Gold's Rally Reflects U.S. Deficit. Neither Is Ending Soon. — Barron's

Dow Jones Newswires

By Randall W. Forsyth

The current boom in artificial-intelligence stocks has provoked more than a bit of déjà vu for those who lived through the dot-com bubble that burst around the turn of the 21st century.

But what is especially striking is the contrast between the current economy and that of the 1990s — a contrast most evident in the divergent performance of gold, which soured back then and is soaring now. Both moves correspond to the wildly different fiscal situations facing the U.S. in these two eras.

The yellow metal surged past the $4,000-an-ounce mark on Wednesday, a more than 50% vault since the beginning of the year. Gold has been moving up in a fairly straight line since breaking decisively above the $2,000 mark for the first time in early 2024.

That is a dramatic contrast with the 1990s, when gold fell from over $400 an ounce at the beginning of the decade to a low near $250 by 1999. Meanwhile, U.S. stocks enjoyed a giddy ascent, with the S&P 500 index increasing fivefold to its peak of more than 1,500 by March 2000. Then, gold truly seemed a barbarous relic, as John Maynard Keynes famously dubbed it, even more than greenbacks stuffed in a mattress.

You wouldn't know it from the headlines of the past week about bullion's record, but it's just barely at a new high after inflation. In real terms, gold only recently topped its peak above $800 reached in the frenzied ascent of January 1980 (adjusted by the consumer price index, using the latest reading, for August).

So, by this criterion, the metal has only recently reassumed its status as a store of value. But from its 1990s nadir, gold has actually outpaced stocks in this century. Put differently, the S&P 500, measured against gold, is almost 70% lower than its peak 25 years ago, according to Morgan Stanley strategist Michael Wilson. To be sure that's from gold's deeply depressed levels and equities' dot-com bubble peak.

But it doesn't seem coincidental that gold's reversal of fortune in this century has followed global central banks' preference for the metal over U.S. Treasury securities for their reserves. Much has been made of the sanctions on Russia after its 2022 invasion of Ukraine, but Rosenberg Research points out that the process was under way long before.

A research report from the advisory firm this past week detailed the history of central-bank selling of gold, which peaked in the 1990s, and its accumulation in the past 20 years. The rekindled interest in gold reflected profound changes in both geopolitical and economic circumstances.

In the 1990s, gold fell as the U.S. budget moved from a steep deficit, peaking at 4.7% of gross domestic product in 1992, to a surplus beginning of 1998. The tax increases under President Bill Clinton and the spending cuts enacted later by the Republican Congress helped to turn the red ink to black. The fall of the Berlin Wall led to the peace dividend that cut military spending to 3% of GDP from 5% at the beginning of the decade.

"This was a time of real wage growth, high productivity, balanced budgets (i.e., smaller government), and a better affordability backdrop for everyday needs like housing, healthcare, education, food, and energy — largely the opposite of the past 15 to 20 years," Morgan Stanley's Wilson pointedly observes.

And after two major overseas wars, the 2008-09 financial crisis, subsequent sluggish growth, and a pandemic, the U.S. budget swung from surplus at the turn of the century to deficits previously seen only in wartime. The Committee for a Responsible Federal Budget last year apportioned 37% of the blame for the rise in debt relative to GDP since 2001 to major tax cuts, 33% to major spending, and 28% to recession responses. And even well into a recovery, the deficit was still $1.8 trillion in fiscal 2025 ended on Sept. 30, according to congressional budget data.

For gold, the turnaround occurred in 2010 as central banks became net buyers for the first time in decades, according to Rosenberg. Along with the U.S. fiscal deterioration, the firm noted that it's hardly a coincidence that gold has increased fourfold since 2008-09, when the Federal Reserve under Ben Bernanke instituted quantitative easing. That is the polite term for the central bank's massive purchase of bonds, the modern method of printing money.

The effect was summed up this past week by Ken Griffin, the billionaire head of Citadel, who expressed concern that gold was being viewed as a safer asset than the dollar. "We're seeing substantial asset inflation away from the dollar, as people are looking for ways to effectively de-dollarize, or derisk their portfolios vis-à-vis U.S. sovereign risk," he said in an interview with Bloomberg.

Gold has surged past $4,000 an ounce without a recession or a crisis in private equity or credit, things that would spur the Fed to flood the financial system once again, Rosenberg says.

Treasury Secretary Scott Bessent bragged this past week that the fiscal 2025 budget deficit-to-GDP ratio had a 5[%] number instead of 6[%] last year, even though such a shortfall once was associated only with deep economic downturns or wars.

The message from gold is that if the U.S. is still spewing red ink so profusely when the economy has full employment and inflation still is running above the Fed's 2% target, what will happen when times get tough? And, especially, if the central bank becomes an appendage of the administration?

For the moment, there is a FOMO (fear of missing out) element to gold's rally. But the fundamentals that have driven it this far remain firmly in place.

Write to Randall W. Forsyth at randall.forsyth@barrons.com

To subscribe to Barron's, visit http://www.barrons.com/subscribe

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Metalero Mining (MLO) Announces Updated Terms for its $300,000 Private Placement to Advance Benson Project

Newsfile Corp.

Bloomberg Commodity Index Futures DEC5

-0.95%

Edmonton, Alberta--(Newsfile Corp. - October 10, 2025) - Metalero Mining Corp. (OTC Pink: CRTTF) ("Metalero" or the "Company") has updated the terms of its previously announced non-brokered private placement (the "Offering") for gross proceeds of up to $300,000 to fund the next phase of work on its flagship Benson Project, located in the prolific Quesnel Trough of central British Columbia.

The revised Offering will consist of up to 1,428,572 flow-through units (the "FT Units") at a price of $0.21 per Unit. Each Unit will consist of one (1) flow-through common share (a "FT Share") and one (1) common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one (1) additional non flow-through common share at a price of $0.26 for two (2) years from the date of issuance.

All FT Shares offered in connection with this Offering qualify as a "flow-through share" within the meaning of the Income Tax Act (Canada) (the "Tax Act"). For subscribers who are qualifying individuals under the Income Tax Act (British Columbia) (the "BC Tax Act"), these expenditures will also qualify as "BC flow-through mining expenditures", as defined in section 4.721(1) of the BC Tax Act.

The proceeds will be used to support the Fall 2025 exploration work at Benson including further sampling and ground geophysics.

The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange. The securities issued will have a hold period of four months and one day from the closing of the Offering.

Benson Project Background

Metalero has signed a binding Letter of Intent ("LOI") to acquire 100% of the Benson Project which is strategically located in the Quesnel Trough, one of Canada's most important mineral belts. The Quesnel Trough is a Triassic/Jurassic-age belt of volcano-sedimentary and intrusive rocks which hosts >360 alkalic copper-gold porphyry occurrences and deposits. At >1,500 km long, the Quesnel Trough runs through the middle of BC stretching from the US to the Yukon Territory. It hosts numerous major mines which produce copper and gold as well as variable amounts of silver and molybdenum while also hosting several types of gold deposits.

High profile and long-lived mines in the Quesnel Trough include Highland Valley, Mt Milligan, New Afton and Kemess which are complemented by recent exploration work including Woodjam, MPD, Kwanika, and the extensive staking by Australian mining giant, the Fortescue Group.

The Benson Project lies close to infrastructure and is traversed by Highway 26 and a vast network of logging roads allowing for ready access to all parts of the Property and capital-efficient exploration. The large land package covers 5 different target areas illuminated by recent Artificial-Intelligence ("AI") work by Geoscience BC (Mitchinson et al., Geoscience BC Report 2022-07). This AI study incorporated a wide variety of historical datasets including geophysics, geology, sampling information, and drilling data (where present) to identify high potential ("porphyry-like") anomalies with similarities to known porphyry deposits elsewhere in the belt. Even the limited historical exploration at Benson has identified numerous gold and copper surface geochemical anomalies while modest, historical drill programs have intersected skarn and epithermal gold and silver mineralization, which are both intrusive-related styles of mineralization and are commonly associated with porphyry systems.

About Metalero Mining Corp.

Metalero Mining Corp. is a Canadian-based junior exploration company focused on copper and gold projects in North America. Its 166 square kilometer, road-accessible Benson Project serves as Metalero's flagship and is host to five prospects containing gold and copper within porphyry-related mineralized systems.

Qualified Person The technical content of this news release pertaining to the Benson Project was reviewed and approved by Michael Dufresne, M.Sc, P.Geol., P.Geo., a non-independent qualified person as defined by National Instrument 43-101.

On behalf of the Board of Directors

"Rob L'Heureux" Rob L'Heureux, Chief Executive Officer and President

Email: robl@metalsgroup.com Telephone: +1.780.916.5482

Metalero is part of the Metals Group of Companies, managed by exploration professionals who stand for technical excellence, robust project selection and strong corporate governance, with a proven ability to identify and capitalize on investment opportunities and deliver shareholder returns.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Forward-Looking Statements This news release may contain certain "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws including, without limitation, the timing, nature, scope and details regarding the Company's exploration plans and results. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company, its projects, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict" and other similar terminology, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. These statements reflect the company's current expectations regarding future events, performance and results and speak only as of the date of this release.

Forward-looking statements in this press release are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These include, but are not limited to, structure and terms of the Offering, the anticipated closing date of the Offering, the intended use of proceeds of the Offerings, and approval of the Offerings by the TSX-V, risks associated with the mining industry in general, the exploration and development of mineral properties, the Company's ability to obtain necessary financing, and general economic, market or business conditions. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis which is available on the Company's profile on SEDAR+ at www.sedarplus.ca. Metalero disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

Not for distribution to United States newswire services or for dissemination in the United States.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/270078

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Pemex Reports Normal Operations at Poza Rica Terminal After Heavy Rains — OPIS

Dow Jones Newswires

Bloomberg Commodity Index Futures DEC5

-0.95%

State-owned Pemex said Friday morning that its Poza Rica storage and distribution terminal is operating normally after heavy rains hit northern Veracruz overnight.

"The water level in the area is under control, and constant monitoring is being maintained in case of any eventuality," Pemex said on social media.

The Cazones River in Poza Rica overflowed early Friday, flooding several neighborhoods and prompting panic fuel purchases at gas stations, according to Veracruz-based news agency Quadratín.

Pemex said its terminal continued receiving fuel and operating with electrical power, and that sufficient personnel remained on site to ensure safe operations and respond to any emergencies.

In a separate incident, the company reported Thursday that its 80,000 b/d Poza Rica-Salamanca crude oil pipeline suffered a leak, leading crews to install barriers on a San Marcos River tributary to recover oil-contaminated water using pressure-vacuum equipment.

Pemex said it will continue cleanup, recovery, and reinforcement of containment measures in the affected area, adding that no risk to nearby communities has been reported.

This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.

Reporting by José Luis Adriano, jadriano@opisnet.com; Edited by Karla Omaña, komana@opisnet.com

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Stakeholder Provides Terms for Private Placement

Newsfile Corp.

Bloomberg Commodity Index Futures DEC5

-0.95%

Toronto, Ontario--(Newsfile Corp. - October 10, 2025) - Stakeholder Gold Corp. ("Stakeholder" or the "Company") is pleased to announce a non-brokered private placement financing ("Private Placement") at $0.80 per Unit. Each Unit consists of one common share ("Common Share") priced at $0.80 per Common Share, and one half of one common share purchase warrant ("Warrant"). Each whole Warrant entitles the holder to purchase one additional Common Share at $1.20 for a period of two years from the closing of the Private Placement.

Each whole Warrant has an early exercise provision that allows the Company to trigger exercise of the Warrant when the 10-day average price of Common Shares traded on the TSX Venture Exchange exceeds $1.50 per share. Thirty days (30) after the trigger date, any unexercised Warrants will be deemed to be null and void. All securities issued under this Private Placement will be subject to a hold period expiring four months and one day from the date of closing.

Proceeds will be used for exploration on the Company's Ballarat Exploration Project in the White Gold District located in the Yukon Territory, Canada and for developing the Company's exotic stone quartzite business in Minas Gerais, Brazil.

For further information please contact:

Stakeholder Gold Corporation

cberlet@stakeholdergold.com

416 525 - 6869

Forward Looking Information

This news release contains forward-looking information. All information, other than information of historical fact, constitute "forward-looking statements" and includes any information that addresses activities, events or developments that the Corporation believes, expects or anticipates will or may occur in the future including the Corporation's strategy, plans or future financial or operating performance.

When used in this news release, the words "estimate", "project", "anticipate", "expect", "intend", "believe", "hope", "may" and similar expressions, as well as "will", "shall" and other indications of future tense, are intended to identify forward-looking information. The forward-looking information is based on current expectations and applies only as of the date on which they were made. The factors that could cause actual results to differ materially from those indicated in such forward-looking information include, but are not limited to, the ability of the Corporation to fund the exploration expenditures required under the Agreement. Other factors such as uncertainties regarding government regulations could also affect the results. Other risks may be set out in the Corporation's annual financial statements, MD&A and other publicly filed documents.

The Corporation cautions that there can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, investors should not place undue reliance on forward-looking information. Except as required by law, the Corporation does not assume any obligation to release publicly any revisions to forward-looking information contained in this press release to reflect events or circumstances after the date hereof.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/269992

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Live Cattle Surges to New Record — Market Talk

Dow Jones Newswires

Bloomberg Commodity Index Futures DEC5

-0.95%

Live cattle futures on the CME closed trading up 1.1% to $2.426 a pound — setting a new record-high for the most-active contract. Cattle has been supported by a thinning supply in the face of continued strong demand for U.S. beef. Cash cattle trade has been quiet this week, but stronger trade near the end of the week may have given the live cattle contract a boost. Cattle was practically the only agricultural commodity contract to finish the day positive, after President Trump's post on Truth Social called actions by China "hostile" and threatening new tariffs. Lean hog futures closed the day down 0.5% to 83.95 cents a pound. (kirk.maltais@wsj.com)

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Nymex Platinum, Palladium Warehouse Stocks - Oct 10

Dow Jones Newswires

Bloomberg Commodity Index Futures DEC5

-0.95%

Source: CME Group 
 
For previous business day 
PREV TOTAL subject to revisions. Source: CME Group 
 
                      Prev                         Net               Total 
Platinum             Total  Received Withdrawn  Change Adjustment    Today 
ASAHI DEPOSITORY LLC 
Registered               0         0        0       0         0          0 
Eligible                 0         0        0       0         0          0 
Total                    0         0        0       0         0          0 
 
BRINK'S, INC. 
Registered          66,288         0        0       0      -241     66,047 
Eligible            68,172         0        0       0       241     68,413 
Total              134,460         0        0       0         0    134,460 
 
CNT DEPOSITORY, INC. 
Registered           1,246         0        0       0         0      1,246 
Eligible                 0         0        0       0         0          0 
Total                1,246         0        0       0         0      1,246 
 
DELAWARE DEPOSITORY 
Registered           1,584         0        0       0         0      1,584 
Eligible            18,711         0        0       0         0     18,711 
Total               20,295         0        0       0         0     20,295 
 
HSBC BANK, USA 
Registered           1,295         0        0       0         0      1,295 
Eligible             9,282         0        0       0         0      9,282 
Total               10,577         0        0       0         0     10,577 
 
INTERNATIONAL DEPOSITORY SERVICES OF DELAWARE 
Registered           3,394         0        0       0         0      3,394 
Eligible                 0         0        0       0         0          0 
Total                3,394         0        0       0         0      3,394 
 
JP MORGAN CHASE BANK NA 
Registered         186,596         0        0       0         0    186,596 
Eligible            58,426         0        0       0         0     58,426 
Total              245,022         0        0       0         0    245,022 
 
LOOMIS INTERNATIONAL (US) LLC 
Registered         116,092         0        0       0         0    116,092 
Eligible            72,787         0    5,821  -5,821         0     66,966 
Total              188,879         0    5,821  -5,821         0    183,059 
 
MALCA-AMIT USA, LLC 
Registered             395         0        0       0         0        395 
Eligible                 0         0        0       0         0          0 
Total                  395         0        0       0         0        395 
 
MANFRA, TORDELLA & BROOKES, LLC 
Registered          41,726         0        0       0         0     41,726 
Eligible             8,474         0        0       0         0      8,474 
Total               50,199         0        0       0         0     50,199 
 
STONEX PRECIOUS METALS LLC 
Registered          15,214         0        0       0      -310     14,904 
Eligible                16         0        0       0       310        326 
Total               15,230         0        0       0         0     15,230 
 
COMBINED TOTALS 
Registered         433,831         0        0       0      -551    433,279 
Eligible           235,868         0    5,821  -5,821       551    230,598 
Total              669,698         0    5,821  -5,821         0    663,877 
 
                      Prev                         Net               Total 
Palladium            Total  Received Withdrawn  Change Adjustment    Today 
ASAHI DEPOSITORY LLC 
Registered               0         0        0       0         0          0 
Eligible                 0         0        0       0         0          0 
Total                    0         0        0       0         0          0 
 
BRINK'S, INC. 
Registered           5,242         0        0       0         0      5,242 
Eligible            13,449         0        0       0         0     13,449 
Total               18,692         0        0       0         0     18,692 
 
CNT DEPOSITORY, INC. 
Registered              97         0        0       0         0         97 
Eligible                 0         0        0       0         0          0 
Total                   97         0        0       0         0         97 
 
DELAWARE DEPOSITORY 
Registered             788         0        0       0         0        788 
Eligible             3,208         0        0       0         0      3,208 
Total                3,996         0        0       0         0      3,996 
 
HSBC BANK, USA 
Registered             586         0        0       0         0        586 
Eligible             2,023         0        0       0         0      2,023 
Total                2,609         0        0       0         0      2,609 
 
INTERNATIONAL DEPOSITORY SERVICES OF DELAWARE 
Registered               0         0        0       0         0          0 
Eligible                 0         0        0       0         0          0 
Total                    0         0        0       0         0          0 
 
JP MORGAN CHASE BANK NA 
Registered          12,746         0        0       0         0     12,746 
Eligible            15,668         0        0       0         0     15,668 
Total               28,414         0        0       0         0     28,414 
 
LOOMIS INTERNATIONAL (US) LLC 
Registered          25,946         0        0       0         0     25,946 
Eligible            30,577         0        0       0         0     30,577 
Total               56,523         0        0       0         0     56,523 
 
MALCA-AMIT USA, LLC 
Registered               0         0        0       0         0          0 
Eligible                 0         0        0       0         0          0 
Total                    0         0        0       0         0          0 
 
MANFRA, TORDELLA & BROOKES, LLC 
Registered          45,086         0        0       0         0     45,086 
Eligible            21,712     9,972        0   9,972         0     31,683 
Total               66,798     9,972        0   9,972         0     76,769 
 
STONEX PRECIOUS METALS LLC 
Registered               0         0        0       0         0          0 
Eligible                 0         0        0       0         0          0 
Total                    0         0        0       0         0          0 
 
COMBINED TOTALS 
Registered          90,491         0        0       0         0     90,491 
Eligible            86,637     9,972        0   9,972         0     96,609 
Total              177,129     9,972        0   9,972         0    187,100 
 
Write to Taryn Boss at csstat@dowjones.com

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ICE Closing Review: Canola Falls With Drops in Soy, Crude Oil

Dow Jones Newswires

Bloomberg Commodity Index Futures DEC5

-0.95%

WINNIPEG, Manitoba--Intercontinental Exchange canola futures closed weaker on Friday, pulled down by sharp losses in the Chicago soy complex and crude oil.

More modest declines in MATIF rapeseed and Malaysian palm oil also contributed to the fall in canola values.

With the absence of China buying canola, lacklustre exports continued to weigh on the oilseed. The Canadian Grain Commission reported year-to-date canola exports for 2025/26 were about 796,000 tonnes as of Oct. 5, compared to around 1.95 million the same time last year.

With the Prairie canola harvest set to wrap up for the year, rain has been forecast for the eastern half of the region over the Thanksgiving long weekend. Meanwhile, the western half remains in need of moisture before winter.

Saskatchewan said its canola harvest was 89 per cent complete province wide. Manitoba reported earlier this week its canola harvest was 92 per cent done. Alberta will release its crop report later this afternoon.

The Canadian dollar was virtually unchanged Friday afternoon at 71.44 U.S. cents.

There were 75,068 contracts traded on Friday, compared to 67,424 on Thursday. Spreading accounted for 53,754 contracts traded.

Prices are in Canadian dollars per metric tonne:

 
           Price      Change 
Nov       607.40     dn 9.50 
Jan       622.60     dn 8.80 
Mar       634.40     dn 7.90 
May       644.90     dn 7.20

Spread trade prices are in Canadian dollars and the volume represents the number of spreads:

 
Months    Prices                            Volume 
Nov/Jan   14.20 under to 15.30 under        18,291 
Nov/Mar   24.40 under to 27.10 under           470 
Nov/May   35.00 under to 37.50 under            22 
Nov/Jul   46.10 under to 46.40 under             4 
Nov/Nov   49.60 under to 49.80 under             1 
Jan/Mar   10.70 under to 11.90 under         4,770 
Jan/May   20.40 under to 22.30 under            54 
Jan/Jul   28.90 under to 31.10 under             2 
Mar/May   9.40 under to 10.60 under          1,948 
May/Jul   8.10 under to 9.00 under             830 
May/Nov   11.00 under to 11.40 under             1 
Jul/Nov   2.30 under to 3.50 under             484