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March 19, 2025

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Riding the Wave: What the Stock Market Rebound Means for Your Investments

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Last week, tariff talks, recession fears, and waning consumer sentiment sent stocks lower. This week, the narrative may have shifted, as investors prepare for a macro-filled week and NVIDIA’s annual GTC developers’ conference.

Retail sales data for February came in slightly lower than expectations but better than January’s number. This, along with Treasury Secretary Scott Bessant’s comments about the necessity of the economy undergoing a detox period, may have eased investor worries. All broader equity indexes closed higher on Monday, marking two solid up days in a row.

Next up, we have home prices and new home sales, an important measure of consumer health. The SPDR S&P Homebuilders ETF (XHB) went through a steep downturn as did the SPDR S&P Retail ETF (XRT). Consumer spending is a major contributor to GDP growth which is why these two charts should be on every inverter’s radar. While both ETFs saw an upside swing on Monday, it’s not enough to change the trend (see chart below).

FIGURE 1. SPDR S&P HOMEBUILDERS ETF AND SPDR S&P RETAIL ETF. Both saw a significant slide in value. The upside swing in the last price bar needs to see a lot more momentum and follow through and a confirmed trend reversal. Chart source: StockCharts.com. For educational purposes.

Both ETFs (XHB in the top panel and XRT in the bottom panel) are trading below their 50-day simple moving average (SMA). Monday’s upside move is significant enough to alert investors that perhaps momentum is starting to change. It could be the start of a reversal, a short-term rally that resumes its downtrend, or the beginning of a sideways move. Regardless, it’s worth monitoring the sectors and specific industry groups to get an idea of the general investor sentiment. The StockCharts MarketCarpets can go a long way in giving a big-picture view of the overall market (see below).

FIGURE 2. IT’S MOSTLY A SEA OF GREEN EXCEPT FOR THE HEAVY-WEIGHT LARGE-CAP STOCKS. There was money flowing into the market, especially in the Real Estate, Energy, and Consumer Staples sectors. Image source: StockCharts.com. For educational purposes.

Money flowed into the Real Estate, Energy, and Consumer Staples sectors, but all 11 S&P sectors closed in the green. The weakest performer was Consumer Discretionary—you can thank the slide in Tesla, Inc. (TSLA) and Amazon.com, Inc. (AMZN) for that.

All Ears on Fed

Perhaps the most important macro-event this week will be the FOMC meeting. Although an interest rate cut isn’t expected, there’s still uncertainty surrounding tariffs. When Federal Reserve Chairman Jerome Powell takes the podium on Wednesday, investors will be listening for clues about economic growth and inflation expectations.

Bond prices are showing signs of rising. The iShares 20+ Year Treasury Bond ETF (TLT), which has been trending higher this year, closed modestly higher. Gold and major cryptocurrencies such as Bitcoin and Ether also closed higher.

The Bottom Line

While it’s encouraging to see the stock market show upside momentum after sliding lower for almost a month, take things one day at a time. If you have some cash sitting on the sidelines, be patient and wait for confirming signals of a trend reversal.

Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.

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How Would a New BRICS Currency Affect the US Dollar? (Updated 2025)

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The BRICS nations, originally composed of Brazil, Russia, India, China and South Africa, have had many discussions about establishing a new reserve currency backed by a basket of their respective currencies.

A BRICS currency was a topic at the 2024 BRICS Summit that took place October 22 to 24 in Kazan, Russia. At the summit, the BRICS nations continued their discussions of creating a potentially gold-backed currency, known as the ‘Unit,’ as an alternative to the US dollar.

The potential BRICS currency would allow these nations to assert their economic independence while competing with the existing international financial system. The current system is dominated by the US dollar, which accounts for about 90 percent of all currency trading. Until recently, nearly 100 percent of oil trading was conducted in US dollars; however, in 2023, one-fifth of oil trades were reportedly made using non-US dollar currencies.

Central to this ongoing situation is the US trade war with China, as well as US sanctions on China and Russia. Should the BRICS nations establish a new reserve currency, it would likely significantly impact the US dollar, potentially leading to a decline in demand, or what’s known as de-dollarization. In turn, this would have implications for the United States and global economies.

Another factor is former US president Donald Trump returning for a second term beginning on January 20. Trump’s America-first policies are expected to drive up the value of the dollar compared to its global counterparts, as was already on display the day following his election win on November 5 as China’s yuan, Russia’s ruble, Brazil’s real, India’s rupee and South Africa’s rand all fell. This could in turn push these BRICS member nations to look for new paths to move away from the US dollar.

At the 2024 BRICS summit, Russian President Vladimir Putin appeared on stage holding what appeared as a prototype of a possible BRICS banknote. However, he seemed to back away from previous aggressive calls for de-dollarization, stating the goal of the BRICS member nations is not to move away from the US dollar-dominated SWIFT platform, but rather to deter the ‘weaponization’ of the US dollar by developing alternative systems for using local currencies in financial transactions between BRICS countries and with trading partners.

‘We are not refusing, not fighting the dollar, but if they don’t let us work with it, what can we do? We then have to look for other alternatives, which is happening,’ he stated.

It’s still too hard to predict if and when a BRICS currency will be released in 2025 or beyond, but it’s a good time to look at the potential for a BRICS currency and its possible implications for investors.

In this article

    Why do the BRICS nations want to create a new currency?

    The BRICS nations have a slew of reasons for wanting to set up a new currency, including recent global financial challenges and aggressive US foreign policies. They want to better serve their own economic interests while reducing global dependence on the US dollar and the euro.

    In recent years, the US has placed numerous sanctions on Russia and Iran. The two countries are working together to bring about a BRICS currency that would negate the economic impacts of such restrictions, according to Iranian Ambassador to Russia Kazem Jalal, speaking at a press conference during the Russia–Islamic World: KazanForum in May 2024.

    Some experts believe that a BRICS currency is a flawed idea, as it would unite countries with very different economies. There are also concerns that non-Chinese members might increase their dependence on China’s yuan instead. That said, when Russia demanded in October 2023 that India pay for oil in yuan as Russia is struggling to use its excess supply of rupees, India refused to use anything other than the US dollar or rupees to pay.

    When will a BRICS currency be released?

    There’s no definitive launch date as of yet, but the countries’ leaders have discussed the possibility at length.

    Looking back at the timeline of BRICS currency discussions, during the 14th BRICS Summit, held in mid-2022, Russian President Vladimir Putin said the BRICS countries plan to issue a ‘new global reserve currency,’ and are ready to work openly with all fair trade partners.

    In April 2023, Brazilian President Luiz Inacio Lula da Silva showed support for a BRICS currency, commenting, “Why can’t an institution like the BRICS bank have a currency to finance trade relations between Brazil and China, between Brazil and all the other BRICS countries? Who decided that the dollar was the (trade) currency after the end of gold parity?”

    In the lead up to the 2023 BRICS Summit last August, there was speculation that an announcement of such a currency could be on the table. This proved to be wishful thinking, however.

    ‘The development of anything alternative is more a medium to long term ambition. There is no suggestion right now to creates a BRICS currency,’ Leslie Maasdorp, CFO of the New Development Bank, told Bloomberg at the time. The bank represents the BRICS bloc.

    Most recently, government officials in Brazil, which took the rotating presidency of the BRICS group for 2025, have said there are no plans to take any significant steps toward a BRICS currency. However, measures to reduce the reliance on the US dollar are very much on the table with cross-border payment systems, including exploring blockchain technology, set to be a major theme at the 2025 BRICS summit to be hosted in Rio de Janeiro in July, reported Reuters.

    Which nations are members of BRICS?

    As of 2025, there are 10 BRICS member nations: Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates.

    The group was originally composed of the four nations Brazil, Russia, India and China and named BRIC, which it changed to BRICS when South Africa joined in 2010.

    At the 2023 BRICS Summit, six countries were invited to become BRICS members: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates (UAE). All but Argentina and Saudi Arabia officially joined the alliance in January 2024, and in 2025, Indonesia became the 10th full member of BRICS.

    Additionally, at the 2024 BRICS Summit, 13 nations signed on as BRICS partner countries, which are not yet full-fledged members: Algeria, Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Nigeria, Thailand, Turkey, Uganda, Vietnam and Uzbekistan.

    The expanded group of 10 full member countries is sometimes referred to as BRICS+, although BRICS’s name hasn’t officially changed.

    What would the advantages of a BRICS currency be?

    A new currency could have several benefits for the BRICS countries, including more efficient cross-border transactions and increased financial inclusion. By leveraging blockchain technology, digital currencies and smart contracts, the currency could revolutionize the global financial system. Thanks to seamless cross-border payments, it could also promote trade and economic integration among the BRICS nations and beyond.

    A new BRICS currency would also:

    • Strengthen economic integration within the BRICS countries
    • Reduce the influence of the US on the global stage
    • Weaken the standing of the US dollar as a global reserve currency
    • Encourage other countries to form alliances to develop regional currencies
    • Mitigate risks associated with global volatility due to unilateral measures and the diminution of dollar dependence

    What is Donald Trump’s stance on a BRICS currency?

    New US President Donald Trump has not been shy about upping the ante on American protectionism with his plans to slap tariffs on imported goods beginning this year. During the first US Presidential Debate between him and Vice President Kamala Harris on September 10 last year, Trump doubled down on his pledge to punish BRICS nations with strict tariffs if they seek to move away from the US dollar as the global currency.

    He is taking a particularly strong stance against China, threatening to implement 60 percent to 100 percent tariffs on Chinese imports, although these hefty tariffs would be paid by American companies and consumers purchasing Chinese products, not by China itself.

    In early December, Trump posted an even more direct threat to BRICS nations on the social media platform Truth Social. “We require a commitment from these countries that they will neither create a new Brics currency nor back any other currency to replace the mighty US dollar or they will face 100% tariffs and should expect to say goodbye to selling into the wonderful US economy,” he wrote.

    In response to Trump demanding a ‘commitment’ from BRICS nations not to challenge the supremacy of the US dollar, Kremlin spokesperson Dmitry Peskov sounded less than threatened.

    ‘More and more countries are switching to the use of national currencies in their trade and foreign economic activities,’ Peskov said, per Reuters. ‘If the U.S. uses force, as they say economic force, to compel countries to use the dollar it will further strengthen the trend of switching to national currencies (in international trade).’

    How will Trump’s tariffs affect BRICS nations?

    If US President Donald Trump were to come through on his promise to enact 100 percent tariffs on BRICS nations the outcome could prove costly for all parties involved. “The action would result in slower growth and higher inflation than otherwise in the US and most of the targeted economies,” according to analysis by the Peterson Institute for International Economics.

    Of all the BRICS member nations, China would likely experience slower GDP growth the worst as the United States is its largest trading partner. One silver lining for China is that its disciplined central bank will help to save it from accelerated inflation.

    Trump’s 25 percent tariff on steel and aluminum imports set on March 12, 2025 will impact Brazil and China as well as the UAE. Brazil ranks in the top three sources for US steel imports; while China and the UAE represent significant sources of US aluminum imports.

    How would a new BRICS currency affect the US dollar?

    RomanR / Shutterstock

    For decades, the US dollar has enjoyed unparalleled dominance as the world’s leading reserve currency. According to the US Federal Reserve, between 1999 and 2019, the dollar was used in 96 percent of international trade invoicing in the Americas, 74 percent in the Asia-Pacific region and 79 percent in the rest of the world.

    According to the Atlantic Council, the US dollar is used in approximately 88 percent of currency exchanges, and 59 percent of all foreign currency reserves held by central banks. Due to its status as the most widely used currency for conversion and its use as a benchmark in the forex market, almost all central banks worldwide hold dollars. Additionally, the dollar is used for the vast majority of oil trades.

    Although the dollar’s reserve currency share has decreased as the euro and yen have gained popularity, the dollar is still the most widely used reserve currency, followed by the euro, the yen, the pound and the yuan.

    The potential impact of a new BRICS currency on the US dollar remains uncertain, with experts debating its potential to challenge the dollar’s dominance. However, if a new BRICS currency was to stabilize against the dollar, it could weaken the power of US sanctions, leading to a further decline in the dollar’s value. It could also cause an economic crisis affecting American households. Aside from that, this new currency could accelerate the trend toward de-dollarization.

    Nations worldwide are seeking alternatives to the US dollar, with examples being China and Russia trading in their own currencies, and countries like India, Kenya and Malaysia advocating for de-dollarization or signing agreements with other nations to trade in local currencies or alternative benchmarks.

    While it is unclear whether a new BRICS currency would inspire the creation of other US dollar alternatives, the possibility of challenging the dollar’s dominance as a reserve currency remains. And as countries continue to diversify their reserve holdings, the US dollar could face increasing competition from emerging currencies, potentially altering the balance of power in global markets.

    However, a study by the Atlantic Council’s GeoEconomics Center released in June 2024 shows that the US dollar is far from being dethroned as the world’s primary reserve currency.

    ‘The group’s ‘Dollar Dominance Monitor’ said the dollar continued to dominate foreign reserve holdings, trade invoicing, and currency transactions globally and its role as the primary global reserve currency was secure in the near and medium term,’ Reuters reported.

    Warwick J. McKibbin and Marcus Noland of the Peterson Institute for International Economics agree with this sentiment, writing in their analysis of the impacts of US tariffs on BRICS nations that ‘the BRICS pose no serious threat to the dollar’s dominance.’

    Ultimately, the impact of a new BRICS currency on the US dollar will depend on its adoption, its perceived stability and the extent to which it can offer a viable alternative to the dollar’s longstanding hegemony.

    Will BRICS have a digital currency?

    BRICS nations do not as of yet have their own specific digital currency, but a BRICS blockchain-based payment system is in the works, according to Kremlin aide Yury Ushakov in March 2024. Known as the BRICS Bridge multisided payment platform, it would connect member states’ financial systems using payment gateways for settlements in central bank digital currencies.

    The planned system would serve as an alternative to the current international cross-border payment platform, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) system, which is dominated by US dollars.

    “We believe that creating an independent BRICS payment system is an important goal for the future, which would be based on state-of-the-art tools such as digital technologies and blockchain. The main thing is to make sure it is convenient for governments, common people and businesses, as well as cost-effective and free of politics,” Ushakov said in an interview with Russian news agency TASS.

    Another dollar-alternative digital currency cross-border payment system in the works is Project mBridge, under development via a collaboration between the Hong Kong Monetary Authority, the Bank of Thailand, the Digital Currency Institute of the People’s Bank of China and the Central Bank of the UAE. Saudi Arabia has also recently decided to join the project. The central bank digital currencies traded on the platform would be backed by gold and local currencies minted in member nations.

    In June 2024, Forbes reported that the mBridge platform had reached a significant milestone by completing its minimal viable product stage (MVP). The MVP platform can undertake real-value transactions (subject to jurisdictional preparedness) and is compatible with the Ethereum Virtual Machine (EVM), a decentralized virtual environment that executes code consistently and securely across all Ethereum nodes,’ stated the publication. ‘MVP thus is suitable as a testbed for new use cases and interoperability with other platforms.’

    ‘(New Development Bank President Dilma Rousseff) came out and publicly said that there has been an agreement in principle to use a new settlement currency called the Unit, which will be backed 40 percent by gold and 60 percent by the local currencies in the BRICS union — the BRICS+ countries. That gold will be in the form of kilo bars and will be deliverable or redeemable for those entities,’ Schectman said.

    ‘The basket of gold and the basket of currencies will be minted in the member countries … it will be put into an escrow account, taken off the ledger so to speak — off of their balance sheet and put onto the mBridge ledger, and held in an escrow account in their own borders. It doesn’t need to be sent to a central authority.’

    How would a BRICS currency impact the economy?

    A potential shift toward a new BRICS currency could have significant implications for the North American economy and investors operating within it. Some of the most affected sectors and industries would include:

    • Oil and gas
    • Banking and finance
    • Commodities
    • International trade
    • Technology
    • Tourism and travel
    • The foreign exchange market

    A new BRICS currency would also introduce new trading pairs, alter currency correlations and increase market volatility, requiring investors to adapt their strategies accordingly.

    How can investors prepare for a new BRICS currency?

    Adjusting a portfolio in response to emerging BRICS currency trends may be a challenge for investors. While it does not currently seem like a BRICS currency is on the immediate horizon, Trump’s aggressive trade tactics have pushed allies away from the US, making diversification important.

    Several strategies can be adopted to capitalize on these trends and diversify your portfolio:

    • Gain exposure to BRICS equity markets through stocks and ETFs that track BRICS market indexes.
    • Invest a portion of your portfolio in precious metals gold and silver as a hedge against currency risk.
    • Consider alternative investments such as real estate or private equity in the BRICS countries.

    Prudent investors will also weigh these strategies against their exposure to market, political and currency fluctuations.

    In terms of investment vehicles, investors could consider ETFs such as the iShares MSCI BIC ETF (ARCA:BKF) or the Pacer Emerging Markets Cash COW 100 ETF (NASDAQ:ECOW). They could also invest in mutual funds such as the T. Rowe Price Emerging Markets Equity Fund, or in individual companies within the BRICS countries.

    Simply put, preparing for a new BRICS currency or potential de-dollarization requires careful research and due diligence by investors. Diversifying currency exposure, and investing in commodities, equity markets or alternative investments are possible options to consider while being mindful of the associated risks.

    Investor takeaway

    While it is not certain whether the creation of a BRICS reserve currency will come to pass, its emergence would pose significant implications for the global economy and potentially challenge the US dollar’s dominance as the primary reserve currency. This development would present unique investment opportunities, while introducing risks to existing investments as the shifting landscape alters monetary policy and exacerbates geopolitical tensions.

    For those reasons, investors should closely monitor the progress of a possible BRICS currency. And, if the bloc does eventually create one, it will be important watch the currency’s impact on BRICS member economies and the broader global market. Staying vigilant will help investors to capitalize on growth prospects and hedge against potential risks.

    FAQs for a new BRICS currency

    Is a BRICS currency possible?

    Some financial analysts point to the creation of the euro in 1999 as proof that a BRICS currency may be possible. However, this would require years of preparation, the establishment of a new central bank and an agreement between the five nations to phase out their own sovereign currencies; it would most likely also need the support of the International Monetary Fund to be successful internationally.

    The impact of its war on Ukraine will continue to weaken Russia’s economy and the value of the ruble, and China is intent on raising the power of the yuan internationally. There is also a wide chasm of economic disparity between China and other BRICS nations. These are no small obstacles to overcome.

    Would a new BRICS currency be backed by gold?

    Additionally, speaking at this year’s New Orleans Investment Conference, well-known author Jim Rickards gave a detailed talk on how a gold-backed BRICS currency could work. He suggested that if a BRICS currency unit is worth 1 ounce of gold and the gold price goes to US$3,000 per ounce, the BRICS currency unit would be worth US$3,000, while the dollar would lose value compared to the BRICS currency as measured by the weight of gold.

    Importantly though, he doesn’t see this as a new gold standard, or the end of the US dollar or the euro.

    “(With) a real gold standard, you can take the currency and go to any one of the central banks and get some gold,” Rickards said at the event. “With BRICS they don’t have to own any gold, they don’t have to buy any gold, they don’t have to prop up the price. They can just rise on the dollar gold market.’

    How much gold do the BRICS nations have?

    As of Q3 2024, the combined central bank gold holdings of the original BRICS nations plus Egypt (the only nation of the five new additions to have central bank gold reserves) accounted for more than 20 percent of all the gold held in the world’s central banks. Russia, India and China rank in the top 10 for central bank gold holdings.

    Russia controls 2,335.85 metric tons (MT) of the yellow metal, making it the fifth largest for central bank gold reserves. China follows in the sixth spot with 2,264.32 MT of gold and India places eighth with 853.63 MT. Brazil and South Africa’s central bank gold holdings are much smaller, coming in at 129.65 MT and 125.44 MT, respectively. New BRICS member Egypt’s gold holdings are equally small, at 126.82 MT.

    Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

    This post appeared first on investingnews.com

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    Trigg Expands Tier-1 Australian Antimony-Gold Tenure with Grades up to 61% Sb & 1045 g/t Au

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    Trigg Minerals Limited (ASX: TMG| OTCQB: TMGLF) (‘Trigg’ or the ‘Company’) is pleased to announce the acquisition of the Nundle, Upper Hunter and Cobark/Copeland Projects, a highly prospective tenement package covering a significant portion of the historic Nundle Goldfield and three additional historic goldfields within the New England Orogen (NEO) in northern New South Wales.

    HIGHLIGHTS

    • Trigg Minerals signs a binding purchase agreement to acquire 100% rights of the Nundle, Upper Hunter, Cobark/Copeland projects, conditional upon completion of due diligence. Covering a total area of 1,039.7 km².
    • These projects will be developed as Trigg’s second flagship exploration asset behind its primary, advanced stage high-grade Wild Cattle Creek deposit. Trigg will have two exploration teams advancing both these new projects and Wild Cattle Creek simultaneously.
    • The package includes five historical antimony deposits, with rock chips grading 61% Sb and 9.7% Sb, and 12 tonnes of recorded Sb production (EL 9594, Nundle), plus a 37% Sb sample collected from 12m down adit indicating potential mineralisation at depth (EL 9655, Upper Hunter).
    • The tenements also feature 60+ historical gold mines/occurrences across each tenement with historical recorded high-grade production. As an example, Standard Reef was worked in 1904 with an estimated production of 15,000oz at 53.8 g/t Au.
    • Total historical production across the tenement package is estimated at 174,000 oz Au without modern mining techniques and significantly lower gold prices. Initial review suggests that mineralisation is interpreted to be open along strike and down depth and with considerable high grade rock chip grades ranging from 30 g/t Au to 1,045 g/t Au.
    • The addition of the Nundle Project to TMG’s North Nundle holdings extends the Company’s prospective strike along the underexplored and prolific Peel Fault to approximately 40 km, significantly enhancing exploration potential.

    The acquisition includes four key projects:

    Nundle (EL 9594)

    The Nundle Goldfield has a rich history of gold production, with several historical antimony mines present within the region. It covers parts of the major Peel Fault and contains numerous old workings where typically small high-grade gold deposits occur in dolerites. The expanded Nundle Project, encompassing both Nundle and North Nundle, provides Trigg access to a 40 km length of the Peel Fault, a deep-seated conduit for mineralising fluids, controlling the localisation of auriferous (gold-bearing) quartz veins and antimony deposits. Several historical goldfields, including Nundle, Hanging Rock, and Bingara, are closely associated with this fault system.

    Upper Hunter (EL 9655)

    The Upper Hunter Goldfield in NSW is a historic gold-producing region known for its structurally controlled, quartz-vein-hosted gold deposits. Mineralisation occurs in fault breccia and shear zones within sedimentary rocks, with gold typically found alongside pyrite, arsenopyrite, minor chalcopyrite, and, locally, stibnite (antimony).

    Cobark and Copeland (EL 9653)

    The Cobark and Copeland Goldfields in NSW were prominent during the late 1800s gold rush. Mining focused on high-grade quartz veins hosted in faults and shear zones. The Copeland area became a key mining hub, with underground workings targeting gold-rich sulphides such as pyrite, stibnite (antimony), arsenopyrite, and minor chalcopyrite. The region remains highly prospective for modern exploration.

    The association of antimony mineralisation with gold enhances the project’s critical mineral potential, aligning with Trigg Minerals’ strategy to explore and develop high-value, multi- commodity assets in Tier-1 mining jurisdictions.

    STRATEGIC RATIONALE

    The Projects are in an underexplored yet highly prospective region, with historical workings and strong geological indicators suggesting significant upside potential. The presence of both gold and antimony presents an exciting opportunity for Trigg to unlock new resources and expand its footprint in the strategic metals sector.

    Tim Morrison, Executive Chairman of Trigg Minerals, commented:

    “The acquisition of the Nundle and other Projects marks an exciting expansion for Trigg Minerals into historically productive goldfields with strong critical mineral potential. The presence of both gold and antimony in this underexplored region aligns perfectly with our focus on high-value, strategically significant minerals. We look forward to applying modern exploration techniques to uncover new opportunities within this proven mineral province.”

    Click here for the full ASX Release

    This post appeared first on investingnews.com

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    Mining Industry’s Exploration Spending Lagging, Will Budgets Grow in 2025?

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    Exploration spending in the mining sector peaked in 2012 and has since declined for over a decade.

    Last year, global funding for explorers dropped near lows last seen in 2005. This could mean funding has reached a cyclical low, and the industry may be ready for renewed interest and increased investment.

    Speaking at this year’s Prospectors & Developers Association of Canada (PDAC) convention in Toronto, Kevin Murphy, research director for metals and mining research at S&P Global Market Intelligence, ran through issues surrounding the flow of capital into mining exploration and shared his thoughts on whether the tide will change this year.

    Why has resource exploration funding declined?

    Several factors have contributed to the decline of exploration funding.

    Murphy noted that in the past decade, interest in the mining industry has seen competition, with new investors pursuing headline-grabbing opportunities in cryptocurrencies and elsewhere in the tech sector.

    Meanwhile, many older investors in the industry began using their profits to fund their retirements.

    In addition, much investment in the resource sector is focused on mining rather than juniors, which perform the majority of exploration. There has been little trickle down in funding from the majors to the juniors.

    Aside from that, Murphy explained that for many metals, including copper, the focus has shifted away from greenfield exploration aimed at discovering new deposits. Instead, copper majors are performing more mine site exploration aimed at expanding resources at existing operations and, more broadly, increasing efficiency.

    While mine site exploration increases supply, Murphy said it indicates structural deficiencies in the future.

    “We’re adding to reserves and resources, but we’re adding to old discoveries — so assets that were discovered in the ’90s, ’80s and the ’60s,” he said. While this is replacing current production, Murphy believes that more money should be spent on greenfield exploration and the discovery of resources needed to meet future demand growth.

    When it comes to the gold sector, which has been focused on mine site exploration for a longer time, Murphy suggested the downward trend in exploration funding has multiple causes.

    “It’s been a rough go in 2024 for the juniors, and the juniors historically love gold exploration,” he said. ‘There’s been some pretty high-level M&A, and we find in exploration that … when large companies come together, they pare down their assets, and what would have been a tier-one asset for one company becomes a tier two and is put on hold.’

    Even though gold has soared to record high prices, greenfield exploration funding hasn’t benefited. This is largely due to high inflation over the past several years, which has pushed operational costs higher and decreased margins.

    When these foundational challenges come into perspective, untying purse strings becomes more difficult.

    How geopolitics impacts resource exploration funding

    Geopolitics is another major factor in exploration funding in 2025, according to Murphy.

    He shared his thoughts on how this can affect Canadian mining companies.

    “The Canadian government — there’s a lot of uncertainty there, and also that uncertainty happens to flow through to some very important programs like the METC, which is very good for exploration,” he said.

    The METC, or Mineral Exploration Tax Credit, is part of a flow-through scheme that passes on paper costs to investors, allowing them to claim a 15 percent tax rebate on their investments.

    The program’s future was uncertain going into PDAC, but on March 3, the day after Murphy’s presentation, Jonathan Wilkinson, Canada’s minister of energy and natural resources, extended it until March 31, 2027.

    Even so, a great deal of unknowns remain. The Canadian government won’t sit again until March 24, this time with a new prime minister at the helm and with the almost-certain fate of a new election being called.

    The continual threat of tariffs from the US has added to the chaos.

    Investor takeaway

    Looking at factors that may move the needle on exploration funding in 2025, Murphy said gold should do ‘pretty well’ under the Trump administration given its status as a safe-haven asset in times of uncertainty.

    At the same time, global electrification remains a focus, which could help metals like copper.

    However, exploration funding for other metals isn’t looking quite so rosy.

    ‘Will that be enough to push us into exploration budget growth this year? I would argue absolutely not,’ he said.

    “The question really is going to be how far down we go this year, and if gold majors in particular are going to be increasing their budgets enough to counter what people see as being a pretty sour scenario for a lot of other commodities,’ Murphy explained to the audience at PDAC.

    Whether or not the exploration funding cycle has bottomed remains to be seen.

    ‘Financing conditions continue to be incredibly challenging,’ Murphy said.

    Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

    This post appeared first on investingnews.com

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    Crypto Market Recap: CME Launches SOL Futures Contracts, Ripple Files for Trademark

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    Here’s a quick recap of the crypto landscape for Monday (March 17) as of 9:00 p.m. UTC.

    Bitcoin and Ethereum price update

    Bitcoin (BTC) is currently trading at US$84,430.77, a 1.3 percent increase over the past 24 hours. The day’s trading range has seen a high of US$84,583.84 and a low of US$82,669.84.

    Despite the recent market downturn, traders are now seeing historical patterns that suggest Bitcoin’s price could rise. Network economist Timothy Peterson said a repeat of Bitcoin’s historical pattern could mean that the token could hit a new ATH, potentially around US$126,000, by June.

    Bitcoin performance, March 17, 2025.

    Chart via TradingView.

    Ethereum (ETH) is priced at US$1,940.40, marking a 2.9 percent increase over the same period. The cryptocurrency reached an intraday high of US$1,949.66 and a low of US$1,892.89.

    Ether’s price has been stuck below US$2,000 for several reasons that indicate a risk-off sentiment for investors, including declining network activity and decreasing TVL, negative spot Ethereum ETF flows and weak technicals.

    An analysis shows the potential of a bear flag forming, which could mean more downside in the coming days. Testing of Ethereum’s Pectra upgrade is set to begin on Hoodi today, and the upgrade will be launched 30+ days after Hoodi forks successfully.

    Altcoin price update

    • Solana (SOL) is currently valued at US$129.70, up 2.1 percent over the past 24 hours. SOL experienced a high of US$130.53.61 and a low of US$125.97 on Monday.
    • XRP is trading at US$2.36, reflecting a 2.6 percent increase over the past 24 hours. The cryptocurrency recorded an intraday high of US$2.38 and a low of US$2.31.
    • Sui (SUI) is priced at US$2.36, showing a 5.2 percent increase over the past 24 hours. It achieved a daily high of US$2.37 and a low of US$2.27.
    • Cardano (ADA) is trading at US$0.7251, reflecting a 3.4 percent increase over the past 24 hours. Its highest price on Friday was US$0.7291, with a low of US$0.7150.

    Crypto news to know

    CME launches Solana futures

    The highly anticipated launch of Solana (SOL) futures trading on the Chicago Mercantile Exchange (CME) saw its inaugural block trade completed on Sunday evening. Digital asset prime broker FalconX announced the completion of the inaugural block trade of Solana (SOL) futures contracts with financial services company StoneX acting as the counterparty.

    This transaction occurred amidst a period of notable volatility for SOL. Leading up to March 17, the price of SOL experienced a decline, coinciding with reductions in both network transaction volume and Total Value Locked (TVL).

    Additionally, open interest in SOL has decreased significantly, and technical analysis suggests a potential further price drop of up to 35 percent. Analysts have identified the US$120 level as a critical support threshold; a breach of this level could lead to a test of support at US$110.BNY Mellon deepens ties with Circle for stablecoin services

    Financial giant BNY Mellon is expanding its services to include digital assets by partnering with stablecoin giant Circle. This collaboration will allow select BNY Mellon clients to send and receive funds to and from Circle, and to buy and sell Circle’s USDC stablecoins. This move signifies the increasing acceptance of stablecoins in traditional finance and demonstrates BNY Mellon’s dedication to innovation and adapting to client needs.

    Strategy’s latest Bitcoin purchase

    Strategy announced its latest Bitcoin purchase on Monday, acquiring 130 Bitcoins for around US$10.7 million in cash, at an average price of roughly US$82,981 per Bitcoin. This marks the company’s smallest acquisition on record, made using proceeds from the “STRK ATM,” a new Strategy program looking to raise up to US$21 billion in fresh capital to acquire more Bitcoin. Strategy is now just 774 tokens shy of 500,000.

    Ripple Labs plans cryptocurrency custody expansion

    Ripple Labs, the company behind XRP, appears to be planning an expansion into cryptocurrency custody, according to a trademark application for “Ripple Custody” dated February 25.

    The filing also reveals plans for downloadable software to custody and manage various currencies, including crypto and fiat, suggesting Ripple may be developing a cryptocurrency wallet, a service it doesn’t currently offer. Providing wallet services would also generate new revenue for Ripple through transaction fees.

    Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

    Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

    This post appeared first on investingnews.com

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    Trump’s Tariffs Disrupting North American Critical Minerals Supply Chains

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    Underscoring the global need for raw materials, Canada, the US, the UK, the EU and Australia have all established critical minerals lists aimed at streamlining and expediting projects up and down the supply chain.

    Reducing reliance on powerhouse critical minerals producer China is a key goal, but as the Trump administration focuses on tariffs and domestic production, it is threatening to disrupt fragile ex-China supply chains.

    During a policy outlook panel at this year’s Toronto-based Benchmark Summit, Gracelin Baskaran, director of critical minerals security at the Center for Strategic and International Studies, and Morgan Bazilian, professor at the Colorado School of Mines, discussed the global implications of US tariffs, honing in on critical minerals.

    Although inflation is the most obvious consequence of widespread tariffs, Baskaran pointed to longer-term effects.

    “We have a tendency in policy to think about the consequence of tariffs being inflation in the short to medium term,’ she commented. “But I think the bigger thing is it also undermines the development of domestic industry.”

    Using uranium and the nuclear fuel cycle as an example, Baskaran explained to the audience that tariffs would disincentivize the growth of the domestic nuclear fuel supply chain in the US. In her view, a tariff on uranium would lead to a 2 percent increase in electricity costs, which would have a ripple effect across the supply chain.

    “The biggest problem is we’re building our enrichment capabilities in the US, and we need to incentivize sending raw uranium to the US for enrichment. And it undermines that effort, because it’s now 25 percent more expensive,” she said.

    As the US pushes for domestic reindustrialization and stronger internal supply chains, tariffs are making it harder to secure critical resources needed for midstream processing — an already unprofitable sector.

    While the impact may seem short term, failing to develop a sustainable domestic industry could have lasting consequences, affecting US manufacturing and resource independence for decades, she added.

    Copper tariff investigation boosts prices

    Deemed essential for widespread electrification, copper is listed on all critical minerals lists.

    The US produced 1.1 million metric tons of copper and 890,000 metric tons of refined copper in 2024. However, according to the US Geological Survey, the country also imported 810,000 metric tons of refined copper last year.

    In late February, the Trump administration launched a Section 232 investigation into copper imports.

    It’s been described by Peter Navarro, trade adviser for the White House, as a move to curb China’s expanding copper sector while addressing vulnerabilities in the US supply chain.

    Navarro has stressed the need to restore domestic mining, smelting and refining of copper, citing military and technological applications. News of the investigation and concerns about potential tariffs targeting the sector pushed have copper prices over 9 percent higher, from US$4.50 per pound on February 27 to US$4.94 on March 17.

    As Bazilian pointed out, the rise has come in part due to tariff speculation, which has been reflected in a price discrepancy between copper trading on the COMEX and London Metal Exchange.

    “You know that delta has increased, so the markets have already priced in the tariffs. That’s what it should be doing,” he said, noting that the markets for some minor metals lack similar mechanisms.

    “The minor metals have no such price transparency or discovery,” he noted. ‘But if you have robust markets, they can be a really good bolster against what will always be a rapidly changing and uncertain political landscape.”

    Critical minerals deals in jeopardy

    Aside from the added costs tariffs are expected create, they are doing damage to the friendly, decades-long relationship between Canada and the US, and concerns about joint projects are coming to the forefront.

    In December, the US Department of Defense (DoD) earmarked US$15.8 million to help advance a tungsten project in the Yukon. The deal, which also included C$12.9 million from the Canadian government, was hailed as “close collaboration among like-minded partners” aimed at unlocking critical minerals development.

    It is part of the larger US-Canadian Joint Action Plan on Critical Minerals.

    ‘Tungsten is used in a diverse set of DoD systems and is essential to national security,’ Dr. Laura Taylor-Kale, assistant secretary of defense for industrial base policy, said in a press release.

    ‘The United States is overly reliant on overseas sources of tungsten and a secure North American supply for this commodity will mitigate one of our most critical material risks. This award also highlights the importance of the Department’s partnership with our Canadian allies,’ Taylor-Kale continued.

    Bazilian said while government investment is important, it’s not sufficient and in this case has become uncertain.

    “There’s been investment in Canada by the Pentagon. I’m not sure that will continue,” he said.

    “We have to look at financial mechanisms that help investors look at demand — (they need) some kind of certainty on the demand side, whether it’s an offtake agreement or something else. That’s not going to come from the DoD — while the US DoD is massive, it’s not big enough to to provide all of that downstream,” Bazilian emphasized.

    The professor also noted that unclear capital structures and limited access to funds are creating challenges for investment, and without both supply and demand certainty, securing financing will remain difficult.

    Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.

    This post appeared first on investingnews.com

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    Hungary’s new anti-LGBTQ+ law bans Pride events and sparks protests

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    A new anti-LGBTQ+ law banning Pride events and allowing authorities to use facial recognition software to identify those attending the festivities was passed in Hungary on Tuesday, leading to a large demonstration on the streets of Budapest.

    Several thousand protesters chanting anti-government slogans gathered after the vote outside Hungary’s parliament. They later staged a blockade of the Margaret Bridge over the Danube, blocking traffic and disregarding police instructions to leave the area.

    The move by Hungarian lawmakers is part of a crackdown on the country’s LGBTQ+ community by the nationalist-populist party of Prime Minister Viktor Orbán, who is an ally of Russian President Vladimir Putin and U.S. President Donald Trump.

    The measure, which is reminiscent of similar restrictions against sexual minorities in Russia, was passed in a 136-27 vote. The law, supported by Orbán’s Fidesz party and their minority coalition partner the Christian Democrats, was pushed through parliament in an accelerated procedure after being submitted on Monday.

    Opposing legislators led a vivid protest in the legislature involving rainbow-colored smoke bombs.

    At the protest outside parliament, Evgeny Belyakov, a Russian citizen who immigrated to Hungary after facing repression in Russia, said the legislation went at the heart of people’s rights to peacefully assemble.

    “It’s quite terrifying to be honest, because we had the same in Russia. It was building up step by step, and I feel like this is what is going on here,” he said. “I just only hope that there will be more resistance like this in Hungary, because in Russia we didn’t resist on time and now it’s too late.”

    What does the law say?

    The bill amends Hungary’s law on assembly to make it an offense to hold or attend events that violate Hungary’s contentious “child protection” legislation, which prohibits the “depiction or promotion” of homosexuality to minors under 18.

    Attending a prohibited event will carry fines up to 200,000 Hungarian forints ($546), which the state must forward to “child protection,” according to the text of the law. Authorities may use facial recognition tools to identify individuals attending a prohibited event.

    In a statement on Monday after lawmakers first submitted the bill, Budapest Pride organizers said the aim of the law was to “scapegoat” the LGBTQ+ community in order to silence voices critical of Orbán’s government.

    “This is not child protection, this is fascism,” wrote the organizers of the event, which attracts thousands each year and celebrates the history of the LGBTQ+ movement while asserting the equal rights of the gay, lesbian, bisexual and transgender community.

    Following the law’s passage Tuesday, Budapest Pride spokesperson Jojó Majercsik told The Associated Press that despite Orbán’s yearslong effort to stigmatize LGBTQ+ people, the organization had received an outpouring of support since the Hungarian leader hinted in February that his government would take steps to ban the event.

    “Many, many people have been mobilized,” Majercsik said. “It’s a new thing, compared to the attacks of the last years, that we’ve received many messages and comments from people saying, ‘Until now I haven’t gone to Pride, I didn’t care about it, but this year I’ll be there and I’ll bring my family.’”

    Government crackdown

    The new legislation is the latest step against LGBTQ+ people taken by Orbán, whose government has passed other laws that rights groups and other European politicians have decried as repressive against sexual minorities.

    In 2022, the European Union’s executive commission filed a case with the EU’s highest court against Hungary’s 2021 child protection law. The European Commission argued that the law “discriminates against people on the basis of their sexual orientation and gender identity.”

    Hungary’s “child protection” law — aside from banning the “depiction or promotion” of homosexuality in content available to minors, including in television, films, advertisements and literature — also prohibits the mention of LGBTQ+ issues in school education programs, and forbids the public depiction of “gender deviating from sex at birth.”

    Booksellers in Hungary have faced hefty fines for failing to wrap books that contain LGBTQ+ themes in closed packaging. Critics have argued Orbán’s campaign amounts to an attempt to cut LGBTQ+ visibility, and that by tying it to child protection, it falsely conflates homosexuality with pedophilia.

    Hungary’s government argues that its policies are designed to protect children from “sexual propaganda.”

    Is Orbán trying to distract the electorate?

    Hungary’s methods resemble tactics by Putin, who in December 2022 expanded Russia’s ban on “propaganda of nontraditional sexual relations” from minors to adults, effectively outlawing any public endorsement of LGBTQ+ activities.

    Orbán, in power since 2010, faces an unprecedented challenge from a rising opposition party as Hungary’s economy struggles to emerge from an inflation and cost of living crisis and an election approaches in 2026.

    Tamás Dombos, a project coordinator at Hungarian LGBTQ+ rights group Háttér Society, said that Orbán’s assault on minorities was a tactic to distract voters from more important issues facing the country. He said allowing the use of facial recognition software at prohibited demonstrations could be used against other protests the government chooses to deem unlawful.

    “It’s a very common strategy of authoritarian governments not to talk about the real issues that people are affected by: the inflation, the economy, the terrible condition of education and health care,” Dombos said.

    Orbán, he continued, “has been here with us for 15 years lying into people’s faces, letting the country rot basically, and then coming up with these hate campaigns.”

    This post appeared first on cnn.com

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    Peruvian fisherman rescued after 95 days at sea survived on diet of cockroaches, fish and turtle blood

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    Keeping hope alive wasn’t easy. His morale dwindled along with his food supply. It reached a point where he thought he didn’t want to live anymore.

    “I even got a knife three times. Three times I got the knife because I couldn’t take it anymore,” he said. “But I told myself: Calm down, Gatón. You can do it. You can do it.”

    He said he had packed enough supplies to last him a month. And after those first 30 days at sea, he was ready to head back to land. But that’s when his boat’s motor stopped running. He tried many times to get it to work again, but to no avail.

    From there, he knew he had to ration the few scraps of food and water he had left, hoping it would last him long enough for someone to find him. But after another month or so, his rations ran out. So, he turned to drastic measures.

    “After January and February, that’s when I started eating roaches and birds, various kinds of fish that happened to jump into the boat.”

    He said he had to hunt those birds in the middle of the night. Around 1 or 2 a.m. they would rest on top of his boat and fall asleep. Once they did, he got a club, snuck up behind them and “pop.”

    “I didn’t want to do it but I didn’t have a choice. It was my life.”

    At one point, he even had to hunt a turtle – not for its meat but for its blood since he didn’t have anything else to drink.

    Not long after that, a hopeful sign finally arrived.

    He was about to fall asleep inside his boat. But just 30 minutes later, he heard a loud voice screaming his nickname: “Gatón!”

    It was a rescue worker on a helicopter.

    “That’s when I said (to God): You did it! You did it!”

    The people on board the helicopter gestured to him that another boat would arrive soon to take him home.

    After about an hour, as night fell, he finally saw the lights of the boat. He was going home.

    “It was something sensational,” he said.

    After those excruciating 95 days, he now says he has a newfound appreciation for life.

    “I will tell my story worldwide, so the world knows that God is everything in this life, that we put our hand on our chest and fill ourselves with love, give love. That is what we need here on Earth.”

    This post appeared first on cnn.com

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    US designates South Korea a ‘sensitive’ country over mishandling of lab data

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    The US energy department put South Korea on a watchlist because visitors to its laboratories mishandled sensitive information, Joseph Yun, the acting US ambassador, said on Tuesday.

    The designation, which relegated the US ally to the lowest tier of a list that includes China, Iran, Israel, Russia, Taiwan, and North Korea, sparked controversy and debate in Seoul, which said it had not been notified by Washington.

    “South Korea was put on this list because there was some mishandling of sensitive information,” Yun said in remarks to the American Chamber of Commerce in Korea.

    He did not elaborate on the issue, but said more than 2,000 South Korean students, researchers, and government officials visited US labs last year.

    The designation was limited to the department’s facilities, Yun added, and did not have wider implications for cooperation between the allies.

    “It is not a big deal,” he added. “There were some incidents because there were so many South Koreans going there.”

    This week the US energy department confirmed it had designated South Korea a “sensitive” country in January, but did not explain why.

    Vice ministers in Seoul were set on Tuesday to brief acting President Choi Sang-mok on their response, while Industry Minister Ahn Duk-geun is expected to ask for South Korea to be dropped from the list when he visits the United States this week, government sources have said.

    In a report last year, the US energy department said it had fired a contractor who tried to board a flight to South Korea with “proprietary nuclear reactor design software” owned by the Idaho National Laboratory.

    That individual, who was being investigated by US law enforcement, had been in contact with an unnamed foreign government, the report said, without identifying the country.

    It was not immediately clear if that case contributed to the designation. Officials in the energy department and state department were not immediately available for comment.

    The US decision to add South Korea to the list was taken by the previous Biden administration, a spokesperson for the US Department of Energy (DOE) has said.

    It came as South Korean officials increasingly raised the prospect of some day pursuing their own nuclear weapons, and in the aftermath of a shock martial law declaration in December that threw the country’s leadership into crisis.

    On Monday, however, Seoul’s foreign ministry said the DOE decision was understood to have stemmed from “security-related matters” linked to a research center, and not South Korea’s foreign policy.

    The DOE spokesperson said the designation, due to take effect in April, set no new restrictions but mandates internal reviews before cooperation or visits to listed countries.

    Meanwhile, Yun called on South Korea to help reduce the US trade deficit with Seoul, which has more than doubled since the first Trump administration. “To the new administration in Washington, that is troubling,” he said.

    South Korea needs to scrap barriers in the agriculture, digital and service sectors, he added.

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    Clashes erupt in western India as Hindu groups demand demolition of Mughal ruler’s tomb

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    Authorities imposed an indefinite curfew in parts of a western Indian city on Tuesday, a day after sectarian clashes were sparked by Hindu nationalist groups who want to demolish the tomb of a 17th-century Muslim Mughal ruler.

    Clashes between Hindus and Muslims in Maharashtra state’s Nagpur city broke out on Monday during a protest led by Hindu nationalist groups demanding the demolition of the tomb of Aurangzeb, a Muslim Mughal ruler who has been dead for more than 300 years.

    Lawmaker Chandrashekhar Bawankule said at least 34 police personnel and five other people were injured and several houses and vehicles were damaged during the violence. Senior police office Ravinder Singal said at least 50 people have been arrested so far.

    Devendra Fadnavis, Maharashtra’s top elected official, said the violence began after “rumors were spread that things containing religious content were burnt” by the protesters, referring to the Quran.

    Aurangzeb’s tomb is in Chhatrapati Sambhaji Nagar city, some 500 kilometers (310 miles) from Nagpur. The city was earlier called Aurangabad, after the Mughal ruler.

    Aurangzeb is a loathed figure among India’s Hindu nationalists, who accuse him of persecuting Hindus during his rule in the 17th century, even though some historians say such stories are exaggerated.

    As tensions between Hindus and Muslims have mounted under Hindu nationalist Prime Minister Narendra Modi, scorn for Aurangzeb has grown. Modi has made references to Aurangzeb in the past, accusing him of persecuting Hindus.

    Such remarks have led to anxieties among the country’s significant Muslim minority who in recent years have been at the receiving end of violence from Hindu nationalists, emboldened by a prime minister who has mostly stayed mum on such attacks since he was first elected in 2014.

    Tensions over the Mughal ruler have intensified in India after the release of Bollywood movie “Chhaava,” an action film based on a Hindu warrior who fought against Aurangzeb. The film has been lambasted by some movie critics for feeding into a divisive narrative that risks exacerbating religious rifts in the country.

    While there have long been tensions between India’s majority Hindu community and Muslims, rights groups say that attacks against minorities have become more brazen under Modi. They also accuse Modi of discriminatory policies towards the country’s Muslims.

    Modi’s ruling Hindu nationalist Bharatiya Janata Party denies this.

    Hindu extremists have also targeted Muslim places of worship across the country and laid claim to several famous mosques, arguing they are built on the ruins of prominent temples. Many such cases are pending in courts.

    Last year, Modi delivered on a longstanding demand from Hindu nationalists — and millions of Hindus — when he opened a controversial temple on the site of a razed mosque in northern India’s Ayodhya city. The 16th-century Babri mosque was demolished in 1992 by Hindu mobs who believe Ram, one of Hinduism’s most revered deity, was born at the exact spot.

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