Happy Friday, Zingers! We have another treasure trove of information for you to mine. Today, we're going to touch on Bank Of America’s blockbuster gold prediction, Gatos Silver’s first quarter 2024 production in Mexico, Piedmont Lithium’s partnership with North American Lithium and more.

Before we do, did you miss us at PDAC 2024? Watch our Mining Into The Heart Of EV Innovation interviews.

Also, do you work in the mining sector and are you interested in working with Benzinga? Hop on a call with us to learn more.

PRICE CHECK

Precious Metals:

• Gold: 2,344.66 (+0.47%)

• Silver: 27.98 (-0.07%)

• Platinum: 975.50 (+1.14%)

• Palladium: 1,037.23 (-0.52%)

Industrial Metals:

• Copper: 9,240.30 (-0.59%)

• Iron Ore: 104.02 (-0.30%)

• Nickel: 18,582.50 (+4.52%)

• Aluminum: 2,456.00 (-0.16%)

Energy Materials:

• Coal: 121.00 (+2.28%)

• Uranium: 88.00 (-0.57%)

Intraday prices as of 4:00 pm EST 04/11/2024.

ZINGERS

Gatos Silver Inc (NYSE:GATO) announced its first quarter 2024 production results for the Cerro Los Gatos mine in Mexico.

AngloGold Ashanti PLC (NYSE:AU) published its 2023 Annual Report, which highlighted significant corporate restructuring.

Steve Jurvetson — an investor known for backing disruptive technology companies such as Tesla, SpaceX and others, with investments totaling over $800 billion in value — has joined The Metals Company’s (NASDAQ:TMC) board of directors.

Piedmont Lithium (NASDAQ:PLL), a major supplier to the U.S. EV supply chain, and its joint venture partner Sayona Mining are supporting North American Lithium’s operations to achieve steady state production by 2024.

Royal Gold (NASDAQ:RGLD) reported that its subsidiary RGLD Gold AG sold around 49,500 gold equivalent ounces (GEO) from its streaming agreements in Q1 2024.

TOP STORY

Bank Of America Sees Gold At $3,000, Warns Of A Copper Supply Crisis

Briefly: Bank of America projected gold prices to reach $3,000/oz by 2025, driven by central bank demand and investor anticipation amid interest rate cuts.

What: Michael Widmer, the bank’s commodity strategist, highlighted gold’s resilience as central banks tighten monetary policies. “Gold prices have been remarkably resilient in recent months, notwithstanding central banks around the world tightening monetary policy,” said Widmer.

Why: The Chinese central bank, in particular, has played a significant role in supporting the gold market, amassing over $200 tonnes in 2023 alone, as jewelry sales and non-monetary gold imports “[hit] record highs earlier this year” in the country’s retail sector.

What Else: According to Widmer, copper is the “epicentre of the energy transition.” The bank predicts significant increases in copper prices, driven by a variety of factors including green technology investments, thin inventories and global economic recovery.

Click here to read more.

UPGRADES AND DOWNGRADES

Coeur Mining (NYSE:CDE) - Date: 04/10/2024, Industry: Mining, Analyst Firm: BMO Capital, Ratings: Maintains Market Perform, Target: $4.25

Hudbay Minerals (NYSE:HBM) - Date: 04/09/2024, Industry: Materials, Analyst Firm: B of A Securities, Ratings: Upgrades to Buy, Target: $9

Alamos Gold (NYSE:AGI) - Date: 04/09/2024, Industry: Materials, Analyst Firm: B of A Securities, Ratings: Upgrades to Buy, Target: $27.25

INSIDER TRADES

Rise Gold (OTCQX:RYES) - Purchase Date: 04/11/2024, Insider: Joseph Mullin, Value: $20.00K, Delta Own: +126.32%

Lion Copper and Gold (OTCQB:LCGMF) - Purchase Date: 04/10/2024, Insider: Tony Alford (Director), Value: $309.30K, Delta Own: +5.44%

Notable Sales

Contango Ore (AMEX:CTGO) - Sell Date: 04/08/2024, Insider: Joseph Compofelice, Value: $60.15K, Delta Own: -1.76%

Northern Oil & Gas (NYSE:NOG) - Sell Date: 04/09/2024, Insider: James B. Evans (CTO), Value: $132.30K, Delta Own: -4.10%

Go Deeper: Learn where the insiders are buying and selling.