We all know the relationship between Gold and US Dollars in the financial markets. When the USD rises, gold tends to fall and vice versa. It sounds simple to you, right? But understanding why this happens, and how to actually trade it like a pro trader, takes more than knowing that the pattern exists.

(Washington, D.C. – February 10, 2026) After posting its strongest annual performance since 1979 last year, silver prices continued to set new highs in 2026, fueled by rising investor interest.

On June 13 (Friday), according to information disclosed by the International Finance Corporation (IFC) on Friday, it will provide a $400 million subordinated loan for the Reko Diq copper-gold mine in Pakistan. Previously, the IFC had already committed to financing $300 million for the copper-gold mine project, bringing the total financing scale for the project to $700 million. The estimated development cost for the mine is $6.6 billion. "The total estimated project cost is $6.6 billion, which will be financed through a combination of debt and equity." Other parallel lenders will provide the remaining debt financing. This type of loan, known as a subordinated loan, is typically repaid after other loans and helps absorb more risk. The Reko Diq copper concentrates, located in Balochistan, is one of the world's largest undeveloped copper-gold deposits. It is being developed by Barrick Gold, which holds a 50% stake in the mine, with the remaining shares held by the federal and local governments of Pakistan. The Reko Diq copper-gold mine is expected to commence production in 2028. Barrick estimates that the mine will generate free cash flow of up to $74 billion over its 37-year mining life.

According to a report on Mining.com, Dateline Resources (DR) has gained further political support. With the public endorsement of Interior Secretary Doug Burgum, the company will develop the second rare earth mine in the US. On the 8th, Burgum stated in an interview with Fox News that the resumption of production at Colosseum, California, is a "critical link" in expanding the US's critical minerals supply chain. The project owner, DR, said that this endorsement "highlights the strategic significance of Colosseum in reducing the US's reliance on overseas rare earths." Previously, the Interior Department had already approved the company's mining plan. Shortly after Burgum publicly expressed his support, the management team, led by company manager Stephen Baghdadi, met with Burgum at the Interior Department headquarters in Washington, D.C., to discuss the next steps for the project. In a press release, DR stated that the discussion affirmed the significance of the mine to the US's rare earth supply chain, which is crucial for advanced technologies and national security, and that it is a known deposit in the US with the potential for "faster development." The Australian miner said that with the support of high-level officials from the US Department of Energy (DOE) and the proposed National Energy Dominance Council by Trump, Burgum "reiterated his commitment to accelerating rare earth production in the US, reflecting his special concern for the Colosseum rare earth mine." The Colosseum project is located along the WLT (Walker Lane Trend) in California, 10 kilometers north of Mountain Pass, the only operating rare earth mine in the US. The project has a long history, having been mined as early as the California Gold Rush. In the late 1980s, LAC Minerals conducted large-scale gold mining activities here, producing a total of 344,000 ounces of gold from two pits. The mine was closed in 1993. Subsequently, Barrick Gold acquired the project but only carried out minimal work over the next 20 years. In 2021, DR purchased the Colosseum project, reviewed the work of the U.S. Geological Survey (USGS), and attempted to identify radioactive indications within the Colosseum-Mountain Pass corridor. Based on the evaluation results, the company's team believes that its geological setting is similar to that of Mountain Pass. The Mountain Pass rare earth mine commenced production in 1952 and was a significant global rare earth producer from the 1960s to the 1990s. Technical evaluations indicate that rare earth-bearing ore is present within the boundaries of Colosseum. However, due to its proximity to the Mojave National Preserve, the mine has been on hold in recent years. Currently, Colossus has no rare earth resources, only gold resources compliant with the JORC 2012 standard, with two-thirds being measured and indicated resources. A 2024 scoping study indicates that the project has a mine life of over 8 years, with an annual gold production capacity of 75,000 ounces.

According to a report from Mining.com, Harmony Gold, South Africa's largest gold producer, has agreed to acquire MAC Copper for US$1.03 billion, accelerating the company's strategic shift towards copper through a key asset in Australia. The all-cash acquisition will give Harmony full ownership of MAC Copper's sole asset, the CSA copper mine located in central-western New South Wales. CSA is Australia's highest-grade and oldest operating copper mine, dating back 150 years. With a mining depth reaching 1,900 meters, CSA is one of Australia's deepest underground mines. Harmony has offered to acquire MAC's shares at US$12.25 per share, a 20.7% premium over MAC's latest closing price on the New York Stock Exchange. MAC's board of directors unanimously supports the acquisition. Like Newmont and Barrick Gold, Harmony is also implementing a diversification strategy. The company is considering entering the copper market, a metal crucial for electric vehicles and power grid infrastructure. This transaction will expand Harmony's copper assets in Australia, following its purchase of the Eva copper mine project in Queensland in 2022. The Johannesburg-based mining company aims to bring Eva into production by 2028. With the addition of CSA and Eva, Harmony hopes to achieve an annual copper production of 100,000 mt within five years. Last year, CSA alone produced 41,000 mt of copper. Outside of Australia, Harmony also owns the Hidden Valley gold mine in Papua New Guinea and co-owns the Wafi-Golpu copper-gold mine with Newmont. The company is moving away from a single-focus gold mining model, as mining metals in South Africa has become increasingly complex and costly.

According to a report from Mining.com, the US government has approved the resumption of production at a historic mine in California, which is one of the measures under President Trump's recent executive order to expand domestic critical mineral production. On April 8, the Department of the Interior (DOI) granted Dateline Resources permission to continue developing the Colosseum gold-rare earth project. The project had been on hold for years due to its location within the Mojave National Preserve in San Bernardino County. The Australian mining company stated that the DOI's notification confirmed that its rights under the Mining Law and the California Desert Conservation Act remain valid. The DOI's approval paves the way for the development of the second rare earth mine in the US. Currently, there is only one operational rare earth mine in the country, located just 10 kilometers south of this project—the Mountain Pass rare earth mine operated by MP Materials. Stephen Baghdadi, the company's manager, said in a press release, "The DOI's public support and confirmation of our rights provide a solid foundation for advancing the Colosseum project." The Colosseum project has a long history, dating back to the California Gold Rush, but industrial-scale gold mining only began in 1986. From 1989 to 1993, LAC Minerals of Canada extracted a total of 344,000 ounces of gold from two open pits. Subsequently, Barrick Gold Corporation held the project for 20 years but conducted only limited mining activities. Dateline Resources took over the project in 2021 and subsequently reviewed the work conducted by the U.S. Geological Survey (USGS) to determine the extent of the Colosseum-Mountain Pass mineral belt. After completing the evaluation, the company's team concluded that the project shares a similar geological setting with Mountain Pass. The Mountain Pass rare earth mine commenced production in 1952 and was a major global source of rare earth elements from the 1960s to the 1990s. The company stated that technical evaluations indicate potential for rare earth exploration within the Colosseum mining rights area. Currently, the project has not yet estimated its rare earth resource volume. It only has a gold resource of 1.1 million ounces compliant with the JORC-02 standard, with two-thirds classified as measured and indicated resources. A scoping study completed in August 2024 suggests that the project could be mined for over eight years, with an annual gold production of 75,000 ounces.

【Barrick Mining Corporation: Q1 Gold Production Reaches 758,000 Ounces, Copper Production Increases to 44,000 mt】On May 7 (Wednesday), Barrick Mining Corporation announced its Q1 performance. The company had a solid start to the fiscal year, making significant progress in its long-term strategy and advancing its gold and copper asset portfolios. The company reported that its Q1 gold production reached 758,000 ounces, at the high end of the guidance range of 700,000-750,000 ounces. Copper production increased to 44,000 mt due to cost improvements. Despite ongoing expansion work at Pueblo Viejo and planned maintenance at Nevada Gold Mines, the average realized gold price for the quarter was US$2,898 per ounce, up from US$2,657 in the previous quarter and a 40% increase year-over-year, supporting higher profit margins.

On May 7 (Wednesday), Barrick Mining Corporation announced its Q1 results. The company had a strong start to the fiscal year, making significant progress in its long-term strategy and advancing its gold and copper asset portfolios. The company reported gold production of 758,000 ounces in Q1, at the high end of the guidance range of 700,000-750,000 ounces. Copper production increased to 44,000 mt due to improved costs. Despite ongoing expansion work at Pueblo Viejo and planned maintenance at Nevada Gold Mines, the average realized gold price for the quarter was $2,898 per ounce, up from $2,657 in the previous quarter and a 40% increase year-over-year, supporting higher profit margins. The average realized copper price for Q1 was $4.51 per pound, up from $3.96 in the previous quarter. The company's full-year guidance for gold and copper remains unchanged.

On April 28 (Monday), Barrick Gold Corp. announced that it plans to change its name to Barrick Mining Corp. as it continues to pursue growth in its copper business. The new name will be approved at the company's annual and special meeting of shareholders on May 6. Barrick CEO Mark Bristow stated that the company's vision is to become the world's most valuable gold and copper exploration, development, and mining company. He said that the new name better reflects Barrick's current business and its mission to achieve sustainable profitability and growth in both gold and copper operations.

John Paulson, a US billionaire and hedge fund manager, recently stated that against the backdrop of global political and economic turmoil, central banks will continue to increase their gold holdings, moving away from reliance on paper currency while achieving asset diversification. Paulson entered the hedge fund industry in the 1990s and shorted approximately $25 billion in mortgage-backed securities during the subprime mortgage crisis, earning his clients a massive profit of $15 billion, earning him the titles of "Wall Street Short King" and "Number One Hedge Fund Manager." Paulson is also one of Wall Street's most steadfast supporters of gold. He believes that as investors flee US stocks, bonds, and the US dollar, turning to safe-haven assets, the escalating global trade war has cast a shadow over economic prospects, and gold is "entering a whole new valuation level." Paulson told the media, "This trend will continue, and its strength will depend on political dynamics." Earlier in the day, influenced by Trump's pressure on the US Fed to cut interest rates, spot gold prices briefly surpassed $3,500 per ounce, setting a new historical high. Since the beginning of the year, spot gold prices have accumulated a nearly 30% increase, outperforming most mainstream assets. Spot Gold Price Daily Chart Shortly before the press release, White House Press Secretary Caroline Levitt stated that Trump believes the Fed's policy actions are politically motivated, and Trump has the right to express his dissatisfaction with the Fed. Trump hopes the central bank will lower interest rates and also wants the US dollar to maintain its status as the world's reserve currency. However, some analysts believe that the global financial system is undergoing a transformation, the old order is beginning to collapse, and the US dollar's status as the global reserve currency is no longer so unquestionable. Gold is being quietly remonetized by global central banks, not as a safe-haven tool, but as a foundational reserve asset. Paulson also pointed out that strong buying by central banks will be a key driver of the speed of gold price increases, "The main driver of gold demand is central banks increasingly seeking to move away from the paper currency system and allocate gold as a reserve currency. I believe this trend will not change." For a long time, Paulson has been bullish on gold, and he has also made significant investments in mining companies through his family office. Just today, he partnered with Novagold Resources to invest $1 billion to acquire a 50% stake in a gold mining project in Alaska owned by Barrick Gold. Some analysts believe this deal reflects Paulson's bet that under the Trump administration, large resource projects in the US will face a favorable development environment. On the other hand, it may mean he believes Trump's policies could severely impact US dollar assets, hence his bullish stance on gold. It is worth mentioning that Paulson has been a staunch supporter of Trump for many years and was a "super donor" for Trump in the 2024 election. Trump once mentioned during a campaign event that Paulson was a potential candidate for Treasury Secretary. Although Paulson supports tax cuts and deregulation, he believes trade "benefits the global economy," and tariffs are "a blunt tool to create a level playing field." Additionally, Paulson's attitude towards the Fed is milder than Trump's.