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US rate cuts bets continue to drive gold's record-breaking run.
The gold price reached another record on Thursday as investors sought out the safe haven due to U.S. China trade tensions, the U.S. Government shutdown and prospects of rate cuts. As of 1208 GMT, spot gold was up by 0.8% to $4,242.38 an ounce. Bullion touched a new record high at $4,247.49 earlier, rising for the fifth consecutive session. U.S. Gold Futures for December Delivery were up 1.4% to $4,258.50. Gold prices, which are traditionally seen as a safe haven during periods of uncertainty, have risen by 60% in the past year. This week, investors have been focused on the trade dispute between the two world's largest economies. On Wednesday, U.S. officials criticized China's expansion of export controls on rare earths as a danger to global supply chains. Investors are turning more to gold because of renewed trade frictions, said Nitesh Sha, commodities strategist with WisdomTree. He added that the gold breakout is also indicative of investor uncertainty over U.S. policies. Shah said that there is a high probability the metal will remain above $4,200. The gold rally is driven by several factors including the expectation of interest rate reductions, political and economic uncertainties, central bank purchases, and inflows to gold exchange-traded fund. A Treasury official stated on Wednesday that the shutdown of the federal government, which has lasted for two weeks, could cost the U.S. economic system as much as 15 billion dollars a week due to lost production. On the monetary front, traders have priced in a 25-basis-point cut from the U.S. Federal Reserve for October, with another one in December. These are viewed as 98% and 85% chances, respectively. Gold that does not yield is usually more profitable in an environment with low interest rates. Aakash Doshi is the head of State Street Investment Management's gold metals strategy. Gold smuggling has also increased in India, the second largest buyer of precious metals in the world. This is because of record-high prices and shortages. Silver spot fell by 0.1%, to $53.00 an ounce. It had hit a record high $53.60 per ounce on Tuesday. The rally in gold was mirrored and the tightness of the spot market supported this decline. Palladium rose 1.7%, to $1,562.23, while platinum climbed 1.1%, to $1673.12. (Reporting and editing by Elaine Hardcastle, Ed Osmond and Anushree Mukerjee from Bengaluru)
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CEO Daniel Klier leaves role at South Pole carbon consultancy
Two people with knowledge of the situation said that on Thursday, the head of South Pole, an carbon finance consultancy and project development company, left his position and was replaced with immediate effect by Nadia Kaddouri, current chief financial officer. Daniel Klier was appointed CEO of South Pole in May 2024. He had to lead a turnaround as a response to concerns regarding the Kariba Forestation Project in Zimbabwe, in which South Pole was involved. Klier did not respond to an immediate request for comment. It is unclear why he left the Swiss firm. Klier is expected to join the advisory board of the company, according to a source who spoke on the condition of anonymity. These sources are not authorized to comment publicly on this matter. 'COMPREHENSIVE TRANSFORMATION' South Pole stated in a September statement that the company had focused its efforts over the past two years on "a comprehensive transformation" of their carbon finance consultancy. A new advisory board was appointed and a review of the company's quality, compliance and risk protocols were conducted. The company is also backed by Lightrock, an impact investor. South Pole's involvement in the Kariba project REDD+, part of United Nations efforts for curbing carbon emissions by protecting forest, was criticised 2023. The media questioned if the project preserved as much of the forest as promised, and claimed that the communities had not benefited as much as expected. South Pole, the developer of carbon assets for the project, and the company responsible for the sale of credits generated on the market, terminated its relationship with Kariba in 2023. In a press release at the time, it stated that it only sold carbon credit from the project which were verified and fully valid by Verra. In November 2023, South Pole's Board appointed a new leadership team to improve governance and selection of projects. The board said that it was "determined" to learn from its experience working with the Kariba project in Zimbabwe. Verra said last month that a review found that more than 15 millions excess credits had been issued. The actual deforestation in the Kariba Project... was much lower than the initial estimated deforestation," the report said. Klier's LinkedIn profile states that he was the global head of sustainable financing at HSBC from 2017 to 2021, following a five year stint as group director of strategy. Before joining South Pole, Klier was the CEO of sustainability data company ESG Book. (Reporting and editing by Virginia Furness)
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QUOTES - Putin speaks about oil, gas and coal at the Russian Energy Week
The Russian Energy Week 2025 keynote speech was delivered by President Vladimir Putin in Moscow. Here are the main points of his speech. His words were translated into English by. On the Future of Oil Market: According to estimates, the global oil demand for this year is expected to be 104,5 million barrels per a day, which is more than one million more than it was last year. The growth of the petrochemical sector is driving the consumption increase, and the transportation sector has seen many plans to phase-out internal combustion engines being delayed. "People will continue to use gasoline-powered vehicles." On the Russian Oil Sector: "Russia continues to be a major oil producer despite unfair competition used against us." "We are responsible for about 10% of the global oil production, and we expect to produce 510 millions tons by the end the year. This is about 1% less than last year. "However, I'd like to emphasize that this is in line with the OPEC+ deal, which means it is a voluntary cut." "The Russian oil industry is working reliably, and planning for the future. In addition to supplying the domestic oil market and refining it, our companies have shown flexibility in establishing new payment and supply channels. Our oil and petroleum products exports used to be primarily focused on the European Union. Now, our geography has expanded. OPEC+ : "Russia continues its cooperation within OPEC+. We and our partners fulfill our obligations in order to maintain a global market balance based on our mutual interests. This is not just for the producers, but also for the consumers. Our combined efforts are producing results. "I'm referring primarily to the supply volume on the market and pricing environment." These parameters are a win-win for oil producers and consumers. They allow the industry launch investment projects and, more importantly, they provide conditions that will lead to a more predictable global economy. Predictability on the oil markets is probably the most important aspect of this sector. On Gas Sector: "It seems that the refusal by some European countries of Russian gas, and the disruption to the well-known Nord Stream pipe have cut us off traditional markets and dealt a major blow to a vital sector of our energy and fuel complex. It is true that initially, our gas exports declined. However, they have since recovered and are now growing again. The growth hasn't been fully realized yet, but it is very clear. "The EU's decision has only accelerated our shift in supply to favour more promising and responsible buyers. Countries that understand their national interests and act rationally based on them." On the Coal Sector: "Despite the dire predictions of some experts about coal, it still represents a substantial share of global energy balance. There are however clear regional differences. While Western markets reduce demand for coal; Asian countries increase consumption. The coal market will remain large and significant for many decades. "Yes, coal prices are falling right now, just like in any other market. We are helping our employees and companies in these conditions, by restructuring loans, for example. On Nuclear Energy: Rosatom is also a leader in high-tech. Around 90% of nuclear power plants are built in the world. 110 units of Russian design were built around the globe. "Russia is the only country in the world that has expertise in all aspects of nuclear energy." "Building on that foundation, we are building nuclear power plants in Egypt and Bangladesh and Turkey. We also intend to deepen our cooperation with countries in the Global South via BRICS." Reporting by Felix Light, Edited by Andrew Osborn & Mark Trevelyan
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Guinea bauxite exports jump 23% in 3rd quarter despite rains, regulatory pressure
Official data revealed that Guinea's exports of bauxite grew by 23% in the third quarter compared to the same period last year, despite heavy rains and regulatory obstacles. According to the data reviewed on Wednesday by the Ministry of Mines and Geology, shipments of the critical aluminum feedstock increased to 39.41 millions metric tons, from 32 million metric tons in Q3 of 2024. The bulk of the shipment was sent to China. Guinea, which is the second largest bauxite exporter in the world, shipped an average of 13.14 million tonnes per month in Q3, a 19% drop from the first quarter. Heavy rains slowed down port operations and disrupted access to mines, highlighting the seasonal volatility within the country's supply chains. The recovery comes despite a crackdown from Guinea's military government which has revoked licenses and forced miners to construct alumina refining plants, creating operational uncertainties. Bernabe Sánchez, an independent mineral expert focused on Guinea, said that with these volumes, Guinea’s annual bauxite production is likely to be around 180 million tonnes, well below the pace of the first half but still over 20% above the record set last year. CHINA DEEPENS GRIP According to data from the Guinean Ministry, Chinese firms accounted for 54.6% (or 17.51m tonnes) of Guinea's exports in Q3. Guinea is a major supplier of bauxite to China, and this gives Beijing a growing influence over the global aluminum supply chain. China's aluminum output remained strong despite a drop in steel production. According to official Chinese data, the primary production increased by 2.6% on an annual basis in Q1 of 2025. This was driven by demand for electric vehicles and infrastructure. Guinea's bauxite production surge coincides with the first shipment of iron ore from the Simandou project, which has been delayed for years. The majority of high-grade ore is headed to China. Conakry is now a major supplier of industrial machinery to China. The data revealed that Guinea exported only 78,000 tonnes of aluminum in Q3 2025 despite government pressure to miners to build local alumina factories. LME aluminium, CMAL3, rose by 0.4% to $2.747.50 per tonne. Maxwell Akalaare Adombila reported; Chizu Nomiyama edited.
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Gemfields claims illegal miners killed 2 police guards in Mozambique
Gemfields Group announced on Thursday that a group illegal miners invaded the Montepuez ruby mining site in northern Mozambique and killed two guards. Gemfields released a statement saying that "a group of about 40 illegal miners" marched to the mine entrance at Montepuez Ruby Mining. The company said that "they proceeded to assault Mozambican officers at the gate and killed two of them, including a leader of the Natural Resources Protection Force of Mozambique." Gemfields said that no company employees or contractors have been injured and the site is now calm. Gemfields stated that the attack was linked to an earlier violent confrontation between district immigration officials and suspected illegal aliens in a village. It was also reported that one person had died in the clash. The company delayed commissioning its second processing facility at the mine because hordes illegal miners were sabotaging the plant supply infrastructure. Gemfields had to postpone its normal November/December ruby sale to January/February 2020. In October 2022, Gemfields' Montepuez Mine ceased operations after an insurgent attack on a ruby mine nearby. The latest attack has no connection to the Islamist insurgency that broke out in 2017, which has killed thousands and disrupted multi-billion dollar natural gas and mining project. In addition to the insurgency in Cabo Delgado, the authorities of Mozambique are fighting illegal immigrants who dig and smuggle gemstones out of the area.
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AEP receives $1.6 billion in federal loan guarantees to upgrade power lines
The utility announced on Thursday that its unit, American Electric Power, had secured a $1.6billion loan guarantee from the U.S. Department of Energy to upgrade transmission lines in five states. This comes as the demand for power from data centers is surging. AEP Transmission is upgrading power lines in Indiana and Michigan as well as Ohio, Oklahoma, and West Virginia. This will primarily support data centers, artificial intelligent, and manufacturing. According to the U.S. Energy Information Administration, power consumption will reach record levels in 2025 and in 2026. This is due to a surge of demand for data centers that run artificial intelligence technology. Bill Fehrman, CEO of AEP, said: "We are experiencing a growth in energy consumption that we haven't seen for a long time. The funds we save with this program will allow us to invest in other areas." The utility stated that customers have committed to expanding their businesses, which will require 24 additional gigawatts by the end the decade. The first loan guarantees will cover nearly 100 miles of transmission line in Ohio and Oklahoma. The company reported a January profit of $1.1 million. Receive a 10% discount A conditional loan commitment is part of the Investing in America program by former U.S. president Joe Biden. AEP announced earlier this year that it would be reducing its emissions. Consideration The company has added $10 billion to its five-year capital program of $54 billion in order to meet the increased demand. The utility has about 5.6 millions customers across 11 states and the largest transmission system of electricity in the U.S.
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Gold prices spike in India before festivals, causing a surge in gold smuggling
Government and industry officials said that gold smuggling in India had increased ahead of major festivals. This was due to the record high prices and supply shortages. Import taxes on gold have been reduced to 6%, down from 15% in the past year. Customs and Directorate of Revenue Intelligence officials (DRI), however, said that smuggling had increased in the last few weeks. Several attempts to smuggle were foiled at Indian airports. A bullion dealer in Chennai said that smugglers are now able to convert gold quickly and easily, thanks to the strong demand for festival gifts and the limited supply. This month, Indians will celebrate Dhanteras (Diwali) and Diwali (Dhanteras), festivals when purchasing gold is considered auspicious. These are also the busiest days to buy the precious metal. On Thursday, gold prices in India reached a record of 128,395 rupees for 10 grams. This marks a 67% increase so far this season. Smuggling gold at this price is lucrative for grey-market operators. They can make more money by avoiding the 6% import tax and 3% local sales taxes. "The payoff is super tempting for them," said an unnamed senior bullion trader in Mumbai. The margin for smugglers has fallen to 630,000 rupees a kilogram after the import duties were reduced in July. The bullion dealer stated that investors are now chasing after gold, causing a shortage of supply and driving up premiums. A jeweller in Kolkata said that banks were unable to satisfy the demand for the stock and charged very high prices. This week, Indian dealers quoted a premium. The price of gold can be up to 25 dollars per ounce more than the official domestic prices. This is the highest since at least a decade. The government agencies in 2024/25 fiscal years ended in March registered 3,005 gold smuggling cases and seized 2,6 metric tons. (Reporting and editing by Alexander Smith; Rajendra Jadhav)
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US rate cuts bets continue to drive gold's record-breaking run.
Gold reached a record high of $1,050 on Thursday as investors flocked to gold due to U.S. China trade tensions, the U.S. Government shutdown and prospects for interest rate reductions. As of 1012 GMT, spot gold was up by 0.7% to $4,235.41 an ounce. Bullion had earlier reached a new record of $4,243. This was the fifth straight session that bullion rose. U.S. Gold Futures for December Delivery were up 1.2% to $4,252.30. Gold prices, which are traditionally seen as a safe haven during periods of uncertainty, have risen by 61% in the past year. Focus on Trade Spat This week, investors have been focused on the trade dispute between the two world's largest economies. On Wednesday, U.S. officials criticized China's expansion of export controls on rare earths as a danger to global supply chains. Investors are turning more to gold because of renewed trade frictions, said Nitesh Sha, commodities strategist with WisdomTree. He added that the gold breakout is also indicative of investor uncertainty over U.S. policies. Shah said that there is a high probability the metal will remain above $4,200. The gold rally is driven by several factors including the expectation of interest rate reductions, political and economic uncertainties, central bank purchases, and inflows to gold exchange-traded fund. A Treasury official stated on Wednesday that the shutdown of the federal government, which has lasted for two weeks, could cost the U.S. economic system as much as 15 billion dollars a week due to lost production. On the monetary front, traders have priced in a 25-basis-point cut from the U.S. Fed for October, with a second one in December. These are viewed as 98% and 85% chances, respectively. Gold that does not yield is usually more profitable in an environment with low interest rates. Aakash Doshi is the head of State Street Investment Management's gold metals strategy. Silver spot fell by 0.4%, to $52.88 an ounce. It had hit a record high $53.60 per ounce on Tuesday. The rally in gold was mirrored and the tightness of the spot market supported this decline. Palladium rose by 0.3%, to $1,540.25, while platinum rose 0.9%, to $1669.60. (Reporting and editing by Elaine Hardcastle, Ed Osmond, and Anushree mukherjee from Bengaluru)
Sources say bidders have radically different visions of Citgo's future.
Five sources said that an affiliate of Elliott Investment Management wanted to cut costs in Citgo Petroleum, a Venezuelan-owned refiner, while a unit from Gold Reserve was mainly focused on maintaining the statusquo. This is as the long auction which will determine the refiners' future approaches its end.
The details of the competing visions of Citgo were revealed ahead of an auction to select the winner of PDV Holding, Citgo's parent.
The Delaware court ordered the auction of shares to be held to pay for Venezuelan debt defaults, expropriations and other damages.
The judge will decide next week who wins the auction, which has been running for nearly two years.
A court officer who was overseeing the August auction recommended Elliott's Amber Energy's $5.9 billion bid as the winner. This is a change from his previous recommendation of Gold Reserve's Dalinar Energy's $7.4 billion offer.
Amber's agreement to pay $2.1billion to holders of Venezuelan bonds that have defaulted is the main difference in the bids. This was a crucial step to remove an obstacle to a takeover.
Five sources familiar with the plans say that if Amber's bid is accepted, it would implement a streamlined plan, while Dalinar - which is still fighting for a chance in court - wants to use the refiner’s strengths to keep its assets and operations largely the same.
The strategies of the two companies have not been made public.
Gold Reserve declined comment. Citgo Amber has not responded to requests for comments.
Extreme Makeover
Amber's team will be led by Greg Goff, a refining expert, as CEO and Jeff Stevens, as president. Three sources claim that the Elliott affiliate is more interested in radical changes to Citgo. This could include the removal of the board and top management.
After purchasing a $2.5 billion stake in Phillips 66 this year, hedge fund Elliott snatched up two seats on the board of the rival refiner and supports a divestiture, cost-cutting and operational changes for perceived underperformance.
"Elliott is sure to find where to make cuts in Citgo," said one source close to refiner. Citing audits, the source cited inefficiencies that were grandfathered into its status as a former wealthy state-owned company.
Garfield Miller, an independent expert in refining, believes that Goff and Stevens will run the company for several years. Elliott is the best person to call if there's a need for reorganization, he said.
Citgo is one of the most complex refiners in the United States, with an 807,000 barrels per day network spread across Texas, Louisiana, and Illinois. It also has 42 terminals, 8 pipelines, and 3 lubricant factories. It has 3,300 employees and supplies 4,000 independent retailers.
Sources said that Amber's plans could help to monetize its investment, particularly after it pays out billions of dollars as planned in cash to Venezuela bondholders.
Another source stated that "if Elliott's affiliate wins the auction, then the takeover will be aggressive just like its cost-cutting plan." The person said that a hostile removal of board directors would trigger clauses to indemnify the members.
Sources said that asset sales would be preceded by a streamlined process. The auction has already identified potential buyers of certain assets, including rival refiners. It also helped Citgo identify possible trading pacts which could help it source oil more efficiently.
Go with the flow
Gold Reserve envisages a collaborative approach. The Toronto-listed company, which is familiar with Venezuela and its state firms from its previous ventures there, hopes to leverage Citgo’s existing management, financial strength, and infrastructure to launch Dalinar, its U.S. subsidiaries, into the refining industry, according to the five sources.
Gold Reserve has praised Citgo for its leadership, and has recently aligned itself with Venezuelan and Citgo lawyers in court in order to counter Amber’s bid and ensure that auction proceeds benefit creditors in Delaware.
Paul Rivett (executive vice-chairman of Gold Reserve’s board) told investors that Citgo’s current management had done a good job in the circumstances.
Tony Sementelli was previously the executive vice president and Chief financial officer at Flint Hills Resources (a refiner owned by Koch). He was appointed as Dalinar’s chairman. Two other members of the board were previously employed by Flint Hills.
Dalinar's plan is dependent on Citgo's near-total preservation due to the complexity of its financing. The court officer Robert Pincus, rival bidders and some creditors have said that the bid is too dependent on Citgo's performance in the future, which would be a reason to preserve assets.
The sale could be delayed by roadblocks, regardless of what the court decides. Any winner must be approved by the U.S. Treasury Department. Reporting by Marianna Pararaga, Editing by Nathan Crooks & Ni Williams
(source: Reuters)