Gold Miners Are Waking Up: 3 Company Spotlights
Apr 25, 2025
By Laurent MAUREL
Reading time: 7 mins.
As the GDX forms a strong bullish engulfing candle, the market appears to be sending a clear signal: capital rotation is underway in favor of the mining sector.
We are likely witnessing the end of a decade-long underperformance of gold mining stocks relative to the broader equity market. All signs point to the beginning of a new bullish cycle — the last of which saw the HUI/SPX ratio (which tracks miners versus the broader market) increase fivefold from current levels.
For pro subscribers: you’ll find below detailed analyses of two gold producers — Agnico Eagle Mines (AEM:US) and Orla Mining (OLA:CN) — along with an update on the latest production numbers from Fortuna Silver Mines (FSM:US).
Intense Volatility Across Financial Markets
Apr 13, 2025
By Laurent MAUREL
Reading time: 11 mins.
Another week marked by intense volatility across financial markets. Trade tensions, geopolitical flare-ups, and a collapse in the bond market — each day brought its share of news, turning global exchanges into a true roller coaster.
But beyond the noise, one thing is clear: gold has once again emerged as the big winner amid the turmoil. The metal ended the week with a double record close — both on a daily and weekly basis.
An Especially Brutal Week for Markets
Apr 6, 2025
By Laurent MAUREL
Reading time: 8 mins.
The primary trigger behind this correction was the announcement of sweeping new tariffs by Donald Trump.
On April 2, 2025, the former U.S. president announced a broad new round of import tariffs targeting both the European Union and several key Asian economies. This marks a sharp escalation in U.S. trade policy, with far-reaching consequences for inflation, consumer spending, and global macroeconomic stability.
Silver Surge
Apr 4, 2025
By Laurent MAUREL
Reading time: 5 mins.
Since mid-March, the COMEX has seen a massive influx of physical silver: over 1,033 tonnes in just two weeks, representing more than 33 million ounces. March 13 and 19 alone saw record inflows of 160 and 131 tonnes respectively, while withdrawals remained modest. As a result, total stocks surged from 13,490 to 14,416 tonnes.
Cobalt 101 Part II - Pricing Model
Mar 21, 2025
By Gaia Research Team
Reading time: 7 mins.
Cobalt's pricing structure is one of the most volatile in the commodities market, driven by concentrated supply, opaque trading mechanisms, and shifting structural demand. Unlike more liquid markets such as crude oil or copper, cobalt lacks standardized futures contracts, making hedging ineffective and exposing manufacturers and investors to extreme price swings. This volatility is not random but is driven by deep structural inefficiencies, geopolitical fragility, and supply-side bottlenecks. To navigate this complexity, a robust modelling approach is essential, one that goes beyond simple trend projections and integrates stochastic, risk-weighted simulations that account for external shocks.
Cobalt 101 - The Cobalt Play: High Returns, High Stakes
Mar 7, 2025
By Gaia Research Team
Reading time: 10 mins.
The Strategic Importance of Cobalt is far more than a standard industrial metal - it underpins the shift to a low-carbon economy. As electrification accelerates, cobalt’s significance continues to rise. It remains a key ingredient in lithium-ion batteries, supporting electric vehicles (EVs), energy storage, and consumer technology. With global EV adoption and grid-scale storage expanding, cobalt demand follows an upward trajectory.
Tesla Model Y, One Maverick Metal at a Time Promise and Paradox of the Energy Transition, Powered by Cutting-Edge Tech and Global Metals.
Feb 28, 2025
By Gaia Research Team
Reading time: 4 mins.
A Metal Machine for a Greener TomorrowThe Tesla Model Y, a flagship electric vehicle (EV), is an engineering marvel designed to lead the “burden” toward a sustainable future. Beneath its sleek aluminum chassis lies a complex web of materials sourced from every corner of the globe. From ferrous metals like steel and iron to non-ferrous components such as aluminum and copper, Model Y…
Climate: 'The most effective way of reaching the Paris Agreement would be variable price business models'
Feb 12, 2025
By Laurent BABIKIAN
Reading time: 5 mins.
To achieve the Paris Agreement, greenhouse gas emissions (GHG) would have to fall by around 4% a year until 2050, compared with the current global increase of 1.2% a year.By way of comparison, they fell by 7.6% when the world came to a halt during Covid in 2020. If we want to achieve carbon neutrality by 2050, we need to put capitalism at the service of this objective by placing collective…
Rare Earth 101
Dec 13, 2024
By Emmanuel Painchault
Reading time: 14 mins.
The topic of rare earth elements (REEs) falls within a threefold trend: 1) the relocation of numerous industries following the Covid pandemic and the resulting disruptions to supply chains, 2) the growing awareness among political bodies and the public regarding climate issues and the response through the energy transition, which necessitates the development of renewable energy sources (wind turbines, electric vehicles), and 3) the need to streamline and secure the supply of rare earth-derived products to facilitate this energy transition.
Stellantis & CATL
Dec 11, 2024
By François Pommier Suarez
Reading time: 10 mins.
TakeawaysStellantis and CATL have joined forces to invest up to Eur 4.1 billion in an LFP greenfield battery plant in Spain.Western OEMs face the critical choice of which battery type to use and whether to develop batteries in-house or through collaboration with other companies.Top Chinese battery manufacturers achieve super-low costs through several key strategies that give them a cost…
Manganese 101
Dec 6, 2024
By Gaia Research Team
Reading time: 16 mins.
Manganese, the rising star of the battery component, is rapidly gaining prominence due to its essential role in various industries, particularly in steel production and electric vehicle (EV) batteries. This versatile transition metal, known for its strength and resistance to wear, is crucial in creating high-performance alloys and cathode materials for lithium-ion batteries. With significant reserves concentrated in countries like South Africa, Gabon, and Australia, manganese production is poised for growth, driven by increasing global demand in the booming EV market and the recovery of the construction sector. This article delves into the properties, applications, supply and demand dynamics, and market trends of manganese, highlighting its significance in the contemporary industrial landscape.
Electric Vehicles Value Chain
Nov 26, 2024
By François Pommier Suarez
Reading time: 18 mins.
TakeawaysThe slowdown in EV sales growth, particularly in Europe and North America, has led several traditional automakers to reassess their strategies, including sales targets, product plans, and investments. In such a context, EU strategy seems less about innovation and more like diplomatic paralysis, where bold moves are obscured by tangled bureaucracy.Car manufacturers will have to…