Welcome back to our weekly update. I'm Charlotte Mloud with investingnews.com and we're going to run through a few of this week's biggest stories in the mining industry. If you enjoyed this video, don't forget to hit the like button, subscribe to our channel, and of course, leave us a comment below. Let's get into it. The gold price trended down this week, dropping to just over 3,200 per ounce on the first day of May. While the yellow metal remains historically high after a strong run this year, it's


pulled back from last week's record setting level of 3500. That might sound concerning, but many of the experts I've been speaking with agree that this face retreat isn't a reason to worry. Gareth Soloway of verified.com described it as very normal, saying that he remains bullish on gold in the mid to long term. His technical analysis shows that the 3100 to 3140 area will be important to watch moving forward. In his view, that's when bullish players should start re-entering the market, boosting the price once


again. Gareth also outlined gold's future price potential, saying it's possible that the precious metal could rise as high as 7,000. Here's how he explained it. That's right. That's right. So, so to find a longer term target, I think I think what you have to do is you have to start saying, okay, you know, what was the general move percentage-wise in previous bull markets, right? So, so if we just erase all of these lines here and really start from let's look at our bull market that kind of bottomed the


the bearish portion bottomed out in the early 2000s and then we obviously had about a 10-year bull market run. And so what we can do there is say okay well the low was down here and all in all it was about a 660% bull run. And then if we go back to let's say we go back to the bull run from the lows in 76 1976 and we go all the way up to the bull market high that was about a 750% run. So it looks to me like maybe percentage- wise you know here you have 750 660 it looks like about 100% less maybe on the future side of things. So


what we would then do and again this is just one way right so I want to be clear it doesn't mean this is going to be the answer but if we're really looking for that you know potential upside on the charts we actually could go up and do let's say instead of 660 we do 550 and that would take us up to about a 600 $7,000 price target give or take I'll leave the link to the full interview with Gareth in the video description definitely check it out for more of his thoughts on gold as well as silver and


the US economy. Looking forward to next week, all eyes will be on the US Federal Reserve's meeting, which is set to run from May 6 to 7th. It follows initial numbers showing that real GDP contracted by an annual rate of 0.3% in the first quarter. That's the first negative reading since 2022. And as the news weigh on the stock market, US President Donald Trump took to his social media platform, Truth Social to suggest that the data is an overhang from Joe Biden's term. "When the boom begins, it will be


like no other." "Be patient," he emphasized. Going back to the Fed, while Trump has pressured Chair Jerome Powell to cut interest rates sooner than later, CME Group's Fed Watch tool shows that the vast majority of market participants expect rates to stay flat. Elon Musk also has his eye on the Fed. Speaking to reporters on April 30th, he said the 2.5 billion renovation of the central bank's headquarters could become a point of inquiry for the Department of Government Efficiency, better known as Doge.


Calling the cost an eyebrow raiser must question where the money is being spent. The cost of the project was initially set at 1.9 billion in 2021. The US and Ukraine signed a much anticipated minerals deal on April 30th, ending months of often tense negotiations between the two countries. If approved by parliament in Ukraine, the agreement will set up a reconstruction investment fund that will be split 50/50 between each party. According to Ukrainian officials, the deal is more equitable than previous


versions. In addition to the 50/50 division, the fund will be financed only by new licenses for critical materials, oil, and gas, meaning that revenues from existing projects won't be included. Aside from that, Ukraine will not have to pay back wartime aid provided by the US. While Ukraine had pushed for security guarantees from the US, that component ultimately wasn't put in place. However, in addition to contributing to the fund, the US may provide new assistance to Ukraine, such as air defense systems. A total of 55


minerals are reportedly covered in the arrangement, but more can be added in the future if there's consensus between the US and Ukraine. Although the US will get preferential rights to mineral extraction, Ukraine will have the final say on what's mined and where, and will retain subsoilership. The agreement comes on the back of an increasing global focus on critical minerals, many of which are key for new technology and important industries like defense. It's worth noting that while Ukraine is home to a


wide variety of these commodities, more geological data will be needed to determine commercial viability. For example, there's no up-to-date information on the country's rare earth reserves. Thank you for watching. If you like this video, make sur e you hit the like button and subscribe to our channel. We'd also love to hear your thoughts, so leave us a comment below. [Music]