100 Days In: Trump’s ‘Strategic Uncertainty’ on Tariffs Leaves Markets Guessing

Equinox Gold and Calibre Mining are joining forces in a transformative merger that will establish Canada’s second-largest gold producer, with an estimated market capitalization of C$7.7 billion. The combined entity, operating under the Equinox Gold name, will control a diverse portfolio of mines across five countries, anchored by two major Canadian projects: the recently operational Greenstone mine in Ontario and the near-completion Valentine project in Newfoundland and Labrador. The merger promises immediate production strength, with projected output of 950,000 ounces of gold in 2025, potentially expanding to over 1.2 million ounces annually at full capacity. Under the agreement, Equinox shareholders

Gold continues its strong performance, trading over $2,940 per ounce after eight consecutive weeks of gains. The precious metal’s strength is primarily fueled by substantial investments in gold-backed ETFs, which saw their biggest inflows since 2022. Goldman Sachs has responded by raising its year-end target to $3,100, citing central bank purchases and expanding ETF holdings as key drivers. The weakening U.S. dollar, combined with recent data showing slowed business activity and waning consumer confidence, has led traders to anticipate Federal Reserve rate cuts starting in July 2025.

The latest episode of Unearthed brought together key industry experts to examine the complex factors influencing today’s gold market. World Gold Council Senior Market Strategists Joe Cavatoni and John Reade hosted Financial Times’ US financial markets editor Robert Armstrong, known for his Unhedged newsletter, for an in-depth discussion. The conversation delves into three major market drivers: evolving US fiscal policies, growing geopolitical tensions, and shifting bond yield dynamics, exploring their combined impact on both broader financial markets and the gold industry specifically.