BlackRock fund manager cuts almost all gold from portfolio
Expectations that inflation-adjusted yields on US bonds will rise means the metal will no longer function as a hedge against equity markets, Russ Koesterich said.
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The proposed $3.5 trillion reconciliation spending measure would set an 8% gross royalty on existing mines and 4% on new ones.
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Mining stocks also slid, with BHP down more than 6% from the previous week, Rio Tinto down 5.3%, and Vale down 7%.
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Sibanye-Stillwater grabs 50% of Nevada lithium project for $490 million
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Rio Tinto hit with fresh tax bill in Australia
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China’s XTC New Energy plans $1.6bn battery material investment
Plant will eventually produce 100,000 tonnes of lithium iron phosphate and 60,000 tonnes of ternary materials annually.
