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Coverage stock Melbana Energy is strongly outperforming the #crude #oil price as it makes encouraging progress on two major project fronts, in #Cuba and Western Australia. MAY is targeting maiden commercial oil production from Cuba in early 2025.

Coverage stock New Murchison Gold (ASX:NMG) is up 200% over the past 12 months and significantly outperforming the A$ #gold price (up 42%). NMG is enjoying great drilling success at its Crown Prince gold deposit in WA and has released strong feasibility results that demonstrate a robust project.

Another emerging gold play that is outperforming is coverage stock Rox Resources (ASX:RXL). Over the past 12 months RXL is up 111% versus a 44% gain for A$ #gold. The latest drilling results are adding confidence to RXL's Youanmi Gold Project resource in Western Australia.

The #gold-to-#oil ratio stands at 45 barrels per ounce, a very high level historically, as it typically ranges between 10 and 30 in most market conditions, with only a few instances of extreme spikes. This suggests a recovery in crude prices oil prices even if gold stays strong.

Coverage stock Capricorn Metals (ASX: CMM) is on track to meet full-year guidance of 110k - 120k oz of #gold at low AISC of A$1,370 - $1,470/oz (A$ gold price currently A$4,795/oz). Graphic shows CMM's outstanding performance since initiation in late 2017 versus the A$ gold price

Coverage stock dynamic metals ltd is up 114% since coverage initiation in Jan 2023, and has just kicked off a drill campaign of up to 75 holes to test two #gold targets, Anomaly A and Anomaly B, within the Cognac West prospect at its Widgiemooltha Project in Western Australia.

As #gold surges there is the prospect of a recovery in #crude #oil prices. Gold-oil ratio is around 45, which is very high level from a historical context, typically ranging from 10 to 30. Oil has managed its second week of gains, driven by US sanctions on Iran and OPEC+ cuts

Coverage stock EcoGraf Limited has trebled in price over the past month as it has achieved two major milestones with respect to its Epanko #graphite project in Tanzania (granting of a 25-year mining lease and completion of an Independent Engineering Study) that boost funding prospects.

Coverage stock Trek Metals Ltd (ASX: TKM) is up from a recent low of 2c in Dec to 5.3c currently, with next drilling to begin in May to follow up visual #gold hits at its Christmas Creek Project in WA's Kimberley region. Former owner Newmont spent ~$6M on exploration on the project.

US$ #gold hit a new all-time high today at $3,167/oz, while in A$ terms hit a record above A$5,050/oz. Interestingly, we have seen a divergence with #silver, with its decline potentially indicating profit-taking and a flight to safety, given it has greater industrial usage.

Interesting (and not surprising) to see #China buyers taking advantage of Monday’s #copper price collapse below $8,500 a ton to significantly boost purchases. China buying led recoveries in the copper price from low points in the wake of the GFC in 2008 and COVID pandemic in 2020

Elon Musk once promised $2 trillion in government savings. Today he says they’ll get $150 billion in FY26.

Coverage stock Arika Resources has provided 2 important updates with respect to its Yundamindra #gold project in WA, where initial diamond drilling has returned high-grade intercepts from the F1 Fault and the Pennyweight Point prospects - with its share price up 50% this week.

Graphic showing 3 key global commodities - gold, copper and oil - over the past 12 months. The Trump tariff circus has been nothing more than a speed-hump for gold (up 35%), while copper (up 6%) and oil (down 28%) have been impacted to differing degrees by trade uncertainty.

Coverage stock RAREX - Phosphate Enabled Rare Earths ASX:REE (ASX: REE) has surged from $0.008 in March to $0.036 on the back of significant updates with respect to its Cummins Range rare earths project in WA. Specifically, REE has provided specific details with respect to the #scandium and #gallium potential.

Further evidence over the past 12 months of the growing gap between #gold, largely driven by investment demand, and other key commodities driven by industrial demand. Gold up 45%, #silver up 20%, #copper up 5%, and #oil down 23%. Ongoing volatility will continue to benefit gold.

One of the best-performing emerging #gold stocks is long-time coverage stock Antipa Minerals Limited (initiated in 2015). AZY is up almost 400% over the past 12 months, significantly outperforming the A$ gold price (up 48%), as its Paterson province acreage has grown in size and appeal.

One of my favourite graphics that shows one of the crucial underpinnings of #gold's mammoth price run. This shows the correlation between gold's price surge since the year 2000 and the corresponding escalation in US debt and deficits (which can actually be applied globally).

Coverage stock Flagship Minerals (ASX:FLG) has identified potential to expand #gold at depth, along strike and up-dip at its Pantanillo Project in Chile, hosting a 47.4Mt @ 0.69g/t Au for 1.05Moz Au qualifying foreign estimate (QFE). Rio2’s nearby 4.8Moz Fenix project is under development.

Thought-provoking graphic reinforcing supply-side issues in the #gold sector, courtesy of Canadian gold explorer Aumega Metals (ASX: AAM) in their latest (May) presentation. It show the decline of gold reserves across the world's major gold companies over a 12-year period.