Frank Holmes of US Global Investors (NASDAQ:GROW) shares his forecast for gold and silver.
He sees gold testing US$5,000 per ounce next year and then reaching US$7,000 by the end of US President Donald Trump’s second term in office.
‘And I think that silver will be over US$100,’ he added.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Piche Resources (PR2:AU) has announced Commences Maiden RC Drilling at Cerro Chacon Gold Project
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Every week for the duration of the 2025 regular season, USA TODAY Sports will provide timely updates to the NFL’s ever-evolving playoff picture − typically starting Sunday afternoon and then moving forward for the remainder of the week (through Monday’s and Thursday’s games or Saturday’s, if applicable. And, when the holidays roll around, we’ll be watching then, too).
What just happened? What does it mean? What are the pertinent factors (and, perhaps, tiebreakers) prominently in play as each conference’s seven-team bracket begins to crystallize? All will be explained and analyzed up to the point when the postseason field is finalized on Sunday, Jan. 4.
Here’s where things stand with Week 14 getting underway:
1. Chicago Bears (9-3), NFC North leaders: With back-to-back victories over winning adversaries − in conjunction with the Rams’ stunning Week 13 loss at Carolina − the Bears have now rocketed to the top of the conference. Chicago’s 6-2 record in NFC games sends L.A. (4-3) down a spot. But first place in the division and perhaps conference will be on the line Sunday at Lambeau Field. Remaining schedule: at Packers, vs. Browns, vs. Packers, at 49ers, vs. Lions
2. Los Angeles Rams (9-3), NFC West leaders: The Panthers snapped their NFC-high six-game winning streak in rainy Charlotte, a loss that dropped L.A. out of the conference’s top spot. But the Rams can reclaim it this weekend with a win and some help. Remaining schedule: at Cardinals, vs. Lions, at Seahawks, at Falcons, vs. Cardinals
3. Philadelphia Eagles (8-4), NFC East leaders: Two losses in a row not only mean a lot more scrutiny but − beware − a team that could fall into the Cowboys’ clutches in the division if it’s not careful. Remaining schedule: at Chargers, vs. Raiders, at Commanders, at Bills, vs. Commanders
4. Tampa Bay Buccaneers (7-5), NFC South leaders: They narrowly beat Arizona to narrowly maintain their half-game lead over Carolina in the division. But the schedule is awfully forgiving the rest of the way aside from two meetings with those currently idle Panthers. Remaining schedule: vs. Saints, vs. Falcons, at Panthers, at Dolphins, vs. Panthers
5. Seattle Seahawks (9-3), wild card No. 1: All three of the ‘Hawks’ losses are against NFC opponents, including two in the division − defeats that won’t serve them well in the tiebreaker department. Long trip this weekend in what’s likely a bid to maintain their position. Remaining schedule: at Falcons, vs. Colts, vs. Rams, at Panthers, at 49ers
6. Green Bay Packers (8-3-1), wild card No. 2: They merely maintained their standing (for now) with their Thanksgiving win at Detroit, but a loss would have dropped them from the field entirely. A thin margin for the Pack to be sure … yet they remain just a half-game off the NFC North lead, too − and can rise to the top by beating Chicago on Sunday. Remaining schedule: vs. Bears, at Broncos, at Bears, vs. Ravens, at Vikings
7. San Francisco 49ers (9-4), wild card No. 3: They now have a 1½-game lead on their wild-card pursuers after winning at Cleveland, yet are only a half-game behind the Rams and Seahawks for the NFC West lead. Off this weekend, the Niners are in no danger of vacating the field. Remaining schedule: BYE, vs. Titans, at Colts, vs. Bears, vs. Seahawks
8. Detroit Lions (8-5), in the hunt: Huge win over Dallas on Thursday night. It brought the Lions within a game of the NFC’s final wild card and should help them in the division standings given either the Packers or Bears will lose Sunday. Remaining schedule: at Rams, vs. Steelers, at Vikings, at Bears
9. Carolina Panthers (7-6), in the hunt: The upset of the Rams reaffirmed the Panthers as an outfit to be reckoned with, though they didn’t gain any ground in the wild-card or divisional races. Though Carolina is off this week, it would move atop the NFC South if the Bucs lose to New Orleans. Remaining schedule: BYE, at Saints, vs. Buccaneers, vs. Seahawks, at Buccaneers
10. Dallas Cowboys (6-6-1), in the hunt: Crippling loss Thursday in Motown. Dallas’ best bet now is probably to hope the Eagles continue to struggle and leave the NFC East in play. Remaining schedule: vs. Vikings, vs. Chargers, at Commanders, at Giants
1. New England Patriots (11-2), AFC East leaders: The first team in the league to 11 wins thanks to Monday night’s rollover of the Giants, the Pats are in a very tight race with Denver, the teams’ airtight tiebreakers set to take effect once New England’s bye is over. Remaining schedule: BYE, vs. Bills, at Ravens, at Jets, vs. Dolphins
2. Denver Broncos (10-2), AFC West leaders: Denver held a one-game advantage in the common-games tiebreaker with New England − the difference being the Patriots’ Week 1 loss to the Raiders − before the Pats won Monday night. Remaining schedule: at Raiders, vs. Packers, vs. Jaguars, at Chiefs, vs. Chargers
3. Jacksonville Jaguars (8-4), AFC South leaders: Their Week 13 win in Nashville coupled with Indy’s loss moves the Jags into first place by virtue of the common-games played tiebreaker, which they own by a one-win advantage. Beat the Colts on Sunday, Jacksonville takes over first place outright. Slide back later, and victories over the Chiefs and Chargers could serve them well when it’s time to sort out tiebreakers. Remaining schedule: vs. Colts, vs. Jets, at Broncos, vs. Colts, at Titans
4. Baltimore Ravens (6-6), AFC North leaders: A sloppy performance against the Bengals briefly cost them first place in the division and a slot in the projected playoff field − but Pittsburgh’s loss Sunday conferred it back, the Ravens currently with one additional win over the Steelers in the common-games tiebreaker. Remaining schedule: vs. Steelers, at Bengals, vs. Patriots, at Packers, at Steelers
5. Los Angeles Chargers (8-4), wild card No. 1: They looked fairly fresh while taking out the Raiders in their return from the bye. But QB Justin Herbert got hurt. The Bolts’ 7-2 record in AFC games currently renders them the top-seeded wild card, and Philadelphia won’t affect that. Remaining schedule: vs. Eagles, at Chiefs, at Cowboys, vs. Texans, at Broncos
6. Indianapolis Colts (8-4), wild card No. 2: They’ve dropped three of their past four to fall off the conference pace … and have now ceded first place in the AFC South to Jacksonville after Sunday’s loss to Houston. But win in Duval County, and the Colts go back on top of the division. Though Indy beat the Chargers in Week 7, the three-way tiebreaker (conference record) currently takes precedence, and the Colts are 6-3 in those contests. The schedule doesn’t let up the rest of the way out. Remaining schedule: at Jaguars, at Seahawks, vs. 49ers, vs. Jaguars, at Texans
7. Buffalo Bills (8-4), wild card No. 3: They got back into the win column at Pittsburgh, thus hanging on to the AFC’s final projected wild-card spot. A 5-3 record in conference games leaves Buffalo behind the Chargers and Colts in the wild-card seeding. Remaining schedule: vs. Bengals, at Patriots, at Browns, vs. Eagles, vs. Jets
8. Houston Texans (7-5), in the hunt: They’ve won five of six, including four in a row. If they want to win the AFC South for a third straight year, the Texans likely need to sweep the Colts − and they took their first step toward that with Sunday’s win − while continuing their surge. Remaining schedule: at Chiefs, vs. Cardinals, vs. Raiders, at Chargers, vs. Colts
9. Pittsburgh Steelers (6-6), in the hunt: They’re virtually tied with the Ravens … but won’t be after this weekend’s trip to Baltimore. A 5-3 record in AFC games does slot the Steelers ahead of K.C. (3-4) for now. Remaining schedule: at Ravens, vs. Dolphins, at Lions, at Browns, vs. Ravens
10. Kansas City Chiefs (6-6), in the hunt: Not only will they almost certainly not win the AFC West for the first time since 2015, they could miss the postseason for the first time since 2014 − Andy Reid’s second year in K.C. And don’t forget they’ve lost to the Broncos, Chargers, Bills and Jags, who are all ahead of them. Remaining schedule: vs. Texans, vs. Chargers, at Titans, vs. Broncos, at Raiders
11. Miami Dolphins (5-7), in the hunt: They probably need to win the remainder of their games to even have a shot at postseason qualification. Remaining schedule: at Jets, at Steelers, vs. Bengals, vs. Buccaneers, at Patriots
12. Cincinnati Bengals (4-8), in the hunt: They probably need to win the remainder of their games to even have a shot at postseason qualification … though they have a better one than Miami by virtue of living in this year’s surprisingly subpar AFC North. Remaining schedule: at Bills, vs. Ravens, at Dolphins, vs. Cardinals, vs. Browns
With its signature pink box, Crumbl is a dessert chain founded in Utah known for making big cookies and desserts.
It’s also now known for its big influence in Brigham Young football.
It was a wild week in Provo, Utah, with Cougars coach Kalani Sitake reportedly at the top of Penn State’s long coaching search. The Nittany Lions were pushing hard to hire him, causing panic for a program that is one win away from their first College Football Playoff appearance.
That was until some big-time donor decided to “get off the sidelines’ and get to work. That was Crumbl co-founder and CEO Jason McGowan, who got BYU to rally around its coach by baking up a sweet treat with a heavy dose of love and financial commitment.
The finished product out of the oven? A long-term extension for Sitake that keeps him at his alma mater – and Penn State still searching.
“Sometimes, you just got to get off the sidelines in life and just try your best to see what you can do to make a difference,” McGowan told USA TODAY Sports. “Every once in a while, it pans out.”
It makes sense Sitake eventually got on Penn State’s radar. The Cougars have thrived in the Big 12 under him, going 11-2 last season and reaching this season’s conference championship game. He’s won double-digit games in four of the past six seasons. Penn State felt confident it had found its man.
The idea of Sitake leaving BYU was “gut-wreching” for McGowan, so he got to work. He posted a cryptic yet obvious message on X that he was going to do whatever he could to keep Sitake at BYU.
Not long after, he made another post that called for Cougars fans to show how much Sitake meant to the school and show him love and respect. He called it a love bomb, believing there would be a tremendous response. Just to incentivize it, McGowan said he’d give away four 50-yard line seats and airfare to the Big 12 championship game in Arlington, Texas, for the best responses.
“I wanted to remind Kalani just how much everyone loves him,” McGowan said. “I knew he would get a tremendous response.”
Maybe the prize helped, but It clearly had an impact. BYU fans flooded social media, and as McGowan put it, “it turned Kalani’s heart.” Sitake was emotional during the press conference announcing his extension as he recalled all the messages directed toward him.
“It was an amazing feeling of appreciation from everybody,” Sitake said. “I don’t know how you can leave that, man. I just don’t know how you can walk away from it.”
Love is a great way to convince someone, but ultimately, money does do quite a bit of talking. Luckily, McGowan is just one of several major donors for the Cougars with his company that made over $1 billion in sales in 2023, according to Forbes. After BYU beat Utah, he offered to cover the fine for rushing the field, and when the Cougars weren’t penalized, he ended up donating to the NIL fund and paying lunch debt in the nearby school districts.
It’s unknown how much McGowan, other donors and BYU offered up to keep Sitake. As a private school backed by Church of Jesus Christ of Latter-day Saints, BYU doesn’t have to make its finances public.
But there was a bigger financial commitment. Athletic director Brian Santiago said Sitake didn’t talk much about his own compensation, but he wanted to take care of the people around him – assists, team staff and players.
“It’s not really about the money, but there is an opportunity for me to take care of my players and my staff and make sure that we’re all headed in the right direction of what we want to accomplish,” Sitake said.
Whatever the price was, it was right enough to slam the door shut on the Nittany Lions. Sitake proclaimed it was time to “quit all the drama” because “I’m here.”
With university and donor back, Santiago said it was a significant investment to “make sure that we do everything we can to retain Kalani Sitake.”
“I think Penn State offered some tremendous support,” McGowan said. “I think that was appealing to him, but I think we showed Kalani that we equally – BYU especially – and us donors in our small little way, to help out.
“We’ve got all these amazing donors behind us that just says we’re here. We’re all committed on BYU, too. It wasn’t just me. It was everyone just saying, ‘Yep, we’re here for you.’”
The week has revealed how greatly Sitake is viewed at BYU: a highly respected individual with love for the university and its fans. In McGowan’s eyes, there was no one else that could be in charge of the Cougars.
“Finding a coach who can help us win, that’s replaceable,” McGowan said. “Finding someone who can help us win, but also the character and the person he is and the values he’s trying to share, I had a hard time imagining anyone else that could come in and do what he did.
“We love him and we want him here, and you can see that.”
As if the Nittany Lions coaching search couldn’t get worse, salt was rubbed in the wound when Virginia Tech and its former coach James Franklin had Crumbl cookies at its signing day ceremony. It made sense to assume McGowan was involved in it, but don’t blame him.
“I didn’t have any part of it,” McGowan said with a laugh. “Seeing that happen, I laughed and thought it was really, really funny. I think we shouldn’t take ourselves too seriously.”
Now that BYU has its guy, it can focus on trying to make the playoff. McGowan said to expect another version of love bombing, this time aimed at the playoff selection committee to remind them it belongs in the field.
There’s no better proof than teams coming up to bat for Sitake – and all striking out − thanks to the pink box.
“You know what else believes it?” McGowan added. “Penn State, and so does everyone else because they want our coach, right?’
This NBA season isn’t going the way Ja Morant wanted.
He initially clashed in the locker room with the Memphis Grizzlies new coaching staff. Then, he clashed with Dallas Mavericks guard Klay Thompson. He’s been the subject of constant trade rumors. He hasn’t played all that well. And he’s injured again.
On that last front, though, the narrative could be changing soon. After missing more than two weeks of action due to a right calf strain, Morant appears to inching closer to a return. The Grizzlies offered an encouraging update on the status of their star point guard on Thursday, Dec. 4.
Memphis went 5-3 in the eight games Morant missed since leaving their Nov. 15 loss to the Cleveland Cavaliers in the first quarter. The team is 5-5 overall this season when Morant doesn’t play.
Here’s the latest on Morant’s injury situation and whether he’s slated to return to the court when the Grizzlies host the Los Angeles Clippers at FedEx Forum on Friday, Dec. 5:
No, Morant was listed as out on the Grizzlies injury report for the ninth consecutive game after suffering a right calf strain in a Nov. 15 game against the Cleveland Cavaliers. He will be out of the lineup when the Grizzlies host the Clippers tonight at 8 p.m. ET.
Grizzlies coach Tuomas Iisalo told reporters in Memphis after a practice on Thursday, Dec. 4 that Morant was ‘day-to-day,’ according to The Commercial Appeal, part of the USA TODAY Network. The team initially said it would re-evaluate the point guard after two weeks. Morant was seen shooting during the practice, and Iisalo noted he had been participating in non-full speed and non-contact drills.
‘He’s already moving and able to do some things with the team, so looking positive,’ Iisalo said on Thursday.
Morant’s numbers are down across the board this season. He’s averaging 17.9 points, which would be his lowest scoring output since his rookie season in 2019-20, and dishing out 7.6 assists per game. Morant is also shooting a career-worst 35.9% from the field and 16.7% from 3-point range in 12 games this season.
The expanded 2026 World Cup will be the biggest in history featuring 48 countries – up from 32 – battling for soccer’s ultimate prize in North America.
There are 12 groups of four teams, with each playing the others once in a round-robin. Three points are awarded for a win and one for a draw, with the top two teams advancing directly to the knockout stage. In the World Cup’s new format, eight of the 12 group third-place winners also move on to the Round of 32.
The field is then whittled down again for the Round of 16, quarterfinals and semifinals – with the World Cup final set for July 19 at MetLife Stadium in East Rutherford, New Jersey.
Here’s the path to the World Cup final in 2026:
Winner 97 vs. Winner 98 – Dallas
Winner 99 vs. Winner 100 – Atlanta
With an opportunity to put a big dent into the Lions’ lead late, Dallas tight end Jake Ferguson was flagged for a questionable offensive pass interference call that led to a Cowboys fourth down.
As noted by Amazon Prime officiating guru Terry McAulay, Ferguson appeared to swim through the coverage by Lions linebacker Alex Anzalone, but there was no noticeable grab or push from Ferguson that would have warranted the flag.
Nevertheless, after a brief discussion, Shawn Hochuli opted to back the flag, leading to the incompletion and a fourth down for Dallas.
‘I don’t see offensive pass interference at all,’ McAulay said on the broadcast.
The call might not have been as important in the final score: Ultimately, the Lions declined the OPI call, which led to a fourth down, rather than a lengthy third-down try.
The flag and fourth down led to a Dallas field goal, rather than a chance at a touchdown. The Lions scored on the next drive to put the game out of reach.
Of course, there were plenty who had questions about the zebras’ decision, anyway:
The Lions would win, 44-30.
Sankamap Metals Inc. (CSE: SCU) (‘Sankamap’ or the ‘Company’) further to the Company’s news releases dated October 21, 2025, November 4, 2025, and November 18, 2025, the Company continues to work towards the filing of its annual audited financial statements and management’s discussion and analysis for the fiscal year ended June 30, 2025 (the ‘Required Filings’). The Company has obtained approval from the Alberta Securities Commission to extend the Management Cease Trade Order (‘MCTO’) under National Policy 12-203 Management Cease Trade Orders (‘NP 12-203’) until December 28, 2025.
While the audit of Sankamap’s private subsidiary has now been completed, timing adjustments in the subsidiary’s audit resulted in a brief postponement of fieldwork and the review of Sankamap’s audit file. The upcoming holiday period is also expected to affect scheduling. To support timely completion of the audit, the Company intends to appoint the subsidiary’s auditor as its auditor, as their familiarity with the Company’s mineral property and the Solomon Islands jurisdiction is expected to facilitate an expedited process. A change of auditor is underway, and the Company expects to file the required change of auditor documentation shortly.
The Required Filings were due to be filed by October 28, 2025. In connection with the anticipated delays in making the Required Filings, the Company made an application for a Management Cease Trade Order (‘MCTO‘) under National Policy 12-203 Management Cease Trade Orders (‘NP 12-203‘) to the Alberta Securities Commission, as principal regulator for the Company, and the MCTO was issued on October 29, 2025. The MCTO restricts all trading by the Company’s CEO and CFO in securities of the Company, whether direct or indirect. The issuance of the MCTO will not affect the ability of persons who are not directors, officers or insiders of the Company to trade their securities. The MCTO will remain in effect until the Required Filings are filed or until it is revoked or varied.
The Company expects to proceed with the filing of its interim first-quarter financial statements shortly after the Required Filings have been completed and submitted.
The Company confirms that it intends to satisfy the provisions of the alternative information guidelines described in NP 12-203 by issuing bi-weekly default status reports in the form of a news release until it meets the Required Filings requirement. The Company has not taken any steps towards any insolvency proceeding and the Company has no material information relating to its affairs that has not been generally disclosed.
About Sankamap Metals Inc.
Sankamap Metals Inc. (CSE: SCU) is a Canadian mineral exploration company dedicated to the discovery and development of high-grade copper and gold deposits through its flagship Oceania Project, located in the South Pacific. The Company’s fully permitted assets are strategically positioned in the Solomon Islands, along a prolific geological trend that hosts major copper-gold deposits; including Newcrest’s Lihir Mine, with a resource of 71.9 million ounces of gold¹ (310 Mt containing 23 Moz Au at 2.3 g/t P+P, 520 Mt containing 39 Moz Au at 2.3 g/t indicated, 81 Mt containing 5 Moz Au at 1.9 g/t measured, 61 Mt containing 4.9 Moz Au at 2.3 g/t Inferred).
Exploration is actively advancing at both the Kuma and Fauro properties, part of Sankamap’s Oceania Project in the Solomon Islands. Historical work has already highlighted the mineral potential of both sites, which lie along a highly prospective copper and gold-bearing trend, suggesting the possibility of further, yet-to-be-discovered deposits.
At Kuma, the property is believed to host an underexplored and largely untested porphyry copper-gold (Cu-Au) system. Historical rock chip sampling has returned consistently elevated gold values above 0.5 g/t Au, including a standout sample assaying 11.7% Cu and 13.5 g/t Au2; underscoring the area’s significant potential.
At Fauro, particularly at the Meriguna Target, historical trenching has returned highly encouraging results, including 8.0 meters at 27.95 g/t Au and 14.0 meters at 8.94 g/t Au3. Complementing these results are exceptional grab sample assays, including historical values of up to 173 g/t Au3, along with recent sampling by Sankamap at the Kiovakase Target, which returned numerous high-grade copper values, reaching up to 4.09% Cu. In addition, limited historical shallow drilling intersected 35.0 meters at 2.08 g/t Au3, further underscoring the property’s strong mineral potential and the merit for continued exploration. With a commitment to systematic exploration and a team of experienced professionals, Sankamap aims to unlock the untapped potential of underexplored regions and create substantial value for its shareholders. For more information, please refer to SEDAR+ (www.sedarplus.ca), under Sankamap’s profile.
1.Newcrest Technical Report, 2020 (Lihir: 310 Mt containing 23 Moz Au at 2.3 g/t P+P, 520 Mt containing 39 Moz Au at 2.3 g/t indicated, 81 Mt containing 5 Moz Au at 1.9 g/t measured, 61 Mt containing 4.9 Moz Au at 2.3 g/t Inferred)
2. Historical grab, soil and BLEG samples from SolGold Kuma Review June 2015, and SolGold plc Annual Report 2013/2012
3. September 2010-June 2012 press releases from Solomon Gold Ltd. and SolGold Fauro Island Summary Technical Info 2012
QP Disclosure
The technical content for the Oceania Project in this news release has been reviewed and approved by John Florek, M.Sc., P.Geol., a Qualified Person in accordance with CIM guidelines. Mr. John Florek is in good standing with the Professional Geoscientists of Ontario (Member ID:1228) and a director and officer of the Company.
ON BEHALF OF THE BOARD OF DIRECTORS
s/ ‘John Florek’
John Florek, M.Sc., P.Geol
Chief Executive Officer
Sankamap Metals Inc.
Contact:
John Florek, CEO
T: (807) 228-3531
E: johnf@sankamap.com
The Canadian Securities Exchange has not approved nor disapproved this press release.
Forward-Looking Statements
Certain statements made and information contained herein may constitute ‘forward-looking information’ and ‘forward-looking statements’ within the meaning of applicable Canadian and United States securities legislation. These statements and information are based on facts currently available to Sankamap and there is no assurance that the actual results will meet management’s expectations. Forward-looking statements and information may be identified by such terms as ‘anticipates,’ ‘believes,’ ‘targets,’ ‘estimates,’ ‘plans,’ ‘expects,’ ‘may,’ ‘will,’ ‘could’ or ‘would.’
This press release contains forward-looking statements, including, but not limited to, statements regarding management’s expectations about obtaining the MCTO and completing the Required Filings within the anticipated timeline. Forward-looking statements are subject to various risks, uncertainties, and other factors that could cause actual results or events to differ materially from those expressed or implied by such statements. Sankamap does not undertake any obligation to update forward-looking statements or information, except as required by applicable securities laws. For more information on the Company, investors should review the Company’s continuous disclosure filings that are available at www.sedarplus.ca.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/276869
News Provided by Newsfile via QuoteMedia
Gold has reached once-unthinkable prices in 2025, gaining over 60 percent by early December.
Looking ahead to 2026, experts believe the major themes that carried the gold price to new heights this year will continue to underwrite its trajectory in the months ahead, boosting the metal even further.
What are the top trends shaping the gold market, and what should investors expect in the new year?
US President Donald Trump’s aggressive trade policies have injected a high level of volatility into a world economy that was already reeling from ongoing regional conflicts.
This type of uncertainty reliably encourages investors to seek safe havens, and that theme dominated much of the gold story for 2025. Heading into the new year, analysts see no end to this trend.
Strong gold exchange-traded fund (ETF) inflows and central bank purchases are projected to continue into next year as investors, particularly in the west, increasingly recognize the hedge value of gold.
Global financial services firm Morgan Stanley (NYSE:MS) sees demand for gold from ETFs and central banks pushing the gold price back up above US$4,500 per ounce by mid-2026.
The World Gold Council (WGC) also expects the themes of risk and uncertainty to continue driving gold.
“My sense is that we’re going to continue to see these challenges in 2026.”
Cavatoni expects this will translate into continued strong ETF flows and central bank demand for the monetary metal for 2026, although central bank buying may come at a slower pace than the past few years.
Another potential 2026 tailwind for gold is a correction in artificial intelligence (AI) stocks.
Analysts are increasingly warning that this could happen, and it’s possible that AI bubble meltdown concerns may push more investors away from equities and into gold in the coming year.
Michael Hartnett, chief investment strategist at Bank of America Global Research, told his clients in late October that gold may be one of the strongest hedges if the AI bubble bursts.
Similarly, Macquarie analysts are warning that if AI tech firms and their clients can’t demonstrate a return on their huge investments in the emerging technology, gold may be the best bet for protection against the resulting market fallout: “Optimists buy tech, pessimists buy gold, hedgers buy both.’
The gold price has an inverse relationship with the US dollar and real interest rates. Indeed, Morgan Stanley’s US$4,500 gold forecast for mid-2026 is predicated on a weaker dollar and lower rates.
Lower rates typically weaken the dollar, and Trump has been pressuring the US Federal Reserve to drop rates since taking office. With Fed Chair Jerome Powell’s term due to end next year, market watchers are anticipating that a more dovish Fed head will take the helm. This means that more rate cuts are likely on the table for 2026.
A softer dollar and a low rate environment would provide foundational support for further gold price gains. The resulting inflation is expected to push the Fed toward quantitative easing (QE), or the purchasing of government bonds to increase money supply and lower long-term rates, which would further bolster the yellow metal’s appeal.
At its October policy meeting, the Fed stated that its quantitative tightening activities (allowing bonds to mature without reinvesting the proceeds) would end on December 1.
“Frankly … interest expense for the federal government is running at US$1.2 trillion a year (and) the budget deficit is US$1.8 trillion a year, so the interest is really contributing to the deficit,” he said. “The US federal government really needs lower rates, or else interest is going to continue to consume a big piece of their revenues.”
Lepard believes investors are keenly aware that lower rates are coming, which naturally means more inflation. This realization is enhancing gold’s investment appeal.
Heading into 2026, Fed monetary policy changes are likely to give gold another boost to the upside.
“As we move through the year, as the Federal Reserve transitions to QE and maybe yield curve control and money printing, the (precious) metals themselves will catch another leg up,” said Lepard.
“Gold will go through US$4,500 toward US$5,000, silver will go to US$60 or US$70 and (gold and silver) stocks will all go up another 30 percent pretty easily, and then maybe more over the next 12 months,’ he added.
Global financial services provider B2PRIME Group also sees gold’s average price in 2026 at around US$4,500 as US debt challenges and possible Fed rate cuts continue to bolster the value of the precious metal.
Overall, most analysts’ gold price predictions for the upcoming year are in the US$4,500 to US$5,000 range.
Metals Focus is forecasting an annual average high of US$4,560 in 2026, with gold potentially reaching a record US$4,850 in the fourth quarter. The firm sees these gains materializing despite a projected gold surplus of 41.9 million ounces in 2026, up 28 percent year-on-year; that would take mine production to another record high in 2026.
Goldman Sachs (NYSE:GS) is predicting that gold could reach as high as US$4,900 next year on increased central bank buying and anticipated inflation-causing interest rate cuts by the Fed.
For its part, Bank of America (NYSE:BAC) sees the yellow metal breaching US$5,000 in 2026 on growing deficit spending in the US and Trump’s ‘unorthodox macro policies.’
Ongoing uncertainty from trade tensions, a potential market correction in the AI sector, US debt challenges and anticipated shifts in Fed policy have fueled strong investment demand for gold as a safe-haven asset.
Those demand drivers are not going away in 2026; in fact, they are likely to provide further foundational support that could propel the gold price to new record highs.
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Highlight Drill Results:
|
GS2508 |
1.05 g/t Au over 120.7 m in the Cleary Zone |
|
GS2528 |
1.78 g/t Au over 61 m in the Cleary Zone |
|
GS2531 |
1.53 g/t Au over 191.3 m in the Dolphin Zone |
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Note: The reported widths refer to drill hole intercepts; true width cannot be determined due to the uncertain geometry of mineralization. |
VANCOUVER, BC, Dec. 4, 2025 /CNW/ – Freegold Ventures Limited (TSX: FVL,OTC:FGOVF) (OTCQX: FGOVF) announces results from six additional drill holes at the Golden Summit project. In 2025, a total of 62 holes were drilled, with assay results for 29 holes reported to date. Reporting assay results will continue in the coming months. The results from the 2025 and first half of 2026 drilling programs will be used to update the mineral resource estimate (MRE) published in July 2025, which reported 17.2 million ounces at 1.24 g/t Au indicated and 11.9 million ounces at 1.04 g/t Au inferred. The updated MRE and subsequent drilling in 2026 will serve as the basis for the Pre-Feasibility Study (PFS), scheduled for completion in early 2027. In addition to the extensive drill program, a range of other activities supporting the PFS are in progress. These include cultural resource assessments, paleontology, groundwater studies, power supply analysis, mammal habitat evaluations, and continuing metallurgical test work.
2025 Program Overview
The 2025 drilling program has been highly successful, focusing on the Cleary, Dolphin, and WOW zones. Efforts have centered on infill drilling to support the PFS, refining both geological and resource models, and developing a conceptual higher-grade starter pit targeting 5-10 million ounces to enhance the project’s early economic potential. Mineralization remains open both to the east and west of the current deposit.
Kristina Walcott, President and CEO of Freegold, commented, ‘The potential scale of this deposit is truly amazing. Our current exploration efforts focused on defining an area to host an attractive potential starter pit, as we continue to move the project forward through PFS’. Further infill drilling in early 2026 is expected to refine this area further.
Metallurgical Test Work
Metallurgical testing continues to evaluate the most viable process flowsheets for Golden Summit material. Gold recovery rates exceeding 90% have been achieved using a flowsheet that includes gravity concentration, flotation to produce a cleaner concentrate, and subsequent treatment with sulphide-oxidizing techniques such as BIOX®, POX, and the Albion Process, producing feed for carbon-in-leach (CIL) for additional gold recovery. Simple gravity and CIL are also being evaluated. This testwork is crucial to maximize the resource’s potential and will underpin the many trade-off scenarios to be evaluated during the Pre-Feasibility stage.
Current Drilling Status
Five drill rigs are currently completing the final holes of the season. Drilling will gradually wind down for a seasonal break and resume in February 2026.
Dolphin Zone: Higher-Grade Potential
Recent drilling in the Dolphin zone confirms strong, continuous mineralization, with broad intercepts of higher grades. The near-surface intercept in GS2531 indicates promising potential for higher grades, supporting the concept of a potential higher-grade starter area.
At depth, hole GS2531 shows excellent correlation with the current model, with an intercept of 1.53 g/t Au over 191.3m within the modelled higher-grade schist domain. This corridor remains open to the southwest and extends into the intrusive domain at depth. Hole GS2542, drilled 200 m south of GS2531, aims to extend the zone downdip, with assays pending. Several other holes are planned for this potential higher-grade domain in 2026, as it may serve as the economic keel for a potential starter pit.
|
Hole |
Depth (m) |
Dip (°) |
Azimuth (°) |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
|
GS2515 |
602.5 |
-80 |
360 |
84.4 |
99.7 |
15.3 |
3.00 |
|
142.3 |
147.5 |
5.2 |
0.81 |
||||
|
175.3 |
181.7 |
6.4 |
13.53 |
||||
|
227.9 |
232.8 |
4.9 |
3.06 |
||||
|
303.9 |
313.0 |
9.1 |
1.71 |
||||
|
396.2 |
416.6 |
20.4 |
0.79 |
||||
|
GS2531 |
703.2 |
-90 |
360 |
35.6 |
38.7 |
3.1 |
9.33 |
|
53.9 |
62.7 |
8.8 |
2.05 |
||||
|
81.4 |
83.8 |
2.4 |
9.51 |
||||
|
102.4 |
143.5 |
41.1 |
1.06 |
||||
|
330.3 |
361.5 |
31.2 |
0.87 |
||||
|
386.2 |
577.5 |
191.3 |
1.53 |
|
Note: The reported widths refer to drill hole intercepts; true width cannot be determined due to the uncertain geometry of mineralization. |
GS2515, drilled in the northern Dolphin Zone, intersected higher-grade mineralization with 3.0 g/t Au over 15.3m from 84.4 m, 13.53 g/t over 6.4m from 175.3m, and 3.06 g/t Au over 4.9m from 227.9 m. Like GS2531, located 250m to the south, GS2515’s higher-grade, closer-to-surface intercepts provide further encouragement for the development of a potential starter pit. Planned shallow infill drilling in 2026 will further target these areas.
Cleary Zone: Drilling Results Continuing to demonstrate strong correlation with resource model
Infill drilling within the Cleary Zone continues to demonstrate a strong correlation with the current resource model. Hole GS2508 returned 1.05 g/t Au over 120.7m, while hole GS2528 encountered four intervals with higher grades and widths, notably 1.6 g/t Au over 57.9m and 1.78 g/t Au over 61m, as well as two narrower, higher-grade sections. Hole GS2517, designated for hydrological investigation targeted the potential higher-grade downdip extent, was abandoned due to challenging ground conditions and complications arising from the attempted installation of a vibrating Wire Piezometer (VWP). VPWs are being installed to monitor groundwater levels throughout the prospective pit area, capturing both vertical and horizontal gradients to inform analyses of possible fault-block compartmentalization and support ongoing groundwater monitoring efforts. Eight installations were completed during 2025. A follow-up vertical hole, GS2549, was drilled from the same collar as GS2517 to access the target zone; assay results are pending.
|
Hole |
Depth (m) |
Dip (°) |
Azimuth (°) |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
|
GS2508 |
502 |
-75 |
360 |
224.6 |
345.3 |
120.7 |
1.05 |
|
364.8 |
373.7 |
8.9 |
0.91 |
||||
|
GS2517* |
593.4 |
-75 |
360 |
477.6 |
546.5 |
68.9 |
0.64 |
|
GS2524 |
413.3 |
-90 |
0 |
17.4 |
23.5 |
6.1 |
1.34 |
|
141.7 |
148.4 |
6.7 |
1.12 |
||||
|
203.3 |
209.4 |
6.1 |
3.36 |
||||
|
GS2528 |
721.2 |
-90 |
0 |
86.0 |
102.7 |
16.7 |
0.98 |
|
325.2 |
328.3 |
3.1 |
35.09 |
||||
|
416.7 |
474.6 |
57.9 |
1.60 |
||||
|
514.2 |
544.1 |
29.9 |
0.70 |
||||
|
559.9 |
620.9 |
61.0 |
1.78 |
||||
|
670.6 |
672.7 |
2.1 |
35.65 |
|
Note: The reported widths refer to drill hole intercepts; true width cannot be determined due to the uncertain geometry of mineralization. *Hole GS2517 was drilled for both infill and hydrogeological purposes. |
Metallurgical Update: Environmental Characterization – Non-Acid-Generating Tailings
Recent metallurgical work results have also shown more positive developments. Tailings from the locked-cycle flotation tests were analyzed for environmental characterization, including Acid Base Accounting (ABA) and Toxicity Characteristic Leaching Procedures (TCLP). Tailings from the flotation-based flowsheet have been classified as low risk for acid generation due to the removal of sulphur and the presence of significant amounts of calcium carbonate. Gravity tailings from the CIL leach scenario also showed arsenic levels below acceptable limits. More specifically, results showed the Neutralization Potential to Acid Generating Potential ratio (NPR) of the flotation tailings was significantly above what is typically classified as non-acid generating.
About Golden Summit
Since 2020, the Golden Summit project has emerged as one of North America’s largest undeveloped gold resources. The increase in resource ounces and grade is attributed to targeted drilling campaigns (over 130,000 metres from 2020 to 2024), improvements to geological models, and a better understanding of mineralization controls. Positive metallurgical test results have further advanced the project. Ongoing drilling continues to delineate zones of higher-grade mineralization, converting previously considered waste areas into potentially economically viable zones. Continued westward expansion has led to the discovery of new, higher-grade zones.
As of July 2025, the Golden Summit resource includes an Indicated Primary Mineral Resource of 17.2 million ounces at 1.24 g/t Au and an Inferred Primary Mineral Resource of 11.9 million ounces at 1.04 g/t Au, calculated using a 0.5 g/t cut-off grade and a three-year trailing average gold price of $2,490.
Drilling will continue into 2026, with upcoming results expected to support an updated resource estimate. A significant number of assay results remain pending.
Links to the Plan Map and Section 470505E
https://freegoldventures.com/site/assets/files/6287/nr-2025-drilling-20251204.jpeg
https://freegoldventures.com/site/assets/files/6287/e479050_section_04122025.pdf
QA/QC
HQ Core is logged, photographed and cut in half using a diamond saw. One half is placed in sealed bags for preparation and subsequent geochemical analysis by MSA Laboratories in Fairbanks, Alaska or ALS’s facilities in Vancouver and Thunder Bay. At MSALABS, the entire sample will be dried and crushed to 70% passing -2mm (CRU-CPA). A ~500g riffle split was analyzed for gold using CHRYSOS PhotonAssay (CPA-Au1). From this, 250g will be further riffle-split from the original PhotonAssay sample, pulverized, and a 0.25g sub-sample analyzed for multi-element geochemistry using MSA’s IMS230 package, which includes 4-acid digestion and ICP-MS finish. MSALABS operates under ISO/IEC 17025- and ISO 9001-certified quality systems.
Core samples were delivered to ALS’s facility in Vancouver, Canada, where each sample was crushed to 70% passing a 2 mm (Tyler 9 mesh, U.S. Std. No. 10) screen. A representative ~500 g subsample was obtained by riffle splitting (SPL-32a) and analyzed for gold using the ALS method Au-PA01 (Photon Assay), which provides a detection range of 0.03 to 350 ppm, in Thunder Bay.
In addition, a subsample was analyzed for multi-element geochemistry using the ALS method ME-ICP61 (34-element, four-acid ICP-AES).
A QA/QC program includes laboratory and field standards inserted in every ten samples. Blanks are inserted at the start of the submittal, and at least one blank every 25 standards.
The Qualified Person for this release is Alvin Jackson, P.Geo., Vice President of Exploration and Development for Freegold, who has approved the scientific and technical disclosure in this news release.
About Freegold Ventures Limited
Freegold is a TSX-listed company focused on exploration in Alaska.
Some statements in this news release contain forward-looking information, including, without limitation, statements as to planned expenditures and exploration programs, potential mineralization and resources, exploration results, the completion of an updated NI 43-101 technical report, and any other future plans. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the statements. Such factors include, without limitation, the completion of planned expenditures, the ability to complete exploration programs on schedule, and the success of exploration programs. See Freegold’s Annual Information Form for the year ended December 31st, 2024, filed under Freegold’s profile at www.sedar.com, for a detailed discussion of the risk factors associated with Freegold’s operations.
SOURCE Freegold Ventures Limited
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