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4 Factors That Drive Silver Demand

Silver is known as the most versatile precious metal, and its end uses range from silverware to medicine, as well as industrial and technological applications, which account for well over half of annual global demand.

In 2024, global physical silver demand reached 1.16 billion ounces, shy of the record of 1.28 billion ounces set in 2022, as per the Silver Institute’s latest World Silver Survey released in April 2025.

Industrial demand is on an upward trend from the push toward renewable energy — in particular, silver demand should benefit from the expansion of the solar energy sector, electric vehicles and the growing use of AI and data centers. The metal is a great conductor of both heat and electricity, making it perfect for use in solar panels.

In 2025, the Silver Institute expects global demand for silver to decline by 1 percent to 1.15 billion ounces, but remain at historically high levels. With all of that in mind, here’s a look at four factors driving silver demand.

1. Industrial fabrication

Expected demand in 2025: 677.4 million ounces

Silver is the best electrical and thermal conductor of all the metals, so it’s no surprise that it’s used in industrial fabrication. Industrial silver demand has seen steady growth in recent years. Coming in at just 491 million ounces in 2016, industrial demand rose to 592.3 million ounces in 2022, 657.1 million ounces in 2023 and a record 680.5 million ounces in 2024.

For 2025, the Silver Institute believes industrial demand will see a slight regression of 0.5 percent to 677.4 million ounces.

Here’s a brief rundown of the main industrial uses driving silver demand:

Electronics — In electronics, industrial silver is used mainly in multi-layer ceramic capacitors, membrane switches, silvered film, electrically heated automobile windshields, conductive adhesives and the preparation of thick-film pastes.

Electronics is expected to remain an important driver for silver going forward, as per the Silver Institute, which expects overall industrial silver consumption to reach 456.6 million ounces in 2025. Photovoltaics form the largest portion of electronic demand, totaling 197.6 million tons in 2024.

Using silver as conductive ink, photovoltaic cells transform sunlight into electricity. These cells are combined to form solar panels. The use of silver in the fabrication of photovoltaic cells, also known as solar cells, is seen as an area of rapid growth in the short to medium term. In fact, SolarPower Europe reported that total installations reached 2.2 terawatts by the end of 2024, and are expected to more than triple to more than 7 terawatts by 2030.

Automotive industry — Every electrical action in a modern car is activated with silver-coated contacts. Basic functions such as starting the engine, opening power windows, adjusting power seats and closing power trunks are all activated using a silver membrane switch. Furthermore, in January 2021, the Silver Institute reported that, depending on the model, battery electric vehicles contain between 25 and 50 grams of silver, while hybrid vehicles use 18 to 34 grams of silver. That’s compared to 15 to 28 grams of silver in a light internal combustion engine vehicle.

The Silver Institute has projected that automotive demand for silver could reach 90 million ounces by 2025. The association states that silver demand from the car industry will be driven by infrastructure investment, broader decarbonization efforts and the expansion of charging stations.

Brazing and soldering — Adding silver to the process of soldering or brazing helps produce smooth, leak-tight and corrosion-resistant joints when combining metal parts. In addition, silver-brazing alloys are used widely in everything from air conditioning and refrigeration to electric power distribution. The Silver Institute predicts demand from this segment to total 52.9 million ounces in 2025.

2. Jewelry

Expected demand in 2025: 196.2 million ounces

Jewelry is often what laypeople think about when they consider silver demand. And for good reason — few materials are better suited for jewelry than silver. Lustrous but resilient, silver responds well to sculpting, requires minimal care and lasts a lifetime.

While silver and gold possess similar working qualities, the white metal enjoys greater reflectivity and can achieve a brilliant polish. A vast amount of silver supply from mine production gets turned into a form of jewelry. The segment grew moderately by 3 percent in 2024, rising to 208.7 million ounces, but the Silver Institute is predicting a significant reversal in 2025, with a 6 percent decline to 196.2 million ounces.

3. Silver bullion, coins and bars

Expected demand in 2025: 204.4 million ounces

Another source of silver demand is for silver as an investment in the form of silver coins, bars and rounds. This category includes the silver used to fabricate the bullion, as well as small bar purchases by retail investors, according to the Silver Institute.

Silver coins have a long history. Minted silver coins were first used in the Eastern Mediterranean region in 550 BCE, and by 269 BCE the Roman Empire had adopted silver as well. Silver was the main circulating currency until the 19th century, when it was phased out of regular coinage.

While silver is not used in many circulating coins today, mints in many countries still create high-purity bullion coins and bars for investors.

Physical silver investment demand reached a record high of 338.3 million ounces in 2022, but declined considerably to 244.3 million ounces in 2023, before falling another 22 percent to 190.9 million ounces in 2024.

However, with rising uncertainty in global financial markets, the institute is predicting 7 percent growth in 2025 to 204.4 million ounces.

Silver exchange-traded products (ETPs) and silver ETFs purchase significant amounts of physical silver. Silver ETPs have experienced high volatility over the last five years, with demand peaking in 2020 with net inflows of 331.1 million ounces of silver, which fell to to 64.9 million ounces in 2021. Following the pandemic, ETPs experienced heavy outflows with investors selling off 117.4 million ounces in 2022 and 37.6 million ounces in 2023.

In 2024, as uncertainty began to seep into global financial markets, investors once again returned to ETPs, pushing demand to 61.6 million ounces of silver flowing into the products.

The Silver Institute expects demand to grow by 14 percent in 2025 to 70 million ounces, attributing these inflows to cuts to the Federal Funds rate, concerns over US debt load, and instability in the Middle East.

4. Silverware

Expected demand in 2025: 46 million ounces

Sterling silver has been the standard for silver holloware and silver flatware since the 14th century. Silver cutlery and other decor lasts for generations as it resists tarnish and is a traditional decoration in homes around the world. Base metal copper is mixed with silver to strengthen it for use as cutlery, bowls and decorative items.

Demand for the metal from the silverware industry reached 73.5 million ounces in 2022 but has declined since then to 54.2 million ounces in 2024. The Silver Institute expects the market to shed another 15 percent in 2025 to 46 million ounces.

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

This post appeared first on investingnews.com

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Frank Holmes: Next Gold, Silver Price Calls, Plus Top 2026 Asset

Frank Holmes of US Global Investors (NASDAQ:GROW) shares his forecast for gold and silver.

He sees gold testing US$5,000 per ounce next year and then reaching US$7,000 by the end of US President Donald Trump’s second term in office.

‘And I think that silver will be over US$100,’ he added.

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

This post appeared first on investingnews.com

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Deion Sanders’ son Shilo responds to complaint from bankruptcy trustee

  • Shilo Sanders’ attorney has asked a court to dismiss a complaint from his bankruptcy trustee.
  • The trustee alleges Sanders made unauthorized transfers of about $250,000 from his NIL earnings.
  • The bankruptcy case stems from an $11.89 million court judgment against Sanders from 2022.

An attorney for Shilo Sanders has fired back at the trustee who is handling Sanders’ bankruptcy case and has asked the bankruptcy court to dismiss the trustee’s complaint against Sanders more than two years after the former Colorado football player filed a Chapter 7 petition with more than $11 million in debt.

In October, the trustee had filed a complaint against Sanders, son of Colorado coach Deion Sanders, claiming Shilo Sanders violated bankruptcy law by making unauthorized transfers of approximately $250,000.

Sanders’ attorney, Keri Riley, recently responded to this in a court filing by essentially saying the trustee got it all wrong. The issue relates to Shilo Sanders’ earnings from his name, image and likeness (NIL) through two companies he created called Big 21 LLC and Headache Gang LLC:

Was some of that money the property of the bankruptcy estate, which is managed by the trustee? Or was it property of Shilo and his companies?

A judge will have to decide whether the trustee, David Wadsworth, has sufficiently pleaded his case in his attempt to recover money from Sanders, 25. But it’s only one part of the larger bankruptcy case involving Sanders, which remains pending.

What is latest in Shilo Sanders bankruptcy case?

Sanders filed for bankruptcy in October 2023 in an effort to get out of more than $11 million in debt, almost all of it stemming from a court judgment against in 2022. But one of the prices of trying to get out of debt in bankruptcy court is that a trustee is put in charge of rounding up the debtor’s non-exempt assets for the bankruptcy estate, to be sold and divided among the creditors. This generally includes assets a debtor earned before filing for bankruptcy, not after.

Sanders’ attorney says these earnings came after he filed his petition for bankruptcy and the companies are distinct from the bankruptcy estate. She argued the earnings were not subject to collection by the trustee “under any theory” and the trustee took no action to manage the Big 21 company.

“All of the funds paid into, and subsequently out of Big 21 post-petition were post-petition earnings of the Debtor,” Shilo Sanders’ attorney said in the recent court filing obtained by USA TODAY Sports. “The Trustee acknowledges in the Complaint that the Debtor was earning money from NIL Deals both pre- and post-petition. As evidenced by the allegations in the Complaint, the NIL Deals were and are the Debtor’s primary source of income…. While the estate is entitled to ‘proceeds’ or ‘profits’ from the assets of the estate, the (law) expressly excludes ‘earnings from services performed by an individual debtor after the commencement of the case.’”

What does it mean for Shilo Sanders’ bankruptcy case?

If the judge grants the motion to dismiss the trustee’s complaint, he doesn’t have to give back the money in question. If the judge doesn’t grant it, the trustee’s complaint can proceed to trial on that issue.

A law professor at Texas, Angela Littwin, described the trustee’s complaint against Sanders as a “big deal” but also questioned why the trustee didn’t file his complaint until now.

“Any revenue related to Sanders’ work that is entirely post-petition belongs to his fresh start,” Littwin told USA TODAY Sports. On the other hand, if Sanders made improper transfers, it’s a problem.

“Bankruptcy provides debtors with significant relief,” Littwin said. “Debtors need to earn this relief by being 100% above board.”

It’s only one part of the Shilo Sanders proceedings

Besides the trustee’s complaint against Sanders, two other complaints remain pending against Sanders in bankruptcy court. The larger bankruptcy matter of rounding up and dividing his assets for creditors also remains pending.

Separately, a law firm has sued Sanders alleging he owes it more than $164,000 in unpaid bills related to the bankruptcy case and the lawsuit that led to it.

Almost all of Sanders’ debt is owed to one man — John Darjean, a former security guard from Sanders’ school in Dallas. Darjean sued Sanders in 2016, alleging he caused him permanent and severe injuries when tried to confiscate his phone in 2015, when Sanders was 15. Sanders claimed self-defense in court proceedings but didn’t show up for the trial in Texas in 2022, leading to a default judgment against him of $11.89 million.

After Darjean moved to collect on that debt, Sanders filed for bankruptcy to try to get out of it. Darjean is seeking to get paid the full judgment and filed the other two complaints against Sanders that argue that Sanders shouldn’t be allowed to discharge the debt owed to him.

Shilo Sanders is the middle son of Deion Sanders. He was waived by the NFL’s Tampa Bay Buccaneers before the season and is not currently playing football. His younger brother Shedeur Sanders is quarterback of the Cleveland Browns.

Follow reporter Brent Schrotenboer @Schrotenboer. Email: bschrotenb@usatoday.com

This post appeared first on USA TODAY

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AFC contender picks up six-time Pro Bowl selection

Darius Slay didn’t need to wait long to learn his landing spot.

One day after the Pittsburgh Steelers placed the six-time Pro Bowl cornerback on waivers, Slay was claimed by the Buffalo Bills.

Slay, 34, was a healthy scratch for the Steelers’ loss to the Bills on Sunday, with coach Mike Tomlin indicating the team had wanted to see what cornerback Asante Samuel Jr. could do after the team signed him in mid-November.

He started nine games for Pittsburgh this season but saw his role reduced in the two losses previous to him being made inactive.

In Buffalo, he joins a secondary allowing a league-low 163.2 passing yards per game as well as a 59.5% completion rate. Slay will provide depth behind starting outside corners Christian Benford and Tre’Davious White for a potential playoff run.

This post appeared first on USA TODAY

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Tyronn Lue comments on Chris Paul’s departure from L.A. Clippers

The Los Angeles Clippers continue to struggle after a 5-16 start that has been filled with off-court distractions.

The latest situation involving the team happened early Wednesday morning while the team was in Atlanta and Chris Paul shared on Instagram that he’s been “sent home.”

Clippers coach Tyronn Lue shared his thoughts on Paul’s departure ahead of Wednesday’s road game against the Atlanta Hawks.

“It just didn’t work out like we thought it would,” Lue said. “I don’t like it for CP, but it wasn’t a good fit. We understood that.”

The Clippers have lost eight of the last nine games, including five straight entering Wednesday.

“I don’t think we are 5-16 because of CP’s play,” Lue said. “I just don’t think it was a good fit for what he was looking for. It is what it is.”

Paul and Lue were said not to be on speaking terms for several weeks, according to ESPN.

The veteran guard was coming off the bench for L.A., playing just 16 of the first 21 games and averaging just 2.9 points and 3.3 assists per game in 14.3 minutes.

“Do I want CP to go out like this? No. I have a lot of respect for him and he’s been a friend of mine over the years,” Paul said. “You don’t want to see a great go out like this, but I’m sure he will find something because he’s a great player.”

Paul spent six seasons with the franchise from 2011-2017, reaching the All-Star game in each of those seasons.

He is the Clippers’ all-leader in total assists (4,076) and steals (2.1) per game.

This post appeared first on USA TODAY

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Explaining WNBA–WNBPA CBA negotiations: Issues, offers and what’s next

  • The WNBA’s latest offer includes a max salary of $1 million. The average salary would be $500,000 with a minimum of $225,000.
  • The league is reportedly offering a revenue sharing component which is not tied to the proposed $5 million salary cap.
  • A combine for players entering the WNBA draft and shorter rookie deals are also reportedly on the table.

With all the back and forth in the ongoing negotiations between the WNBA and WNBPA, it can be hard to keep up on all the changes.

Both sides agreed to a six-week extension to hammer out their differences on November 30. They now have until Jan. 9 to reach a new deal for the 2026 season and beyond while avoiding (for now) the possibility of a lockout or strike.Within days of the WNBA and WNBPA agreeing to extend the current CBA, the league reportedly offered a new proposal, which included an updated max player salary. The league’s latest offer is a maximum guaranteed base salary of $1 million, with projected revenue sharing raising max players’ total earnings to $1.2 million. However, the WNBPA reportedly plans to reject the WNBA’s latest offer over concerns with the league’s ‘math.’

As negotiations continue, here are some answer to questions surrounding the process, including new reporting from The Athletic that addresses multiple topics discussed by the WNBA and WNBPA.

What is the WNBA offering in terms of salary cap and player salaries?

The league’s latest proposal would reportedly raise the salary cap to $5 million a season per team, with increasing the cap over the length of the CBA that will be tied to revenue growth. The minimum player salary would rise to more than $225,000 and the average salary to $500,000. As previously mentioned, the max player salary would be worth more than $1.2 million. Under the current CBA, the salary cap is $1.5 million a season per team. Additionally, the minimum player salary is around $66,000, with the maximum salary worth just north of $249,000.

What have the WNBA and WNBPA said about revenue sharing?

Revenue sharing has become the most debated topic between the two sides and a serious point of contention for the players’ association. Many specifics surrounding revenue sharing have been vague.

In the WNBA’s latest salary proposal, The Athletic reported Wednesday, players would receive less than 15% of league revenue. The WNBA’s revenue projection, according to the report, has that percentage decreasing over the life of the CBA. (Under the current CBA, WNBA players receive 9.3% of league revenue.)

The latest proposal does include a portion of revenue being shared 50-50. But what is being shared and how it works is unclear. The revenue-sharing component would not need to fit under the salary cap, which may explain how the league can propose a $5 million cap with an average salary of $500,000.

How would the WNBA’s latest offer affect rookies?

Among the many points of emphasis in the CBA, the impact on rookies has become increasingly important. In recent rounds of the negotiations, the league reportedly introduced a draft combine. In essence, to be draft eligible, invited players would be required to participate in the combine. The base rookie contract of any players invited who opts not to participate would be reduced by 50%.

Current rookie-scale contracts have also been discussed. The players’ association expressed a desire to reduce the length of rookie deals from four years to three, allowing players to reach free agency earlier and at a younger age.

Will the WNBA season be longer or shorter under the latest proposal?

Under the current CBA, training camp is allowed to start as early as April 1, but no more than 30 days before the season starts. In recent seasons, including 2025, training camps have opened in late April, with the season beginning in mid-May. (The 2025 WNBA season started on May 16, with training camp opening April 28.)

The WNBA has reportedly proposed increasing the length of the season, which would include an earlier start date with camps opening as early as March. If the date is moved up, it would directly interfere with the end of the women’s college basketball season, the WNBA draft and other leagues like Unrivaled and Project B.

An earlier start date could also affect the the league’s expansion teams, the Toronto Tempo and Portland Fire. Neither team can hold an expansion draft, explore free agency or otherwise build its roster until a CBA is ratified. If that doesn’t happen until January (in accordance with the latest six-week extension timeline), teams would have roughly two months to build a team before a suggested March start.

Additionally, with WNBA expanding to 15 teams this season and 18 teams by 2030, adding franchises in Cleveland (2028), Detroit (2029), and Philadelphia (2030), the season is bound to get longer. When the league began in 1997, it played a 28-game season. It has steadily increased the number as it has grown, going from 40 games in 2024 to 44 when it added the Golden State Valkyries in 2025.

What other points are the WNBA and players’ union debating?

Here are other key items the two sides are reportedly continuing to work through:

  • Team-provided housing: Front Office Sports reported the league’s latest offer no longer includes team housing or housing stipends.
  • Parental leave: The WNBA’s most recent proposal would give non-birthing parents one week of paid parental leave.
  • Facility standards: The players’ association has proposed team facility requirements including private practice spaces, locker rooms and training rooms.
  • Retirement benefits: The discussion has included players receiving a one-time retirement payment with a required number of years of service. The players’ union is also seeking medical benefits for uninsured retired players.
  • Core designation: The WNBPA proposed eliminating the core designation. Much like the franchise tag in the NFL, it ties a player to team instead of letting them become a free agent.
This post appeared first on USA TODAY

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Antetokounmpo rumors: Will Giannis be traded this season?

The NBA season is well underway and the Milwaukee Bucks are limping into the middle of the season. Sure, star forward Giannis Antetokounmpo has been sidelined with a groin injury, but if the rumor mill is to be believed, the team could be without him again rather soon.

Sitting at 9-13, Bucks could be forced to face an unfortunate reality this season: the Greek Freak might leave town. On Tuesday, Dec. 2, Antetokounmpo scrubbed his social media profiles clean of almost all references to the Bucks. While ESPN’s Shams Charania has reported that Antetokounmpo and his agent are in talks with the Bucks regarding his future with the club, that hasn’t stopped fans from speculating where Antetokounmpo could land in a potential trade. After all, Charania also reported that they believe the Antetokounmpo situation will resolve itself within the next few weeks.

Here are the latest rumors regarding Antetokounmpo’s future in Milwaukee:

What do we know about the Antetokounmpo situation?

We know that Antetokounmpo was unhappy with the Bucks’ organization. He deleted all mentions of the Bucks from his social media pages on Tuesday, Dec. 2.

Futhermore, a recent interview with ESPN’s Brian Windhorst revealed that Antetokounmpo had asked to be traded to the New York Knicks during the most recent offseason.

However, Windhorst also assured listeners that Giannis was not moved and that the team has no plans to move him.

Antetokounmpo is signed with Milwaukee through the 2027-28 season, but Windhorst seems confident that Antetokounmpo could be moved before the start of next season.

Bucks coach Doc Rivers said Wednesday that Antetokounmpo has not requested a trade.

‘There have been no conversations,’ Rivers said. ‘I want to make it clear for, I would say one more time, but for the 50th time it clearly is not getting to one network … Giannis has never asked to be traded. Ever. I can’t make that more clear.’

Possible destinations for Antetokounmpo

The New York Knicks are the obvious destination. Windhorst mentioned that Antetokounmpo had asked to be traded there during the offseason.

  • Brooklyn Nets: lots of draft capital to trade
  • San Antonio Spurs: win-now mode
  • Houston Rockets: young talent to trade
  • Atlanta Hawks: young talent to trade
  • Los Angeles Lakers: win-now mode

Latest Antetokounmpo trade rumors

Outside of his interest in the Knicks, very little is known about Antetokounmpo’s potential suitors, but it is likely every team will at least touch base with the Bucks regarding the future Hall of Famer.

Other outlets have pointed at the Houston Rockets as a team that could provide the best possible NBA-ready talent, with players such as Amen Thompson, Reed Sheppard, and/or Jabari Smith Jr. (although his poison pill contract would make that difficult). Although the Rockets went out of their way to build a team centered around offseason acquisition Kevin Durant, a pairing with Antetokounmpo would obviously be a massive addition for a team looking to compete with the Oklahoma City Thunder. Still, reports have yet to emerge detailing Houston’s potential interest in The Greek Freak.

That said, the decision might ultimately come down to Antetokounmpo himself. According to ESPN’s Brian Windhorst, the Bucks might not make Antetokounmpo available to the entire league, instead opting to let Antetokounmpo pick a team with whom the organization will eventually work out a deal with. If that is the case, it might be only a matter of time before we see Antetokounmpo in Knickerbocker orange.

When is the NBA trade deadline?

This season’s trade deadline is set for Thursday, Feb. 5 at 3 p.m. ET.

This post appeared first on USA TODAY

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Copper Price 2025 Year-End Review

Copper prices were volatile in 2025, with high levels of uncertainty influencing the market.

Changing US trade policy, as well as traditional supply and demand fundamentals, worked together to move the metal.

Increasing demand and a lack of new supply have long been key drivers for copper, and this year new forces played a role in the form of tariff threats caused by significant policy shifts from the Trump administration.

Copper price in Q4

Experts have widely predicted a copper supply deficit over the last few years.

On the demand side, industrial usage tied to the energy transition is rising, and that’s on top of high copper consumption due to increasing rates of urbanization in the Global South.

Further consternating the market is a concerning supply situation. First Quantum Minerals’ (TSX:FM,OTC Pink:FQVLF) Cobre Panama mine, which previously contributed approximately 1 percent of global copper supply, has been on care and maintenance since the Panamanian government ordered its closure at the end of 2023.

More recently, in September, Freeport-McMoRan (NYSE:FCX) announced the temporary closure of its Grasberg mine in Indonesia due to an ingress of 800,000 metric tons of wet material into the main Grasberg block cave (GBC), killing seven workers. The company has launched an investigation and adjusted its annual guidance.

Even though both operations are expected to return to full production, the process will take time.

In September, Panama said it would initiate an environmental and social audit of Cobre Panama by the end of 2025, with the mine to begin production in early 2026. Tied to the restart will be a significant change to the contract under which First Quantum had previously been operating, ensuring state ownership of the land and its resources.

Meanwhile, Freeport said that operations will resume at the unaffected Big Gossan and Deep Mill Level Zone mines before the end of 2025, but extraction at the GBC won’t restart until the second quarter of 2026. Freeport also noted that it isn’t expecting the GBC to return to full production until 2027.

Once restarted, the mines will be a welcome relief to an overburdened copper market, but in their closed state, their lack of contribution is significantly shifting the supply situation.

In an October report, the International Copper Study Group predicted a 178,000 metric ton global refined copper surplus for 2025, saying it would shift to a 150,000 metric ton deficit in 2026.

However, by the end of November, the situation had evolved, with the group noting a smaller refined copper surplus of about 94,000 metric tons through the first nine months of 2025.

With just one month left in the year, the market looks to be approaching a deficit sooner than expected.

The November release outlines growing use of refined copper, which rose 5.5 percent during the first nine months of 2025; refined copper output rose just 4.3 percent, while mining production increased 2.2 percent.

One moderating factor for supply/demand could be a soft macroeconomic environment, particularly in the US.

“US demand from construction and manufacturing is expected to remain steady but not robust, as policy headwinds for renewables and EVs, elevated input costs, and project delays persist,’ she said.

‘Most market watchers anticipated continued arbitrage opportunities between US and global benchmarks with periodic local price spikes as trade policies evolve.’

How did copper perform for the rest of the year?

Copper price, January 1 to December 3, 2025.

Copper price in Q1

The copper price rose sharply in the first quarter amid strong supply and demand fundamentals.

These included supply chain disruptions following a major power outage in Chile at the end of February, which caused a temporary shutdown at BHP’s (ASX:BHP,NYSE:BHP,LSE:BHP) Escondida, the world’s largest copper mine.

Prices also saw major momentum amid tariff threats, as US President Donald Trump made several significant trade policy announcements at the start of his second term in office.

Among them was the signing of an executive order at the end of February that invoked Section 232 of the Trade Expansion Act and initiated a national security investigation into the impacts of copper imports into the US.

Although tariffs wouldn’t be applied to copper until Q3, the move still prompted traders to stockpile refined copper at Chicago Mercantile Exchange warehouses to get ahead of any potential tariffs.

Copper price in Q2

Volatility was the story in Q2, as markets were affected by a widening supply deficit and the threat of US tariffs.

The start of the quarter saw markets plummet following Trump’s ‘Liberation Day’ tariff announcement, which applied a baseline 10 percent tariff to all imports into the US, with additional retaliatory tariffs following shortly after.

Additionally, the US and China butted heads and initiated a tariff war that saw Chinese goods entering the US hit with 145 percent tariffs; US goods entering China were levied with 125 percent tariffs.

The tariffs caused a great deal of uncertainty to creep into the US bond market, pushing yields on 10 year treasuries up sharply as investors began dumping these assets. The move sparked fears of an imminent recession, prompting broad selloffs across commodities and equity markets.

Copper price in Q3

The third quarter was also defined by high volatility, with copper prices in the US surging as traders sought to import large volumes of the metal before the implementation of Section 232 tariffs.

The imports caused a significant disparity between the US and international markets, with premiums on the Comex rising to 30 percent above those at the London Metal Exchange. Putting that disconnect into context, Jacob White, exchange-traded fund product manager at Sprott Asset Management, explained that a copper short squeeze on the Comex in 2024 pushed premiums to a high of 8 percent. The London Metal Exchange and Comex are typically much closer to par, with an average differential of 0.5 percent over the past five years.

Ultimately, refined copper was exempted for the time being, with tariffs set to be phased in at 15 percent in 2027 and 30 percent in 2028. The move pulled the rug out from under traders, causing the US prices to collapse.

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

This post appeared first on investingnews.com

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Gold Price Forecast: Top Trends for Gold in 2026

Gold has reached once-unthinkable prices in 2025, gaining over 60 percent by early December.

Looking ahead to 2026, experts believe the major themes that carried the gold price to new heights this year will continue to underwrite its trajectory in the months ahead, boosting the metal even further.

What are the top trends shaping the gold market, and what should investors expect in the new year?

Trade tensions to stoke ETF and central bank gold demand

US President Donald Trump’s aggressive trade policies have injected a high level of volatility into a world economy that was already reeling from ongoing regional conflicts.

This type of uncertainty reliably encourages investors to seek safe havens, and that theme dominated much of the gold story for 2025. Heading into the new year, analysts see no end to this trend.

Strong gold exchange-traded fund (ETF) inflows and central bank purchases are projected to continue into next year as investors, particularly in the west, increasingly recognize the hedge value of gold.

Global financial services firm Morgan Stanley (NYSE:MS) sees demand for gold from ETFs and central banks pushing the gold price back up above US$4,500 per ounce by mid-2026.

The World Gold Council (WGC) also expects the themes of risk and uncertainty to continue driving gold.

“My sense is that we’re going to continue to see these challenges in 2026.”

Cavatoni expects this will translate into continued strong ETF flows and central bank demand for the monetary metal for 2026, although central bank buying may come at a slower pace than the past few years.

Gold as a hedge against potential AI stock bubble

Another potential 2026 tailwind for gold is a correction in artificial intelligence (AI) stocks.

Analysts are increasingly warning that this could happen, and it’s possible that AI bubble meltdown concerns may push more investors away from equities and into gold in the coming year.

Michael Hartnett, chief investment strategist at Bank of America Global Research, told his clients in late October that gold may be one of the strongest hedges if the AI bubble bursts.

Similarly, Macquarie analysts are warning that if AI tech firms and their clients can’t demonstrate a return on their huge investments in the emerging technology, gold may be the best bet for protection against the resulting market fallout: “Optimists buy tech, pessimists buy gold, hedgers buy both.’

Weak US dollar, low interest rates price positive for gold

The gold price has an inverse relationship with the US dollar and real interest rates. Indeed, Morgan Stanley’s US$4,500 gold forecast for mid-2026 is predicated on a weaker dollar and lower rates.

Lower rates typically weaken the dollar, and Trump has been pressuring the US Federal Reserve to drop rates since taking office. With Fed Chair Jerome Powell’s term due to end next year, market watchers are anticipating that a more dovish Fed head will take the helm. This means that more rate cuts are likely on the table for 2026.

A softer dollar and a low rate environment would provide foundational support for further gold price gains. The resulting inflation is expected to push the Fed toward quantitative easing (QE), or the purchasing of government bonds to increase money supply and lower long-term rates, which would further bolster the yellow metal’s appeal.

At its October policy meeting, the Fed stated that its quantitative tightening activities (allowing bonds to mature without reinvesting the proceeds) would end on December 1.

“Frankly … interest expense for the federal government is running at US$1.2 trillion a year (and) the budget deficit is US$1.8 trillion a year, so the interest is really contributing to the deficit,” he said. “The US federal government really needs lower rates, or else interest is going to continue to consume a big piece of their revenues.”

Lepard believes investors are keenly aware that lower rates are coming, which naturally means more inflation. This realization is enhancing gold’s investment appeal.

Gold price forecasts for 2026

Heading into 2026, Fed monetary policy changes are likely to give gold another boost to the upside.

“As we move through the year, as the Federal Reserve transitions to QE and maybe yield curve control and money printing, the (precious) metals themselves will catch another leg up,” said Lepard.

“Gold will go through US$4,500 toward US$5,000, silver will go to US$60 or US$70 and (gold and silver) stocks will all go up another 30 percent pretty easily, and then maybe more over the next 12 months,’ he added.

Global financial services provider B2PRIME Group also sees gold’s average price in 2026 at around US$4,500 as US debt challenges and possible Fed rate cuts continue to bolster the value of the precious metal.

Overall, most analysts’ gold price predictions for the upcoming year are in the US$4,500 to US$5,000 range.

Metals Focus is forecasting an annual average high of US$4,560 in 2026, with gold potentially reaching a record US$4,850 in the fourth quarter. The firm sees these gains materializing despite a projected gold surplus of 41.9 million ounces in 2026, up 28 percent year-on-year; that would take mine production to another record high in 2026.

Goldman Sachs (NYSE:GS) is predicting that gold could reach as high as US$4,900 next year on increased central bank buying and anticipated inflation-causing interest rate cuts by the Fed.

For its part, Bank of America (NYSE:BAC) sees the yellow metal breaching US$5,000 in 2026 on growing deficit spending in the US and Trump’s ‘unorthodox macro policies.’

Investor takeaway

Ongoing uncertainty from trade tensions, a potential market correction in the AI sector, US debt challenges and anticipated shifts in Fed policy have fueled strong investment demand for gold as a safe-haven asset.

Those demand drivers are not going away in 2026; in fact, they are likely to provide further foundational support that could propel the gold price to new record highs.

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

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Sankamap Updates Status on Late Filing of Financial Statements; Extends MCTO

Sankamap Metals Inc. (CSE: SCU) (‘Sankamap’ or the ‘Company’) further to the Company’s news releases dated October 21, 2025, November 4, 2025, and November 18, 2025, the Company continues to work towards the filing of its annual audited financial statements and management’s discussion and analysis for the fiscal year ended June 30, 2025 (the ‘Required Filings’). The Company has obtained approval from the Alberta Securities Commission to extend the Management Cease Trade Order (‘MCTO’) under National Policy 12-203 Management Cease Trade Orders (‘NP 12-203’) until December 28, 2025.

While the audit of Sankamap’s private subsidiary has now been completed, timing adjustments in the subsidiary’s audit resulted in a brief postponement of fieldwork and the review of Sankamap’s audit file. The upcoming holiday period is also expected to affect scheduling. To support timely completion of the audit, the Company intends to appoint the subsidiary’s auditor as its auditor, as their familiarity with the Company’s mineral property and the Solomon Islands jurisdiction is expected to facilitate an expedited process. A change of auditor is underway, and the Company expects to file the required change of auditor documentation shortly.

The Required Filings were due to be filed by October 28, 2025. In connection with the anticipated delays in making the Required Filings, the Company made an application for a Management Cease Trade Order (‘MCTO‘) under National Policy 12-203 Management Cease Trade Orders (‘NP 12-203‘) to the Alberta Securities Commission, as principal regulator for the Company, and the MCTO was issued on October 29, 2025. The MCTO restricts all trading by the Company’s CEO and CFO in securities of the Company, whether direct or indirect. The issuance of the MCTO will not affect the ability of persons who are not directors, officers or insiders of the Company to trade their securities. The MCTO will remain in effect until the Required Filings are filed or until it is revoked or varied.

The Company expects to proceed with the filing of its interim first-quarter financial statements shortly after the Required Filings have been completed and submitted.

The Company confirms that it intends to satisfy the provisions of the alternative information guidelines described in NP 12-203 by issuing bi-weekly default status reports in the form of a news release until it meets the Required Filings requirement. The Company has not taken any steps towards any insolvency proceeding and the Company has no material information relating to its affairs that has not been generally disclosed.

About Sankamap Metals Inc.

Sankamap Metals Inc. (CSE: SCU) is a Canadian mineral exploration company dedicated to the discovery and development of high-grade copper and gold deposits through its flagship Oceania Project, located in the South Pacific. The Company’s fully permitted assets are strategically positioned in the Solomon Islands, along a prolific geological trend that hosts major copper-gold deposits; including Newcrest’s Lihir Mine, with a resource of 71.9 million ounces of gold¹ (310 Mt containing 23 Moz Au at 2.3 g/t P+P, 520 Mt containing 39 Moz Au at 2.3 g/t indicated, 81 Mt containing 5 Moz Au at 1.9 g/t measured, 61 Mt containing 4.9 Moz Au at 2.3 g/t Inferred).

Exploration is actively advancing at both the Kuma and Fauro properties, part of Sankamap’s Oceania Project in the Solomon Islands. Historical work has already highlighted the mineral potential of both sites, which lie along a highly prospective copper and gold-bearing trend, suggesting the possibility of further, yet-to-be-discovered deposits.

At Kuma, the property is believed to host an underexplored and largely untested porphyry copper-gold (Cu-Au) system. Historical rock chip sampling has returned consistently elevated gold values above 0.5 g/t Au, including a standout sample assaying 11.7% Cu and 13.5 g/t Au2; underscoring the area’s significant potential.

At Fauro, particularly at the Meriguna Target, historical trenching has returned highly encouraging results, including 8.0 meters at 27.95 g/t Au and 14.0 meters at 8.94 g/t Au3. Complementing these results are exceptional grab sample assays, including historical values of up to 173 g/t Au3, along with recent sampling by Sankamap at the Kiovakase Target, which returned numerous high-grade copper values, reaching up to 4.09% Cu. In addition, limited historical shallow drilling intersected 35.0 meters at 2.08 g/t Au3, further underscoring the property’s strong mineral potential and the merit for continued exploration. With a commitment to systematic exploration and a team of experienced professionals, Sankamap aims to unlock the untapped potential of underexplored regions and create substantial value for its shareholders. For more information, please refer to SEDAR+ (www.sedarplus.ca), under Sankamap’s profile.

1.Newcrest Technical Report, 2020 (Lihir: 310 Mt containing 23 Moz Au at 2.3 g/t P+P, 520 Mt containing 39 Moz Au at 2.3 g/t indicated, 81 Mt containing 5 Moz Au at 1.9 g/t measured, 61 Mt containing 4.9 Moz Au at 2.3 g/t Inferred)

2. Historical grab, soil and BLEG samples from SolGold Kuma Review June 2015, and SolGold plc Annual Report 2013/2012

3. September 2010-June 2012 press releases from Solomon Gold Ltd. and SolGold Fauro Island Summary Technical Info 2012

QP Disclosure

The technical content for the Oceania Project in this news release has been reviewed and approved by John Florek, M.Sc., P.Geol., a Qualified Person in accordance with CIM guidelines. Mr. John Florek is in good standing with the Professional Geoscientists of Ontario (Member ID:1228) and a director and officer of the Company.

ON BEHALF OF THE BOARD OF DIRECTORS

s/ ‘John Florek’
John Florek, M.Sc., P.Geol
Chief Executive Officer
Sankamap Metals Inc.

Contact:
John Florek, CEO
T: (807) 228-3531
E: johnf@sankamap.com

The Canadian Securities Exchange has not approved nor disapproved this press release.

Forward-Looking Statements

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 Sankamap and there is no assurance that the 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.’

This press release contains forward-looking statements, including, but not limited to, statements regarding management’s expectations about obtaining the MCTO and completing the Required Filings within the anticipated timeline. Forward-looking statements are subject to various risks, uncertainties, and other factors that could cause actual results or events to differ materially from those expressed or implied by such statements. Sankamap does not undertake any obligation to update forward-looking statements or information, except as required by applicable securities laws. For more information on the Company, investors should review the Company’s continuous disclosure filings that are available at www.sedarplus.ca.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/276869

News Provided by Newsfile via QuoteMedia

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