Central banks have doubled their gold purchases to an average 1,000 tonnes per year over the past four years, with a World Gold Council survey of 76 institutions showing 89% expect global official holdings to rise and 45% plan to add to their own reserves. Speaking at the Rule Symposium in Boca Raton, senior market strategist Joseph Cavatoni framed the move as a structural response to sanctions, inflation and credit risk in paper currencies. The deeper, policy-driven demand base could underpin bullion prices, but miners still need to convert higher prices into disciplined production, cash flow and managed political and operating risk.

Tactical Resources has secured Nasdaq Capital Market approval via a SPAC merger with Plum Acquisition Corp. III, with New PubCo shares to trade under the ticker “TREO” after the expected 28 July 2026 closing. The company plans to use the listing to accelerate its Peak rare earths project in Hudspeth County, Texas, which holds exclusive rights over about 4 million tonnes of REE-bearing tailings and stockpiles from the Sierra Blanca quarry and already has initial quarry operating permits. Tactical’s feedstock-first model relies on existing mined material, aiming to bypass new mine development and move directly into processing.

Copper climbed 1.3% on Comex to $6.35/lb (just under $14,000/t), within 5% of its early-June record, as China’s import premium hit $100/t for the first time since May 2025 and Shanghai exchange stocks fell 20% last week to 79,909 t, down 45% year-to-date. Tightness is being driven by Beijing’s VAT crackdown on the “invoice economy”, pushing substitution from scrap into cathode and drawing metal out of LME warehouses despite record 630,293 t in Comex storage. On the supply side, storms cut South32’s payable output at Sierra Gorda to 16,000 t for the June quarter, Antofagasta’s H1 production dropped 9.5% to 285,000 t with cash costs guided up to $2.40–$2.60/lb, and Codelco halted surface operations at Andina and shipments from El Teniente.