👷‍♀️ Greetings Contrarian!

This is The Next Big Rush, your daily drop of mining and energy investing news. Where we come together and go bowling. 🎳

📝 Here are the highlights

😋 Gold Shifts

👏 Mine Revival

🐦 Uranium Continues to Rock

📌 Daily Commodity Prices

😋 Gold Shifts

After a sharp Thursday drop—the biggest single-day fall since July—gold found its footing early today, up to $2,767.50 per ounce.

This comes after an impressive climb to a new high above $2,800, with gold still up over 33% year-to-date, fueled by central banks and safe-haven seekers amid unrest in the Middle East and Ukraine.

The U.S. economic landscape has been shaping gold’s recent rollercoaster. Inflation just hit 2.1%, barely above the Fed’s 2% goal, while solid consumer spending data and wage growth add pressure to the rate outlook.

Markets are eyeing the Fed’s next steps, with some betting on a softer rate approach that could keep demand strong for gold, a non-yielding asset. And with a heated U.S. presidential race around the corner, don’t be surprised if gold volatility spikes.

Ole Hansen of Saxo Bank warns that the metal might be in for a sizable correction of over $100 an ounce.

But for now, gold’s four-month rally makes it one of the hottest commodities in 2024—let’s see if it can keep the momentum going.

👏 Mine Revival

As the race for copper heats up in clean energy and AI, companies are reviving abandoned mines once seen as liabilities. With demand projected to outpace supply by 1.7% by 2035 and copper prices hitting record highs, the momentum to restart these sites is undeniable.

Reviving old mines offers a faster, more cost-effective alternative to developing new ones, which can take over a decade and billions to build.

Recent analyses show plans to produce about seven million metric tons of copper from four shuttered sites in the next five years, contributing to a projected total of 30 million tons by 2031. Prominent revivals include the Minto mine in Canada, now owned by the Selkirk First Nation, alongside initiatives in Quebec and Spain.

However, challenges such as volatile prices, financing hurdles, and engaging with Indigenous communities remain.

As companies gear up to bring these mines back into production, how the market reacts to demand and pricing will be crucial for success.

📰 In Other News

🐦 Uranium Continues to Rock

Happy Speculating!

The Editor

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