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Market Chaos: How to Spot Bottoming Stocks Before the Rebound

Not everyone likes to take a contrarian stance. Most people prefer to move with the market, not against it. But for those who thrive on going against the grain, extreme market movements — whether a rally or selloff — present opportunities.

Wednesday morning was one of those sessions. The Consumer Price Index (CPI) report came in hotter than expected, sending markets into an early plunge before trading mixed later in the day. This presented an ideal opportunity to hunt for stocks that might be bottoming.

My first move was to check the StockCharts’ Advancers & Decliners tool on my Dashboard for a real-time picture of market activity.

FIGURE 1. ADVANCERS & DECLINERS TOOL SECTORS VIEW. The hardest hit were Real Estate and Utilities.

The Real Estate and Utilities sectors were the most affected in the early part of the trading day. I needed a second angle to view the sector action. So, I switched over to the Sector Summary tool.

FIGURE 2. SECTOR SUMMARY TOOL. Percentage-wise, real estate had lost the most at the time of viewing.

After deciding to focus on the Real Estate sector, I ran a bearish New 52-Week Lows scan to see what I might find.

FIGURE 3. IMAGE OF SCAN PAGE AND RESULTS.  I found two homebuilder stocks: DHI and LEN.

DR Horton Inc. (DHI) and Lennar Corp. (LEN), two of the biggest US homebuilders, were making new 52-week lows.

Full transparency: If you notice the super-low SCTR scores, well, they’re making new 52-week lows … and I’m searching for a bottom, not only price-wise, but in terms of a turnaround from extreme technical weakness.

But how were they compared to their industry peers? To analyze their relative performance, I switched over the PerfCharts to get a comparative view, adding SPDR S&P Homebuilders ETF (XHB) as an industry proxy in addition to a third major homebuilder—Toll Brothers, Inc. (TOL). TOL wasn’t on the list, but, as one of the major homebuilders showing relative strength despite its decline, I included it for comparison.

FIGURE 4. PERFCHARTS COMPARING XHB, DHI, LEN, AND TOL. TOL is the only stock outperforming its industry peers.

TOL is the only stock outperforming its peers, with LEN and DHI leading XHB downwards.

Back to my objective, I’m looking for stocks within the industry that might be close to bottoming out. But before I can do that, I must assess whether the industry might be bottoming out and if the current market response to the newly released CPI figures may be overextended or justified by underlying valuations.

Below is a five-year weekly chart of XHB.

FIGURE 5. WEEKLY CHART OF XHB. The index topped, but will it bounce or continue its decline?

If you look at XHB’s rising prices from the beginning of 2024 through October, in contrast to the Relative Strength Index’s (RSI) decline from above the 70 threshold, the bearish divergence is clear, confirming XHB’s topping action. The RSI is below the 50-line but nowhere near oversold territory. 

Looking at sector breadth, the Real Estate Bullish Percent Index (BPI) is currently favoring the bulls, as over 50% of stocks within the sector are triggering Point & Figure “buy” signals. Although homebuilders don’t appear to be participating in this rally, will the broader sector eventually help lift the industry (in other words, are homebuilders bottoming)?

The critical level to watch here is $97 to $101 (see blue highlight), two swing lows that should serve as technical support. To broaden the viable support range, I overlaid an Ichimoku Cloud. If XHB falls below either the swing low or the cloud, then, technically, there’s plenty of downside to go. If it bounces, then a bullish case might take shape.

With this in mind, look at all three stocks (TOL, LEN, and DHI) side by side.

FIGURE 6. ACP CHARTS OF TOL, LEN, AND DHI.  TOL, the better-performing stock, is nearing a critical support level.

The blue horizontal lines in each chart mark recent swing lows, all of which are (or were) critical support levels. TOL is about to test that level, while LEN and DHI have already fallen below theirs.

Here’s a daily chart of TOL.

FIGURE 7. DAILY CHART OF TOL. Watch how price responds to these two support levels.

TOL is nearing support at the $120 December swing low. A closer look at the RSI reveals a slight bullish divergence, with the indicator rising from the 30-line even as TOL briefly dips below $120 before staging a strong bounce. Meanwhile, the Chaikin Money Flow (CMF) has fallen into negative territory. However, this dip is less pronounced than in December, when TOL’s price may have formed a bottom.

If TOL closes below $120, the more critical support level is $110. This is the longer-term support level shown in the weekly chart. If TOL remains above this threshold and proceeds to advance, then it’s likely that a bottom may be in place. Check volume and momentum to confirm the reversal if or when it happens.

Next, take a look at this daily chart of DHI.

FIGURE 8. DAILY CHART OF DHI. I’m using a measured move approach to determine where it might find support before the next swing low.

If you reference the weekly charts in Figure 6, you’ll see that DHI had fallen below critical support at $135 and is still falling. The next major level of support would be the October 2023 low at $100. However, given the near-symmetry of each swing, you might expect DHI to bounce at the “measured move” level near the $118 range.

The CMF is well below the zero line, indicating that selling pressure is driving the stock’s decline. However, the RSI presents a bullish divergence, with its recent lows trending higher even as the stock continues to fall. Still, without a definitive bounce and a shift in the CMF — a key volume indicator — there’s no clear confirmation that a bottom is in place.

Lastly, let’s switch over to a daily chart of LEN.

FIGURE 9. DAILY CHAFT OF LEN. In the near term, there’s no support in sight.

The next support level for LEN may be the November 2023 low of $101. In the near term, however, there doesn’t seem to be much in sight to prevent LEN’s descent. That said, a few volume-based signals suggest the selling pressure may not be entirely one-sided.

  • The Accumulation/Distribution Line (ADL), shown rising above the current price (see green line), indicates that money flows are increasing; a bullish sign for LEN.
  • The volume of selling pressure, according to the CMF, is significantly easing.
  • The Money Flow Index (MFI), which tracks volume and momentum, is climbing even as LEN continues to decline, indicating a bullish divergence.

While there’s no sign of bottoming, you may want to continue monitoring the stock for signs of stabilization.

At the Close

This piece demonstrates an attempt to spot bottoming opportunities during Wednesday’s market selloff. By tracking sector performance with StockCharts tools—namely, Advancers & Decliners and Sector Summary—I spotted Real Estate as one of the hardest-hit areas. A New 52-Week Lows scan flagged LEN and DHI, which I compared to TOL using PerfCharts to gauge relative strength. While these stocks haven’t confirmed a bottom yet, there are hints of a shift.

It’s worth adding LEN, DHI, and TOL to your ChartLists and keeping an eye on them. Once they stabilize and bottom out, it could signal an early entry point well before the next uptrend takes shape.

Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.

5 Top Canadian Silver Stocks of 2025

Silver-mining companies and juniors have seen support from a strong silver price in 2025. The white metal has gained steadily since the start of the year, rising 11.47 percent to breach the US$32 per ounce mark.

Silver’s dual function as a monetary and industrial metal offers great upside. Demand from energy transition sectors, especially for use in the production of solar panels, has created tight supply and demand forces.

Demand is already outpacing mine supply, making for a positive situation for silver-producing companies.

So far, aboveground stockpiles have been keeping the price in check, but the expectation is those stocks will be depleted in 2025 or 2026, further restricting the supply side of the market.

How has silver’s price movement benefited Canadian silver stocks on the TSX, TSXV and CSE? The five companies listed below have seen the best performances since the start of the year. Data was gathered using TradingView’s stock screener on February 12, 2025, and all companies listed had market caps over C$10 million at that time.

1. Discovery Silver (TSX:DSV)

Company Profile

Year-to-date gain: 125.35 percent
Market cap: C$616.71 million
Share price: C$1.6

Discovery Silver is a precious metals development company focused on advancing its Cordero silver project in Mexico. Additionally, it is looking to become a gold producer with its recently announced acquisition of the producing Porcupine Complex in Ontario, Canada.

Cordero is located in Mexico’s Chihuahua State and is composed of 26 titled mining concessions covering approximately 35,000 hectares in a prolific silver and gold mining district.

A 2024 feasibility study for the project outlined proven and probable reserves of 327 million metric tons of ore containing 302 million ounces of silver at an average grade of 29 grams per metric ton (g/t) silver, and 840,000 ounces of gold at an average grade of 0.08 g/t gold. The site also hosts significant zinc and lead reserves.

The report also indicated favorable economics for development. At a base case scenario of US$22 per ounce of silver and US$1,600 per ounce of gold, the project has an after-tax net present value of US$1.18 billion, an internal rate of return of 22 percent and a payback period of 5.2 years.

Discovery’s shares gained significantly on January 27, after the company announced it had entered into a deal to acquire the Porcupine Complex in Canada from Newmont (TSX:NGT,NYSE:NEM).

The Porcupine Complex is made up of four mines including two which are already in production: Hoyle Pond and Borden. Additionally, a significant portion of the complex is located in the Timmins Gold Camp, a region known for historic gold production.

Discovery anticipates production of 285,000 ounces of gold annually over the next 10 years and has a mine life of 22 years. Inferred resources at the site point to significant expansion, with 12,493.5 million ounces of gold, from 254.5 million metric tons of ore with an average grade of 1.53 g/t.

Upon the closing of the transaction, Discovery will pay Newmont US$200 million in cash and US$75 million in common shares, and US$150 million of deferred consideration will be paid in four payments beginning on December 31, 2027.

Discovery’s share price reached a year-to-date high of C$1.65 on February 4.

2. Avino Silver and Gold (TSX:ASM)

Company Profile

Year-to-date gain: 61.42 percent
Market cap: C$272.62 million
Share price: C$2.05

Avino Silver and Gold Mines is a precious metals miner with two primary silver assets: the producing Avino silver mine and the neighboring La Preciosa project in Durango, Mexico.

The Avino mine is capable of processing 2,500 metric tons of ore per day ore, and according to its FY24 report released on January 21 the mine produced 1.1 million ounces of silver, 7,477 ounces of gold and 6.2 million pounds of copper last year. Overall, the company saw broad production increases with silver rising 19 percent, gold rising 2 percent and copper increasing 17 percent year over year.

In addition to its Avino mining operation, Avino is working to advance its La Preciosa project toward the production stage. The site covers 1,134 hectares, and according to a February 2023 resource estimate, hosts a measured and indicated resource of 98.59 million ounces of silver and 189,190 ounces of gold.

In a January 15 update, Avino announced it had received all necessary permits for mining at La Preciosa and begun underground development at La Preciosa. It is now developing a 350-meter mine access and haulage decline. The company said the first phase at the site is expected to be under C$5 million and will be funded from cash reserves.

Avino’s share price marked a year-to-date high of C$2.05 on February 12.

3. Capitan Silver (TSXV:CAPT)

Year-to-date gain: 55.56 percent
Market cap: C$42.55 million
Share price: C$0.49

Capitan Silver is an exploration company focused on advancing silver and gold projects in Durango, Mexico.

The company’s flagship asset is the 100 percent owned Cruz de Plata project, in the heart of Mexico’s historic Penoles Mining District. The district is known for hosting significant silver mineralization and historic mining.

The Cruz de Plata project encompasses two historic silver mines — Jesus Maria and San Rafael — and the El Capitan oxide gold prospect, all within a 22.9 square kilometer land package. To date the company has completed 86 diamond drill holes totaling over 11,550 meters.

A 2020 technical report demonstrated an inferred resource of 16.99 million ounces of contained silver and 331,000 ounces of contained gold from 28.3 million metric tons of ore with grades of 18.7 g/t silver and 0.36 g/t gold.

Shares have seen steady gains since the start of the year as Captain Silver has been working to raise funds for exploration work at the project. The company announced on January 21 that it would receive a strategic investment through a C$4.2 million non-brokered private placement led by the Jupiter Silver and Gold Fund.

The company then announced on February 5 that the placement would be upsized to C$5.3 million and further amended terms of the placement on February 10, when it increased the warrant price to C$0.50 per share from C$0.40 per share.

Captain’s share price reached a year-to-date high of C$0.53 on February 9.

4. Silver Storm Mining (TSXV:SVRS)

Year-to-date gain: 52.63 percent
Market cap: C$71.36 million
Share price: C$0.145

Silver Storm Mining is an exploration and development company focused on advancing its silver projects in Durango, Mexico.

The company’s flagship asset, the La Parilla Silver mine complex, was wholly acquired from First Majestic Silver (TSX:AG,NYSE:AG) in a definitive asset purchase agreement that closed in August 2023.

The 69,478 hectare past-producing property is fully permitted and is home to five underground silver mines and one open pit. Production on the site was carried out between 2004 and 2019.

On February 11, 2025, Silver Storm announced a significant increase to the mineral resource estimate at La Parilla. The indicated resource increased 107 percent to 10.8 million silver equivalent ounces from 5.2 million, and the inferred resource increased 58 percent to 16.3 million silver equivalent ounces from 10.3 million. In terms of gross metal value, the silver-equivalent indicated and inferred resources draw 66 percent and 69 percent of their value from silver respectively.

The company also reported that it had modelled 23 additional mineralized structures at the site, including several previously mined by First Majestic.

“This significant growth in mineral resources enhances the potential of our project, supports our goal to restart the mine and join the exclusive rank of silver producers,” Silver Storm President and CEO Greg McKenzie said.

Silver Storm’s share price reached a year-to-date high of C$0.15 on February 6.

5. Zacatecas Silver (TSXV:ZAC)

Company Profile

Year-to-date gain: 50 percent
Market cap: C$10.42 million
Share price: C$0.09

Zacatecas Silver is a precious metals exploration and development company focused on advancing its Zacatecas silver project and Esperanza gold-silver project, which are located in Central Mexico.

Its Zacatecas project is a district-scale site located within the Fresnillo Silver Belt, which to date has produced more than 6.2 billion ounces of silver. In a January 2022 mineral resource estimate for the project’s Panuco deposit, the company reported inferred resources of 15 million ounces silver and 15,000 ounces of gold from 2.73 million MT of ore grading 171 g/t silver and 0.17 g/t gold.

Esperanza is an advanced-stage project that the company plans to develop to the mining stage. In a January 2023 mineral resource estimate, the company reported measured and indicated amounts of 913,000 ounces of gold and 8.5 million ounces of silver from 30.54 million metric tons (MT) of ore grading 0.93 g/t gold and 8.7 g/t silver.

Zacatecas shares have gained since the start of the year, but the increase accelerated after the company announced on January 20 that it had appointed Eric Vanderleeuw as CEO and director and brought on Mario Vetro as an advisor. The new team is focused on prioritizing exploration in the Zacatecas district, specifically the Panuco deposit and El Cristo vein system.

Zacatecas’ share price reached a year-to-date high of C$0.095 on February 9.

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

This post appeared first on investingnews.com

Gold vs. Platinum: Which is the True Metal of Love?

Valentine’s Day is here again — the season of grand gestures, red roses and debates over the perfect gift.

Jewelry is a favorite choice, with engagement rings, bracelets and necklaces serving as timeless symbols of love. But when it comes to picking the ultimate metal of romance, is gold the champion, or does platinum reign supreme?

Both metals have a long history of adorning royalty, marking milestones and symbolizing love. But they offer very different qualities, from durability and symbolism to price and prestige.

If you’re planning to gift — or receive — a piece of jewelry this Valentine’s Day, here’s everything you need to know about the real heavyweight battle: gold vs. platinum.

Round 1: Strength and durability

Love is supposed to last forever, and so should your jewelry.

Here, platinum lands its first punch. It’s one of the most durable precious metals, allowing it to resist wear and tear and retain mass over time. That means an engagement ring or wedding band made of platinum will stay nearly the same for decades, even with daily use. Plus, it’s naturally white and never fades.

Gold, on the other hand, is softer. Pure 24k gold is too malleable for jewelry, so it’s mixed with other metals to create 18k or 14k gold. Even then, it’s still prone to scratches and thinning over the years, especially in rings worn daily.

White gold, which competes directly with platinum in color, requires rhodium plating to maintain its bright sheen — and that plating can wear off, meaning you’ll need occasional reapplications to keep it looking fresh.

Winner: Platinum. It’s tougher and ages gracefully — just like a strong relationship.

Round 2: Symbolism and romance

Gold has been the metal of love for centuries. Ancient Egyptians associated it with eternity, Romans crafted wedding rings from it and it’s been a staple in engagement rings for generations.

Its rich, warm hue is often linked to passion and commitment, making it the classic choice for romantics.

Platinum, however, is the modern-day love metal. It’s rarer, more exclusive and represents endurance and resilience — qualities many couples see as ideal in a relationship.

In the early 20th century, platinum became the go-to metal for high-end jewelry, and brands like Tiffany & Co. (NYSE:TIF) solidified its reputation as the luxury choice for engagement rings.

Winner: Tie. Gold is the traditional favorite, but platinum’s rarity and strength make it just as meaningful.

Round 3: Price and investment value

If your Valentine’s Day gift doubles as an investment, gold might be the safer bet.

Gold has been a recognized store of value for centuries, often increasing in price during economic uncertainty. The yellow metal is also easier to trade and sell, making it a more liquid asset.

Currently gold is priced at over US$2,900 per ounce, trading near its all-time high.

Platinum, while rarer than gold, doesn’t always hold its value as consistently. Its price fluctuates more due to industrial demand, particularly in the automotive sector (it’s a key material in catalytic converters).

Its highest price ever is US$2,290 per ounce, a level it hit in 2008; presently the metal is valued at US$1,035.

Winner: Gold. If you’re thinking about long-term financial value, gold’s track record makes it the better investment.

Round 4: Wearability and maintenance

Comfort is key when wearing jewelry every day.

Platinum is denser and heavier than gold, and while some love this substantial feel, others find too weighty. It also develops a natural patina over time — a slightly matte finish that some appreciate, but others might want to polish away.

Gold, being lighter, is generally more comfortable for everyday wear.

Yellow and rose gold don’t require extra maintenance, but white gold does — it needs regular rhodium plating to maintain its bright finish. If you’re not a fan of frequent upkeep, that’s something to consider.

Winner: Gold. It’s lighter and offers more color options. But platinum wins for those who don’t mind a bit of patina.

The verdict: Which metal should you choose?

So, which is the real metal of love? Well, it depends on what matters most to you.

  • If you want durability and timeless strength, platinum is your best bet.
  • If you value tradition, warmth and investment potential, gold is the classic choice.
  • If you’re after a low-maintenance option, yellow or rose gold requires the least upkeep.
  • If you want something rare and exclusive, platinum’s prestige is hard to beat.

At the end of the day, both gold and platinum have their own magic. Whether you go for the rich glow of gold or the cool resilience of platinum, the most important thing is the love behind the gift.

Because let’s be honest — when you’re in love, any jewelry will sparkle a little brighter.

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

This post appeared first on investingnews.com

Bitcoin Crash Prediction, Warns Crypto Expert

A prominent crypto expert has issued a Bitcoin Crash Prediction. He believes that the leading cryptocurrency may soon face a severe crash. His forecast comes amid rising market volatility and shifting investor sentiment.

First, global economic uncertainty is growing. Many investors are cautious because of regulatory pressures and economic slowdowns. In addition, market rumors have intensified fears. Furthermore, price swings have become more frequent. As a result, the crypto market is under increased pressure.

Next, the expert explains that several factors contribute to his prediction. For instance, tighter regulations in key markets have unsettled investors. Moreover, recent policy changes have added to market jitters. In turn, these developments have increased the likelihood of a sudden downturn. Therefore, the expert advises that caution is necessary.

Additionally, technical indicators signal potential trouble. Short-term trends show unusual price drops, while long-term charts reveal instability. Also, trading volumes have been unpredictable. Consequently, these signs may indicate that a crash is on the horizon.

Furthermore, market experts stress the importance of preparedness. They recommend that investors review their portfolios and diversify their assets to reduce exposure to high volatility. In summary, being proactive can help mitigate risks and protect investments.

In conclusion, Bitcoin Crash Prediction is based on several observable factors. Although such predictions are not uncommon in the crypto world, they remind us to stay alert. Overall, the crypto market remains dynamic and uncertain, so investors are encouraged to keep informed and make cautious decisions.

Looking ahead, market participants must monitor trends closely. They should consider expert advice and current technical signals. With rapid changes in the global economy, a crash could occur sooner than expected. Ultimately, the forecast calls for prudence and strategic planning.

Moreover, the prediction has sparked lively discussions among crypto enthusiasts. Many believe that such bold forecasts can drive innovation and encourage industry leaders to invest in new technology. Others, however, warn that the market remains unpredictable and that caution is key. This debate highlights the importance of staying updated on market trends and reassessing strategies regularly.

Conclusion

Overall, while the warning about a Bitcoin crash is based on public observations and technical signals, it serves as a reminder of the volatile nature of cryptocurrencies. Investors should remain vigilant, diversify their portfolios, and prepare for various market scenarios.

The post Bitcoin Crash Prediction, Warns Crypto Expert appeared first on FinanceBrokerage.

Could Bitcoin Reach $200000? Market & Expert Insights

Bitcoin attracts bold predictions. Recent forecasts show that this top cryptocurrency may soon hit Bitcoin Reach $200000. Many trusted sources, including Yahoo Finance, CoinDesk, Bloomberg, and CNBC, have reported this forecast. This public news reflects rising optimism among market experts amid changing economic conditions.

Market Sentiment and Economic Drivers

Many analysts believe that economic uncertainty and rising prices create a strong chance for Bitcoin to serve as a safe asset. Investors now see Bitcoin as a reliable store of value. They shift funds to cryptocurrencies when they lose trust in traditional assets. In addition, new regulations in key markets push both large and small investors to spread their money across various assets.

Technical Analysis and Price Trends

Technical data supports a potential price surge. Long-term charts show an upward trend, while short-term drops offer good buying points. Trading volumes and network activity grow each day. Experts point to a limited supply and high demand as key reasons that Bitcoin Reach $200000 upto.

Investor Implications and Risk Management

Investors must stay alert in this volatile market. They should manage risk by diversifying their portfolios. Many experts advise reviewing holdings and allocating funds wisely. They also recommend keeping up with the latest market news and technical signals to guide decisions.

Conclusion

This forecast that Bitcoin may reach $200,000 comes from strong market sentiment, positive technical trends, and a unique economic climate. However, investors face a volatile market that demands caution. Experts urge both individual and institutional investors to monitor these trends closely and prepare for various market moves.

While reaching $200,000 is not guaranteed, this forecast offers valuable insight into the ever-changing crypto market. It shows that the market can shift quickly and that informed decisions are key. Investors should act wisely and stay updated on news and trends. By doing so, they can protect their investments and uncover new opportunities in the fast-paced world of cryptocurrencies.

The post Could Bitcoin Reach $200000? Market & Expert Insights appeared first on FinanceBrokerage.

How America’s chief consumer-protection agency came into the Trump administration’s crosshairs

When the Consumer Financial Protection Bureau made an appearance in the Heritage Foundation’s Project 2025 blueprint, the conservative group’s plan was simple: Abolish it entirely.

Now, with a Project 2025 co-author in charge of the bureau, that idea looks like a real possibility.

Over the weekend, Russ Vought, President Donald Trump’s pick to head the powerful Office of Management and Budget, took over as de facto head of the agency and subsequently ordered all nonessential work there to stop. Vought is one of more than 30 co-authors of Project 2025, the conservative policy blueprint for the Trump administration’s agenda, though he did not write the section on the CFPB.

“The Consumer Financial Protection Bureau is arguably the most powerful and unaccountable regulatory agency in existence,” the report states.

Whether the bureau is rendered toothless by its new leadership or abolished by congressional action, its emergence as a target for conservative ire has been years in the making, boosted most recently by technology executives including Elon Musk and venture capitalist Marc Andreessen. Created by Democrats, led by Sen. Elizabeth Warren, of Massachusetts, in the wake of the Great Recession, the CFPB lodged steady but largely unglamorous wins for consumers. 

Yet all the while, it faced a drumbeat of opposition from small-government conservatives and business interests who challenged not only its regulations and enforcement actions, but its very basis for existing. Consumer complaints about corporate misbehavior have by some measures reached all-time highs.       

“This is an agency that has an incredible amount of responsibility for regulating in the financial services sector,” said Julie Margetta Morgan, a former associate director at the bureau who started there in 2022 and resigned right after Trump’s second inauguration. She added, “There are a number of big bank lobbyists who have had it out for the CFPB from Day 1.”

But most recently, some in the tech world — including those who have become particularly influential with the Trump administration — have been its loudest critics.

Musk, who leads the administration’s Department of Government Efficiency (DOGE) effort, posted “RIP CFPB” on X on Sunday. Andreesen, co-founder of venture capital firm Andreesen Horowitz, said on a podcast last year that the agency had been “terrorizing financial institutions.” Part of his criticism has centered around “debanking,” something that the CFPB itself also tried to stop. (In 2021, the CFPB shuttered a lending startup backed by Andreessen Horowitz.) 

“The CFPB works for regular people that don’t run in Elon’s circle,” said one current CFPB employee, who was granted anonymity out of fear of reprisal. “Elon doesn’t know single mothers whose cars break down and are scammed by predatory car lenders. He doesn’t know what it’s like to be driven into debt by overdraft fees. He doesn’t have a mortgage he is struggling to pay off. So he can’t understand why the CFPB is so important to protect regular folks from being scammed.”

Compared with the vast resources historically commanded by the Justice Department’s antitrust division, not to mention the Federal Trade Commission — the agency traditionally tasked with enforcing consumer regulations — the CFPB’s remit was always relatively limited in scope. Notably, its annual budget has never exceeded $1 billion.  

It is thus perhaps not surprising that it never landed a proverbial knockout blow that would stick in the minds of the American public. Still, it steadily gained a favorable reputation. In 2015, Time magazine devoted a major feature to the bureau under the headline, “The Agency That’s Got Your Back.”   

Margetta Morgan, the former CFPB associate director, said eliminating medical debt from credit reports has been particularly significant.

“When CFPB started digging in on medical debt, it was astounding to see the extent to which consumers had inaccurate medical debt on their credit reports and then were being hounded by debt collectors over them,” she said. “I think the medical debt rulemaking was huge, and we saw that when we spoke to individual consumers.”

Yet as early as 2017, conservatives were charting a path to end the agency altogether. An article that year published by the Heritage Foundation — the group whose Project 2025 now appears, despite some Trump assurances to the contrary, to be driving much of his second administration’s rollout — laid out the case against the CFPB’s very existence.

“The Consumer Financial Protection Bureau is arguably the most powerful and unaccountable regulatory agency in existence,” the article’s authors wrote, arguing that its rulemaking ultimately restricted Americans’ access to credit while “eroding their financial independence” and posing concerns about due process and separation of powers. 

Instead, they said, consumers would enjoy the same protections if the agency’s powers were swept back into the Federal Trade Commission and if existing state and local laws were enforced, they said.   

One of the authors, Norbert Michel, today a vice president at the pro-free-market Cato Institute, told NBC News that assuming that malfeasance is taking place — something he said there is often disagreement about — enforcement powers already exist at multiple government agencies, not to mention at the state level, to address it.

“In one sense, you’ve given a new federal agency extreme discretionary power — and in other sense, done nothing new,” Michel said. “So somewhere in there you have an increase in government authority that’s not necessary.”

Still, the agency persisted and became particularly active under Rohit Chopra, a Biden appointee, who helped bring actions against many major lenders, as well as financial technology firms and loan servicing groups. 

Chopra’s largest action came against Wells Fargo, which paid a $1.7 billion penalty over accusations it improperly repossessed cars and froze customers’ accounts. Chopra also engineered a settlement with Navient, formerly among the nation’s largest student-loan servicers, over allegedly abusive practices.    

Yet it was the agency’s recent work around so-called financial technology enterprises that may have created the conditions for its demise. In 2023, it sought to subject large fintech players like PayPal and Venmo to the same supervisory examination process as banks.

Since that time, Musk has made clear he hopes to turn X into a payments platform. X recently announced a deal with Visa to begin processing payments. 

“You have Silicon Valley VCs not wanting any oversight of their businesses, many of which are premised on the idea that [financial technology] somehow is new and different and thus not subject to traditional consumer protections,” said another current CFPB employee who spoke on the condition of anonymity.

Last year, the Supreme Court heard the first challenge to the CFPB’s very existence — and decided in its favor, with Justice Clarence Thomas, viewed as among the court’s most conservative members, writing for the 7-2 majority that Congress had been clear in setting up its funding mechanism as a body of the Federal Reserve. 

That did not stop the chorus of voices calling for the agency to be reined in. Notably, the Heritage Foundation’s Project 2025 referred to the CFPB as little more than “a shakedown mechanism to provide unaccountable funding to leftist nonprofits politically aligned with those who spearheaded its creation.”

“The CFPB is a highly politicized, damaging, and utterly unaccountable federal agency,” Robert Bowes, an official in Trump’s first administration, wrote. “It is unconstitutional. Congress should abolish the CFPB.” Consumer protection functions, he said, should be returned to banking regulators and the Federal Trade Commission.

For consumer advocates, such an outcome would be cataclysmic for everyday Americans.  

“The CFPB protects real people from financial companies ripping them off,” said Erin Witte, director of consumer protection at the Consumer Federation of America, a nonprofit group. “If your car has been illegally repossessed by a bank, or if you’ve been the victim of a predatory student loan servicer, or ever had to pay junk fees, the CFPB steps up to make sure a company can’t rip you off.”

Its potential elimination, Witte said, will have “disastrous consequences” and should be “infuriating” to almost everyone.

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With Trump all-in on crypto, bitcoin bulls bet America’s corporate balance sheets are next

Last week, White House crypto czar David Sacks held his first press conference to discuss the future of crypto policy coming out of the Trump administration.

While that will include stablecoin legislation and digital asset regulation, Sacks told CNBC that a top agenda idea is also evaluating “whether it’s feasible to create either a bitcoin reserve or some sort of digital asset stockpile.”

But will the momentum around bitcoin and other cryptocurrencies carry over to corporate America more broadly, appearing on balance sheets?

To date, companies with exposure to bitcoin in their business operations have been the first movers in this space, in many cases, to show their support and buy-in to the industry. According to the bitcoin tracking website Bitcointreasuries, 79 public companies currently hold bitcoin, with some of the largest holders being companies like Riot Platforms, Coinbase and Block. 

Strategy, the company formerly known as MicroStrategy, and its co-founder, Michael Saylor, have been the champion of this approach as the largest corporate holder of bitcoin. On its third-quarter earnings call earlier this month, the company said it holds 471,107 bitcoins on its balance sheet, about 2% of the total supply and worth roughly $45.2 billion.

Also on the list of crypto industry companies holding bitcoin on the balance sheet is Moonpay, a venture-backed financial technology company that builds payments infrastructure for crypto. The company has added bitcoin to its balance sheet equal to 5% of its operational cash, according to CEO Ivan Soto-Wright.

While Soto-Wright said some of the thought process is that “we’re only going to succeed if bitcoin succeeds,” he believes there is a growing argument to include bitcoin in any company’s treasury strategy.

“It’s really detached both from interest rates and equity market movements, so you could see it from that perspective,” he said. “You could also see it from the perspective of an inflation hedge .. in terms of large money movement, it’s incredibly efficient so you could argue it’s a better version of gold.” 

That is one of the arguments that Saylor has made, and one he repeated while making one of the most high-profile pushes to spur a major U.S. company to add bitcoin to its balance sheet, appearing at Microsoft’s annual meeting to speak on behalf of a shareholder proposal that called on the company’s board to evaluate holding bitcoin or other cryptocurrencies.

Saylor doubled down on that message at the ICR conference earlier this year, where in a presentation he said that companies can either “cling to the past” and continue to buy Treasury bonds, execute buybacks and dividends, or “embrace the future” by using bitcoin as digital capital.

“It works for any company,” Saylor said in the retail conference’s keynote speech. “We’re the people building with steel and they’re building with wood.”

At least in the short-term, it can look good, too. Tesla, one of the few non-crypto-focused companies to hold bitcoin on its balance sheet, showed the positive side of this in its most recent quarter when it marked a $600 million profit due to the appreciation of bitcoin. The Financial Accounting Standards Board adopted a new rule for 2025 that mandates that corporate digital asset holdings be marked to market each quarter. 

But so far, the message and broader movement has not spread much wider than the crypto industry. Just 0.55% of votes at Microsoft’s annual meeting supported the plan. Microsoft, as well as proxy advisors Glass Lewis and Institutional Shareholder Services, had all suggested shareholders reject the proposal ahead of the vote.

Microsoft said in an October proxy filing that its treasury and investment services team previously evaluated bitcoin and other cryptocurrencies to fund the company’s operations and reduce economic risk, adding that it “continues to monitor trends and developments related to cryptocurrencies to inform future decision making.”

At Microsoft’s annual meeting, CFO Amy Hood said: “it’s important to remember our criteria and our goals of our balance sheet and for the cash balances, importantly, is to preserve capital, to allow a lot of liquidity to be able to fund our operations and partnerships and investments .. liquidity is also a really important criteria for us, as well as generating income.”

The lack of adoption so far isn’t discouraging proponents of companies holding bitcoin on the balance sheet. Ethan Peck, the deputy director of the Free Enterprise Project, which is part of conservative think tank National Center for Public Policy Research, filed the shareholder proposal at Microsoft and said he plans to file similar proposals during the upcoming proxy season at other large companies. In all, it has been recently estimated that the S&P 500 universe of companies collectively holds over $3.5 trillion on balance sheets, though the figure changes quarter-to-quarter.

While Peck said he is not advocating for companies to take as aggressive of a stance as Strategy has, “Companies should consider holding a couple percent of bitcoin in order to negate or offset the base of your cash holdings because you’re losing your shareholders’ money.”

“The bond yields are not outpacing real inflation, so you’re losing money,” Peck said.

The performance of bitcoin over the past five years. Bitcoin has vastly outperformed cash equivalents, though with much greater volatility.

However, that debate is far from decided in corporate America, according to Markus Veith, who leads Grant Thornton’s digital asset practice, especially as bitcoin has reacted more in line with the broader stock market than inflation over the last year or so, and volatility is still high — something that Microsoft’s board also pointed out in its rejection of that shareholder proposal.

Veith said regulation might also be holding companies back. The SEC rescinded SAB 121 in January, a rule that required banks to classify cryptocurrencies as liabilities on their balance sheet, creating a capital requirement burden that kept many banks from providing custody for crypto assets.

That’s a change that could lead banks, including Goldman Sachs, to revisit the issue. CEO David Solomon told CNBC at Davos last month that “At the moment, from a regulatory perspective, we can’t own” bitcoin, but he added that the bank would revisit the issue if the rules changed. Much of Wall Street is also starting to at least cautiously sing a different tune, with Morgan Stanley CEO Ted Pick and Bank of America CEO Brian Moynihan both telling CNBC while at Davos last month that their institutions could allow broader adoption if the regulatory environment changes. 

But regulation can’t solve the issue of crypto’s extreme volatility, and the concern that there may be another downturn at some point. “What do you do if there’s going to be another crypto winter, and the price goes down and you’re sitting for a prolonged basis on a big stash of bitcoin and the price keeps going down? How do you explain that to your stakeholders, shareholders, or board? That’s probably what is hindering more companies from going into this space,” Veith said. 

The most recent CNBC CFO Council quarterly survey, taken in December, is a reflection of that risk assessment: 78% of the CFO respondents to the survey said bitcoin is a highly speculative asset class, while 7% said it is a credible store of value. Furthermore, 11% said it is a fraud, though that latter view has come down over time in the quarterly CFO survey.

As the Trump administration continues to embrace crypto, the crypto view from within corporate America could change more.

Asked if he thinks companies are reassessing the things they once assumed about crypto, Soto-Wright pointed to the overtures coming out of Washington, D.C., and the potential for a national reserve and additional regulation changes.

“If you look at the general trends, it’s becoming more adopted by institutions as there’s more circulation, as there are more products that come to market, and as it starts to develop its statute and stance as a truly diversified, uncorrelated financial instrument,” he said.

“I think you’ll start to see more and more companies recognize that in their treasury portfolio management strategy, this is another asset that is legitimized,” Soto-Wright said.

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Bearish Divergences Plaguing Former Leadership Names

While 2024 was defined by the strength of the Magnificent 7 stocks, 2025 has so far been marked by a significant change of character on many of these former high flying growth names.  And while most remain in constructive long-term patterns, the short-term changes make me skeptical of further market upside without the support of these mega cap players.

Let’s group these charts into three buckets: the top performers, the broken charts, and the diverging darlings.

The Top Performers: META and NFLX

This first bucket features two stocks that are moving higher in 2025 just like they did for much of 2024.  While the remaining stocks on this list have experienced some change of character, these are the names that remain in consistent uptrend phases.

Both Meta Platforms (META) and Netflix (NFLX) have achieved new all-time highs in February, with strong earnings calls serving as the latest catalyst for price appreciation.  Both charts remain above upward-sloping 50-day moving averages, and as long as they continue to make higher highs and higher lows, they should be considered innocent until proven guilty.

The Broken Charts: TSLA, AAPL, MSFT, and NVDA

2025 has been much less kind to this second group of “Formerly Magnificent 7” names, as all four of them have pulled back from a strong 4th quarter performance.  Apple (AAPL) in particular strikes me as a chart that is demonstrating a potentially catastrophic bearish price pattern, with a clear “line in the sand” to monitor in the coming weeks.

After rising to a new all-time high around $260 in late December, AAPL pulled back to find support at the early November low around $220.  While the stock has bounced higher after that sudden 16% drop, a bearish engulfing pattern at the 50-day moving average at the end of January reinforced that this is a name most likely in a distribution pattern.

Now we have clear neckline support at the previous swing lows around $220.  If AAPL is able to hold this support level, then we’d label this a consolidation phase and wait for further clarification.  But if the $220 level is finally broken, that would complete a topping pattern and also represent a break of the 200-day moving average.  A quick measurement would suggest a downside target around $190, representing a 27% drop from the December 2024 high.

The Diverging Darlings: AMZN and GOOGL

Now we’re left with two stocks that both feature a bearish momentum divergence, a pattern that has proliferated among US stocks in recent months.  When prices make new highs on strong momentum, that suggests a healthy uptrend phase.  But when prices make new highs on weaker momentum, this bearish divergence indicates a lack of upside follow-through and a high likelihood of a market top.

While Amazon.com (AMZN) still remains above two upward-sloping moving averages, the early February high is marked by a downward-sloping RSI.  This bearish pattern could easily be negated if AMZN is able to achieve further highs on improving momentum.  But the divergence looks very similar to other stocks that have experienced major tops.

In fact, Alphabet (GOOGL) featured a bearish momentum divergence going into last week’s earnings release.  And while that certainly put GOOGL on a “red flag” watch list for me, the gap lower and subsequent post-earnings drop tells me that investors are questioning the long-term bull story for this former leadership name.

Similar to the AAPL chart, I would argue that the 200-day moving average could be the most important level to watch.  A pullback to the 200-day moving average after an earnings miss could represent a decent retracement to set the stage for the next big move higher.  But if stocks like AAPL and GOOGL fail to hold that the 200-day moving average, what would that tell us about investors’ risk appetite in February 2025?

To be clear, very few of the Magnificent 7 stock look truly negative from a long-term perspective, with most of them still within close proximity to a recent all-time high.  But given how many of these former leadership names have experienced at least initial breakdowns from their recent highs, I’m starting to look elsewhere for opportunities on the long side.

RR#6,

Dave

PS- Ready to upgrade your investment process?  Check out my free behavioral investing course!

David Keller, CMT

President and Chief Strategist

Sierra Alpha Research LLC

Disclaimer: This blog is for educational purposes only and should not be construed as financial advice.  The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.  

The author does not have a position in mentioned securities at the time of publication.    Any opinions expressed herein are solely those of the author and do not in any way represent the views or opinions of any other person or entity.

Master Trades in Volatile Markets With This 4MA Strategy

In this exclusive StockCharts video, Joe shows how the 4-day moving average can be useful especially in volatile markets. He explains the advantages of using it in conjunction with the 18-day MA to prevent buying at the wrong time and highlighting when good opportunities appear. He then goes through the commodity charts and shows the improvement taking place. Finally, Joe dives into the symbol requests that came through this week, including ASAN, FTV, and more.

This video was originally published on February 12, 2025. Click this link to watch on Joe’s dedicated page.

Archived videos from Joe are available at this link. Send symbol requests to stocktalk@stockcharts.com; you can also submit a request in the comments section below the video on YouTube. Symbol Requests can be sent in throughout the week prior to the next show.

10 Largest Producers of Gold by Country

With gold prices surging to new all-time highs at the start of 2025, the top gold-producing countries are set to benefit significantly from a runaway bull market.

After gaining 30 percent in 2024, the market’s momentum continued in 2025. On January 31, it broke through the US$2,800 mark, and less than two weeks later on February 11, it broke above US$2,900.

The underlying conditions present in 2024 remain, including significant interest from central banks, falling interest rates and Russia’s ongoing invasion of Ukraine.

New events are adding more fuel to gold’s fire in 2025, most significantly Donald Trump’s return as president of the US. Since he took office, his aggressive trade tactics have sent ripples through the global economy and pushed investors to gold as they seek safe-haven assets.

As uncertainty grips the markets, rising gold prices will benefit gold producers and the countries they operate in. So, which countries produce the most gold?

1. China

Gold production: 380 metric tons

China was the world’s top gold mining country in 2024 with output of 380 metric tons. While China’s gold output peaked at 455 MT in 2016, it hasn’t dipped below 300 MT in more than a decade. This consistent production continues to ensure China’s status as the world’s top gold producer.

China’s gold mining industry is dominated by state-owned operators. Some of the largest companies include Zijin Mining Group (HKEX:2899), which owns the Shanxi mine, the largest gold mine in the Shanxi province. According to the most recent data from MDO, in 2023 the mine produced 125,000 ounces of gold.

Another of China’s largest companies is China Gold International Resources (TSX:CGG,HKEX:2099), which owns a 96.5 percent stake in the Chang Shan Hao gold mine located in Inner Mongolia. One of China’s largest gold mines, it’s estimated that production in 2024 was between 106,097 and 112,528 ounces.

China also hosts major gold-smelting operations. Its Belt and Road Initiative has resulted in Chinese companies exploring and developing sites elsewhere in Asia and Africa, subsequently sending raw resources back to China for refinement.

In addition to being the top producer of gold in 2024, China was one of the largest consumers of gold. According to data from the World Gold Council, consumers purchased 857.1 metric tons throughout the year. Meanwhile, China’s central bank was among the largest buyers of precious metal in 2024, adding 44 metric tons of gold to its coffers during the year to bring its official gold holdings to 2,280 metric tons.

2. Russia

Gold production: 310 metric tons

Gold production from Russia came in at 310 metric tons in 2024, the same as the prior year. The country’s output has risen fairly significantly since 2017, when it produced only 255 MT of gold.

The US Geological Survey states that Russian gold reserves stand at 12,000 MT, making it the second-largest country for reserves after Australia. However, despite high production and reserves, Russian gold has had problems reaching world markets since the country invaded Ukraine in February 2022. In response, Russian operators have sought out alternative markets, particularly the BRICS nations and other Asian countries like Kazakhstan.

Russia has several large gold mines, but none are more prolific than Polyus’ (MCX:PLZL) Olimpiada mine in the Ksasnoyarsk Krai region of Siberia. According to the company’s most recent data, the mine produced 1.5 million ounces in 2023.

3. Australia

Gold production: 290 metric tons

Australian gold production slightly decreased in 2024 to 290 metric tons, down from 296 metric tons the previous year.

Australia is home to several large gold mines, including Newmont’s (TSX:NGT,NYSE:NEM) Boddington and Cadia Valley, which produced 745,000 ounces and 597,000 respectively in 2023. It also hosts the Tropicana mine, a joint venture between AngloGold Ashanti (NYSE:AU) and Regis Resources (ASX:RRL,OTC Pink:RGRNF) that produced 437,000 ounces of gold.

Australia is one of the top gold producers and has one of the largest reserves, with an estimated 12,000 metric tons. These reserves, along with several other top producers, will ensure the country remains in the top 10 for years to come.

4. Canada

Gold production: 200 metric tons

In 2024, gold production in Canada totaled 200 metric tons, marking a slight uptick from the 198 metric tons recorded in 2023.

Ontario and Québec are the largest gold-producing provinces in the country; together, they represent more than 70 percent of Canada’s gold output. The Canadian government states that gold is the nation’s most valuable mined commodity, with domestic exports surging 35 percent in 2023 to reach a total of C$34.1 billion.

Canada has a number of very large gold mines, the largest of which is Agnico Eagle’s (TSX:AEM,NYSE:AEM) Canadian Malartic Complex in Québec. The mine produced 689,000 ounces of gold in 2023 and hosts proven and probable reserves of 7.92 million ounces.

Other notable gold mines in Canada include Agnico Eagle’s Detour Lake in Ontario, which produced 677,000 ounces in 2023, and its Meadowbank Complex in Nunavut, which produced 432,000 ounces.

5. United States

Gold production: 160 metric tons

The US produced 160 metric tons of gold in 2024, a drop from 170 metric tons produced in 2023. This continues a trend of production declines that started in 2017, when the US produced 237 MT of gold.

According to the US Geological Survey, the top state for production of the yellow metal was Nevada, which accounted for 70 percent of total domestic production, followed by Alaska with 16 percent. The top 26 operations in the country were responsible for 97 percent of American gold output in 2024.

An assessment of US gold resources shows that the country has approximately 33,000 MT of gold in identified and undiscovered resources. The US Geological Survey notes that close to a quarter of the gold in undiscovered resources can be found in copper porphyry deposits. Gold reserves in the US are estimated at 3,000 MT.

The largest gold mining assets in the United States are all owned by Nevada Gold Mines, a joint venture between Barrick Gold (TSX:ABX,NYSE:GOLD) and Newmont, and consist of Turquoise Ridge, the Cortez Complex and the Carlin Complex. Between them, the mines produced 2.82 million ounces of gold in 2023.

6. Kazakhstan

Gold production: 130 metric tons

Kazakhstan’s 2024 gold output of 130 metric tons represents continued growth in the country’s production of the yellow metal, up from just 69 MT produced in 2016. Kazakhstan’s largest gold-mining operation is the Altyntau Kokshetau mine, which is owned by mining giant Glencore (LSE:GLEN,OTC Pink:GLCNF).

In its 2024 production report, Glencore stated that it produced 603,000 ounces of gold across all its Kazakhstan assets, the majority of which came from the Altyntau Kokshetau mine.

In August 2023, Anglo-Russian company SolidCore Resources, formerly Polymetal International, one of Kazakhstan’s largest producers, delisted from the London Stock Exchange in a move geared at severing the link between its Kazakhstani and Russian subsidiaries; it did so in response to tensions resulting from Russia’s invasion of Ukraine. It remains listed on the Astana International Exchange in Kazakhstan.

In its FY2024 financial results, released on January 29, the company reported it produced 320,000 ounces of gold, a 1 percent increase over 2023. Its largest asset in the country is the Kyzyl mine, which hosts 2.2 million ounces of gold.

6. Mexico

Gold Production: 130 metric tons

Mexico’s gold production in 2024 came in at 130 metric tons, a marginal increase from 127 metric tons the previous year.

Mexico has a long history of gold mining; in fact, the Spanish colonization of Central America in the early and mid-1500s was largely targeting gold and silver. Today, Mexico is among the global leaders in gold production. Precious metals account for 50 percent of the country’s total metal output.

While much of Mexico’s gold mining is controlled by foreign entities, one of the largest operations, the Herradura mine, is owned by Mexico City-based Fresnillo (LSE:FRES,OTC Pink:FNLPF). Herradura produced 360,598 ounces of gold, or about 10.08 MT, in the company’s 2024 fiscal year. The mine represents more than half of Fresnillo’s gold production and generates about a quarter of the company’s total adjusted revenue.

6. Ghana

Gold production: 130 metric tons

West Africa has a rich history of gold production dating back hundreds of years. Ghana has been taking advantage of its resources and has seen steady production increases over the years going from 88 metric tons in 2015 to 130 metric tons in 2024.

Gold has become an important economic driver for the country. In 2023, gold exports accounted for 62.1 percent of Ghana’s total exports, adding US$580 million to the nation’s gross domestic product.

The country is home to several highly productive gold mines, including Newmont’s Ahafo South mine, which produced 581,000 ounces of gold in 2023, and Gold Fields (NYSE:GFI) Tarkwa mine with 551,000 ounces.

9. Uzbekistan

Gold Production: 120 metric tons

Uzbekistan produced 120 metric tons of gold in 2024, up from the 100 metric tons produced in 2023.

Operated by Navoi Mining and Metallurgical Company, Uzbekistan’s Muruntau gold mine is one of the largest gold operations in the world. Massive deposits of gold were first discovered at the site in the 1950s, and it still holds some of the largest reserves in the world at 4,500 MT. The discovery marked the beginning of gold mining in Uzbekistan. The mine produces more than 2.5 million ounces of gold per year and is expected to continue operating into the 2030s.

Following the fall of the Soviet Union in 1991, mining for the yellow metal fell to its all-time lows in the mid-1990s. In 2019, the country’s government announced renewed investment into development and exploration. While that hasn’t yet been reflected in its annual production, upgrades at Muruntau scheduled to be completed in 2026 are expected to increase its output from 38.5 million to 50 million metric tons of ore per year.

10. Indonesia

Gold Production: 100 metric tons

The mining industry is one of Indonesia’s most important sectors, and the country is among the world’s top producers of nickel, copper and gold. In 2024, Indonesia produced an estimated 100 metric tons of gold, on par with its 2023 production totals.

Indonesia is home to several significant gold operations. The largest of these is the Grasberg Mining District, a joint venture between Freeport-McMoRan (NYSE:FCX) and Indonesia’s state-owned Indonesia Asahan Aluminium. In 2024, the area produced 1.86 million ounces of gold, a decrease from the 1.98 million ounces produced in 2023, and it is estimated to have 23.9 million ounces in mineral reserves.

10. South Africa

Gold Production: 100 metric tons

In 2024, South African gold production came in at 100 metric tons, a small decline from 2023’s 104 metric tons. An estimated one-tenth of global gold reserves are located in the country, and its Witwatersrand Basin is one of the largest gold resources in the world.

Among the largest mining assets in the country are Gold Fields’ South Deep mine, which produced 322,000 ounces in 2023, and Sibanye-Stillwater’s (NYSE:SBSW,JSE:SSW) Driefontein mine, which produced 233,000 ounces.

South Africa has been a top gold producer for decades, but between 1980 and 2018 the nation’s gold output fell by 85 percent. In recent years, South Africa has been the site of conflicts between the Association of Mineworkers and Construction Union (AMCU) and gold producers in the area. The AMCU has held many protests and strikes at several gold and platinum mines in the hopes of garnering more wages and stopping any mergers that could cause job losses.

Additionally, in 2024 South Africa blockaded access to the Buffelsfontein gold mine west of Johannesburg, cutting off food and water in an attempt to force hundreds of miners to the surface.

Illegal mining accounts for 10 percent of South Africa’s total gold output. More than 30,000 illegal miners operate out of 6,000 abandoned mine shafts in the country.

10. Peru

Gold production: 100 metric tons

Peru is a mineral-rich country, known for deposits of copper, silver and gold. In 2024, Peru’s gold production was flat with the prior year’s, with 100 metric tons being extracted.

While Peru’s gold mines may not produce as much gold as some others on this list, some are still significant producers, including Newmont’s Yanacocha mine, which produced 276,000 ounces in 2023, and Pan American Silver’s (TSX:PAAS,NYSE:PAAS) Shahuindo mine, which produced 140,000 ounces.

Like South Africa, Peru has spent years working to crack down on illegal mining. While it has had some success, illegal gold operations account for roughly half of all gold produced in Peru. These operations have also wreaked havoc on vast swaths of the Amazon, as mercury used in the production of gold leaches into groundwater and soil.

There are also legal artisanal miners who oppose recent government action to regulate illegal operations. This culminated in a protest by thousands of miners who blockaded the center of Lima in November. Opponents of the new registry say it allows illegal miners to operate with impunity and exempts them from criminal liability.

FAQs for gold investing

How is gold mined?

Gold is mined by several different methods, including: placer mining, hard-rock mining, by-product mining and by processing gold ore. The method a gold-mining company chooses depends upon the size, location, geological model and metallurgy of the deposit in question.

What is the production cost of gold?

The cost of producing gold varies from one miner to the next, and is reported as the all-in sustaining cost (AISC). AISC was first introduced in 2013 by the World Gold Council. Deposit type, energy costs and inflation are the factors that have the largest impact on AISC. The average AISC for the entire gold industry is calculated by averaging the production costs of the largest gold producers. The average AISC fluctuates with changes in energy costs and inflation.

Which nation is the largest owner of gold?

The country with the largest central bank gold reserves is the US, which had 8,133.5 metric tons as of May 2024. Most US central bank gold is held in deep storage in Denver, Fort Knox and West Point.

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

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