contributions and value that Mr. Smith’s appointment will bring to the Board and the Company; the Company’s ability to sustainably advance a world-class operation in the Yukon; expectations that the Casino Project can have a positive impact on the Yukon; and the Company’s commitment to maintaining the highest technical and environmental standards in the development of the Casino Project.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual events to be materially different from those expressed or implied by such statements. Such factors include but are not limited to the risk of unforeseen challenges in advancing the Casino Project, potential impacts on operational continuity, changes in general market conditions that could affect the Company’s performance; and other risks and uncertainties disclosed in the Company’s annual information form and Form 40-F for the most recently completed financial year and its other publicly filed disclosure documents.

Forward-looking statements are based on assumptions management believes to be reasonable, such assumptions and factors as set out herein, and in the Company’s annual information form and Form 40-F for the most recently completed financial year and its other publicly filed disclosure document.

Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, other factors may cause results to be materially different from those anticipated, described, estimated, assessed or intended. These forward-looking statements represent the Company’s views as of the date of this news release. There can be no assurance that any forward-looking statements will be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not intend to and does not assume any obligation to update forward-looking statements other than as required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/274462

News Provided by Newsfile via QuoteMedia

This post appeared first on investingnews.com

India has approved a sweeping overhaul of royalty rates for several critical minerals, continuing its campaign to expand domestic mining and reduce reliance on Chinese imports.

Under the revised framework, graphite with at least 80 percent fixed carbon will be charged a 2 percent royalty based on the average sale price (ASP) determined by the Indian Bureau of Mines, while graphite with lower purity will carry a 4 percent rate.

Caesium and rubidium will each be levied a 2 percent royalty on the ASP of metal contained in the ore, and zirconium will be charged 1 percent.

The government said the changes would encourage more rational bidding in auctions and attract greater private participation in mineral exploration. “The above decision of the Union Cabinet will promote auction of mineral blocks containing caesium, rubidium and zirconium, thereby not only unlocking these minerals but also associated critical minerals found with them, such as lithium, tungsten, REEs, and niobium,” the statement read.

New Delhi has recently pushed to build a self-reliant critical mineral ecosystem amid mounting global supply chain pressures.

China, which produces more than 80 percent of the world’s rare earth elements and controls much of the refining capacity for battery metals, has tightened export restrictions in recent years.

At least nine mineral blocks were offered in the sixth tranche of auctions launched in September, including five graphite blocks, two rubidium blocks, and one each for caesium and zirconium.

These minerals are integral to India’s green industrial transition: graphite is used in electric vehicle (EV) batteries, zirconium in nuclear reactors, caesium in precision timing systems such as GPS, and rubidium in fiber optics and night vision equipment.

The royalty revision also complements broader measures under Prime Minister Narendra Modi’s administration to secure strategic minerals and reduce import dependency.

Earlier this year, India approved a US$1.9 billion plan to source critical materials used in batteries, electronics, and agriculture.

In addition, the government weeks ago was reported to be nearly tripling its production-linked incentive (PLI) program for rare earth magnet manufacturing to over 70 billion rupees (US$788 million), a major step up from the initial US$290 million proposal.

Pending cabinet approval, the expanded plan seeks to develop a full rare earth magnet supply chain for EVs, renewable energy systems, and defense applications.

In parallel, the government is also investing heavily in human capital to sustain this growth. The Ministry of Mines, in coordination with the Skill Council for Mining Sector (SCMS), has launched an initiative to train 5.7 million workers in mining-related occupations by 2030.

The skills gap study for 2025–2030 will map future workforce requirements and identify pathways to develop a “future-ready” labor pool capable of supporting new mineral projects.

“The report will come up with a detailed action plan for the sector on ways to impart skills training to millions of workers to cater to the increasing demand from the sector in the near future,” a senior government official told The Economic Times.

India currently imports about 60 percent of its graphite needs and remains a minor producer of most other critical minerals. The Modi administration aims to more than double mining’s share of GDP to 5 percent by 2030 from 2.2 percent today.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

China’s gold industry is entering a period of rapid adjustment after Beijing implemented a major overhaul of value-added tax (VAT) rules on physical gold.

The reform, which took effect on the first of November run through December 31, 2027, ending the long-standing practice of allowing full tax deductions on most gold withdrawn from the Shanghai Gold Exchange (SGE) and the Shanghai Futures Exchange (SHFE).

The Ministry of Finance and the State Taxation Administration announced the shift on the same day broader tax changes for platinum and diamonds came into force. But unlike those adjustments, the new gold rules directly target the structure of VAT throughout the supply chain.

Under the old system, when members withdrew gold from SGE or SHFE vaults to turn it into jewelry or branded bars, the tax authority issued a full 13 percent Special VAT Invoice that could be fully offset against output VAT, keeping the tax burden minimal.

VAT was effectively charged only on the value added beyond the underlying gold price, a feature that helped keep jewelry costs lower even as gold prices climbed.

That framework has now been split into two tracks, depending on whether gold is withdrawn for investment or non-investment purposes. SGE and SHFE members who buy and sell on the exchange continue to enjoy VAT exemption.

Investment products, such as bars produced by commercial banks or gold ETFs trading on the exchanges, remain largely unaffected. But once gold exits the vaults, the treatment diverges sharply.

For investment products, the taxation formula still applies only to value added, preserving the low-cost structure for banks and major investment channels. But the new system bars SGE members from issuing special VAT invoices to the clients they supply, meaning downstream buyers cannot claim tax credits on their own sales.

That dynamic will likely push more investors to buy directly from SGE members, whose products can be sold at lower effective prices because they retain the credit advantage at the first tier.

Jewelry sector faces brunt of policy changes

However, the impact on non-investment gold—primarily jewelry—is far more pronounced.

Members withdrawing gold for fabrication can now deduct output VAT by only 6 percent of their costs, rather than 13 percent previously. The SGE will also issue ordinary invoices instead of special ones, removing another layer of tax offset.

Metallurgical and retail analysts calculate that this adjustment will raise jewelr manufacturers’ tax burden enough to lift final consumer prices by roughly 4 percent in typical scenarios, with some retailers already reporting price hikes since early November.

The policy also wipes away the differential treatment between SGE members and non-members. Independent jewelers, small banks, and franchises of major jewelry brands, who open accounts through SGE members, are now treated the same as entities withdrawing gold for non-investment use.

With their inability to claim the full 13 percent tax credit, non-member participants have already raised bar prices by around 13 percent, according to industry feedback as noted by the World Gold Council (WGC)

Amid the reform, Chinese consumer behavior is already shifting. According to data compiled by Metals Focus, retail buyers have moved decisively toward gold bars as they become more sensitive to jewelry mark-ups and increasingly aware of the narrower buy–sell spreads available on investment products.

The research firm estimates that retail investment jumped 20 percent to 336 tonnes in 2024, the highest level since 2013, while jewelry consumption dropped 24 percent, falling to its weakest level since the first year of the pandemic.

That divergence has only widened this year: in the first nine months of 2025, jewelry consumption declined 25 percent year-on-year, even as retail investment climbed 24 percent over the same period.

The country’s core jewelry manufacturing and wholesale hub has remained weak since the National Day Holiday. November is normally an off-season for jewelry buying, but wholesalers say the new VAT regime has already cooled restocking activity.

Instead, manufacturers and retailers have begun shifting product development toward high-value “by piece” items that are less sensitive to gold price swings, while promotional campaigns encouraging consumers to trade in old jewelry for new pieces—transactions exempt from the new tax—are expected to grow.

Financial sector adjusts

The rule change has also spilled into banking products. Reuters reported that China Construction Bank stopped accepting new applications for one of its gold purchasing accounts on the first business day after the tax shift, offering no explanation. Industrial and Commercial Bank of China briefly introduced similar restrictions before reversing them hours later.

While the tax rules do not directly target banks’ paper gold programs, the reform revealed uncertainty among financial institutions as they evaluate how the revised incentives may alter client behavior.

Despite the disruptive effects on jewelry, investment demand is positioned to strengthen heading into 2026. The WGC noted that bar and coin buyers face no additional tax burden so long as they purchase directly from SGE members.

Expectations of further price appreciation, China’s continued economic uncertainty, and the People’s Bank of China’s steady gold acquisitions all reinforce investment interest. Recently, gold also regained the US$4,200 level on expectations of a US rate cut in December and rising concerns about US debt levels.

While analysts call it the most significant gold-market tax change since 2019, most predict that its full effects will only become clear next year as the peak buying season tests whether shifting consumer preferences deepen.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

Former President Bill Clinton’s Treasury Secretary Larry Summers maintained regular contact with Jeffrey Epstein years after he was convicted on prostitution-related charges, documents released by House Republicans on Wednesday revealed.

Among the over 20,000 pages of documents released by House Republicans was a series of email exchanges ranging from 2016 to 2019 between Epstein and Summers that suggest a cozier relationship between the two than previously known. The email exchanges include banter about an unknown woman as well as discussions about politics and President Donald Trump.

On March 3, 2019, just months before his arrest, Epstein and Summers, who was also president of Harvard University from 2001 to 2006 and served as the director of former President Barack Obama’s National Economic Council from 2009 to 2011, exchanged emails in which they discussed Summers’ correspondence with an unknown woman.

In an email to Epstein, Summers wrote of his interaction with the woman, saying: ‘We talked on phone. Then ‘I can’t talk later’. Dint (sic) think I can talk tomorrow’. I said what are you up to. She said ‘I’m busy’. I said awfully coy u are. And then I said. Did u really rearrange the weekend we were going to be together because guy number 3 was coming’ She said no his schedule changed after we changed our plans. I said ok I got to go call me when u feel like it. Tone was not of good feeling. I dint want to be in a gift giving competition while being the friend without benefits.’

Epstein replied just minutes later, saying, ‘shes smart. making you pay for past errors. ignore the daddy im going to go out with the motorcycle guy, you reacted well.. annoyed shows caring., no whining showed strentgh.’

Months before that, in November 2018, Summers forwarded Epstein an email from a woman he had corresponded with the comment: ‘Think no response for a while probably appropriate.’

Epstein replied, ‘She’s already begining to sound needy nice.’

On July 15, 2018, Epstein emailed Summers, ‘new york soon?’

‘Unsure. What is up’ Summers replied.

The next day, Epstein wrote, ‘wed presidnt [sic] of united nations, interesting person for you.’

Shortly after midnight, Summers replied, ‘Do the Russians have stuff on Trump? Today was appalling even by his standards.’

Epstein replied: ‘My email is full with similar comments… he thinks he has charmed his adversary… he has no idea of the symbolism — he has no idea of most things.’

In another exchange from 2017, Epstein wrote, ‘I have met some very bad people ,, none as bad as trump. not one decent cell in his body.. so yes- dangerous.’

In a November 2016 email to Epstein, Summers wrote: ‘Spend zero effort on anything about me w trump. Seeing his approach to conflict of interest, his Putin proximity, and his mindless response on Castro death I’m best off a million miles away. Until they are deeply humbled by the f—ups that are sure to come, I serve myself and country best by doing nothing that involves loyalty to them.’

A month before, Epstein emailed Summers, ‘trump roles (sic) out Clintons four accusers. recall our dinner?’ To which Summers replied just hours later, ‘No. what happened? R u about to be dragged in?’

Summers was previously known to have a connection to Epstein. The Wall Street Journal reported in 2023 on another exchange in which Summers asked Epstein for advice on fundraising for a project by his wife, Harvard professor Elisa New.

Fox News Digital reached out to a spokesperson for Summers but did not receive a comment by the time of publication.

This post appeared first on FOX NEWS

: Former Special Counsel Jack Smith allegedly sought the private, personal cellphone records of then-Speaker of the House Kevin McCarthy as part of his investigation into the Jan. 6, 2021, Capitol riots, Fox News Digital has learned.

Smith also sought the private phone records of now-former Republican Rep. Louie Gohmert of Texas.

Fox News Digital exclusively reviewed the document that FBI Director Kash Patel recently shared with Senate Judiciary Committee Chairman Chuck Grassley and Sen. Ron Johnson containing the explosive revelations. Grassley and Johnson have been leading a joint investigation into Smith’s ‘Arctic Frost’ probe.

According to the document, Smith, on Jan. 24, 2023, allegedly sought the ‘toll records for the personal cell phones of U.S. Speaker of the House Kevin McCarthy (AT&T) and U.S. Representative Louie Gohmert (Verizon.)’

The information was included as part of a ‘Significant Case Notification’ drafted by the FBI’s Criminal Investigative Division May 25, 2023.

‘Jack Smith’s radical and deranged investigation was never about finding the truth,’ former House Speaker Kevin McCarthy told Fox News Digital. ‘It was a blatant weaponizing of the Justice Department to attack political opponents of the Biden administration. Perhaps no action underscores this point more than the illegal attempt to access the phone records of sitting members of the House and Senate — including the Speaker of the House.’ 

‘His illegal targeting demands real accountability,’ McCarthy continued. ‘And I am confident Congress will hold hearings and access documents in its investigation into Jack Smith’s own abuses.’ 

‘At the same time, I will ask my own counsel to pursue all areas of redress so this does not happen to anyone else,’ McCarthy said. 

The revelations come after Fox News Digital exclusively reported in October that Smith and his ‘Arctic Frost’ team investigating the Jan. 6, 2021, Capitol riots were tracking the private communications and phone calls of nearly a dozen Republican senators as part of the probe, including Sens. Lindsey Graham of South Carolina, Marsha Blackburn of Tennessee, Ron Johnson of Wisconsin, Josh Hawley of Missouri, Cynthia Lummis of Wyoming, Bill Hagerty of Tennessee, Dan Sullivan of Alaska, Tommy Tuberville of Alabama and GOP Rep. Mike Kelly of Pennsylvania.

An official told Fox News Digital that those records were collected in 2023 by Smith and his team after subpoenaing major telephone providers. 

Smith has called his decision to subpoena and track Republican lawmakers’ phone records ‘entirely proper’ and consistent with Justice Department policy.

‘As described by various Senators, the toll data collection was narrowly tailored and limited to the four days from January 4, 2021 to January 7, 2021, with a focus on telephonic activity during the period immediately surrounding the January 6 riots at the U.S. Capitol,’ Smith’s lawyers wrote in October to Grassley.

Grassley, R-Iowa, and Johnson, R-Wis., have been investigating the matter, and seeking answers from major telephone providers.

In AT&T’s response to Grassley, it noted that Smith sought phone records for two members of Congress.

Fox News Digital has learned that AT&T informed Grassley’s staff that one of the members was Sen. Ted Cruz, R-Texas, but refused to disclose the second member.

The newly declassified document reviewed by Fox News Digital appears to reveal that the second member of Congress that Smith sought records from AT&T for was McCarthy, R-Calif. 

Fox News Digital obtained AT&T’s response to Grassley, in which the company notes that Smith sent them a grand jury subpoena that included a request for phone records associated with two members of Congress.

‘However, when AT&T raised questions with Special Counsel Smith’s office concerning the legal basis for seeking records of members of Congress, the Special Counsel did not pursue the subpoena further, and no records were produced,’ AT&T told Grassley.

AT&T also stressed that the company ‘has not produced any records or other information to Special Counsel Jack Smith’ relating to ‘any member of Congress.’

‘Jack Smith’s Arctic Frost investigation looks more and more out of control with each passing day,’ Grassley told Fox News Digital. ‘Based on my oversight, it was a fishing expedition that swept up Republicans in and out of Congress, from top to bottom.’ 

‘Arctic Frost’ was opened inside the bureau April 13, 2022. Smith was appointed as special counsel to take over the probe in November 2022. 

An FBI official told Fox News Digital that ‘Arctic Frost’ is a ‘prohibited case,’ and that the review required FBI officials to go ‘above and beyond in order to deliver on this promise of transparency.’ The discovery is part of a broader ongoing review, Fox News Digital has learned.

Smith, after months of investigating, charged President Donald Trump in the U.S. District Court for Washington, D.C., in his 2020 election case, but after Trump was elected president, Smith sought to dismiss the case. Judge Tanya Chutkan granted that request. 

Smith’s case cost taxpayers more than $50 million. 

Smith did not immediately respond to Fox News Digital’s request for comment.

This post appeared first on FOX NEWS

As President Donald Trump redirects U.S. resources toward operations closer to home, former Secretaries of State Hillary Clinton and Mike Pompeo warned that America’s adversaries could benefit from a reduced global footprint.

Clinton told an audience Wednesday that she’d heard of internal Pentagon discussions advocating a ‘spheres of influence’ model that would focus U.S. power in the Western Hemisphere while allowing Russia to dominate Eastern Europe and China to control much of East Asia.

‘There seems to be a group within the Pentagon who are advocating for these spheres of influence … I think that’s a disaster. And I think it weakens us vis-à-vis our principal problem, which is… the Chinese Communist Party,’ she said during a discussion at Columbia University.

The remarks come as the Pentagon increases counter-narcotics and maritime security missions across the Caribbean and eastern Pacific, expanding the U.S. military presence in the Southern Command region to its largest level in decades — a shift that reflects Trump’s renewed emphasis on prioritizing the Western Hemisphere. 

The U.S. last week said it would withdraw a rotational infantry brigade largely based in Romania, with some forces in Slovakia, Hungary and Bulgaria.

Clinton, who was an early architect of the Obama administration’s ‘pivot to Asia’ strategy during her 2009–2013 tenure at the State Department, said any retreat from the Indo-Pacific would invite instability and signal weakness to U.S. adversaries.

Pompeo largely agreed, saying the United States should strive for global ‘American hegemony’ rooted in Western values and must never concede leadership to rivals.

‘I agree with almost everything Secretary Clinton said there,’ Pompeo said. ‘I want American values to dominate the world for the next 250 years … I want to influence every sphere of influence.’

Even as the War Department has prioritized a focus on the Western Hemisphere, Secretary Pete Hegseth has promised the U.S. would ‘stoutly defend’ its interests in the Indo-Pacific. 

Pompeo directed particularly harsh words at China, even as U.S.–China relations show tentative signs of easing after Trump’s recent meeting with Chinese President Xi Jinping.

‘We shouldn’t use the word competition and the Chinese Communist Party in the same sentence… The Chinese Communist Party wants to cut our heads off,’ he said, adding, ‘They killed 10 million people and didn’t lose a moment’s sleep when a virus was foisted around the world.’

Pompeo, who served as secretary of state and CIA director in the first Trump administration, also claimed that China had given its blessing to North Korea to send troops to assist Russia in its war on Ukraine.

‘There are 13,000 North Koreans on the ground inside of that conflict today,’ he said. ‘They did not go there without Xi Jinping asking Chairman Kim… to go.’

Clinton, meanwhile, accused congressional Republicans of staying silent when the White House oversteps its power, citing Trump’s repeated extensions of a deadline for TikTok to divest or face a U.S. ban.

‘Their tongues must be totally bitten off because they don’t speak out,’ Clinton said.

She warned that social media is now shaping — and in some cases distorting — public opinion, posing ‘a huge danger to democracy.’ Clinton also said TikTok was ‘found by a bipartisan decision of Congress to be controlled by the Chinese Communist Party.’

Pompeo echoed that concern. ‘I’m worried about the fact that we’ve got social influencers on TikTok that are shaping your minds, and that that’s controlled by the Chinese Communist Party to a significant degree,’ he said. 

The pair of former officials found common ground years after Pompeo vowed to release more of her emails in the run-up to the 2020 election. Trump had expressed disappointment that Pompeo’s State Department had not released more of the emails Clinton famously sent from a private server during her time leading the department.

‘We’re doing it as fast as we can’ Pompeo told Fox News at the time, while predicting ‘there will be more to see before the election.’

‘It’s pathetic,’ Clinton had told The New York Times of Pompeo’s promise.

Pompeo has also been critical of Clinton’s ‘failures’ related to Benghazi and ‘rampant corruption.’

This post appeared first on FOX NEWS

The longest government shutdown in history finally ended on Wednesday night after nearly every member of the House of Representatives raced to Washington to cast their vote.

The threat of air travel delays — fueled in no small part by the fiscal standoff — as well as bad weather in parts of the country forced some lawmakers to find more unconventional routes to ensure they arrived on time.

First-term Rep. Addison McDowell, R-N.C., for example, found himself carpooling more than five hours alongside House Rules Committee Chairwoman Virginia Foxx, R-N.C. — a powerful GOP lawmaker more than 50 years his senior.

‘It dawned on me that, for a while there, I was one of the most powerful people in America, because I had the Rules chair, who — we couldn’t start the process of passing this bill until she got here,’ McDowell told Fox News Digital. ‘We had a one-seat majority, and there was two of us. So, you know, there was a lot of pressure to make sure she got here on time.’

Foxx’s committee was responsible for preparing federal funding legislation for a House-wide vote, which it did from just before 7 p.m. Tuesday until around 2 a.m. Wednesday.

‘She just kind of asked, ‘Hey, would you be willing to carpool?’ And I was like, ‘Yeah, not a problem at all.’ I’ve got a truck, so I’ve got plenty of room. We could have taken the whole delegation up, just put all the guys in the back,’ McDowell joked.

He also knew that driving Foxx up earlier than most lawmakers had to be there came with sacrifices.

‘Neither of us got to participate in any Veterans Day events in our district, which was a real bummer. But we had an important job to do, and that was make sure our government services and our current troops are getting paid,’ he said.

McDowell said he spent the roughly five-and-a-half-hour drive asking Foxx questions about her work and her own life, which she happily answered.

And the senior House Republican told Fox News Digital that she appreciated the experience herself.

‘I have never had a chance to really sit down with him for a long period of time, so I really welcome the opportunity to get to know him better,’ Foxx said. ‘He told me a lot about experiences he’s had. We talked about things from my side, mostly policy issues, but I did tell him a little bit more about my background.’

Foxx said it was a combination of bad weather in the North Carolina mountains and concerns about flight delays that moved her to contact colleagues about driving up — until she found her schedule most aligned with McDowell’s, and she drove herself to meet him before the long ride.

‘I have to say he’s an excellent driver,’ Foxx said. ‘We stopped in Henderson, North Carolina, and got Chick-fil-A sandwiches — of course, what else would we get? We left there at 11 [a.m.] and we got here at about 4:40 [p.m.].’

Asked if she would do it all again, Foxx said, ‘In a heartbeat.’

Rep. Randy Feenstra, R-Iowa, also opted to drive instead of fly — a trip that spanned more than 1,000 miles across 15 hours overnight.

Feenstra said he and two staffers ‘took turns driving’ through the night, stopping only for gas and arriving in Washington some time on Wednesday morning before the vote.

‘I had a lot of Veterans Day events. I wanted to make sure that I was in my district for that. And then, once that was completed at 5 last night, we headed this way,’ he said. ‘When that’s your only option, you do it. This job — you’ve got to do whatever you have to.’ 

And Midwestern Rep. Derrick Van Orden, R-Wis., also took to the roads, but in a different vehicle.

‘Democrats shut the government down over 40 days ago now. And I could not count on air travel,’ he told Fox News Digital. ‘So I talked to my wife for about five seconds and said, ‘I’m getting on the motorcycle and leaving.’ So I did, and I got here on time.’

Van Orden, who first told The Hill of his plans, said he rode through sub-zero temperatures and had to navigate black ice on the roads. At one point, he stopped at a hotel ‘for four or five hours’ when the environment appeared ‘sketchy,’ he said.

‘Someone asked me, ‘Why don’t you just drive a car?’ Here’s why. We only have one car. And I wasn’t going to inconvenience my wife, because she is one of my constituents, and she happens to be my favorite constituent,’ he said.

‘People around here don’t seem to understand that the mission is more important than their personal security or comfort. And if more people in this building took their job more seriously and realized it’s about the American people than not, then we will be a better country.’

This post appeared first on FOX NEWS

The postmortems for Republicans’ lackluster results in this month’s spate of elections in New Jersey, Virginia and beyond are in, and while pet theories abound, there is one thing almost everyone agrees on: In the age of President Donald Trump, the GOP does not fare well when he is not on the ballot.

The question for Republicans in tough congressional campaigns across the country is how they can symbolically get Trump on the ballot, and more importantly, get his often reluctant voters to the polls to fill out said ballots.

The best way to achieve this goal is an idea that Trump himself has floated, a midterm national Republican convention that showcases the party’s achievements under Trump’s second term and that makes it crystal clear that Americans won’t just be voting for Congress, but for Trump’s agenda.

The success of the 2024 Republican National Convention in Milwaukee was a bit overshadowed by assassination attempts and top of the ticket shakeups, but it is widely and rightly regarded as one of the best ever staged, and it made a difference.

The RNC was not only excellent prime-time television that showcased the priorities of the Trump GOP, it was an even better live event on the ground, cornhole courts and bars and restaurants created a festive, even joyous atmosphere.

This live event feeling could be amplified by satellite parties, even if the main convention is in Philadelphia for the 250th anniversary of America, or Chicago, to celebrate the birth of the Republican Party. Every city and town could have its own smaller version.

The power of such live events is something that both President Trump and the late founder of Turning Point USA, Charlie Kirk, understood intuitively. If the midterm convention could be part Trump rally, part TPUSA party, well, that’s a powerful combination.

The most important reason why a midterm convention is vital is to put Trump front and center in the election. By then his signature One Big, Beautiful Bill Act will have cut taxes on tips and overtime, some of the trillions of new investment will be taking root, and Trump will be able to point to these achievements.

One thing that was notably missing in this most recent off-year election season was any emphasis on the Make America Healthy Again wing of the Trump movement led by Health and Human Services head Robert F. Kennedy Jr.

That was a mistake, Kennedy’s focus on making sure we aren’t poisoning our kids played a massive role in Trump’s 2024 win. A midterm convention could put the issue back on the table, and MAHA moms everywhere back in play.

This convention would also highlight Trump’s all but miraculous closing of the southern border, and celebrate, rather than denigrate, federal officials working to rid the nation of criminal illegal aliens.

Trump’s message would be simple: ‘I’ve got two more years to do what you put me in office to do, but to do it, I need Congress.’

If Republicans get really lucky, then holding a midterm convention might lead Democrats to hold one of their own, an exercise that could not help but betray the deep divisions in their ranks.

Who would speak at the DNC? Who would be welcome? Socialist mayor of New York City Zohran Mamdani or Sen. John Fetterman, D-Pa., or maybe both at once yelling at each other about who’s a Zionist and who’s an antisemite. You see my point?

Trump is perhaps first and foremost a showman. That can be colored as a criticism or assessed as an asset, but it cannot be denied. The best chance that Republicans have in 2026 is to let him put on his show.

Although I am told that conversations have occurred behind the scenes in preparation for a potential midterm convention, it would still be a heavy lift. Usually there are four years to plan these things, not six months. But the Trump movement has the infrastructure and wherewithal to pull it off.

The ‘Trump Rally’ will go down in history, alongside the Lincoln-Douglas debates and President Franklin Delano Roosevelt’s fireside chats, as one of the most successful forms of political communication our nation has ever seen. My sense is that voters are up for one more encore performance.

Letting Trump be Trump might not just be the best strategy for Republicans in 2026, it might be the only one. And hey, if you’re going to lose anyway, why not go out with a party?

This post appeared first on FOX NEWS