Gold Price Dips on Trade Optimism; Saylor's Bitcoin Buy Fuels 9% Surge
Key Takeaways
- Gold prices decreased due to trade optimism and the Federal Reserve's stance.
- Strategy acquired $1.34B Bitcoin, increasing its price by 9% (May 5-11).
- Trump-linked Bitcoin venture to go public; Gryphon shares jumped 460% to $2.93.
- Oil prices steady; WTI above $61, Brent closing just below $65.
- Oil eases on potential US-Iran nuclear talks progress, raising export expectations.
Top Stories
Gold slips amid trade optimism, Fed stance.
On 2025-05-12, reports indicated that gold prices decreased due to optimism in trade and the Federal Reserve's stance, which reduced demand for the safe-haven asset. Gold also remains overstretched above valuation line after record run.
Saylor's Strategy buys $1.34B Bitcoin; price jumps 9%.
Between 2025-05-05 and 2025-05-11, Michael Saylor’s Strategy acquired $1.34 billion worth of Bitcoin, causing its price to increase by approximately 9%, according to a Bloomberg report on 2025-05-12.
Trump-linked Bitcoin venture goes public; shares surge.
On May 12, 2025, American Bitcoin Corp., a Bitcoin-focused venture with ties to the Trump family, announced it would go public by merging with Gryphon Digital Mining in an all-stock deal. Following the announcement, Gryphon's shares jumped as much as 460% to $2.93, while Hut 8 increased 17% to $16.31.
Oil prices steady after advances; WTI above $61.
On 2025-05-12, Bloomberg News reported that oil prices stabilized after three days of gains, with West Texas Intermediate (WTI) trading above $61 a barrel and Brent closing just below $65.
Oil eases on potential US-Iran nuclear talks progress.
On 2025-05-12, oil futures declined from intraday highs after signals of progress in nuclear talks between the US and Iran, raising expectations of eased restrictions on Tehran’s crude oil exports.
Commodity Corner
BCA Research: Saudi Arabia intentionally driving crude prices lower.
Saudi Aramco's net debt climbs 18% to $24.6B.
On May 12, 2025, it was reported that Saudi Aramco's net debt increased by 18% to 92.4 billion riyals ($24.6 billion) in the first quarter compared to the end of the previous year.
Petrobras approves $2.1B in first-quarter dividends.
On 2025-05-12, Petrobras approved first-quarter dividends of 11.72 billion reais ($2.1 billion), which was slightly below market expectations.
Egypt signs 10-year LNG import terminal deal.
On 2025-05-12, it was reported that Egypt signed a 10-year agreement for a floating liquefied natural gas (LNG) import terminal, with the Hoegh Gandria scheduled for deployment at the port of Sumed in the fourth quarter of 2026.
South African fuel suppliers eye trucks amid pipeline cost surge.
On 2025-05-12, reports indicated that South African fuel suppliers are considering using trucks to transport fuel inland due to rising costs associated with using the main pipeline operated by Transnet SOC Ltd.
Mining & Acquisition
Pan American Silver acquires MAG Silver for $2.1B.
Zijin Mining considers Hong Kong listing for gold unit.
Bitcoin Watch
Coinbase shares jump 6% on S&P 500 inclusion.
On May 12, 2025, Coinbase Global shares rose 6% in postmarket trading after S&P Dow Jones Indices announced the company would join the S&P 500 Index before trading opens on May 19, 2025.
SEC may overhaul crypto broker rules.
On 2025-05-12, Securities and Exchange Commission (SEC) Chairman Paul Atkins stated that the SEC’s crypto broker rules are likely to be overhauled and may need to be repealed and replaced. Atkins suggested hedge funds could be authorized to hold their own crypto, during a digital asset roundtable at the SEC’s Washington headquarters.
Critical Minerals
China's rare earth weaponization boosts US supply focus.
On May 12, 2025, MP Materials Corp. CEO Jim Litinsky commented that China’s weaponization of rare earths will lead to a greater focus on American supply security for critical minerals.