Gold has had a wild few weeks, but Bank of America is not flinching. The bank just reset its 12-month gold price target to $6,000 per ounce, even as the metal navigates some of the most turbulent policy headlines of the year.

Societe Generale analysts Michael Haigh, Ben Hoff and Jeremy Sellem highlight how Tether’s expanding Gold holdings have become a major force in the Gold market.

On December 1, 2025, Endeavour Silver Corp. priced its offering of unsecured convertible senior notes due 2031, with an aggregate principal amount of US$300 million (up to US$350 million if the initial purchasers’ US$50 million option is fully exercised). The notes will carry a 0.25% annual coupon paid semi-annually. The initial conversion rate is 80.2890 shares per US$1,000 principal amount, implying an initial conversion price of approximately US$12.4550 per share, a premium of about 32.5% to the NYSE closing price on the announcement date. Proceeds will be used to repay the company’s senior secured credit facility with ING Capital LLC/ING Bank N.V. and Societe Generale, advance the Pitarrilla project in Durango, Mexico, and for general corporate purposes including strategic opportunities. The offering is expected to close on or about December 4, 2025, subject to customary conditions and exchange approvals.

[SMM Aluminum Express News] Finance Minister Purbaya Yudhi Sadewa has warned that the Directorate General of Customs and Excise faces being frozen due to unsatisfactory performance, citing issues like inadequate oversight at Morowali airport and 250 tons of illegal rice imports in Sabang. Minister Purbaya stated he has held internal meetings to address the institution's poor public and governmental image. He has requested one year from President Prabowo Subianto to execute reforms, stressing the serious threat to the agency and its 16,000 employees. He also revealed the government is considering transferring customs operations to the Swiss firm Societe Generale de Surveilance (SGS)

【SMM Nickel Market】August 19, 2025 – Johannesburg – Global defence spending is expected to boost demand for nickel as stainless and specialty steels are required for armaments such as ships, armour, and gun barrels. Lifezone Metals founder and chair Keith Liddell told Mining Weekly that this demand inflection has yet to be priced in but could be “bigger than anyone’s thinking.” Lifezone has recently taken full control of the Kabanga Nickel Project in Tanzania (84% Tembo Nickel, 16% Tanzanian government). The feasibility study outlines 52 Mt of ore with over 100 Mt contained nickel reserves, plus cobalt and copper. Planned steady-state output is 60,000 t/y nickel, making Kabanga one of the world’s largest underground nickel operations. Project metrics include a post-tax NPV of $1.58 billion (IRR 23%) at $8/lb nickel, with upside to $2.37 billion should an on-site hydromet refinery be added within five years. Mine life is projected to extend beyond 25 years. The project is expected to generate over 1,000 permanent jobs and $3.6 billion in royalties, taxes, and dividends for Tanzania. Financing advisers Standard Chartered and Societe Generale are working on short-term bridge and long-term project finance, with final investment decision targeted for mid-2026.