Good evening, ladies and gentlemen, and welcome to Episode 10 of The Australian Gold Weekly Review! It's been ten amazing weeks of tracking the big moves in the world of precious metals, and we're truly grateful for all your support along the way!
But, between us, there are two "people" who've had an even better 10 weeks: gold and silver. Ten weeks ago, gold was trading around US$3,400/oz, and silver around US$38/oz. Since then, they've climbed an incredible 15% and 27%!
Now, our managing partner Brian, a long-time gold bull, thinks this rally's running a bit too hot. Imagine being a cheese lover, ordering extra cheese on your pizza… and realising even you can't handle that much cheese. That's how Brian feels about gold right now!
So what's driving this record-breaking run? And why does Brian think gold might cool off to US$3,500/oz before starting its next golden sprint? Tune in, you'll want to hear this.
Meanwhile, oil didn't share the same luck. Prices dropped almost 6% this week to US$61.84/barrel. Remember how we started this series talking about "tight supply and soaring demand"? Well, the tables have turned: supply is now overflowing while demand is slowing, as manufacturing reports from Asia and Europe point to weaker activity.
Over to the ASX All Ordinaries Gold Index, which ended the week at 16,548.9 points, up 1,046.4 points. We're not even shocked anymore, huge gains have become the new normal! Leading the charge this week was Westgold Resources, which revealed a three-year production outlook and plans to boost throughput. Evolution Mining and Northern Star Resources also added fuel to the rally. But let's be honest: the real driver here was that "extra cheese" on gold's rally, with prices brushing US$3,900/oz earlier this week.
And finally, our explorer in focus: James Bay Minerals (ASX: JBY). The stock soared 30% in a single day after announcing its acquisition of the Shafter Silver Project in Texas from Aurcana Silver. So what makes this project so special?
Shafter isn't just any project, it's a past-producing underground mine sitting on the northern edge of Mexico's famous Sierra Madre belt. It already has serious infrastructure, 160 km of underground workings, four shafts, and a process plant, meaning JBY could save massively on start-up costs. And with silver prices staying strong, investors are rushing toward developers who are actually close to production.
Put that together: a near-ready mine, a hot silver market, and a burst of fresh capital, and you've got the recipe for a stock on fire. But is this just a short-term pop… or the start of a major re-rating?
Brian's got the inside track. Stay tuned, this might just be the silver opportunity you don't want to miss.