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‘For posterity’s sake.’

Those words from President Joe Biden sum up the crushing impact of the leaked audiotapes from the interview between him and Special Counsel Robert Hur. Not only did they remove any doubt over Biden committing federal crimes, but they also constituted what is akin to a political racketeering indictment against much of the Washington establishment, from the White House staff to Democratic politicians to the media.

The interview, conducted from Oct. 8-9, 2023, has long been sought by Congress, but was kept under wraps by Biden’s Justice Department even as Biden campaigned for a second term.

Many of us balked at the conclusion of Hur that no charges were appropriate despite the fact that the president had removed classified documents for decades, stored them in grossly negligent ways, and moved them around to unsecure locations, including his garage in Delaware.

Given President Donald Trump’s indictment for the same offenses, it was hard to imagine how the special counsel could not recommend the same criminal charges (presumably after he left office).

Instead, Hur declared it would have been hard to get a jury to convict Biden because he was ‘a sympathetic, well-meaning, elderly man with a poor memory.’

It appears that Trump, on the other hand, was presumptively not sympathetic or well-meaning and possessed a good enough memory to face prosecution.

The contrast was glaring and only reinforced the view of many citizens that there are two tracks for justice in Washington.

Soon after the report’s release, Biden gave an irate press conference at which he lied about the findings of his culpability and lashed out at any suggestion that he had gapped or stumbled in the interview.

For example, when reporters raised Hur’s assertion that Biden had forgotten when his son Beau died, Biden angrily responded, ‘How in the hell dare he raise that?’ Frankly, when I was asked the question, I thought to myself it wasn’t any of their damn business.’

However, it was not Hur but Biden himself who raised the death of his son, and he forgot a wide array of dates, including when he served in office.

The interview shows that in 2023 it was clear that Biden was mentally diminished despite claims from many allies and former aides that there was a sudden loss of capacity just before the disastrous debate in 2024. It is now undeniable that the White House staff actively hid the president’s incompetence from the American public. That includes the White House Press Secretary Jen Psaki (who left her post in May 2022) and her successor, Karine Jean-Pierre, who insisted that Biden was sharp and ‘running circles’ around the staff.

Of course, the media is now covering the story after the public saw the truth in the debate. Figures like CNN’s Jake Tapper have even written books that belatedly pursue the question despite previously insisting that there was no evidence of a diminishment in Biden’s mental state.

Tapper repeatedly dismissed the claim and even excoriated Lara Trump for raising it. In one interview, he pushed a White House talking point that such suggestions were mocking Biden for a childhood stutter.

‘It’s so amazing to me- a ‘cognitive decline,’’ he told the president’s daughter-in-law. ‘I think you were mocking his stutter. Yeah. I think you were mocking his stutter and I think you have absolutely no standing to diagnose somebody’s cognitive decline. I would think somebody in the Trump family would be more sensitive to people who do not have medical licenses diagnosing politicians from afar.’

When Lara Trump insisted that this was clearly evidence of a ‘very concerning’ cognitive decline, Tapper dismissed her statement by saying, ‘Thank you, Lara. I’m sure it’s from a place of concern. We all believe that.’

Keep in mind that others beyond Lara Trump were raising this issue and there were tapes showing obvious physical and mental decline. The media simply refused to seriously pursue the story until the cover-up no longer mattered after the debate.

Over on MSNBC, Joe Scarborough was equally apoplectic at those raising the issue and stated

‘Start your tape right now because I’m about to tell you the truth. And eff you if you can’t handle the truth. This version of Biden intellectually, analytically, is the best Biden ever. Not a close second. And I have known him for years…If it weren’t the truth, I wouldn’t say it

This media effort continued all the way up the debate itself. On CNN.com, Oliver Darcy wrote ‘Right-wing media figures are desperately pushing conspiracy theories about Biden ahead of the debate.’

Once the public found out, the media was ready to tell the story when it became impossible, and no longer politically beneficial, to deny it. Articles began to appear with the same realization of, ‘Oh you meant THAT mental decline. Well sure.’

It was the same belated acknowledgment that came, after the election, with Hunter Biden’s laptop. The media just moved on with a shrug and a collective ‘our bad’ concession.

As for the then-president himself, the one moment of clarity in the interview may have been his most incriminating line. When asked why he removed classified material on Afghanistan, Biden admitted ‘I guess I wanted to hang on to it for posterity’s sake.’

That is precisely what critics on CNN and MSNBC accused Trump of doing: removing material as types of keepsakes or trophies.

One president was indicted for that and one was sent along his way to pursue a second term in office.

The real indictment that comes out of these tapes is a type of political racketeering enterprise by the Washington establishment. It took a total team effort from Democratic politicians to the White House staff to the media to hide the fact that the president of the United States was mentally diminished. It there were a political RICO crime, half of Washington would be frog marched to the nearest federal courthouse.

Of course, none of this complicity in the cover-up is an actual crime. It is part of the Washington racket.

After all, this is Washington where such duplicity results not in plea deals but book deals.

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Former President Joe Biden joked that he was a ‘young man’ during an October 2023 interview with Special Counsel Robert Hur over his mishandling of classified documents, newly released audio shows.

Axios released audio on Friday from Biden’s interviews with Hur in which the then-president appeared to struggle to remember when his son Beau died, when he left office as vice president, what year President Donald Trump was elected to his first term or why he had classified documents that should not have been in his possession.

In addition to Biden’s memory lapses, the recordings showed him slurring his words and muttering when speaking to Hur.

Transcripts of the interviews — conducted on Oct. 8 and 9, 2023 — were released on March 12, 2024.

On the first day of the interview, Hur stressed the importance of answering truthfully and urged Biden to make his best effort to recall the events in question, which the prosecutor acknowledged happened years ago.

‘I’m a young man, so it’s not a problem,’ Biden, now 82, jokingly responded.

‘Okay, great. Glad to hear it,’ Hur replied. 

Hur, who was appointed by then-Attorney General Merrick Garland to investigate Biden’s handling of classified documents, said in his report, released on Feb. 5, 2024, that he declined to bring charges against the president, in part, because a jury would find him a ‘sympathetic, well-meaning elderly man with a poor memory.’ The report acknowledged that the documents were ‘willfully’ obtained by Biden during his time as vice president and as a senator.

‘I’m well-meaning and I’m an elderly man and I know what the hell I’m doing. I’ve been president, and I put this country back on its feet. I don’t need his recommendation,’ Biden said when questioned by Fox News White House correspondent Peter Doocy days after Hur released his report. 

The special counsel’s report, in addition to Biden’s gaffe-prone public appearances, amplified pressure from Republicans who said he lacked the mental fitness needed to serve as president.

Democrats and Biden’s White House initially criticized Hur for his report, insisting the then-president was ‘sharp’ and that the special counsel was politically motivated.

Later in 2024, during Biden’s re-election campaign, Democrats urged him to drop out of the race over his performance in the June presidential debate against Trump, citing his age and mental acuity. Biden formally dropped out of the presidential race in July and finished his term. His vice president, Kamala Harris, was defeated by Trump in November’s general election.

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Leaked audio shared by Axios from President Joe Biden’s 2023 interview with Special Counsel Robert Hur has re-ignited serious questions about his mental sharpness, especially as he struggled to remember when his own son died and when Donald Trump was elected president.

In one moment, Biden tries to recall the death of his son, Beau: ‘My son. Is either been deployed or is dying. And so… What was happening though?’

‘What’s much about dying? May 30, 2015, he died,’ said Biden. ‘May 2015. I think it’s 2015. I’m not sure the months are, but I think that was it.’

Beau Biden passed away from brain cancer on May 30, 2015, at Walter Reed National Military Medical Center. He was 46.

In the audio, Biden also mixes up the year of Trump’s 2016 victory: ‘Trump gets elected in November of 2017. 2016. 2016. So… That’s when we left office, January of 2017. But that’s when Trump gets sworn in manually.’

The fumbling recollections are part of a six-hour interview that Hur used to support his conclusion that Biden’s memory was ‘significantly limited.’

The White House kept the audio under wraps at the time as critical moments in Biden’s own life and in recent American history appeared to be completely out of reach for the former president.

The conversation, part of a two-day interview in October 2023, led Hur to describe Biden as a ‘well-meaning elderly man with a poor memory.’

On Fox News’ The Ingraham Angle Friday night, host Laura Ingraham put it bluntly: ‘This is the biggest scandal that I remember in recent political history: that this man was allowed to continue as the commander in chief of the world’s greatest superpower.’

As Ingraham said later in the segment, ‘We still don’t really know who was making the tough calls. It obviously wasn’t the man we heard on that tape.’

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Though new audio recordings released by Axios paint a picture of an elderly man suffering memory loss, rare exchanges showed glimpses into former President Joe Biden’s earlier days, and shed light on what could have led to Hur’s ‘sympathetic’ characterization and findings related to the investigation.

Biden reminisced during his interview with Special Counsel Robert Hur about a 2011 visit to Mangolia where he claimed to have ’embarrassed the hell out of the leader of Mongolia.’

‘I went to Mongolia and, and great pictures,’ Biden said. ‘They were showing — they were doing a what they would do at the time of the invasion of the Mongols into Europe in the 14 — in the 800s. And they — and then show what a normal day was, or how they, how they bivouac.’

He described being ‘out in the middle of nowhere’ and looking up on a hill, seeing a tiny line of a 20-mile horse race between kids under the age of 16 on bareback.

‘And you know, there are sumo wrestlers doin’ everything they do,’ Biden said lightheartedly.

He said the leaders walked over to a target with bales of hay a hundred yards away, where locals were practicing their aim.

‘I think — I don’t know if it was to embarrass me or to make a point, but I get handed the bow and arrow,’ Biden said. ‘I’m not a bad archer. But (indiscernible) where I can pull it back, so I — and pure luck, I hit the goddamn target.’

The people in the interview room burst into laughter, to which Biden assured them, ‘No, I really did.’

He went on to describe the scene — ’20 bales of hay with a big target in the middle of the bale of hay.’

‘And so I didn’t mean anything by it, I turned to the prime minister and handed it to him and the poor son-of-a-bitch couldn’t pull it back,’ Biden said.

The room roared with laughter once again.

‘I was like, ‘oh, God,’’ Biden said through the cackling.

Hur ultimately decided the former president should not be charged criminally for having classified Obama-era documents after leaving office, describing him as a ‘sympathetic, well-meaning, elderly man with a poor memory.’

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The Justice Department isn’t planning to prosecute Boeing in a case tied to two crashes of the aerospace giant’s 737 Max, a person familiar with the matter said, a tentative agreement that would allow the plane-maker to avoid a guilty plea.

Boeing agreed to plead guilty in the case last summer in a deal with the Justice Department after the Biden administration found earlier that year that the company violated a 2021 agreement tied to the crashes. A judge rejected that plea deal last year, citing concerns about diversity, equity and inclusion, and opened the possibility that Boeing could face trial.

The fraud charge stems from Boeing’s development of the 737 Max. The U.S. had accused Boeing of misleading regulators about its inclusion of a flight-control system on the Max that was later implicated in the two crashes.

A final, non-prosecution agreement hasn’t been reached yet, the person said. The Justice Department and Boeing didn’t immediately comment.

Under the new agreement, Boeing could pay family members of victims of the two Max crashes. In total, the two crashes of the best-selling Boeing jet killed all 346 people on board the planes.

The new tentative agreement, which was reported earlier on Friday by Reuters, would mean Boeing wouldn’t be labeled a felon. That label could have come with restrictions on defense contractor work.

Boeing is the country’s biggest exporter and, in addition to making commercial jetliners, it’s a major defense contractor. The Trump administration recently awarded the company a multibillion-dollar contract to build a next-generation fighter jet.

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Cava on Thursday reported better-than-expected sales in its latest fiscal quarter, shaking off the malaise the broader restaurant industry has felt as consumers have cut back on dining.

The Mediterranean chain said its same-store sales grew 10.8% in the three months that ended April 20, lifted by traffic growth of 7.5%. Analysts surveyed by StreetAccount were projecting same-store sales growth of 10.3%.

“When we look at our consumers in the quarter, we saw an increase in premium attachment on higher priced items, like our pita chips or amazing housemade juices. We also saw that our per person average continued to increase, and then when we look at our results, there’s positive traffic across all of our geographies, across all of our income cohorts, as well as the different formats of our restaurants and dayparts,” Chief Financial Officer Tricia Tolivar told CNBC.

She added that diners have been trading up from fast food and down from casual-dining restaurants into Cava’s bowls and pitas, a trend the company has seen for several quarters.

Elsewhere in the restaurant industry, companies have been reporting very different behavior from consumers, although many companies’ results did not include any time in April, when the industry’s sales and traffic performance improved.

Fast-casual rival Chipotle said its transactions fell 2.3% in the first quarter as consumers pulled back their spending in February, spooked by economic uncertainty. Sweetgreen reported its first quarterly same-store sales decline since it went public in 2021. McDonald’s CEO Chris Kempczinski said fast-food industry data showed both low- and middle-income consumers spending less. The burger giant said U.S. same-store sales declined 3.6% for the first quarter.

Despite the strong quarterly performance, Cava reiterated its same-store sales forecast, sticking with its projections of a 6% to 8% increase. The chain said last quarter that it is expecting slower growth in the back half of its fiscal 2025.

The stock fell 5% in extended trading. As of Thursday’s close, Cava shares have slid 11% so far this year, hurt by investor concerns over its conservative outlook for the fiscal year and the economic fallout from the Trump administration’s tariffs.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

The company reported fiscal first-quarter net income of $25.71 million, or 22 cents per share, up from $13.99 million, or 12 cents per share, a year earlier. Cava reported an income tax benefit of $10.7 million related to stock-based compensation, which boosted its earnings this quarter.

Net sales climbed 28% to $332 million. On a 12-month trailing basis, Cava’s revenue has surpassed $1 billion, representing a major milestone for the company.

The company did raise some of its projections for the fiscal year.

Cava now anticipates adjusted earnings before interest, taxes, depreciation and amortization of $152 million to $159 million, up from its prior forecast of $150 million to $157 million. The company also plans to open between 64 and 68 new locations, higher than its previous outlook of between 62 and 66 restaurant openings.

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Nvidia said it won’t be sending graphics processing unit plans to China following a report that the artificial intelligence chipmaker is working on a research and development center in Shanghai in light of recent U.S. export curbs.

“We are not sending any GPU designs to China to be modified to comply with export controls,” a spokesperson said in a statement to CNBC.

The Financial Times was the first to report the news, citing two sources familiar with the matter. CEO Jensen Huang discussed the potential new center with Shanghai’s mayor, Gong Zheng, during a visit last month, the FT reported.

The center will assess ways to meet U.S. restrictions while catering to the local market, although production and design will continue outside China, according to the report.

AI chipmakers such as Nvidia have been hit with major China roadblocks since 2022 as the U.S. began cracking down on sending advanced chips to China because of concerns of possible military use.

Last week, the Trump administration said it would replace restrictions put in place under President Joe Biden with a “much simpler rule that unleashes American innovation and ensures American AI dominance.” Nvidia said last month that it would take a $5.5 billion charge tied to selling its H20 GPUs in China and other countries.

Huang has previously commented on the significance of China, which is one of the company’s major market after the U.S., Singapore and Taiwan. He told CNBC this month that getting shut out of the world second-largest economy would be a “tremendous loss,” estimating that China’s AI market could hit $50 billion over the next two to three years.

“We just have to stay agile,” Huang told CNBC’s Jon Fortt, in an interview alongside ServiceNow CEO Bill McDermott. “Whatever the policies are of the government, whatever is in the best interest of our country, we’ll support,” he added.

This post appeared first on NBC NEWS

Where are we in the market cycle? In this video, Julius reviews the sector rotation and asset class performance from the past 2-3 weeks to provide an objective take on where we stand in the current market cycle. Using his signature Relative Rotation Graphs (RRG), he uncovers shifts in momentum and leadership across sectors and asset classes.

This video was originally published on May 15, 2025. Click on the icon above to view on our dedicated page for Julius.

Past videos from Julius can be found here.

#StayAlert, -Julius

Gold is one of the most important metals on the planet. For millennia it has been used in jewelry, art and currency, capturing the collective imagination as a thing of wonder. Gold’s association with royalty and wealth has inspired explorers and treasure hunters alike, who put themselves at risk for a chance to strike it rich.

Today, gold’s hold on us as a precious metal is no less powerful. Still used for jewelry and as a store of wealth, the metal also has a variety of modern industrial and electronic applications.

Even though gold seems to be everywhere, in reality it’s a finite resource. Only 244,000 metric tons of gold have ever been mined, and two-thirds of that has been extracted since 1950. Comparing that amount to the more than 700 million metric tons of copper that have been pulled from the ground provides an idea of how precious a resource gold truly is.

For investors interested in the yellow metal and the companies that mine it, it’s important to understand global gold reserves. This data can provide critical information on the long-term viability of supply and which countries have room to grow.

Data for this article comes from the most recent Mineral Commodity Summary from the US Geological Survey as well as Mining Data Online (MDO).

Although gold is often measured and discussed in ounces, the USGS uses metric tons for its gold data, so this article will contain a mix of the two measurements. For perspective, 1 metric ton of gold is equal to 35,274 ounces and worth US$116 million at a price of US$3,300 per gold ounce.

According to the US Geological Survey, identified economic gold reserves currently stand at 64,000 metric tons globally. This is a significant jump from 59,000 metric tons in the previous report, with reserves for many countries revised to the upside. Read on to learn about the top 10 gold reserves by country.

1. Australia

Gold reserves: 12,000 metric tons

The sixth largest country by land area, Australia is tied for the most gold reserves of any nation at 12,000 metric tons, with over 60 percent of its gold deposits located in Western Australia.

The mining nation is also one of the top producers of gold, digging up 290 metric tons of the metal in 2024.

Australia is home to many large gold mines, including Newmont’s (TSX:NGT,NYSE:NEM,ASX:NEM) Boddington and Cadia Valley operations, which produced 590,000 ounces and 464,000 respectively in 2024. It also hosts the Tropicana mine, a joint venture between AngloGold Ashanti (NYSE:AU) and Regis Resources (ASX:RRL,OTC Pink:RGRNF) that produced 426,000 ounces of gold.

1. Russia

Gold reserves: 12,000 metric tons

Russia has the largest land area of any country, and unsurprisingly is now tied for the top country for gold reserves, boasting an impressive 12,000 metric tons of gold. Its reserves were raised from 11,100 in 2023, but they mark an even more sizeable increase from the 6,800 metric tons of reserves reported for 2022.

Additionally, Russia’s gold output remained steady in 2024 with 310 MT extracted. Russia has several large gold mines, but none are more prolific than Polyus’ (MCX:PLZL) Olimpiada mine in the Krasnoyarsk Krai region of Siberia. According to the company’s most recent data, the mine produced 1.48 million ounces in 2024.

Russian gold is having difficulties reaching most markets following the country’s invasion of Ukraine. The London Bullion Market Association halted trading and removed Russian refiners from its accredited list in March 2022. However, a significant portion of the metal was exported to the United Arab Emirates following the sanctions, according to Reuters, and Russian gold has also made its way into the country’s stockpiles.

3. South Africa

Gold reserves: 5,000 metric tons

South Africa remains a powerhouse in terms of global gold reserves, and the country’s Witwatersrand Basin is among the top gold jurisdictions in the world.

Although South Africa remains comfortably in the top three countries for reserves with 5,000 metric tons, the country has lost some of its luster when it comes to production. At the turn of the century, South Africa was the top gold-producing country, with 431 metric tons extracted in 2000. The country’s output has slowly fallen in the decades since though, and has hit all-time lows in recent years — South Africa produced just 100 metric tons of gold in 2024.

One reason for lowered production is decreasing gold grades, which have led miners operating in the country to move to greater depths. In fact, eight of South Africa’s gold mines are among the world’s 10 deepest mines for any commodity, with AngloGold Ashanti’s (NYSE:AU,JSE:ANG) Mponeng gold mine topping the list at 2.4 kilometers to over 4 kilometers below surface. This has made industrial mining operations prohibitively expensive and more dangerous.

Harder to reach resources and high electricity costs have resulted in limited investment in exploration as companies looked to lower cost projects in other countries like Australia and Canada.

4. Indonesia

Gold reserves: 3,600 metric tons

Indonesia is home to 3,600 metric tons of gold reserves. The country jumped significantly from 2023, adding more than 1,000 metric tons to its reserves and climbing to number four on our list.

Indonesia is home to the Grasberg complex, one of the world’s largest gold operations and host to 23.9 million recoverable gold ounces. Operated by Freeport-McMoRan (NYSE:FCX), Grasberg includes several underground mines and the Kucing Liar deposit, which is currently being developed.

Once Kucing Liar is operational, Freeport expects it to deliver an additional 520,000 ounces of gold per year for 6 million total ounces between 2029 and 2041.

5. Canada

Gold reserves: 3,200 metric tons

Canada’s gold reserves total 3,200 metric tons, up 900 metric tons in the latest USGS report. Its gold reserves had previously remained constant since 2012 at 2,300 metric tons. The country has more than doubled its gold output in that time, jumping from 97 metric tons in 2012 to 200 metric tons in 2024.

Canada has a rich history of gold mining since the metal was first discovered in Québec in the early 1800s. Mining operations can now be found across Canada, but more than 70 percent of the country’s gold is produced in Ontario and Québec. Other significant producers are BC with 9 percent, the Yukon with 4 percent and Manitoba with 2 percent.

Canada has a number of very large gold mines, the largest of which is Agnico Eagle Mines’ (TSX:AEM,NYSE:AEM) Canadian Malartic Complex in Québec. The mine produced 689,000 ounces of gold in 2023 and hosts proven and probable reserves of 7.92 million ounces.

Because of its well-established natural resource sector, Canada is leading the way in sustainable initiatives to protect the environment and communities. The Mining Association of Canada’s Toward Sustainable Mining initiative has been adopted by organizations around the world, including those in Finland, Brazil and the Philippines.

6. China

Gold reserves: 3,100 metric tons

China’s importance as a gold miner has been growing over recent years and made significant gains, moving from number nine on our list with 1,900 metric tons in 2022, to number six with 3,100 metric tons in 2024. Additionally, China’s gold output ranks first overall globally with 380 metric tons of gold last year.

China’s gold-mining industry is dominated by state-owned operators. Some of the largest companies include Zijin Mining Group (HKEX:2899), which owns the Shanxi mine, the largest gold mine in the Shanxi province. The mine produced 107,700 ounces of gold in 2024.

Another of China’s largest companies is China Gold International Resources (TSX:CGG,HKEX:2099), which owns a 96.5 percent stake in the Chang Shan Hao gold mine located in Inner Mongolia, one of China’s largest gold mines. Chang Shan Hao produced 108,188 ounces of gold last year.

In addition to its high gold reserves and production, China also has a strong impact on the gold market through significant purchases by the People’s Bank of China in recent years. As of April 2025, the Chinese central bank holds an estimated 2,280 metric tons of gold.

7. United States

Gold reserves: 3,000 metric tons

Gold reserves in the US have remained steady at 3,000 metric tons since 2012. The country is home to well-developed infrastructure, highly experienced companies and an advanced workforce. However, over the last decade, production and refinement of the yellow metal in the US has been in decline, dropping from 230 metric tons in 2012 to 160 metric tons in 2024.

The largest gold-mining assets in the US are all owned by Nevada Gold Mines, a joint venture between Barrick Gold (TSX:ABX,NYSE:GOLD) and Newmont, and consist of Turquoise Ridge, the Cortez Complex and the Carlin Complex. Between them, the mines produced 3.03 million ounces of gold in 2023.

8. Peru

Gold reserves: 2,500 metric tons

Gold has been an important part of Peru’s economy for centuries. The country has a well-documented mining industry, and it ranks as one of the top nations in the world when it comes to gold reserves. Its gold reserves peaked in 2022 with 2,900 metric tons before falling to 2,300 metric tons in 2023. Peru’s gold reserves were back up slightly in this report, helping it to land at number eight on our list with 2,500 metric tons.

Peru’s gold production has remained consistent over the past two years at 100 metric tons.

Large players make up the bulk of Peru’s gold industry, with major miner Newmont leading the way at Yanacocha, the biggest gold mine in Peru. In 2024, output from the mine reached 354,000 ounces of gold, a significant jump from 2023’s 276,000 ounces.

There are also artisanal operations in the country, along with operations being run by criminal organizations. While environmental concerns are common in the mining industry, illegal and small-scale gold miners often employ mercury during the extraction process, which is very damaging to the environment.

To counteract illegal mining operations, the Peruvian government instituted Operation Mercury in 2019, which involved military interventions at illegal mine sites and the destruction of mining operations. For small-scale and artisanal mining, programs such as the Fairmined Ecological Gold certification exist to encourage environmentally friendly mining methods by introducing premium prices for gold that meets particular requirements. This also allows gold buyers to identify gold from legal operations that reduce the use of toxic treatments like mercury during the extraction process.

9. Brazil

Gold reserves: 2,400 metric tons

Home to the first modern gold rush over 300 years ago, Brazil currently has 2,400 metric tons of economic gold reserves. Brazil has an undeniable history with the precious metal, although its extracted only 70 metric tons in 2024.

The largest gold mine in Brazil is AngloGold Ashanti’s AGA Mineracao Operaation in Minas Gerais. In 2024, the mine produced 271,000 ounces of gold. New production also came online last year. G Mining Ventures (TSX:GMIN,OTCQX:GMINF) declared commercial production at its Tocantinzinho mine in September 2024, and the mine produced 63,566 ounces of gold by the year’s end.

Much like Peru, gold mining in Brazil has a darker side as well. Illegal operators, many of which have found their into mining through social media sites like YouTube and TikTok, are impacting both sensitive rainforest ecosystems and local Indigenous communities. Despite government crackdowns, new operations continue to pop up throughout the Amazon.

10. Kazakhstan

Gold reserves: 2,300 metric tons

Kazakhstan’s gold reserves total 2,300 metric tons, up a sizeable 1,300 metric tons compared to the prior year, a big enough boost to break into this top 10 gold reserve list.

The jump is owed to a significant increase in exploration, which saw 23 new deposits, including 20 metric tons of gold, added to the country’s subsoil registry. Launched in 2023, the registry has helped to streamline the exploration process and allowed modern technology to be applied to historical data sets.

Kazakhstan’s largest gold-mining operation is the Altyntau Kokshetau mine, owned by mining giant Glencore (LSE:GLEN,OTC Pink:GLCNF).

In its 2024 production report, Glencore stated that it produced 603,000 ounces of gold across all its Kazakhstan assets, the majority of which came from the Altyntau Kokshetau mine.

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

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