Frank Holmes of US Global Investors (NASDAQ:GROW) shares his forecast for gold and silver.
He sees gold testing US$5,000 per ounce next year and then reaching US$7,000 by the end of US President Donald Trump’s second term in office.
‘And I think that silver will be over US$100,’ he added.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Silver is known as the most versatile precious metal, and its end uses range from silverware to medicine, as well as industrial and technological applications, which account for well over half of annual global demand.
In 2024, global physical silver demand reached 1.16 billion ounces, shy of the record of 1.28 billion ounces set in 2022, as per the Silver Institute’s latest World Silver Survey released in April 2025.
Industrial demand is on an upward trend from the push toward renewable energy — in particular, silver demand should benefit from the expansion of the solar energy sector, electric vehicles and the growing use of AI and data centers. The metal is a great conductor of both heat and electricity, making it perfect for use in solar panels.
In 2025, the Silver Institute expects global demand for silver to decline by 1 percent to 1.15 billion ounces, but remain at historically high levels. With all of that in mind, here’s a look at four factors driving silver demand.
Expected demand in 2025: 677.4 million ounces
Silver is the best electrical and thermal conductor of all the metals, so it’s no surprise that it’s used in industrial fabrication. Industrial silver demand has seen steady growth in recent years. Coming in at just 491 million ounces in 2016, industrial demand rose to 592.3 million ounces in 2022, 657.1 million ounces in 2023 and a record 680.5 million ounces in 2024.
For 2025, the Silver Institute believes industrial demand will see a slight regression of 0.5 percent to 677.4 million ounces.
Here’s a brief rundown of the main industrial uses driving silver demand:
Electronics — In electronics, industrial silver is used mainly in multi-layer ceramic capacitors, membrane switches, silvered film, electrically heated automobile windshields, conductive adhesives and the preparation of thick-film pastes.
Electronics is expected to remain an important driver for silver going forward, as per the Silver Institute, which expects overall industrial silver consumption to reach 456.6 million ounces in 2025. Photovoltaics form the largest portion of electronic demand, totaling 197.6 million tons in 2024.
Using silver as conductive ink, photovoltaic cells transform sunlight into electricity. These cells are combined to form solar panels. The use of silver in the fabrication of photovoltaic cells, also known as solar cells, is seen as an area of rapid growth in the short to medium term. In fact, SolarPower Europe reported that total installations reached 2.2 terawatts by the end of 2024, and are expected to more than triple to more than 7 terawatts by 2030.
Automotive industry — Every electrical action in a modern car is activated with silver-coated contacts. Basic functions such as starting the engine, opening power windows, adjusting power seats and closing power trunks are all activated using a silver membrane switch. Furthermore, in January 2021, the Silver Institute reported that, depending on the model, battery electric vehicles contain between 25 and 50 grams of silver, while hybrid vehicles use 18 to 34 grams of silver. That’s compared to 15 to 28 grams of silver in a light internal combustion engine vehicle.
The Silver Institute has projected that automotive demand for silver could reach 90 million ounces by 2025. The association states that silver demand from the car industry will be driven by infrastructure investment, broader decarbonization efforts and the expansion of charging stations.
Brazing and soldering — Adding silver to the process of soldering or brazing helps produce smooth, leak-tight and corrosion-resistant joints when combining metal parts. In addition, silver-brazing alloys are used widely in everything from air conditioning and refrigeration to electric power distribution. The Silver Institute predicts demand from this segment to total 52.9 million ounces in 2025.
Expected demand in 2025: 196.2 million ounces
Jewelry is often what laypeople think about when they consider silver demand. And for good reason — few materials are better suited for jewelry than silver. Lustrous but resilient, silver responds well to sculpting, requires minimal care and lasts a lifetime.
While silver and gold possess similar working qualities, the white metal enjoys greater reflectivity and can achieve a brilliant polish. A vast amount of silver supply from mine production gets turned into a form of jewelry. The segment grew moderately by 3 percent in 2024, rising to 208.7 million ounces, but the Silver Institute is predicting a significant reversal in 2025, with a 6 percent decline to 196.2 million ounces.
Expected demand in 2025: 204.4 million ounces
Another source of silver demand is for silver as an investment in the form of silver coins, bars and rounds. This category includes the silver used to fabricate the bullion, as well as small bar purchases by retail investors, according to the Silver Institute.
Silver coins have a long history. Minted silver coins were first used in the Eastern Mediterranean region in 550 BCE, and by 269 BCE the Roman Empire had adopted silver as well. Silver was the main circulating currency until the 19th century, when it was phased out of regular coinage.
While silver is not used in many circulating coins today, mints in many countries still create high-purity bullion coins and bars for investors.
Physical silver investment demand reached a record high of 338.3 million ounces in 2022, but declined considerably to 244.3 million ounces in 2023, before falling another 22 percent to 190.9 million ounces in 2024.
However, with rising uncertainty in global financial markets, the institute is predicting 7 percent growth in 2025 to 204.4 million ounces.
Silver exchange-traded products (ETPs) and silver ETFs purchase significant amounts of physical silver. Silver ETPs have experienced high volatility over the last five years, with demand peaking in 2020 with net inflows of 331.1 million ounces of silver, which fell to to 64.9 million ounces in 2021. Following the pandemic, ETPs experienced heavy outflows with investors selling off 117.4 million ounces in 2022 and 37.6 million ounces in 2023.
In 2024, as uncertainty began to seep into global financial markets, investors once again returned to ETPs, pushing demand to 61.6 million ounces of silver flowing into the products.
The Silver Institute expects demand to grow by 14 percent in 2025 to 70 million ounces, attributing these inflows to cuts to the Federal Funds rate, concerns over US debt load, and instability in the Middle East.
Expected demand in 2025: 46 million ounces
Sterling silver has been the standard for silver holloware and silver flatware since the 14th century. Silver cutlery and other decor lasts for generations as it resists tarnish and is a traditional decoration in homes around the world. Base metal copper is mixed with silver to strengthen it for use as cutlery, bowls and decorative items.
Demand for the metal from the silverware industry reached 73.5 million ounces in 2022 but has declined since then to 54.2 million ounces in 2024. The Silver Institute expects the market to shed another 15 percent in 2025 to 46 million ounces.
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
The S&P 500 ($SPX) just logged its fifth straight trading box breakout, which means that, of the five trading ranges the index has experienced since the April lows, all have been resolved to the upside.
How much longer can this last? That’s been the biggest question since the massive April 9 rally. Instead of assuming the market is due to roll over, it’s been more productive to track price action and watch for potential changes along the way. So far, drawdowns have been minimal, and breakouts keep occurring. Nothing in the price action hints at a lasting change — yet.
While some are calling this rally “historic,” we have a recent precedent. Recall that from late 2023 through early 2024, the index had a strong start and gave way to a consistent, steady trend.
From late October 2023 through March 2024, the S&P 500 logged seven consecutive trading box breakouts. That streak finally paused with a pullback from late March to early April, which, as we now know, was only a temporary hiccup. Once the bid returned, the S&P 500 went right back to carving new boxes and climbing higher.
If there’s been one gripe about this rally, it’s that the number of new highs within the index has lagged. As we’ve discussed before, among all the internal breadth indicators available, new highs almost always lag — that’s normal. What we really want to see is whether the number of new highs begins to exceed prior peaks as the market continues to rise, which it has, as shown by the blue line in the chart below.
As of Wednesday’s close, 100 S&P 500 stocks were either at new 52-week highs or within 3% of them. That’s a strong base. We expect this number to continue rising as the market climbs, especially if positive earnings reactions persist across sectors.
Even when we get that first day with 100+ S&P 500 stocks making new 52-week highs, though, it might not be the best time to initiate new longs.
The above chart shows that much needs to align for that many stocks to peak in unison, which has historically led to at least a short-term consolidation, if not deeper pullbacks — as highlighted in yellow. Every time is different, of course, but this is something to keep an eye on in the coming weeks.
The GoNoGo Trend remains in bullish mode, with the recent countertrend signals having yet to trigger a greater pullback.
We still have two live bullish upside targets of 6,555 and 6,745, which could be with us for a while going forward. For the S&P 500 to get there, it will need to form new, smaller versions of the trading boxes.
In the chart below, you can view a rising wedge pattern on the recent price action, the third since April. The prior two wedges broke down briefly and did not lead to a major downturn. The largest pullbacks in each case occurred after the S&P 500 dipped below the lower trendline of the pattern.
The deepest drawdown so far is 3.5%, which is not exactly a game-changer. Without downside follow-through, a classic bearish pattern simply can’t be formed, let alone be broken down from.
We’ll continue to monitor these formations as they develop because, at some point, that will change.
Sankamap Metals Inc. (CSE: SCU) (‘Sankamap’ or the ‘Company’) further to the Company’s news releases dated October 21, 2025, November 4, 2025, and November 18, 2025, the Company continues to work towards the filing of its annual audited financial statements and management’s discussion and analysis for the fiscal year ended June 30, 2025 (the ‘Required Filings’). The Company has obtained approval from the Alberta Securities Commission to extend the Management Cease Trade Order (‘MCTO’) under National Policy 12-203 Management Cease Trade Orders (‘NP 12-203’) until December 28, 2025.
While the audit of Sankamap’s private subsidiary has now been completed, timing adjustments in the subsidiary’s audit resulted in a brief postponement of fieldwork and the review of Sankamap’s audit file. The upcoming holiday period is also expected to affect scheduling. To support timely completion of the audit, the Company intends to appoint the subsidiary’s auditor as its auditor, as their familiarity with the Company’s mineral property and the Solomon Islands jurisdiction is expected to facilitate an expedited process. A change of auditor is underway, and the Company expects to file the required change of auditor documentation shortly.
The Required Filings were due to be filed by October 28, 2025. In connection with the anticipated delays in making the Required Filings, the Company made an application for a Management Cease Trade Order (‘MCTO‘) under National Policy 12-203 Management Cease Trade Orders (‘NP 12-203‘) to the Alberta Securities Commission, as principal regulator for the Company, and the MCTO was issued on October 29, 2025. The MCTO restricts all trading by the Company’s CEO and CFO in securities of the Company, whether direct or indirect. The issuance of the MCTO will not affect the ability of persons who are not directors, officers or insiders of the Company to trade their securities. The MCTO will remain in effect until the Required Filings are filed or until it is revoked or varied.
The Company expects to proceed with the filing of its interim first-quarter financial statements shortly after the Required Filings have been completed and submitted.
The Company confirms that it intends to satisfy the provisions of the alternative information guidelines described in NP 12-203 by issuing bi-weekly default status reports in the form of a news release until it meets the Required Filings requirement. The Company has not taken any steps towards any insolvency proceeding and the Company has no material information relating to its affairs that has not been generally disclosed.
About Sankamap Metals Inc.
Sankamap Metals Inc. (CSE: SCU) is a Canadian mineral exploration company dedicated to the discovery and development of high-grade copper and gold deposits through its flagship Oceania Project, located in the South Pacific. The Company’s fully permitted assets are strategically positioned in the Solomon Islands, along a prolific geological trend that hosts major copper-gold deposits; including Newcrest’s Lihir Mine, with a resource of 71.9 million ounces of gold¹ (310 Mt containing 23 Moz Au at 2.3 g/t P+P, 520 Mt containing 39 Moz Au at 2.3 g/t indicated, 81 Mt containing 5 Moz Au at 1.9 g/t measured, 61 Mt containing 4.9 Moz Au at 2.3 g/t Inferred).
Exploration is actively advancing at both the Kuma and Fauro properties, part of Sankamap’s Oceania Project in the Solomon Islands. Historical work has already highlighted the mineral potential of both sites, which lie along a highly prospective copper and gold-bearing trend, suggesting the possibility of further, yet-to-be-discovered deposits.
At Kuma, the property is believed to host an underexplored and largely untested porphyry copper-gold (Cu-Au) system. Historical rock chip sampling has returned consistently elevated gold values above 0.5 g/t Au, including a standout sample assaying 11.7% Cu and 13.5 g/t Au2; underscoring the area’s significant potential.
At Fauro, particularly at the Meriguna Target, historical trenching has returned highly encouraging results, including 8.0 meters at 27.95 g/t Au and 14.0 meters at 8.94 g/t Au3. Complementing these results are exceptional grab sample assays, including historical values of up to 173 g/t Au3, along with recent sampling by Sankamap at the Kiovakase Target, which returned numerous high-grade copper values, reaching up to 4.09% Cu. In addition, limited historical shallow drilling intersected 35.0 meters at 2.08 g/t Au3, further underscoring the property’s strong mineral potential and the merit for continued exploration. With a commitment to systematic exploration and a team of experienced professionals, Sankamap aims to unlock the untapped potential of underexplored regions and create substantial value for its shareholders. For more information, please refer to SEDAR+ (www.sedarplus.ca), under Sankamap’s profile.
1.Newcrest Technical Report, 2020 (Lihir: 310 Mt containing 23 Moz Au at 2.3 g/t P+P, 520 Mt containing 39 Moz Au at 2.3 g/t indicated, 81 Mt containing 5 Moz Au at 1.9 g/t measured, 61 Mt containing 4.9 Moz Au at 2.3 g/t Inferred)
2. Historical grab, soil and BLEG samples from SolGold Kuma Review June 2015, and SolGold plc Annual Report 2013/2012
3. September 2010-June 2012 press releases from Solomon Gold Ltd. and SolGold Fauro Island Summary Technical Info 2012
QP Disclosure
The technical content for the Oceania Project in this news release has been reviewed and approved by John Florek, M.Sc., P.Geol., a Qualified Person in accordance with CIM guidelines. Mr. John Florek is in good standing with the Professional Geoscientists of Ontario (Member ID:1228) and a director and officer of the Company.
ON BEHALF OF THE BOARD OF DIRECTORS
s/ ‘John Florek’
John Florek, M.Sc., P.Geol
Chief Executive Officer
Sankamap Metals Inc.
Contact:
John Florek, CEO
T: (807) 228-3531
E: johnf@sankamap.com
The Canadian Securities Exchange has not approved nor disapproved this press release.
Forward-Looking Statements
Certain statements made and information contained herein may constitute ‘forward-looking information’ and ‘forward-looking statements’ within the meaning of applicable Canadian and United States securities legislation. These statements and information are based on facts currently available to Sankamap and there is no assurance that the actual results will meet management’s expectations. Forward-looking statements and information may be identified by such terms as ‘anticipates,’ ‘believes,’ ‘targets,’ ‘estimates,’ ‘plans,’ ‘expects,’ ‘may,’ ‘will,’ ‘could’ or ‘would.’
This press release contains forward-looking statements, including, but not limited to, statements regarding management’s expectations about obtaining the MCTO and completing the Required Filings within the anticipated timeline. Forward-looking statements are subject to various risks, uncertainties, and other factors that could cause actual results or events to differ materially from those expressed or implied by such statements. Sankamap does not undertake any obligation to update forward-looking statements or information, except as required by applicable securities laws. For more information on the Company, investors should review the Company’s continuous disclosure filings that are available at www.sedarplus.ca.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/276869
News Provided by Newsfile via QuoteMedia
Here’s a quick recap of the crypto landscape for Wednesday (December 3) as of 9:00 a.m. UTC.
Get the latest insights on Bitcoin, Ether and altcoins, along with a round-up of key cryptocurrency market news.
Bitcoin (BTC) was priced at US$92,758.95, up by 4.1 percent over 24 hours.
Bitcoin price performance, December 3, 2025.
Chart via TradingView.
After Bitcoin stared the week with its largest single-day decline in a month, it rallied about 6.6 percent in 24 hours to reclaim US$93,000. This now marks Bitcoin’s highest intraday level in more than two weeks.
Despite the cryptocurrency’s rebound, analysts are still urging caution and advising investors to await clearer macro signals before fully re-entering higher-risk assets.
Ether (ETH) also regained ground and is currently priced at US$3,051.34, up 7.1 percent over 24 hours.
Michael Saylor’s Strategy (NASDAQ:MSTR) is in discussions with index provider MSCI as the company thinks about removing Strategy from major stock indexes, according to Reuters.
MSCI is considering cutting companies whose business model is to buy crypto. Strategy currently holds about 650,000 BTC and has relied on new debt and equity issuance to add to its holdings.
JPMorgan Chase (NYSE:JPM) estimates a removal could trigger up to US$8.8 billion in outflows if other index providers follow suit. Saylor said the company is participating in MSCI’s review process, but questioned the scale of possible selling projected by JPMorgan. A verdict is expected by January 15 of next year.
Startale Group has launched USDSC, a stablecoin pegged to the US dollar that is designed to serve as the default settlement currency on Sony Group’s (NYSE:SONY,TSE:6758) Soneium blockchain.
According to a Decrypt report, the launch includes a new rewards program called STAR Points that is geared at encouraging user activity across payments, liquidity supply and app interaction. Soneium went live earlier this year following a test phase that drew 14 million users and processed 50 million transactions.
Startale CEO Sota Watanabe said USDSC aims to support payments and yield generation across the network’s creator-focused ecosystem. Stablecoin infrastructure firm M0 is providing backend support for issuance and liquidity.
A waitlist for the Startale app is open to users seeking early access to USDSC features and rewards.
The US Securities and Exchange Commission (SEC) has halted the approval process for multiple ultra-leveraged exchange-traded funds (ETFs), citing concerns about investor risk.
Warning letters were sent to nine issuers, including Direxion, ProShares and Tidal, affecting products designed to offer more than 2x exposure to equities, commodities and cryptocurrencies.
The SEC said the proposals exceed regulatory limits on allowable leverage and rely on benchmark definitions that may fail to reflect true market volatility. Some of the planned funds target exposure to highly volatile assets. No 3x or 5x single-stock ETFs currently exist in the US due to existing restrictions.
Leveraged ETF trading has surged since 2020, with total assets rising to around US$162 billion.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
MILAN — The Prada Group announced Tuesday that it has officially purchased Milan fashion rival Versace in a 1.25 billion euro (nearly $1.4 billion) deal that puts the fashion house known for its sexy silhouettes under the same roof as Prada’s “ugly chic” aesthetic and Miu Miu’s youth-driven appeal.
The highly anticipated deal is expected to relaunch Versace’s fortunes, after middling post-pandemic performance as part of the U.S. luxury group Capri Holdings.
Prada said in a one-line statement that the acquisition had been completed after receiving all regulatory clearances.
Prada heir Lorenzo Bertelli will steer Versace’s next phase as executive chairman, in addition to his roles as group marketing director and sustainability chief.
The son of co-creative director Miuccia Prada and longtime Prada Group chairman Patrizio Bertelli has said he doesn’t expect to make any swift executive changes at Versace. But Bertelli has said that the company, which places among the top 10 most recognized brands in the world, has long been underperforming in the market.
Prada has underlined that the 47-year-old Versace brand offered “significant untapped growth potential.’’
Versace has been in the midst of a creative relaunch under a new designer, Dario Vitale, who previewed his first collection during Milan Fashion Week in September. He had previously been head of design at Miu Miu, but his move to Versace was unrelated to the Prada deal, executives have said.
Capri Holdings, which owns Michael Kors and Jimmy Choo, paid $2 billion for Versace in 2018, but had been struggling to position Versace’s bold profile in the recent era of “quiet luxury.″
Versace represented 20% of Capri Holdings 2024 revenue of 5.2 billion euros. An analyst presentation for the Prada deal said that Versace would represent 13% of the Prada Group’s pro-forma revenues, with Miu Miu coming in at 22% and Prada at 64%. The Prada Group, which also includes Church’s footwear, reported a 17% boost in revenues to 5.4 billion euros last year.
The Prada Group has already begun preparations to incorporate crosstown rival Versace into its Italian manufacturing system, a point of pride for the group.
“Making a bag for one brand or another, the know-how is the same,″ Bertelli told reporters last week at the group’s Scandicci leather goods factory, which already makes bags for the Prada and Miu Miu brands and will soon add Versace.
The Prada Group’s has invested 60 million euros in its supply chain this year, including a new leather goods factory near Siena, a new knitwear factory near Perugia as well as increasing production at its factory Church’s footwear factory in Britain and expanding another Tuscan factory. That’s on top of 200 million euros in investments from 2019-24.
Prada’s efforts include an academy that has trained some 570 new artisans over the last 25 years in an in-house training academy operating in the Tuscany, Marche, Veneto and Umbria regions.
Last year, Prada hired 70% of the 120 artisans who trained in the academy. The number of trainees rose by 28% to 152 this year.
Outages on Shopify’s e-commerce platform have been resolved, the company said late Monday, bringing to an end a daylong glitch on the annual ‘Cyber Monday’ shopping day.
Some merchants that use Shopify’s service to sell goods online said they experienced issues with checkouts through the company’s point-of-sale system.
Businesses that run on Shopify also had trouble logging into their administrative portals.
In a statement, Shopify said: ‘We had a system degradation that has now been mitigated.’
Throughout the day, business owners posted angry messages directed at the company on X, where Shopify President Harvey Finkelstein had posted ‘HAPPY CYBER MONDAY! Let’s finish strong!’ earlier in the day, with an emoji of a flexed arm.
One business, Costack Spices, based in London, replied: ‘How??? [We] cannot fulfill orders or log on,’ with three red-faced emojis. In a follow-up, the company posted, ‘This is unbelievable.’
Another user wrote, ‘@ShopifySupport I haven’t been able to access it for the last couple hours.’
Shopify replied to most users on X with the same message: ‘We are aware of an issue with Admins impacting selected stores, and are working to resolve it.’
In 2024, merchants using Shopify services recorded $11.5 billion in sales from Black Friday through Cyber Monday, the company said, with more than 76 million customers buying from businesses powered by the platform.
Shopify provides website design tools, online checkout services and digital advertising products to businesses of all sizes. The company says that millions of merchants use its services.
While Shopify’s share of Cyber Monday sales may be limited, smaller businesses that rely on the company to process their transactions may have missed out on crucial sales at the start of the all-important holiday season.
Total Cyber Monday sales are expected to be more than $53 billion, according to Salesforce.
Shopify stock ended the trading day down 5.9%.
The S&P 500 ($SPX) just logged its fifth straight trading box breakout, which means that, of the five trading ranges the index has experienced since the April lows, all have been resolved to the upside.
How much longer can this last? That’s been the biggest question since the massive April 9 rally. Instead of assuming the market is due to roll over, it’s been more productive to track price action and watch for potential changes along the way. So far, drawdowns have been minimal, and breakouts keep occurring. Nothing in the price action hints at a lasting change — yet.
While some are calling this rally “historic,” we have a recent precedent. Recall that from late 2023 through early 2024, the index had a strong start and gave way to a consistent, steady trend.
From late October 2023 through March 2024, the S&P 500 logged seven consecutive trading box breakouts. That streak finally paused with a pullback from late March to early April, which, as we now know, was only a temporary hiccup. Once the bid returned, the S&P 500 went right back to carving new boxes and climbing higher.
If there’s been one gripe about this rally, it’s that the number of new highs within the index has lagged. As we’ve discussed before, among all the internal breadth indicators available, new highs almost always lag — that’s normal. What we really want to see is whether the number of new highs begins to exceed prior peaks as the market continues to rise, which it has, as shown by the blue line in the chart below.
As of Wednesday’s close, 100 S&P 500 stocks were either at new 52-week highs or within 3% of them. That’s a strong base. We expect this number to continue rising as the market climbs, especially if positive earnings reactions persist across sectors.
Even when we get that first day with 100+ S&P 500 stocks making new 52-week highs, though, it might not be the best time to initiate new longs.
The above chart shows that much needs to align for that many stocks to peak in unison, which has historically led to at least a short-term consolidation, if not deeper pullbacks — as highlighted in yellow. Every time is different, of course, but this is something to keep an eye on in the coming weeks.
The GoNoGo Trend remains in bullish mode, with the recent countertrend signals having yet to trigger a greater pullback.
We still have two live bullish upside targets of 6,555 and 6,745, which could be with us for a while going forward. For the S&P 500 to get there, it will need to form new, smaller versions of the trading boxes.
In the chart below, you can view a rising wedge pattern on the recent price action, the third since April. The prior two wedges broke down briefly and did not lead to a major downturn. The largest pullbacks in each case occurred after the S&P 500 dipped below the lower trendline of the pattern.
The deepest drawdown so far is 3.5%, which is not exactly a game-changer. Without downside follow-through, a classic bearish pattern simply can’t be formed, let alone be broken down from.
We’ll continue to monitor these formations as they develop because, at some point, that will change.
Oil prices climbed higher on Monday (December 1) as an escalation in US-Venezuela tensions reached a fever pitch, offsetting weeks of losses driven by oversupply expectations.
The shift also came after the Caspian Pipeline Consortium (CPC), a key transit route that carries about 1 percent of global oil, halted operations over the weekend. The company reported that a mooring point at its Russian Black Sea terminal was damaged in a Ukrainian drone attack, temporarily curbing exports.
Ukraine has also targeted two oil tankers heading toward Novorossiysk, further rattling market sentiment.
The supply shock landed just as OPEC+ opted to leave production levels unchanged for Q1 2026.
The group had signaled the possibility of a pause as early as November, seeking to avoid exacerbating what analysts feared could become a sizeable glut. The decision provided a modest anchor for traders recalibrating expectations.
“For some time, the narrative has centred on an oil glut, so OPEC+’s decision to maintain its production target provided some relief and helped stabilise expectations for supply growth in the coming months,” Anh Pham, senior analyst at data provider LSEG, explained to Reuters.
Even with Monday’s rise, both Brent and WTI futures settled lower this past Friday (November 28). This marked their fourth straight monthly decline and the longest losing streak since 2023.
A far more dramatic source of volatility also emerged from Washington over the weekend.
On Saturday (November 29), US President Donald Trump declared that “the airspace above and surrounding Venezuela” should be considered closed, posting a warning on social media.
To all Airlines, Pilots, Drug Dealers, and Human Traffickers, please consider THE AIRSPACE ABOVE AND SURROUNDING VENEZUELA TO BE CLOSED IN ITS ENTIRETY. Thank you for your attention to this matter! PRESIDENT DONALD J. TRUMP
— Donald J. Trump (@realDonaldTrump) November 29, 2025
Trump also told service members last week that US forces would “very soon” begin land-based operations targeting Venezuelan drug-trafficking networks. Further, reports surfaced that the White House and Caracas had held a tense, last-ditch phone call aimed at defusing a worsening standoff.
According to sources cited by the Miami Herald, Washington told President Nicolás Maduro he could secure safe passage for himself, his wife Cilia Flores and his son only if he stepped down immediately. The conversation stalled as Venezuela refused to surrender control of its armed forces or agree to Maduro’s resignation.
Washington has been increasingly aggressive toward what it describes as Venezuela’s Cartel de los Soles, which US officials accuse Maduro and senior leaders of operating.
Last month, the Department of State’s decision to designate the cartel a foreign terrorist organization placed Maduro, Diosdado Cabello and Vladimir Padrino López in the same legal category as al-Qaeda and ISIS.
Caracas condemned the aggression, labeling it as a “colonialist threat” seeking support from its allies.
On Sunday (November 30), Maduro issued an appeal to fellow OPEC members, urging the bloc to help counter what he described as “growing and illegal threats” from the United States.
In a letter published by state broadcaster TeleSUR, he accused Washington of trying to “seize” Venezuela’s oil reserves and warned that US military pressure could disrupt the global energy market.
“I hope to count on your best efforts to help stop this aggression, which is growing stronger and seriously threatens the balance of the international energy market, both for producing and consuming countries,” Maduro wrote.
Venezuela exported just US$4.05 billion worth of crude oil in 2023, far below other major producers, due largely to US sanctions imposed during Trump’s first term.
Brent crude stood at US$62.76 per barrel on Tuesday (December 2) morning, while WTI was trading at US$58.93.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
(TheNewswire)
Additional Financing Closes
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Vancouver, British Columbia TheNewswire – December 3rd, 2025 Prismo Metals Inc. (‘ Prismo ‘ or the ‘ Company ‘) (CSE: PRIZ,OTC:PMOMF) (OTCQB: PMOMF) is pleased to announce it has received assay results for samples recently taken at the Silver King Project from two exploration targets located on the east side of the property, namely the Black Diamond replacement target and the newly named Crown porphyry intrusion target (Fig. 1).
Figure 1 . Map showing the location of the Black Diamond replacement and Crown porphyry intrusion exploration targets at the Silver King project. Claim boundaries are shown in yellow.
The assays show high grade copper mineralization present at Black Diamond (Fig 1). The rock chip samples yielded generally high copper assays with several samples analyzing in excess of 1 % Cu and two samples in excess of 5 % Cu (Table 1, Fig. 2). Gold is generally anomalous for the Black Diamond samples.
Rock chip samples from the Crown porphyry intrusion generally exhibited lead and zinc values with elevated silver and low copper and gold (Table 2). Importantly, however, two samples of vein material from the stockwork target yielded high gold values of 4 and 5 g/t (Fig. 2). The mineralization in the stockwork veining at Crown provides impetus to complete additional exploration in the area.
Table 1. Assay results for samples from the Black Diamond replacement target.
|
Sample |
Location |
Easting |
Northing |
Width m |
Au g/t |
Ag g/t |
Cu % |
Pb % |
Zn % |
|
544572 |
Black Diamond |
492601 |
3687624 |
1.5 |
0.007 |
0.30 |
0.18 |
0.009 |
0.02 |
|
544573 |
Black Diamond |
492601 |
3687625 |
1.5 |
0.052 |
0.34 |
0.29 |
0.013 |
0.03 |
|
544574 |
Black Diamond |
492603 |
3687623 |
1.5 |
0.008 |
0.47 |
0.12 |
0.009 |
0.02 |
|
544575 |
Historic adit 3 |
492642 |
3687624 |
0.5 |
1.08 |
0.15 |
5.56 |
0.013 |
0.03 |
|
544576 |
Historic adit 3 |
492641 |
3687625 |
0.5 |
0.045 |
1.08 |
0.44 |
0.022 |
0.02 |
|
544577 |
Historic adit 3 |
492643 |
3687621 |
1.0 |
0.012 |
0.76 |
0.07 |
0.014 |
0.02 |
|
544578 |
Historic adit 1 |
492670 |
3687639 |
0.8 |
0.285 |
12.43 |
6.02 |
– |
0.01 |
|
544581 |
Historic adit 1 |
492672 |
3687640 |
1.1 |
0.125 |
10.5 |
1.14 |
0.011 |
0.02 |
|
544582 |
Historic adit 1 |
492667 |
3687640 |
1.4 |
0.285 |
6.66 |
2.63 |
0.006 |
0.02 |
|
544583 |
Black Diamond |
492678 |
3687626 |
0.5 |
0.034 |
2.18 |
0.15 |
0.009 |
0.02 |
|
544584 |
Historic adit 2 |
492670 |
3687625 |
0.5 |
0.35 |
7.99 |
1.24 |
0.006 |
0.01 |
|
544585 |
Historic adit 2 |
492679 |
3687628 |
0.5 |
0.125 |
8.87 |
0.45 |
0.013 |
0.02 |
|
544586 |
Historic adit 2 |
492672 |
3687638 |
1.0 |
0.053 |
8.97 |
1.42 |
0.013 |
0.02 |
Table 2 . Assay results for samples from the Crown porphyry intrusive target.
|
Sample |
Location |
Easting |
Northing |
Width m |
Au g/t |
Ag g/t |
Cu % |
Pb % |
Zn % |
|
544566 |
Crown |
492633 |
3687859 |
1.5 |
0.008 |
3.7 |
0.005 |
0.03 |
0.04 |
|
544567 |
Crown |
492805 |
3687910 |
1.3 |
0.011 |
1.3 |
0.006 |
– |
0.01 |
|
544568 |
Crown |
492803 |
3687910 |
2.0 |
0.006 |
1.28 |
0.008 |
0.03 |
0.03 |
|
544569 |
Crown |
492836 |
3687898 |
1.0 |
0.012 |
0.25 |
0.008 |
– |
– |
|
544570 |
Crown |
492499 |
3687669 |
1.0 |
0.011 |
2.31 |
0.035 |
0.07 |
0.09 |
|
544571 |
Crown |
492534 |
3687657 |
0.5 |
0.016 |
2.65 |
0.002 |
0.09 |
0.03 |
|
544588 |
Crown |
492737 |
3687901 |
2.5 |
0.015 |
2.76 |
0.005 |
0.01 |
0.01 |
|
544589 |
Crown |
492746 |
3687884 |
1.0 |
0.022 |
4.21 |
0.010 |
0.03 |
0.02 |
|
544590 |
Crown |
492763 |
3687867 |
0.5 |
0.07 |
11.26 |
0.013 |
0.05 |
0.11 |
|
544591 |
Crown |
492799 |
3687851 |
1.0 |
5.19 |
46.44 |
0.048 |
0.21 |
0.06 |
|
544592 |
Crown |
492793 |
3687823 |
1.0 |
4.06 |
13.97 |
0.021 |
0.10 |
0.07 |
|
544593 |
Crown |
492701 |
3687858 |
1.5 |
0.027 |
1.0 |
0.011 |
0.03 |
0.04 |
Click Image To View Full Size
Figure 2. Copper assays and high gold values for samples mentioned from the Black Diamond
and Crown areas at Silver King.
IP Survey Update
The Company also has received the report for initial phase of its IP survey at Silver King. The IP survey consisted of a gradient array to test for resistivity and chargeability anomalies at a depth of about 300m below the surface.
The IP survey shows low resistivity lows associated with the Black Diamond replacement body as well as the stratigraphically controlled Cu bearing replacements that extend toward the nearby Magma mine (Fig. 3). A second nearly east-west trending resistivity low occurs in the central portion of the claim block and coincides with a hypothesized structure that may control the Black Diamond body and also may be important in the formation of the Silver King deposit. This type of structure is similar to the Magma vein, the main mineralized structure at the high-grade Magma mine, and is a prime exploration target.
The IP survey also shows several chargeability anomalies that are presumably associated with disseminated sulfides, largely pyrite (Fig. 4). The stockwork intrusion mentioned previously is associated with one of these chargeability anomalies and provides a second important exploration target with characteristics similar to mineralization at high structural levels in porphyry systems. A second similar chargeability anomaly occurs nearby to the southwest in an area overlain by a mostly barren quartz diorite intrusive and may represent a similar blind porphyry target.
Based on the results of the initial IP survey, a follow-up pole-dipole survey to further define the anomalies from shallow to deeper levels along section lines is planned to be conducted in December.
Figure 3. IP resistivity map showing exploration targets: yellow line-Silver King glory hole,
magenta line-polymetallic vein, green line-copper vein, red outlines-Black Diamond replacement
body and stratigraphically controlled replacement horizons, black outline-stockwork intrusion.
Figure 4. IP chargeability map showing exploration targets: yellow line-Silver King glory hole,
magenta line-polymetallic vein, green line-copper vein, red outlines-Black Diamond replacement
body and stratigraphically controlled replacement horizons, black outline-stockwork intrusion.
Drilling Update
Alain Lambert, CEO of Prismo commented: ‘The results announced today confirm the vast exploration potential at Silver King. While we look forward to drilling these new targets in the future, our plans remain unchanged. Our immediate priority is to undertake our fully funded drill program, as previously announced. This drill campaign will focus primarily on the historic Silver King mine site and will be for a minimum of about 1,000 meters. The objective is to test the upper half of the steeply dipping pipelike Silver King mineralized body as well as potential mineralization adjacent to the dense stockwork that was the focus of historic mining.’
Mr. Lambert added: ‘We are pleased with the steady progress on the permitting front. The collaboration of Forest Service officials demonstrates a clear commitment to supporting mining activities in Arizona.’
Prismo recently announced that the Forest Service, the federal surface land management entity for Silver King, had determined that the Company’s proposed drill plan meets the regulatory requirements for processing, and that such plan is complete, as described in the regulations at 36 CFR 228.4(c).
The Forest Service will now proceed with the environmental analysis pursuant to 36 CFR 228(a)(5) in conformity with the National Environmental Policy Act (NEPA). This analysis will proceed as a Categorical Exclusion, the lowest level of environment reviews applicable to projects that are not expected to have a significant effect on the environment, such as Silver King.
Financing Update
Prismo also announced that further to its news releases dated October 20, 2025 and November 13, 2025, the Company has proceeded with an upsized second closing of its previously announced non-brokered private placement of units of the Company (‘ Units ‘) at an issue price of $0.10 per Unit (the ‘ Private Placement ‘). The second closing of the Private Placement was increased from 1,250,000 Units to the issuance of 1,650,000 Units for gross proceeds of $165,000 (the ‘ Second Tranche ‘). The Company previously announced a first closing of the Private Placement on November 12, 2025 for aggregate gross proceeds of $1,745,000. Due to strong investor demand, the Company has now raised aggregate gross proceeds of $1,910,000.
Each Unit consists of one common share in the capital of the Company (a ‘ Share ‘) and one common share purchase warrant of the Company (a ‘ Warrant ‘). Each Warrant entitles the holder to purchase one Share for a period of thirty-six (36) months from the date of issue at an exercise price of $0.175.
The Company intends to use the net proceeds of the Private Placement primarily for drilling at its Silver King project and for general corporate purposes. The Company expects to accept additional subscriptions of units in the coming days for an approximate amount of $125,000.
The Units issued pursuant to the Second Tranche are subject to a four-month hold period from the closing date of the Second Tranche under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.
In connection with the Second Tranche, the Company issued an aggregate of 68,000 finder’s warrants (the ‘Finder’s Warrants’ ) and paid finder’s commissions of $6,800 to a certain qualified finder. Each Finder’s Warrant is exercisable for a period of twenty-four (24) months from the date of issuance to purchase one Share at a price of $0.10. In addition, the Company paid a cash fee of $2,000 to a financial advisor.
The securities being issued in connection with the Second Tranche have not been and will not be registered under the U.S. Securities Act and may not be offered or sold in the United States, or to, or for the account or benefit of, U.S. persons or persons in the United States, absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
QA/QC
Samples were analyzed by SGS, an internationally recognized analytical lab, with preparation at the Tempe, Arizona facility and analyses at the Burnaby laboratory. Prismo inserts controls samples consisting of a standard pulps and a coarse blanks in the sample stream, and the lab also inserts control samples.
Qualified Person
Dr. Craig Gibson, PhD., CPG., a Qualified Person as defined by NI-43-01 regulations and Chief Exploration Officer and a director of the Company, has reviewed and approved the technical disclosures in this news release.
About Prismo Metals Inc.
Prismo (CSE: PRIZ,OTC:PMOMF) is a mining exploration company focused on advancing its Silver King, Ripsey and Hot Breccia projects in Arizona and its Palos Verdes silver project in Mexico.
Please follow @PrismoMetals on Twitter , Facebook , LinkedIn , Instagram , and YouTube
Prismo Metals Inc.
1100 – 1111 Melville St., Vancouver, British Columbia V6E 3V6 Phone: (416) 361-0737
Contact:
Alain Lambert, Chief Executive Officer alain.lambert@prismometals.com
Gordon Aldcorn, President gordon.aldcorn@prismometals.com
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as ‘ intends’ or ‘ anticipates’, or variations of such words and phrases or statements that certain actions, events or results ‘ may’, ‘ could’, ‘ should’, ‘ would’ or ‘ occur’. This information and these statements, referred to herein as ‘forward-looking statements’, are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management’s expectations and intentions with respect to, among other things: the timing, costs and results of drilling at Silver King; and the intended use of any proceeds raised under the Second Tranche.
These forward-looking statements involve numerous risks and uncertainties, and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things: the potential inability of the Company to utilize the anticipated proceeds of the Private Placement as anticipated; and those risks set out in the Company’s public disclosure record on SEDAR+ ( www.sedarplus.com ) under the Company’s issuer profile .
In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that the Company will use the proceeds of the Second Tranche as currently anticipated and on the timeline currently expected.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward- looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward- looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial outlook that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.
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