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Top 10 Central Bank Gold Reserves

Global central banks own about 17 percent of all the gold ever mined, with reserves topping 36,699 metric tons (MT) as of year-end 2023. They acquired the vast majority in the years after becoming net buyers of the metal in 2010.

Central banks purchase gold for a number of reasons: to mitigate risk, to hedge against inflation and to promote economic stability. Increased concerns over another global financial crisis have as expected led central banks once again to build up their gold reserves.

In a mid-2024 survey, the World Gold Council (WGC) said that 81 percent of the central bankers it polled expect global gold reserves to increase over the next 12 months. The precious metal’s “long-term store of value” as a guiding factor in gold purchases was cited by 42 percent of respondents.

Central banks added 1,044.6 MT of gold to their vaults in 2024, the third year in a row that gold purchases in this segment surpassed the 1,000 MT mark. In the fourth quarter of 2024 alone, central banks picked up another record 332.9 MT of gold, reported the WGC.

Chart via the WGC.

Twenty-nine percent of the WGC’s survey respondents indicated plans to grow their gold reserves, up 5 percent from the previous year. Three percent reported their institution is planning to decrease its gold holdings, which was unchanged from the previous year.

The WGC believes that central bank gold purchases will continue to be a major driver of gold demand in 2025.

Which central banks hold the most gold?

Read on to find out the 10 top countries by central bank gold holdings, as per data from the WGC, including recent Q4 2024 and full-year 2024 reports.

1. United States

Gold reserves: 8,133.46 metric tons

When it comes to the largest gold depository in the world, the American central bank is number one with 8,133.46 metric tons.

A large percentage of US gold is held in “deep storage” in Denver, Fort Knox and West Point. As the US Treasury explains, deep storage is “that portion of the US Government-owned gold bullion reserve which the Mint secures in sealed vaults that are examined annually by the Treasury Department’s Office of the Inspector General and consists primarily of gold bars.”

The rest of US-owned reserves are held as working stock, which the country’s mint uses as raw material to mint congressionally authorized coins.

2. Germany

Gold Reserves: 3,351.53 metric tons

The Bundesbank, Germany’s central bank, currently owns 3,351.53 metric tons of gold. Like many of the central banks on this list, the German national bank stores over half of its stock in foreign locations in New York, London and France.

The Bundesbank’s foreign gold reserves came into question in 2012, when the German Federal Court of Auditors, the Bundesrechnungshof, was openly critical of the Bundesbank’s gold auditing.

In response, the German bank issued a public statement defending the security of foreign banks. Privately, the Bundesbank then began the arduous process of repatriating its gold stock back to German soil. By 2016, more than 583 MT of gold had been transferred back to Germany.

Nearly half of Germany’s gold holdings are stored in Frankfurt, while more than a third are in New York, an eighth of its holdings are in London, and a miniscule amount are held in in Paris.

3. Italy

Gold Reserves: 2,451.84 metric tons

Banca d’Italia, the national bank of Italy, began amassing its gold in 1893, when three separate financial institutions merged into one. From there, its 78 MT slowly grew into the 2,451.84 MT the country now owns.

Like Germany, Italy stores parts of its reserves offshore. In total, 141.2 MT are located in the UK, 149.3 are in Switzerland and 1,061 are kept in the US Federal Reserve. Italy houses 1,100 MT of gold domestically.

4. France

Gold Reserves: 2,437 metric tons

The Banque de France has 2,437 MT of gold reserves, all of which it keeps on hand. The precious metal is stored in the bank’s secure underground vault, dubbed La Souterraine, which is located 27 meters below street level.

La Souterraine’s gold vaults are one of the four designated gold depositories of the International Monetary Fund.

According to Investopedia, the collapse of the Bretton Woods gold standard system was in part due to former French President Charles de Gaulle, who “called the U.S. bluff and began actually trading dollars in for gold from the Fort Knox reserves.” At the time, US President Richard Nixon “was forced to take the U.S. off the gold standard, ending the dollar’s automatic convertibility into gold.”

5. Russia

Gold Reserves: 2,332.74 metric tons*

The Bank of Russia is the official central bank of the Russian Federation and owns 2,332.74 MT of gold. Like France, Russia’s central bank has opted to store all its physical gold domestically. The Bank of Russia stores two-thirds of its gold reserves in a bank building in Moscow, and the remaining one-third in Saint Petersburg.

The majority of the yellow metal is in the form of large, variable-weight standard gold bars weighing between 10 and 14 kilograms. There are also smaller bars on site weighing as much as 1 kilogram each.

Russia, which is the second largest gold producer by country, has been a steady purchaser of the precious metal since roughly 2007, with sales ramping up significantly between 2015 and 2020. However, Russia’s refineries were banned from selling gold bullion into the London market following the country’s invasion of Ukraine. Sanctions by the west also include a freeze on about half of Russia’s gold reserves.

In early 2022, Russia tied its currency, the ruble, to the yellow metal. ‘The plan was to shift the currency away from a pegged value and into the gold standard itself so the ruble would become a credible gold substitute at a fixed rate,’ according to Robert Huish, an Associate Professor in International Development Studies at Dalhousie University.

*This figure does not reflect year-end 2024, including the at least 3.1 MT purchased in 2024, per the WGC, which is awaiting further data to update the 2024 total.

6. China

Gold Reserves: 2,279.56 metric tons

The central bank for Mainland China is the People’s Bank of China (PBoC), located in Beijing. According to the WGC, the national financial institute stores 2,279.56 MT of gold, most which has been purchased since 2000. In 2001, the PBoC had 400 MT of gold in reserve, but in just a little more than two decades that total has climbed by 459 percent.

The PBoC issues the Panda gold coin, which was first created in 1982. The Panda coin is now one of the top five bullion coins issued by a central bank. It is among the ranks of the American Eagle, Canadian Maple Leaf, South African Krugerrand and Australian Gold Nugget.

The PBoC was one of the top gold buyers out the world’s central banks for 2024, purchasing another 44 MT of gold during the year. April 2024 marked the 18th consecutive month of gold buying for China’s central bank, which paused its purchases afterward until picking them up again in November.

7. Switzerland

Gold Reserves: 1,039.94 metric tons

Holding the seventh largest central bank gold reserves is the Swiss National Bank. Its 1,039.94 MT of gold are owned by the state of Switzerland, but the central bank manages and maintains the reserve.

After years of opaqueness regarding the country’s golden treasure trove, the Swiss Gold Initiative, or Save our Swiss Gold campaign, was launched in 2011.

The publicity culminated in a national referendum in 2014, asking citizens to vote on three proposals. The first was a mandate for all reserve gold to be held physically in Switzerland. The other two dealt with the central bank’s ability to sell its gold reserves, along with a decree that 20 percent of the Swiss bank’s assets be held in gold.

The referendum was unsuccessful, but did prompt the bank to be more transparent. In a 2013 release, the central bank reported that 70 percent of its gold reserve was held domestically, 20 percent was located at the Bank of England and 10 percent was stored with the Bank of Canada.

8. India

Gold Reserves: 876.18 metric tons

The Reserve Bank of India is another central bank that has fervently acted to increase its holdings in recent years. It began adding to its gold assets in 2017; however, the majority of its purchases have taken place in the past four years.

Strikingly, after India’s central bank purchased 16 MT of gold in 2023, the institution scooped up another 72 MT of the precious metal in 2024.

While more than half of its gold is held overseas in safe custody with the Bank of England and the Bank of International Settlements, about a third of its gold is held domestically. In June 2024, India repatriated 100 MT of gold from the United Kingdom. This was the first time since 1991 that the Reserve Bank of India moved its overseas gold holdings back home.

9. Japan

Gold Reserves: 845.97 metric tons

Public information about the Bank of Japan’s gold reserves is hard to come by. In 2000, the island nation was holding approximately 753 MT of the yellow metal. By 2004, the Bank of Japan’s gold store had grown to 765.2 MT, and remained at that level until March 2021, when the country purchased 80.76 MT of gold.

10. Netherlands

Gold Reserves: 612.45 metric tons

Rounding out this list of the top central bank gold reserves is the Dutch National Bank (DNB), the central bank of the Netherlands. Like Switzerland, the Dutch central bank stores as much as 38 percent of its gold in Canada’s national reserve. Another 31 percent, in the form of 15,000 gold bars, is held in a domestic vault, while the remaining 31 percent is located in New York’s Federal Reserve bank.

In a report, the DNB describes gold as the supreme safe-haven asset. “Central banks such as DNB have therefore traditionally had a lot of gold in stock. After all, gold is the ultimate nest egg: the trust anchor for the financial system,” it reads. “If the entire system collapses, the gold supply provides collateral to start over. Gold gives confidence in the strength of the central bank’s balance sheet. That gives a safe feeling.”

*11. International Monetary Fund

Gold Reserves: 2,814.1 metric tons

The gold reserve held by the International Monetary Fund is the third largest in terms of size. The large gold reserve was amassed primarily during the founding of the international organization in 1944.

In that inaugural year, it was decided that “25 percent of initial quota subscriptions and subsequent quota increases were to be paid in gold.”

Since 1944, the International Monetary Fund has added gold through the repayment of debts owed by member countries. Nations can also exchange gold for another member country’s currency.

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

This post appeared first on investingnews.com

Prebiotic soda brand Olipop valued at $1.85 billion in latest funding round

Prebiotic soda brand Olipop said Wednesday that it was valued at $1.85 billion in its latest funding round, which raised $50 million for the company.

Founded in 2018, Olipop has helped fuel the growth of the prebiotic soda category, along with rival Poppi, which highlighted its drinks with a Super Bowl ad on Sunday. Both have attracted consumers with their claims that their drinks help with “gut health,” one of the latest wellness trends taking over food and beverage aisles.

Olipop’s Series C funding round was led by J.P. Morgan Private Capital’s Growth Equity Partners. The company plans to use the money that it raised to add to its product lineup, expand its marketing and distribute its sodas more widely.

Today, Olipop is the top non-alcoholic beverage brand in the U.S., both by dollar sales and unit growth, the company said, citing data from Circana/SPINS. Roughly half of its growth comes from legacy soda drinkers, while the other half comes from consumers entering the carbonated soft drink category. One in four Gen Z consumers drinks Olipop, according to the company.

In early 2024, Olipop reached profitability, the company said. Its annual sales surpassed $400 million last year, doubling the year prior. In 2023, Olipop founder and CEO Ben Goodwin told CNBC that soda giants PepsiCo and Coca-Cola had already come knocking about a potential sale.

For its part, rival Poppi, which was founded 10 years ago, has raised $39.3 million as of 2023 at an undisclosed valuation, according to Pitchbook data. Poppi’s annual sales reportedly crossed $100 million in 2023. Its appearance during the Super Bowl was the second straight year that it paid for an ad during the big game.

Poppi has also faced some backlash for its health claims. The company is currently in talks to settle a lawsuit that argued that Poppi’s drinks aren’t as healthy as the company claims, according to court filings.

This post appeared first on NBC NEWS

Google says U.S. faces a power capacity crisis in AI race against China

The U.S. is facing a power capacity crisis as the tech sector races against China to achieve dominance in artificial intelligence, an executive leading the energy strategy of Alphabet’s Google unit said this week.

The emergence of China’s DeepSeek artificial intelligence firm sent the shares of major power companies tumbling in late January on speculation that its AI model is cheaper and more efficient. But Caroline Golin, Google’s global head of energy market development, said more power is needed now to keep up with Beijing.

“We are in a capacity crisis in this country right now, and we are in an AI race against China right now,” Golin told a conference hosted by the Nuclear Energy Institute in New York City on Tuesday.

Alphabet’s Google unit embarked four years ago on an ambitious goal to power its operations around the clock with carbon-free renewable energy, but the company faced a major obstacle that forced a turn toward nuclear power.

Google ran into a “very stark reality that we didn’t have enough capacity on the system to power our data centers in the short term and then potentially in the long term,” Golin said.

Google realized the deployment of renewables was potentially causing grid instability, and utilities were investing in carbon-emitting natural gas to back up the system, the executive said. Wind and particularly solar power have grown rapidly in the U.S., but their output depends on weather conditions.

“We learned the importance of the developing clean firm technologies,” Golin said. “We recognized that nuclear was going to be part of the portfolio.”

Last October, Google announced a deal to purchase 500 megawatts of power from a fleet of small modular nuclear reactors made by Kairos Power. Small modular reactors are advanced designs that promise to one day speed up the deployment of nuclear power because they have smaller footprints and a more streamlined manufacturing process.

Large nuclear projects in the U.S. have long been stymied by delays, cost overruns and cancellations. To date, there is no operational small modular reactor in the U.S. Google and Kairos plan to deploy their first reactor in 2030, with more units coming online through 2035.

Golin said the project with Kairos is currently in an initial test-pilot phase with other partners that she would not disclose. Kairos received permission in November from the Nuclear Regulatory Commission to build two 35-megawatt test reactors in Oak Ridge, Tennessee.

The goal is to get buy-in from partners like electric utilities to create an approach that can broadly deploy the technology, Golin said.

The nuclear industry increasingly views the growing power needs of the tech sector as a potential catalyst to restart old reactors and build new ones. Amazon announced an investment of more than $500 million in small nuclear reactors two days after Google unveiled its agreement with Kairos.

Last September, Constellation Energy said it plans to bring the nuclear reactor at Three Mile Island near Harrisburg, Pennsylvania back online through a power purchase agreement with Microsoft.

Golin said nuclear is a longer-term solution, given the reality that power capacity is needed now to keep up with China in the artificial intelligence race. “Over the next five years, nuclear doesn’t play in that space,” she said.

President Donald Trump declared a national energy emergency through executive order on his first day in office. The order cited electric grid reliability as a central concern.

Trump told the World Economic Forum in Davos, Switzerland that he would use emergency powers to expedite the construction of power plants for AI data centers.

Secretary of Energy Chris Wright issued an order on Feb. 5 that listed “the commercialization of affordable and abundant nuclear energy” as a priority.

This post appeared first on NBC NEWS

Why NVDA’s Stock Price Shift Could Be Your Gain!

Do you remember when NVDA stock had a very high StockCharts Technical Rank (SCTR) score for most of 2023 and 2024? If not, that’s OK. You’ll remember when you look at the chart of NVDA later in this article. 

The chip company we know so well — NVIDIA Corp. (NVDA) — has seen its share of euphoria and panic. NVDA’s stock price gained 239% in 2023 and 171.24% in 2024. Mega tech companies plan to increase their AI spend in 2024, which could boost NVDA’s stock price, given NVDA’s dominance in AI chips. But this doesn’t make the stock price immune from selloffs. We saw how the news on January 27 about DeepSeek’s ability to build AI models more cost-effectively sent investors scrambling to sell off NVDA shares.

The NVDA stock price fall was the biggest one-day loss the stock market has seen as of this writing. This price action gave investors a dose of reality — even the best-performing stock can go through a steep plunge when you least expect it. Fortunately, investors overcame the initial DeepSeek scare and NVDA’s stock price is on its path to recovery.

Let’s walk through NVDA’s stock price charts, starting with the weekly chart (see chart below).

FIGURE 1. WEEKLY CHART OF NVDA STOCK. It’s been in a steady uptrend since the end of 2022. After the recent pullback to its 50-week simple moving average, the stock has been struggling.Chart source: StockCharts.com. For educational purposes.

After the pullback from November 2021 to October 2022, the stock has been on a relatively sustained uptrend. At the end of January 2023, NVDA’s SCTR score crossed above 76, a threshold level I use to identify a stock that’s gaining technical strength. For the most part, the SCTR score remained above this threshold until the end of 2024.

The SCTR score is now inching toward the 76 level, and NVDA stock’s price is at its 21-week exponential moving average (EMA).

Let’s see what the daily chart is displaying.

FIGURE 2. DAILY CHART OF NVDA STOCK. After the massive fall on January 27, NVDA’s stock is showing signs of recovery. It still needs more upside momentum to push the stock price higher. However, if the stock price moves to the downside, there are clear support levels to monitor.Chart source: StockCharts.com. For educational purposes.

When NVDA’s stock price fell on January 27, the close was below its 200-day simple moving average (SMA), which caused a big drop in the stock’s SCTR score. Even after recovering from the fall, the stock price again dipped below its 200-day SMA on February 3. The stock is now on its way to filling the DeepSeek down gap.

The SCTR score is less than 70 and looks like it’s stalling. The stock price is between the 21-day EMA and 50-day simple moving average (SMA). Both are relatively flat. The stock needs more momentum to break through the resistance of the SMA.

Other criteria to consider are:

  • The rate of change (ROC) is still in negative territory.
  • The percentage price oscillator (PPO) has just crossed above its signal line. The PPO histogram is just above the zero line.
  • The relative strength index (RSI) is just above the 50 line.
  • Volume is still tepid.

Overall, NVDA’s stock price is showing hesitancy and could move in either direction. A push to the upside would move the stock price higher, hitting its previous highs. But the momentum behind it has to be strong.

If the stock price falls, watch the following support levels:

  • The 21-day EMA.
  • Price action between $127 and $129.
  • Price action between $113 and $115.

A reversal from a pullback with follow-through is a great place to accumulate positions. Make sure to monitor the chart and get a feel for when the bulls become more dominant.

The Bottom Line

NVDA’s stock price movement is leaning toward the downside, which isn’t unusual in an uncertain investment environment. You’re better off looking at the overall trend and applying objective analytical tools, such as the SCTR Reports and technical indicators, in order to identify strength and momentum in a specific stock, exchange-traded fund, or index. Make your investment decisions based on what the charts and tools are indicating; not on the noise you hear.

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.

Are Trump’s 25% Tariffs a Game-Changer for Steel Stocks? Here’s What to Watch Now!

On Monday morning, President Trump announced plans to impose 25% tariffs on steel and aluminum imports — a sweeping policy move that’s certain to reshape the Materials sector. While this can negatively affect several industries, domestic steel producers are likely to benefit from increased demand.

How Markets Reacted to the 25% Tariff Announcement

The StockCharts MarketCarpets provides a clear visual of how investors reacted when the tariff announcement made headlines.

FIGURE 1. MARKETCARPETS VIEW OF THE MATERIALS SECTOR. Notice the top gainers consist of domestic metals producers.Image source: StockCharts.com. For educational purposes.

The stocks that gained the most following the announcement were Steel Dynamics, Inc. (STLD) and Nucor Corporation (NUE), both domestic steel producers, as well as Newmont Corporation (NEM), a mining company focused on gold and copper extraction.

The surge in STLD and NUE reflects investor expectations that tariffs will curb foreign competition, allowing US steelmakers to raise prices and expand market share. NEM also gained, likely due to broader market concerns over trade tensions and inflation. On top of this, copper — a key industrial metal — could see supply chain shifts or price fluctuations, depending on how tariffs impact global trade flows.

Let’s take a longer-term look at these stocks relative to the Materials sector and the broader market (S&P 500). Below is a PerfCharts view of their relative performance over the last year.

FIGURE 2. PERFCHARTS OF THE S&P 500, XLB, STLD, NUE, AND NEM. Though NEM outperformed, the other stocks and the Materials sector underperformed the broader market.Chart source: StockCharts.com. For educational purposes.

Global steel production decreased in 2024. So it’s no surprise that the Materials Select Sector SPDR Fund (XLB), our sector proxy, underperformed the S&P 500, and that many steel producers and miners would also underperform the broader market and sector. Interestingly, NEM outperformed the S&P 500, XLB, STLD, and NUE in 2024 due to surging gold prices, strong financial performance, increased gold production, and free cash flow.

Still, if the new tariff environment remains unchanged, then NEM and especially STLD and NUE may have plenty of room to run. Let’s take a look at the sector and all three stocks to see if there are any present trading opportunities.

Let’s start with XLB. Take a look at a 5-year seasonality chart of XLB to get some context.

FIGURE 3. 5-YEAR SEASONALITY CHART OF XLB.  Sector performance tends to follow a cyclical pattern, with March, July, and November historically seeing the highest close rates and average gains.Chart source: StockCharts.com. For educational purposes.

Geopolitical shifts under the new administration will likely reshape seasonal trends. Nevertheless, historical context remains valuable. Over the past five years, March has been XLB’s second-strongest month, with a 75% higher-close rate and an average gain of 4.8%. That’s the seasonality picture.

Now, let’s look at the price action from a longer-term trend perspective. Below is a weekly chart of XLB.

FIGURE 4. WEEKLY CHART OF XLB. While the Materials sector has lagged behind the S&P 500, it’s been trending upward nevertheless.Chart source: StockCharts.com. For educational purposes.

This five-year chart shows XLB underperforming the S&P 500. If you go back a few decades, this negative performance has been steady. Yet XLB, due to overall market growth, inflation, and sector-specific cycles, has been trending up in absolute terms.

Demand for materials is cyclical, and the Materials sector Bullish Percent Index ($BPMATE), a breadth indicator, illustrates this clearly. Currently, the BPI is moving upwards, with 31% of stocks within the sector flashing Point & Figure buy signals. Typically a crossover from below to above 30% would issue a bull alert; a move above 50% would strongly favor the bulls, signifying that buyers have the edge. Understanding XLB’s broader trend helps contextualize whether the stocks within the sector are moving with or against the sector’s trend relative to their trajectories.

Let’s look at the daily chart of NEM.

FIGURE 5. DAILY CHART OF NEM. Is it a new bullish trend or a bear rally?Chart source: StockCharts.com. For educational purposes.

NEM is attempting to recover from a steep selloff that began in October. The key question is whether the bullish reversal signals the start of a robust recovery or a temporary bounce within a sustained downtrend.

To gain insight into this question, let’s examine a couple of indicators: one that measures momentum and another that analyzes volume. Volume-wise, the Accumulation/Distribution Line (ADL) plotted behind the price shows strong money flow into the stock, its buying pressure supporting NEM’s recovery. The Commodity Channel Index (CCI) is showing strong bullish momentum, yet indicates that NEM may be sailing into overbought conditions.

The key levels to watch are near the top line (Leading Span B, red cloud) and the projected bottom line (also the Leading Span B, but in the green section) of the Ichimoku Cloud. If price declines at or near the top, but bounces at the bottom, the bullish reversal thesis remains intact, signaling a potential early buying opportunity for those looking to get into the stock. If prices fall below the bottom level, the downtrend is likely to resume.

Now let’s look at the domestic steelmakers on the list, starting with a weekly chart of STLD.

FIGURE 6. WEEKLY CHART OF STLD. The stock price looks like it’s in a volatile ascent.Chart source: StockCharts.com. For educational purposes.

I’m highlighting a weekly rather than a daily chart for two reasons: First, you can’t see the larger (trend) context on a daily chart, and second, the key levels are just as apparent in the weekly as in the daily chart.

Over the last six years, of which the last three are shown on the chart, STLD has been trending upward with increasing volatility. Steel production in the US may have decreased significantly in 2024, yet STLD prices continue to cumulatively rise. This trend underscores the inherent cyclicality of the steel industry, as evidenced by the fluctuating prices.

NOTE: Although “seasonality” and cyclicality can be related, the latter refers more to macroeconomic, industry, and supply-demand shifts. These typically drive fluctuations in a manner that gets smoothed out in seasonality charts. So, when I use the term “cyclicality,” I’m referring to these fluctuations before them being “averaged out” in a seasonality calculation.

The ZigZag line illustrates the major swing highs and lows that define the trend, as well as key support and resistance levels. If STLD’s uptrend were to maintain its trajectory, price must stay above the swing low level slightly above $110 (see magenta line) and eventually break above resistance at the most recent swing high at $155. Given this is a weekly chart, it may take months to play out (assuming the longer-term uptrend sustains itself).

Note, however, that the selling pressure appears to be the dominant driver for near-term volume, according to the Chaikin Money Flow (CMF). If volume precedes price in this particular instance, then a pullback may be imminent.

Last, but not least, take a look at a daily chart of NUE.

FIGURE 7. DAILY CHART OF NUE. The stock is in a downtrend and all the indicators spell a bear rally.Chart source: StockCharts.com. For educational purposes.

NUE may have jumped 6.24% on Monday, but what are investors rushing into? While Trump’s 25% tariffs on steel and aluminum imports are likely to boost domestic steel producers, NUE is amid an arguably robust downtrend.

Its response to the 61.8% Fibonacci Retracement (drawn from the December high to low) isn’t promising either, making the recent surge look more like a bear rally than a bullish trend reversal. Additionally, the CMF has remained largely negative, dipping well below the zero line and recently crossing it again, indicating that selling pressure continues to dominate.

However, there are shoots of hope, as NUE appears to be rising against the broader Dow Jones U.S. Iron & Steel Index ($DJUSST) of which NUE is a component (see magenta line). If NUE stays above the $115 level (the most recent swing low), then such a level may signal a bottom. Of course, you’ll want to make sure that volume and momentum support are aligned with this potential reversal.

At the Close

If you’re bullish on U.S. steel producers, consider adding these stocks to your ChartLists, keeping a close watch on the MarketCarpets Materials sector view, and staying informed on industry news. With these tools and insights, you’re likely to spot a market opportunity.

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.

JZR Gold Enters into Loan Agreement

(TheNewswire)

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.

February 11, 2025 TheNewswire – Vancouver, British Columbia, Canada JZR Gold Inc. (the ‘ Company ‘ or ‘ JZR ‘) ( TSX-V: JZR ) announces that it has entered into a loan agreement with Eco Mining Oil & Gaz Drilling and Exploration Ltda. (‘ Eco ‘) dated September 30, 2024, pursuant to which the Company agreed to lend to Eco up to US$2,000,000 (the ‘ Loan ‘). The Loan, which bears no interest, is to be advanced to Eco in tranches upon request by Eco.  Pursuant to the terms of the Loan, the Company shall have no obligation to advance or make available any funds to Eco and any funds so advanced shall be at the sole discretion of the Company.  As of the date of the Loan Agreement, the Company had previously advanced the sum of US$1,800,000 to Eco, which amount forms part of the Loan. Eco may pay back any amount outstanding under Loan at any time without penalty.

The Company possesses a right to receive a 50% net profit interest in gold produced from the Vila Nova gold project located in the State of Amapa, Brazil (the ‘ Project ‘).  The Project is currently being developed by Eco as the operator. Eco commissioned the manufacture and installation of a gravimetric mill (the ‘ Mill ‘) for the Project, which Mill has been assembled and is being tested.  The Company has advised that Eco requested financial assistance from the Company in order to advance, acquire and assemble the Mill and to further advance the Project.  Management of the Company has determined that it is in the best interest of the Company to advance funds to Eco in order to enable Eco to acquire the Mill, bring it into operation and to further advance the Project, and has agreed to advance funds under the Loan to Eco specifically for the foregoing purposes.

As security for the Loan, Eco has pledged to the Company the Mill and certain rights of Eco pursuant to an agreement between Eco and the Cooperative dos Garimpeiros do Vila Nova.

The Company is at arm’s length with Eco and is not a ‘related party’ of the Company within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions . The Loan is subject to acceptance of the TSX Venture Exchange.

For further information, please contact:

Robert Klenk

Chief Executive Officer

rob@jazzresources.ca

Forward-Looking Statements

This news release contains forward-looking statements, which includes any information about activities, events or developments that the Company believes, expects or anticipates will or may occur in the future. Forward-looking statements in this news release include statements with respect to respect to the details of the Loan, including the repayment terms and the anticipated use of proceeds by Eco. Forward-looking information reflects the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. These factors include, but are not limited to: risks associated with the business of the Company; business and economic conditions in the mineral exploration industry generally; the supply and demand for labour and other project inputs; changes in commodity prices; changes in interest and currency exchange rates; risks related to inaccurate geological and engineering assumptions; risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with the specifications or expectations, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action and unanticipated events related to health, safety and environmental matters); risks related to adverse weather conditions; geopolitical risk and social unrest; changes in general economic conditions or conditions in the financial markets; and other risk factors as detailed from time to time in the Company’s continuous disclosure documents filed with the Canadian securities regulators. The forward-looking information contained in this press release is expressly qualified in its entirety by this cautionary statement. The Company does not undertake to update any forward-looking information, except as required by applicable securities laws.

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Copyright (c) 2025 TheNewswire – All rights reserved.

News Provided by TheNewsWire via QuoteMedia

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Uranium Boom: Experts See Stock Opportunities as Strong Demand Meets Supply Gap

After rising 190 percent over the last five years, the uranium spot price and the broader uranium market remain poised for further growth, fueled by short supply and a slew of positive demand catalysts.

At this year’s Vancouver Resource Investment Conference (VRIC), panelists Rick Rule, Nick Hodge, Fabi Lara and Jordan Trimble offered an overview of key market catalysts, both for the near term and long term.

Moderated by Jesse Day of Commodity Culture, the discussion started with a look at the state of the sector.

“We’ve heard a lot about artificial intelligence (AI) data centers (and) small modular reactors, and obviously the main theme underlying all of this is a production shortfall,” said Day on stage at the event.

“There is not enough uranium being produced today to meet current reactor demands.”

From there, Day invited each participant to share their macro overview of the uranium landscape.

Starting the discussion, Hodge, who is publisher at Digest Publishing, pointed to recent comments made by the newly elected Trump administration as evidence of a pro-nuclear stance in America.

“Even the Treasury secretary, during his confirmation hearing, was talking about — not a clean energy race, but an energy race with China, who is building coal plants, who is building something like 29 reactors right now,’ he said.

More broadly, Hodge underscored the growing global commitment to increase nuclear energy production.

“We had a COP meeting late in 2024 where 31 countries agreed to triple nuclear capacity by 2050,’ he said.

‘That’s up from 20 countries the year before that — a 50 percent increase in the number of countries who said they want to triple nuclear capacity.”

Uranium supply challenges not going away

Offering his thoughts, Trimble who is president, CEO and director of Skyharbour Resources (TSXV:SYH,OTCQX:SYHBF) pointed to the substantial shortfall that is already materializing, noting that annual demand stands at 200 million pounds, while mine supply comes in at only 150 million to 160 million pounds.

“The age of abundant secondary supply has come to an end,” he said.

‘(We) don’t have that buffer that we’ve had for the last 50 or 60 years. So as that depletes, the upward pressure on the price not being able to tap into these secondary supplies is going to become more and more extreme.”

Adding to this pressure will be utility companies.

According to Trimble, a sluggish long-term contracting market contributed to uranium’s weak performance in 2024, with utilities securing just 106 million pounds — well below replacement levels.

However, he expects a surge in contracting in 2025, with volumes projected to exceed 180 million pounds as western utilities restock depleted inventories and secure long-term supply.

Longer term, the steady rate of new nuclear reactor builds is also a significant demand catalyst.

As noted by the World Nuclear Association, there are currently 65 reactors being built globally, with another 95 in the design stage. These new builds will join the 440 operational reactors located in 31 countries, as well as Taiwan.

Buying opportunity for uranium investors?

For Lara, who is founder of the Next Big Rush, it’s important to hone in on what may move a specific stock.

“What I look at is what retail looks at, and what retail looks at currently is the spot price,” she said. “There is a massive correlation of spot price moving and the smaller equities moving with it. So that is something that I keep watching.’

She expects financial players to re-enter the uranium market, driving prices higher after last year’s slowdown.

Lara also acknowledged that contracting volumes have remained low; however, term prices have not declined as much as the spot market. She emphasized that the long-term trend remains positive.

Commenting on the smaller crowd size at the panel and uranium sentiment on social media, she suggested that there is a potential buying opportunity as the market regains momentum.

Easy money has been made, ‘sure money’ still on the table

Rounding out the panel was Rule, proprietor at Rule Investment Media.

The veteran investor and speculator also reassured attendees that there is still money to be made in uranium.

“The basic supply, demand fundamentals for uranium are really good,” said Rule.

“I want to say that the easy money has been made. The easy money is made in the transition from hate to love. That’s over, but I think the sure money is ahead of us,’ he explained. “The sure money is ahead of us because of supply and demand imbalances; the sure money is ahead of us because the political winds have changed.”

These tailwinds, paired with utilities contracting, are the factors that signal to Rule that the “sure money” is ahead..

Unlike other commodities, uranium contracts can extend up to 20 years, providing rare top-line certainty, he explained.

This shift is expected to lower the sector’s cost of capital and enable smaller companies with strong deposits to secure financing or facilitate M&A.

Big tech’s AI pursuits need nuclear power

With the nuclear energy renaissance in full swing, supply security is becoming increasingly important. This is especially true in the US, where electricity generated from nuclear reactors supplies almost 20 percent of the nation’s needs.

Despite being the largest market for uranium, US mine supply fills only 5 percent of the country’s demand annually. This makes the US dependent on uranium imports from Canada, Kazakhstan, Uzbekistan, Russia and Australia.

US uranium imports were in sharp focus in May 2024, when then-President Joe Biden signed the Prohibiting Russian Uranium Imports Act, banning Russian-produced low-enriched uranium until 2040. The legislation took effect in August 2024, though limited waivers may be granted until 2028 to support critical US nuclear energy companies.

The US uranium supply picture was further blurred when new President Donald Trump threatened to levy 10 to 25 percent tariffs on a wide range of imports originating from Canada.

Against this backdrop, Amir Adnani, president, CEO and founder of Uranium Energy (NYSEAMERICAN:UEC), painted a picture of opportunity for the US during his VRIC talk with host Jay Martin.

Adnani praised Chris Wright, Trump’s pick for energy secretary, pointing out that he’s an oil and gas executive with ties to small modular reactors. “Because of power demand growth in the US, there is an ‘everything is needed’ mentality and approach to energy in the US,” he said. “And as a result, I think whether we call it American energy dominance or some of these terms, Trump is going to give it, ‘drill, baby drill,’ as he likes to say.”

Adnani explained that Trump’s campaign battle cry served as a signal to the energy sector.

“If you talk to executives in Midland, Texas, for example, they say, ‘Geez, we don’t want to drill anymore.’ The gas boom, the oil markets are oversupplied. But the reality is, when Trump says, ‘drill, baby drill,’ what he really means is ‘energy, energy, energy,’ and that could not be better captured in the trends we’re seeing with technology companies,” he said.

The uranium executive then went on to explain that a single ChatGPT query consumes 100 times more energy than a simple Google search. “When you look at power demand growth in the US for the last 20 years, it was basically flat,” said Adnani. “And now, when you look at power demand growth in the US just to the end of this decade, the next five years, it’s 10 percent annualized growth, and that growth is coming from the tech sector.”

To meet these rising energy needs Adnani sees nuclear as the only viable solution.

“One pound of uranium generates the same amount of energy as 3,000 barrels of oil,” he said.

“These big tech companies are thinking about what kind of power they can use. (Uranium is) going to have the energy density, it’s going to use less land, space, it’s going to need less transportation. Doesn’t need to involve geopolitically unstable regions. They’re really coming to this hard conclusion.”

Stay tuned for more event coverage, including video interviews with many of the experts who attended.

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

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Elon Musk and investors offering $97.4 billion for control of OpenAI, WSJ reports

Elon Musk is leading a group of investors in offering to buy control of OpenAI for $97.4 billion, The Wall Street Journal reported on Monday.

The bid is for the nonprofit that oversees the artificial intelligence startup, the Journal reported, adding that Musk’s attorney, Marc Toberoff, said he submitted the offer on Monday.

The WSJ cited a statement from Musk provided by Toberoff, saying, “It’s time for OpenAI to return to the open-source, safety-focused force for good it once was.”

In a post on X, OpenAI CEO Sam Altman wrote, “no thank you but we will buy twitter for $9.74 billion if you want.” Musk then replied to the OpenAI chief on X calling him a “swindler,” and in a reply to a different user, called him “Scam Altman.”

Musk, who is a top adviser to President Donald Trump, is in the midst of a heated legal and public relations battle with Altman. They were two of the co-founders of OpenAI in 2015, establishing the entity as a nonprofit focused on AI research.

OpenAI has since emerged as a giant in generative AI, launching ChatGPT in 2022 and setting off a wave of investment in new tools and infrastructure for next-generation AI products and services. SoftBank is close to finalizing a $40 billion investment in OpenAI at a $260 billion valuation, sources told CNBC’s David Faber last week.

Musk now has a competitor in the AI market, a startup called xAI, and is suing OpenAI, accusing it of antitrust violations and to try and keep it from converting into a for-profit corporation.

Meanwhile, OpenAI partnered with SoftBank and Oracle in a project announced by Trump right after his inauguration called Stargate, which calls on the companies to invest billions of dollars in AI infrastructure in the U.S.

Musk’s offer is backed by xAI, which the Journal reports could merge with OpenAI if a deal were to occur. Other investors in the bid include Valor Equity Partners, Baron Capital, 8VC and Ari Emanuel’s investment fund, the paper reported.

Toberoff sent a letter to the attorneys general in California and Delaware on Jan. 7, asking that bidding be opened up for OpenAI.

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DP Trading Room: Gold Hits Another All-Time High

The market rebounded to start trading on Monday, but indicators on Friday suggest internal weakness. Carl gives us his latest analysis on the market as well as taking a look at Gold which is making more all-time highs. Get Carl’s perspective on the Gold rally.

Besides looking at the market, Carl walked us through the DP Signal Tables and took a look at the Dollar, Gold, Crude Oil, Bonds, Yields, Gold Miners and Bitcoin.

Once he finished with his market review, Carl walked us through the daily and weekly charts of the Magnificent Seven which have mixed reviews on future price action.

Erin took the reins and analyzed sector rotation, concentrating on Energy, Technology and Utilities. She took a look under the hood to see if today’s rallies will catch on or not based on internal participation.

Symbol requests finished out the trading room with looks at various symbols of interest. Erin walked us through the daily and weekly charts with a few looks at 5-minute candlestick charts to time entries and exits.

Join us in the free trading room live to have your symbols reviewed and analyzed by registering ONCE at: https://us06web.zoom.us/webinar/register/WN_D6iAp-C1S6SebVpQIYcC6g

We are also running a free two week trial of any of our reports. Use coupon code: DPTRIAL2 at checkout!

01:06 DP Signal Tables

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The DP Alert: Your First Stop to a Great Trade!

Before you trade any stock or ETF, you need to know the trend and condition of the market. The DP Alert gives you all you need to know with an executive summary of the market’s current trend and condition. It not only covers the market! We look at Bitcoin, Yields, Bonds, Gold, the Dollar, Gold Miners and Crude Oil! Only $50/month! Or, use our free trial to try it out for two weeks using coupon code: DPTRIAL2. Click HERE to subscribe NOW!

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Three Technical Tools to Minimize Endowment Bias

Have you ever held on too long to a winning position? You watch as that former top performer in your portfolio slows down, and then rotates lower, and then really begins to deteriorate, and you just watch it all happen without taking action?

If the answer is “yes”, then you have fallen victim to one of the more frustrating of the behavioral biases called “endowment bias”. Basically, we feel unable to let go of this position because of our emotional attachment, and we hold on to a losing position despite very clear technical signs that we should do otherwise!

Today I’ll share three technical analysis techniques that I’ve found helpful to cut my losses, minimize the crippling impact of endowment bias, and preserve my portfolio through challenging periods.

When in Doubt, Follow the Trend

The biggest issue I find when it comes to endowment bias is that investors simply ignore clear signs on the chart. As my mentor Ralph Acampora once told me, “Analyzing the chart is the easy part. Actually doing what the chart tells you? That’s the tough part!”

The chart of Intel Corp. (INTC) in early 2024 shows how a stock can rotate from a period of accumulation to a period of distribution. In late 2023, INTC was making higher highs and higher lows, the price above two upward-sloping moving averages. The RSI was mostly above the 40 level, representing a bullish range for this momentum indicator. The relative strength (bottom panel) was steadily trending higher, demonstrating that INTC was outperforming the S&P 500.

By April of 2024, literally all of the previous bullet points had changed from bullish to bearish. INTC was now breaking down through moving average support, the moving averages were beginning to slope lower, and the RSI had moved to a bearish range below 60.

Think of technical indicators like a checklist, and go through the process of evaluating each indicator on the chart to determine whether the current reading is bullish or bearish. And when you get to a point when the bearish evidence outweighs in the bullish, then move on to better opportunities!

Relative Strength Can Bring Additional Clarity

Sometimes a stock will stop going higher, but instead of breaking down it enters a new consolidation phase. Microsoft Corp. (MSFT) showed this particular phenomenon in 2024, as it entered a trading range between $400 and $460 after a new all-time high in July.

Now even though the price trend was now sideways, note how the relative strength line began to trend steadily lower. This pattern emerged because MSFT was holding support, so the price trend was still in decent shape, but other stocks were continuing to pound out a strong second half to 2024.

When you’re holding a stock with deteriorating relative strength, your “opportunity cost alarm” should be going off big time. Basically, while you’re not necessarily losing money holding this particular stock, there are other stocks out there that are still moving higher. So by tying up your capital in this particular stock, you’re missing out on other opportunities to outperform!

Institutional investors tend to be laser-focused on relative strength, as that is pretty much exactly how they are evaluated as active managers. So think like an institutional investor, and if your charts begin to feature weakening relative strength, look around for other places to outperform.

Divergences are Often an Early Warning Signal

Parts of the technical toolkit can be used more as leading indicators than lagging indicators. I’ve found bearish momentum divergences to provide excellent early warning signals, because they will raise a red flag while the primary uptrend is still in place.

The chart of Synchrony Financial (SYF) still appears in decent shape, with a pattern of higher highs and higher lows continuing through early 2025. But notice how the RSI has actually been making lower peaks since early November, despite the stronger price action?

SYF and similar names will usually find a place on my “potential topping patterns” ChartList, helping me focus on charts that are still going higher yet demonstrating similar characteristics to previous market tops. I’m happy to still own a chart like SYF as long as the price keeps showing strength, but the bearish divergence tells me to be ready to take profits if the impending drop becomes a reality.

Mindless investors ignore clear signs of price deterioration because endowment bias prevents them from admitting a change in the technical evidence. Mindful investors, however, have a consistent process for evaluating their holdings, and are more easily able to admit when a chart is no longer helping them achieve their portfolio goals.

RR#6,

Dave

P.S. 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.