gold news

  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. [Music] The gold price was on the rise this week, breaking through 3,400 per ounce once again. It's been pushed higher by US dollar weakness as well as Federal

Reserve turmoil. President Donald Trump has been pressuring Fed Chair Jerome Powell to cut interest rates for months. And on August 25th, the situation developed further when Trump posted a letter on his social media platform, Truth Social. In it, he said he was removing Lisa Cook from her position on the central bank's board of governors due to allegations of mortgage fraud. Cook, who's been voting to hold rates steady, was due to serve until 2038. She's now filed a lawsuit asking for

Trump's order to be declared unlawful and void. The move has spurred questions about whether Trump can actually fire her. While the Federal Reserve Act doesn't allow him to remove Fed officials at will, he can do so for cause. For its part, the Fed has said it will abide by any court decision. The situation is still developing and gold market watchers are keeping a close eye on how it plays out. The yellow metal tends to fare better when interest rates are low. And some experts believe that a

rate cut from the Fed could kick off its next move higher. The Fed's next meeting is scheduled to run from September 16th to 17th. And by the time this video is posted, the latest personal consumption expenditures price index data will be out. PCE is the Fed's preferred measure of inflation and may have bearing on its rate decision. The US Department of the Interior has released a new draft critical minerals list and the recommended additions include silver as well as potachsh, silicon, copper, reinium, and lead.

Silver's potential inclusion is turning heads in the mining community as market participants assess the potential impact for the metal, which has precious as well as industrial uses. The critical minerals list is designed to guide federal strategy, investment, and permitting deals as the US works to lock down supply of key commodities, meaning that silver focused companies could see benefits such as tax breaks and faster timelines. In total, the draft list has 54 minerals with 50 included based on

results from an economic effects assessment. Three were selected on the back of a qualitative evaluation, and zirconium is there because of the potential for a single point of failure in the US supply chain. The list was set up after a 2017 executive order from Trump, who was then in his first term. It's updated every 3 years. It's worth noting that silver and the other recommended additions aren't officially critical minerals yet. The draft list was posted for public comment on August

26th, and feedback will be accepted for 30 days. It's also worth noting that two commodities may be stripped of their critical mineral status. Arsenic and toarium have been recommended for removal. Critical minerals lists vary from country to country based on individual needs, although in many cases they have similarities. In January 2024, a group of silver industry participants, including many major minors, send a letter to Canada's energy and natural resources minister proposing that silver

be included in the nation's critical minerals list. To date, it has not been added. Sweden's government has proposed the removal of the country's ban on uranium mining as it looks to reduce its reliance on imports of the energy fuel. Uranium mining has been banned in Sweden since 2018. But the country has six operating reactors and generates about 1/3 of its power from nuclear energy. The ban is set to be removed on January 1st, 2026 and comes as nations around the world increasingly look to nuclear

power to fill their energy needs. It also comes amid questions about supply. Although demand is rising and prices are out of a year'sl long slump, uranium companies have been slow to ramp up post Fukushima. Just last week, Kazatom said it was lowering its 2026 production target compared to earlier estimates, cutting about 8 million pounds. Although the company sees stability in long-term uranium prices and strong sector fundamentals, it isn't prepared to return to 100% levels. Kamico, another

major uranium miner, made a similar statement this week, saying its 2025 output will be impacted by delays in transitioning the MacArthur River mine to new mining areas. Production will be 4 to 5 million pounds lower, although there's a chance for Cigar Lake to partially offset that loss. Thank you for watching. If you like this video, make sure 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]