Shares of leading U.S.-listed gold and silver miners rose on Thursday after President Donald Trump announced that he had called off planned strikes against Iran.
Market moves: Newmont rose 4.2%, Barrick Mining added 4.2% and Gold Fields gained 5.7%. On the silver side and among smaller producers, Coeur Mining climbed 5.5%, Hecla Mining advanced 3.7% and Endeavour Silver increased 6.2%.
Presidential announcement and rationale
In a statement released on Thursday, the president said he had "cancelled the scheduled strikes and bombings against Iran this evening" after senior-level discussions with Iranian leadership and other parties reached agreement on discussions and final points. He said those talks had been "approved by all parties involved."
"Based on the fact that discussions with the Islamic Republic of Iran have been brought to the highest level of Iranian leadership and approved, I have, as President of the United States of America, cancelled the scheduled strikes and bombings against Iran this evening," the statement said.
The president had earlier declared that the U.S. would hit Iran "very hard tonight" and indicated intentions to take control of Kharg Island, described as one of Tehran’s key oil and gas infrastructure hubs. He also said other oil infrastructure points would be targeted and that the U.S. would "assume total control of their Oil and Gas Markets."
Despite cancelling the strikes, the president said the naval blockade would "remain in full force and effect until this Transaction is finalized - Time and place of the signing to be announced shortly." The announcement listed a range of countries that he said were party to the agreed points, including the United States, Israel, Saudi Arabia, UAE, Qatar, Turkey, Pakistan, Bahrain, Kuwait, Jordan and Egypt.
Summary
President Trump called off planned military strikes on Iran after saying multilateral discussions had produced approved final points. The cancellation coincided with a rally in U.S.-listed gold and silver miners, with several major producers posting gains of roughly 3.7% to 6.2% on the day. The naval blockade was said to remain active pending finalization of the transaction.
Key points
- Major precious-metals miners recorded intraday gains following the president's announcement, with Newmont, Barrick and Gold Fields among the top risers.
- The president cited multinational approval of negotiation points as the reason for cancelling the scheduled strikes, while also maintaining a naval blockade.
- Energy-related targets were referenced in the president's earlier threat, including Kharg Island and other oil and gas infrastructure points, indicating potential implications for energy markets.
Risks and uncertainties
- Plans for military action had been publicly announced and then cancelled; the possibility of renewed or altered military measures remains an uncertainty for markets.
- The naval blockade will remain in place until the transaction is finalized, leaving energy and shipping sectors exposed to ongoing operational constraints.
- Details on timing and the formal signing remain unspecified in the announcement, creating uncertainty about the durability and scope of the arrangement.