Gold might have topped out at $3500 in the short-term :AUGMONT BULLION REPORT

Published

1 year ago

April 24, 2025

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Gold prices fell more than 3% yesterday after reaching $3500, and the market appears to have peaked in the short term. Markets are still digesting President Donald Trump’s softer tone on the US-China trade war, as well as his turnaround on wanting to fire Federal Reserve Chair Jerome Powell.
Treasury Secretary Scott Bessent said Wednesday that heavy tariffs between the United States and China must be decreased before trade talks can proceed, but he emphasized that President Trump will not unilaterally lower duties on Chinese imports. However, he noted that a full trade agreement could take two to three years to complete.
Although recession worries have subsided, the global economy has already suffered significant harm, and rebuilding trust in the United States as a dependable trade partner will take time. In this context, gold is projected to be highly supported.

Technical Triggers

In the short term, gold prices are expected to trade in the range of $3270 (~Rs 94000) to $3400(~Rs 96500). The long-term technical outlook will only turn negative if we begin printing lower lows and lower highs.
Silver prices have given a breakout above $33(~Rs 97000), now the next target is $35 (~Rs 100,000).

Related Topics:2025 Augmont Bullion Report internationalnews

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Consortium Led By Former De Beers CEO Gareth Penny Selected As The Preferred Bidder To Acquire De Beers

Botswana is expected to play a pivotal role in the transaction. The country, together with Namibia, Angola and other shareholders, already owns a 15% stake in De Beers

Published

3 days ago

July 18, 2026

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A consortium headed by former De Beers CEO Gareth Penny has been selected as the preferred bidder to acquire De Beers, according to Botswana’s Minister for State President, Defence and Security, Moeti Mohwasa.

Speaking on the development, Mohwasa said Anglo American conducted a competitive sale process involving three shortlisted bidders before identifying the Global Diamond Consortium as its preferred choice.

Anglo American announced plans to divest De Beers in May 2024 as part of a broader restructuring strategy, driven by prolonged weakness in the diamond market and other business priorities.

The sale process has attracted significant interest from industry leaders and investors. Among those previously linked to the bidding were former De Beers CEO Bruce Cleaver, Australian mining executive Michael O’Keeffe, Indian billionaire Anil Agarwal, and Indian diamond companies KGK Group and Kapu Gems.

Botswana is expected to play a pivotal role in the transaction. The country, together with Namibia, Angola and other shareholders, already owns a 15% stake in De Beers and retains important rights under the shareholder agreement. Mohwasa emphasized that Botswana has the flexibility to either join the preferred bidder as a strategic partner or exercise its pre-emptive rights independently or with another investor.

Industry observers believe the eventual owner will seek to preserve De Beers’ vertically integrated business model, spanning diamond mining, trading and global natural diamond marketing, while positioning the company to benefit from a potential recovery in natural diamond demand and prices.