PEAK ASSET: ARVO WRAP 12 January: ASX gains; miners buoyed by record gold | Lynas jumps as government boosts critical minerals focus | Brazilian Critical Minerals Generates High-Purity Oxides in Enrichment Testing of Samples from Ema REE Project |

Amid increasing expectations of interest rate cuts in the US and heightened safe haven demand, precious metals continued their historic rally today:

• Gold broke through US$4,600/oz for the first time
• Silver hit a new record high of US$83.96/oz

The global mood remains tense with Trump being a central source of geopolitical volatility once again.

Adding to volatility we have seen: 

• Escalating unrest in Iran has reportedly killed more than 500 people. Tehran has threatened to target US military bases should President Trump carry out renewed threats to strike the country in support of protesters.
• Trump’s newly adopted aggressive stance on the potential acquisition of Greenland.
• US Federal Reserve Chair Jerome Powell revealing on Sunday that the Trump administration had threatened him with criminal indictment over his congressional testimony, which he described as a pretext to pressure the Fed into lowering interest rates.
• The US administration passing a bill proposing 500% tariffs on BRICS nations importing Russian oil.​​​​​​​

And much more…

Gold forecasts of US$5,000 we’ve seen from top banks are seeming pretty achievable at this rate.

Across Markets…

The Australian sharemarket was higher on Monday, buoyed by a rally in gold and oil as Iran continued to crack down on nationwide protests.

The S&P/ASX index was up 33.3 points, or 0.4 per cent, to 8751.10 at 1.55pm AEDT, with seven of 11 sectors rising. The gains follow the S&P 500 hitting a record on Friday after a benign US jobs report.

Gold miners underpinned the ASX advance as the precious metal neared $US4600 an ounce, supported by expectations for continued US interest-rate cuts and elevated geopolitical tensions from Iran.

Newmont rose 5.8 per cent, Northern Star 3 per cent, and Regis Resources 3.1 per cent. Meanwhile, the broader materials sector was weaker, with Rio Tinto and Fortescue both down more than 1 per cent, while BHP dropped nearly 3 per cent.

Energy stocks extended gains after Brent crude surged more than 5 per cent on Thursday and Friday to more than $US63 a barrel as political unrest in Iran raised the possibility of supply disruptions in the country. Woodside Energy rose 0.9 per cent and Beach Energy gained 3.4 per cent, while Santos was flat.

The biggest gainer on the ASX was Light & Wonder, which had soared nearly 17 per cent on Monday afternoon after the company settled litigation with its rival Aristocrat. Shares of Aristocrat were flat.

Under the settlement, Light & Wonder will pay Aristocrat $US127.5 million ($190 million) for claims Light & Wonder used Aristocrat’s trade secrets and copyrighted material in its Dragon Train and Jewel of the Dragon games.