Cleo Diagnostics (COV:AU) has announced CLEO Further Expands Ovarian Cancer Trial with Siles Health
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Tartana Minerals (TAT:AU) has announced Capital Raising and QSM Completion Update
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Radiopharm Theranostics (RAD:AU) has announced Completion of preclinical data package for RAD 402
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Lundin Mining (TSX:LUN,OTC Pink:LUNMF) has entered a definitive agreement to sell its Neves-Corvo operation in Portugal and Zinkgruvan operation in Sweden to Boliden (STO:BOL) for up to US$1.52 billion.
The sale, announced by the company on Monday (December 9), will see Boliden acquire full ownership of Somincor, the company operating Neves-Corvo, as well as Zinkgruvan Mining Aktiebolag and its associated entities.
Lundin expects to receive upfront cash consideration of US$1.37 billion at closing, based on financial conditions as of August 31, 2024. Interest will accrue at 5 percent annually until the closing date.
It will also receive up to US$150 million in contingent cash consideration once certain conditions are satisfied.
The contingent payments for the Neves-Corvo operation are linked to copper and zinc prices exceeding US$4.50 per pound and US$1.30 per pound, respectively, between 2025 and 2027.
For Zinkgruvan, the contingent payments are tied to zinc prices surpassing US$1.40 per pound during 2025 and 2026, provided that annual zinc production meets a minimum threshold of 135 million pounds.
Payments are capped at US$25 million annually, with a total maximum of US$50 million. Incremental revenue exceeding these thresholds will result in payments to Lundin capped at US$100 million over the period.
Lundin intends to use the proceeds to strengthen its balance sheet and prioritize its growth in the Vicuña District in South America. The company currently has operations and development projects in Argentina, Brazil, Chile and the US.
“It is an opportune time to optimize our portfolio through this divestiture as we drive towards becoming a top-tier copper-dominant mining company,” said CEO Jack Lundin in a press release.
Neves-Corvo and Zinkgruvan have been significant contributors to Lundin Mining’s growth as a multi-asset base metals producer. According to Lundin, the transition to Boliden will provide continuity for local stakeholders and employees.
Both companies anticipate completing the transaction by mid-2025.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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The Trump administration’s ability to reign in government spending, quash inflation and bolster the economy were the most prevalent topics during the popular economy panel at the New Orleans Investment Conference.
Moderated by Adrian Day, president Adrian Day Asset Management, this year’s discussion featured James Lavish, Jim Bianco, Dr. Mark Skousen, Brent Johnson and James Grant. The expert group began the discussion by debating the potential economic impact Donald Trump could have, highlighting contradictions in his policies.
Johnson, who is CEO of Santiago Capital, pointed out that Trump’s anti-inflation stance conflicts with his push for a weak US dollar and tariffs, which Johnson likened to global rate hikes.
“I would say that Trump’s policies in many ways contradict each other in some way,” he said.
“Sometimes he will say, ‘I want to kill inflation,’ but then he will also say he wants a weak dollar. And then the next sentence, he will say, ‘The greatest word in the world is tariffs,” Johnson explained.
“The reality is, even if he gets his rate cuts, tariffs are basically like a rate hike for the rest of the world, because it’s going to mean less dollars circulating outside the US. And that has tremendous implications for the global economy.”
Skousen, an economist and author, countered Johnson’s stance, asserting that Trump favors a strong dollar.
“Trump is known for ‘king dollar.’ He wants a strong dollar. I don’t know where he got the weak dollar business,” he said. “Make America Great Again is all about making the dollar strong.”
Skousen then took aim at Trump’s proposed 20 percent tariff on imports, saying it isn’t likely pass in Congress.
“Economists across the board have done study after study showing that tariffs are bad long term and short term for the country. Donald Trump was asleep when he took econ at the Wharton School, because he should know better than to push that agenda,” he said.
DOGE Commission and Trump tariff talk
Next up, Grant, a financial journalist and historian, pointed to the redundancy in Trump’s appointments for the Department of Government Efficiency, also referred to as the DOGE Commission.
“If you want to bury an idea in Washington, form a commission,” Grant quipped. “The DOGE Commission, the directive on government efficiency, ladies and gentlemen, has two CEOs.”
He added, “To bring down government spending and to reduce the growth in public debt, President-elect Trump would not have said he would never touch entitlements — but he said that.’
Ultimately Grant believes “the rhetoric is stronger than the intention.”
The panelists also explored potential friction between Trump and the Federal Reserve, speculating on whether Trump will clash with or attempt to dismiss Chair Jerome Powell.
“Let’s talk about the president-elect, Donald Trump, and who is perceived to be the second most powerful person in Washington — that is the Federal Reserve chairman,” said Bianco, president and macro strategist at Bianco Research.
“Trump is not going to reappoint Powell, but Powell knew that he wasn’t going to get reappointed; even if Harris won, she was probably going to appoint (Lael) Brainard to replace him in May of ’26,’ he went on to note.
While Trump is unlikely to reappoint Powell at the end of his term as Fed chair, Bianco does believe Trump is going to make it challenging for Powell to operate.
‘Trump is not, I don’t think, going to fire Powell. I don’t think he wants to have the spectacle,” he said. “He’ll just threaten to fire him every week, and blame everything, including male pattern baldness, on Powell.”
After the laughter from the audience dissipated, Bianco warned that Trump has previously said he would like to be both POTUS and Fed chair — something that has never been done in the country’s history.
Trump’s relationship with the Fed is likely to start on bumpy terms as Powell works to reduce inflation.
“The Fed might be done cutting rates, and Trump wouldn’t be wrong to say, ‘Boy, did that look very political. You were cutting rates before the election like crazy, 50 basis points. Then I (get elected) and you stop?’ That could wind up becoming a narrative early in the Trump administration, his stressed relationship with the Fed chairman.’
Although Trump would like to wield more power over the Fed, during a November 8 press conference, Powell told reporters he won’t resign if Trump asks, nor does the president-elect have the power to fire him.
Lavish, managing partner at the Bitcoin Opportunity Fund, also pointed to Trump’s double speak as a serious problem, heading into the next four years. “Trump speaks in contradictions,” he told the audience, explaining that while Trump talks tough on tariffs, they may be more rhetorical than actionable.
He also noted that Trump’s ‘drill, baby, drill’ stance aims to reduce US energy costs, which would lower inflation — yet his push for a booming stock market and strong economy could fuel inflation instead.
Trump’s pressure on the Fed to maintain easy monetary policy reflects his desire for market highs, despite criticizing Powell. Cutting federal spending significantly seems unlikely, as trimming entitlements or laying off workers would barely dent the budget. Ultimately, Trump’s policies may favor liquidity, potentially keeping inflation elevated.
Black swans vs. white swans
At the end of the discussion Day, gave each panelist 45 seconds to describe what they believe are the potential economic black and white swan events on the horizon.
Skousen said it could be positive or negative if Trump imitates Argentinian President Javier Milei’s economic policies.
“(Milei) is doing a lot of really good things with really trying to reduce government and reduce the national debt, which is a problem and is headed for a crisis,’ he said.
Trump and Milei share a populist, anti-establishment outlook, but their economic policies reflect different approaches. Trump’s strategy emphasizes protectionism, tariffs and ‘America First’ nationalism, contrasting with Milei’s free-market libertarianism, which includes proposals like dollarizing Argentina’s economy and drastically reducing state involvement.
Building on Skousen’s stance, Johnson stressed the importance of Trump being steadfast.
“I think the potential white swan is that most of the success that is attributed to Milei in Argentina is because he has hit the ground running. He hasn’t slowed down,’ he commented.
‘He’s done exactly what he said he would do, and he keeps charging 100 miles an hour. If Trump does something similar, he has a better chance than is currently expected. But if he slows down, then they’ll eat him alive.’
Bianco underscored that the economy is currently at its full potential, driven by fiscal stimulus.
He then cautioned that if the Fed continues to cut interest rates, it could push long-term yields even higher instead of curbing inflation. This might trigger a sudden bond market collapse, reminiscent of the 2019 repo market spike.
“If the Fed wants to continue to cut rates, they’re just going to continue to drive long-term yields higher and higher and higher, because they’re not fighting inflation,” said Bianco.
“And that could very well turn into a black swan event. A white swan event would be the opposite.”
Lavish also warned of potential trouble in the bond market.
“(If) we have some sort of event like you saw in the fall of 2019, where you saw the repo market spike up, whether that happens because of policy error by the Fed or for some other reason, that’s a black swan event,” he said. “The white swan event would be — I don’t know how this would ever happen — but these guys balance the budget.”
For Grant, the black swan would be inflation rising while the Fed cuts rates due to ‘dysfunction in the government bond market.’ That would ‘crystallize fiscal error and underlying inflation, and the Fed’s too-big balance sheet.”
On the other hand, he joked, Powell buying “his first ounce of gold” would be a white swan event.
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
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Stock futures are trading slightly lower Monday morning as investors gear up for the final month of 2024. S&P 500 futures slipped 0.18%, alongside declines in Dow Jones Industrial Average futures and Nasdaq 100 futures, which dropped 0.13% and 0.17%, respectively. The market’s focus is shifting to upcoming economic data, particularly reports on manufacturing and construction spending, ahead of this week’s key labor data releases.
November was a standout month for equities, with the S&P 500 futures rallying to reflect the index’s best monthly performance of the year. Both the S&P 500 and Dow Jones Industrial Average achieved all-time highs during Friday’s shortened trading session, with the Dow briefly surpassing 45,000. Small-cap stocks also saw robust gains, with the Russell 2000 index surging over 10% in November, buoyed by optimism around potential tax cuts.
As trading kicks off in December, investors are keeping a close eye on geopolitical developments in Europe, where France’s CAC 40 index dropped 0.77% amid political concerns, while Germany’s DAX and the U.K.’s FTSE 100 showed smaller declines.
S&P 500 futures will likely continue to act as a key barometer for market sentiment, particularly as traders assess the impact of upcoming economic data and global market developments.
S&P 500 Index Chart Analysis
This 15-minute chart of the S&P 500 Index shows a recent trend where the index attempted to break above the resistance level near 6,044.17 but retraced slightly to close at 6,032.39, reflecting a minor decline of 0.03% in the session. The candlestick pattern indicates some indecisiveness after a steady upward momentum seen earlier in the day.
On the RSI (Relative Strength Index) indicator, the value sits at 62.07, having declined from the overbought zone above 70 earlier. This suggests that the bullish momentum might be cooling off, and traders could anticipate a short-term consolidation or slight pullback. However, with RSI above 50, the overall trend remains positive, favoring buyers.
The index’s recent low of 5,944.36 marks a key support level, while the high at 6,044.17 could act as resistance. If the price sustains above the 6,020 level and RSI stabilizes without breaking below 50, the index could attempt another rally. Conversely, a drop below 6,020 could indicate a bearish shift.
In conclusion, the index displays potential for continued gains, but traders should watch RSI levels and price action near the support and resistance zones for confirmation.
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Stock futures climbed on Wednesday, driven by strong performances from Salesforce and Marvell Technology, following upbeat quarterly earnings. Futures tied to the Dow Jones Industrial Average rose by 215 points (0.5%), while S&P 500 futures gained 0.3%, and Nasdaq-100 futures advanced by 0.7%.
Salesforce surged 12% after reporting fiscal third-quarter revenue that exceeded expectations, showcasing robust demand in the enterprise software sector. Meanwhile, chipmaker Marvell jumped 14% after surpassing earnings estimates and providing optimistic fourth-quarter guidance, indicating resilience in the semiconductor industry.
This movement follows a mixed session on Wall Street, where the S&P 500 and Nasdaq closed with small gains, while the Dow dipped slightly. The broader market has experienced a modest start to December, contrasting with November’s robust rally, but analysts anticipate a resurgence in momentum. LPL Financial’s George Smith pointed out that December historically sees strong market performance, particularly in the latter half of the month.
However, economic data introduced some caution. ADP’s report revealed that private payrolls grew by just 146,000 in November, missing estimates of 163,000. This signals potential softness in the labor market, with investors now awaiting Friday’s November jobs report for further clarity.
S&P 500 Index Chart Analysis
Based on the provided stock chart, which appears to be a 15-minute candlestick chart for the S&P 500 Index, here’s a brief analysis:
The chart shows a clear upward trend, with higher highs and higher lows indicating bullish momentum over the analyzed period. The index has steadily climbed from a low of approximately 5,855 to a recent high of 6,053.58, suggesting strong buying interest.
Key resistance is observed near 6,050-6,053 levels, as the price has struggled to break above this zone in the most recent sessions. If the index breaches this level with strong volume, it could lead to further upward movement. Conversely, failure to break out may lead to a pullback, with potential support around the 6,000 psychological level and 5,980, where consolidation occurred previously.
The candlestick patterns show relatively small wicks, indicating limited volatility, which could imply steady market confidence. However, the bullish rally could be overextended, warranting caution for traders, especially if any negative catalysts emerge.
In summary, the short-term trend is bullish, but traders should monitor resistance levels and volume for signs of a breakout or reversal. It’s also essential to watch broader market factors, as indices are often influenced by macroeconomic data and sentiment.
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TikTok in a court filing Monday warned that U.S. small businesses and social media creators would lose $1.3 billion in revenue and earnings in just one month if the popular app is effectively shut down in the United States on Jan. 19, under provisions of a law targeting national security concerns about its China-based parent company.
“Those numbers would only increase if the shutdown extends for more than a month,” said Blake Chandlee, president of global business solutions for TikTok, in that court filing.
Chandlee’s declaration came as his company asked a federal appeals court to temporarily block a law that would require app stores operated by Apple and Google and internet providers to stop supporting TikTok on Jan. 19 unless its parent company ByteDance sells the app.
TikTok and ByteDance plan to ask the Supreme Court to overturn a recent ruling upholding the law, issued by the U.S. Court of Appeals for the District of Columbia Circuit.
“The Supreme Court should have an opportunity, as the only court with appellate jurisdiction over this action, to decide whether to review this exceptionally important case,” TikTok and ByteDance said in the filing, seeking a temporary injunction.
The injunction, if granted, would allow the app to continue operating until the Supreme Court decides whether to hear the appeal.
The filing also argued that “an injunction is especially appropriate” because it will give the incoming administration of President-elect Donald Trump, who will be sworn in on Jan. 20, the opportunity to decide if it wants to enforce the law.
If TikTok is effectively shut down in the United States in January, Chandlee wrote, American small businesses alone would lose more than $1 billion in revenue — even if the prohibitions are lifted after only a month.
“Almost two million creators in the United States would suffer almost $300 million in lost earnings, and TikTok itself would lose 29% of our targeted global advertising revenue for 2025,” Chandlee wrote.
He said that as of November, more than 7 million U.S. accounts use TikTok to do business.
And “69% of these businesses say that using TikTok has led to increased sales for their businesses in the last year, and 39% say that access to TikTok is critical to their business’s existence,” he said, citing an economic impact report prepared for the company by Oxford Economics.
Chandlee also said in the filing that those businesses’ advertising, marketing and “organic reach on TikTok” contributed $24.2 billion to U.S. gross domestic product in 2023, with TikTok’s own operations adding another $8.5 billion to U.S. GDP.
The law TikTok wants blocked for now was passed by Congress and signed by President Joe Biden last spring after concerns about ByteDance’s alleged connections to the Chinese government.
In its unanimous ruling Friday, a three-judge panel on the appeals court in the District of Columbia rejected ByteDance’s argument that the ban would violate the First Amendment rights of 170 million U.S. users of the app, or other parts of the Constitution.
The panel, in its written opinion, said that the U.S. government “offered persuasive evidence demonstrating that” the divestment law “is narrowly tailored to protect national security,” and noted that TikTok “never squarely denies that it has ever manipulated content at the direction of the” People’s Republic of China.
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As gold and silver continue to prove their worth as sound investments, market participants should know how precious metals investments are taxed in the US.
While the majority of gold and silver investing comes with a certain degree of taxation, there are different levels of tax based on how market participants decide to invest in these precious metals, how long the investments are held for and the investors individual tax bracket.
Read on for a breakdown of the taxes associated with investing in gold and silver bullion, ETFs and stocks, as well as the forms involved with reporting precious metals investments.
In this article
How are physical gold and silver taxed?
Gold and silver bullion, coins and bars are seen as collectibles by the Internal Revenue Service (IRS) in the US. Thus, physical gold and silver, no matter the form, are subject to a higher rate of capital gains tax when they are sold. The same is true for fellow precious metals platinum and palladium.
While long-term capital gains would typically carry a top bracket of 20 percent, collectibles can be taxed at a higher 28 percent.
The total an investor will owe in capital gains tax when selling physical gold and silver is based both on their income bracket and the length of time they held the asset.
The long-term capital gains tax on physical gold and silver is equal to an investor’s marginal tax rate, up to a maximum of 28 percent due to their status as a collectible, meaning those in higher tax brackets still only have to pay 28 percent on long-term gains from physical precious metals sales.
It is worth noting that the 28 percent maximum is only for long-term capital gains, which applies to metals that an investor has held for more than one year. Short-term capital gains on precious metals held for less than one year are taxed at ordinary income rates.
For example, a person in the highest tax bracket purchased 100 ounces of physical gold at US$1,800 per ounce and two years later sold their holdings for US$2,000 per ounce. While they are in the 37 percent tax bracket, they would pay 28 percent tax on the capital gains made from these sales. As they earned US$20,000 in capital gains, that would translate to US$5,600 in income tax.
However, if the investor sold the gold at the same gain just 11 months after they purchased it, it would count as short-term capital gains, and the investor would be taxed at 37 percent and owe US$7,400.
Investors who are in one of the tax brackets below 28 percent are taxed at the standard rate of their bracket when selling their solid gold and silver assets, whether they are held short- or long-term.
Similarly to other investments, precious metals sold at a loss can be used to offset capital gains.
How are gold and silver ETFs taxed?
Like all other exchange-traded funds (ETFs), gold ETFs and silver ETFs act in the same manner as individual stocks, meaning that investing in these ETFs is similar to trading a stock on an exchange. There are two main types of gold and silver ETFs: those that track the prices of those metals and those that track gold or silver stocks.
ETFs that follow metals prices provide exposure to either physical gold or silver, or gold or silver futures contracts. It is important to keep in mind that investing in these ETF platforms does not allow investors to own any physical gold or silver — in general, even an investment in an ETF that tracks physical gold or silver cannot be redeemed for the tangible metal.
ETFs that invest in gold or silver companies provide exposure to gold- and silver-mining stocks, as well as gold- or silver-streaming stocks.
In terms of taxation, capital gain taxes from selling gold and silver ETFs is determined by the ETF’s holdings, the investors tax bracket and how long they held the asset for.
Funds will often supply investors with tax forms that they can use to fill out their income tax. The webpage for a fund should have a document describing how income tax is handled for that fund, which is worth reading before investing in it.
Long-term capital gains from selling shares of gold and silver ETFs are subject to a 28 percent maximum federal income tax rate if they hold physical precious metals and 20 percent if they hold stocks. While long-term capital gains would typically be capped at 20 percent maximum rate. This is because the holdings are considered collectibles, as described in the section above. Short-term gains made from selling gold or silver ETFs are subject to a maximum federal rate of 37 percent.
Additionally, these gains could get slapped with a 3.8 percent net investment income tax for high net-worth investors, and a state income tax may also apply.
Futures-based commodity ETFs can come with their own set of rules that you can learn about here. Briefly, they are often taxed in a 60/40 hybrid, with 60 percent treated as long-term gains and 40 percent treated as short-term gains. Additionally, this is calculated at the end of each tax year, whether a sale is made or not.
ETFs that hold stocks are taxed in the same way as traditional securities, which you can read more about below.
How are gold and silver stocks taxed?
In terms of tax on gold and silver stocks, long-term gains from selling are subject to the standard 20 percent maximum federal rate, while short-term gains will face a maximum federal rate of 37 percent. For investors in higher income brackets, there is the potential for gold and silver stock investments to also be hit with the 3.8 percent net investment income tax as well as state income tax.
Unlike physical precious metals and ETFs that hold them, precious metals stocks are not classified as collectibles, which is why the long-term capital gains tax is capped at 20 percent instead of 28 percent.
Stocks sold at a loss are important as well as they can be used to offset capital gains when filing income tax.
How to report taxes on physical gold and silver investments
Market participants who sell precious metals in the US for a profit are required to report that profit on their income tax return, regardless of whether or not the dealer has any reporting obligation.
When selling gold and silver investments in the US, there are two different sets of reporting guidelines — one applies to the dealer through which a person sells and the other applies to the investor who is selling the asset.
It is important to note that taxes on the sale of gold and silver will not be due the moment that the sale is made, and the tax bill for all of these sales is due at the same time as a standard income tax bill.
For investors selling precious metals, capital gains or losses need to be reported on Schedule D of Form 1040 when making a tax return.
Investors will first need to detail their precious metals transactions on Form 8949, including the length of time the investments were held. This form must be filed alongside Schedule D. Investors then use this information alongside the 28% Rate Gain Worksheet included in the Schedule D instructions.
Depending on the type of metal being sold, Form 1099-B may have to be submitted to the IRS by the broker when the sale closes, as such transactions are considered income. As for when a broker will need to file Form 1099-B, there are specific rules that determine which sales of precious metals require the dealer to file this form that apply to transactions over a 24 hours period.
For gold sales, reportable items include specific gold coins, including the 1 ounce Canadian Gold Maple Leaf and Gold Kruggerand, and gold bars and rounds of at least 0.995 fineness. As for quantity, only sales of more than 25 gold coins and or more than 1 kilogram in gold bars and rounds will require the form.
Sales of 0.999 fine silver bars and rounds totaling over 1,000 ounces qualify. For silver coins, US coins with above 90 percent silver are reportable, but Silver American Eagle coins are not. Sales of silver coins exceeding US$1,000 will require a form.
When it comes to selling gold and silver overseas, market participants must follow the laws as they apply to the sale of gold and silver investments in that particular country.
The information in this article does not constitute tax advice, and investors should work with a tax professional or program to help them make sure everything is reported accurately.
Securities Disclosure: I, Lauren Kelly, currently hold no direct investment interest in any company mentioned in this article.
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Rio Tinto ( ASX:RIO,NYSE:RIO,LSE:RIO) released an initial mineral resources and ore reserves report for its 100 percent owned Argentina-based Rincon project on Wednesday (December 4).
Mineral resources inclusive of ore reserves comprise 1.54 million tonnes of lithium carbonate equivalent in the measured category, with 7.75 million tonnes in the indicated category and 2.29 million tonnes in the inferred category.
Probable ore reserves are made up of 2.07 million tonnes of lithium carbonate equivalent.
Rincon was acquired by Rio Tinto from Rincon Mining in March 2022. It is located in the Lithium Triangle of Argentina’s Salta province, which hosts more than half of the world’s lithium reserves.
A feasibility study for the property outlines full-scale production of approximately 53,000 tonnes of battery-grade lithium carbonate annually over a 40 year mine life. Subject to permitting, Rio Tinto plans to expand production at the site to 60,000 tonnes per year via debottlenecking and improvement programs.
The company expects to make a final investment decision on full-scale operations at Rincon toward the end of 2024.
A pilot battery-grade lithium carbonate plant with a capacity of 3,000 tonnes is currently in development. According to the company, it is scheduled for completion in the first half of 2025.
Argentina’s lithium reserves are the third largest in the world, standing at 3.6 million tonnes. The country is also the fourth largest lithium producer in the world, producing 9,600 tonnes of the metal in 2023.
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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