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5 Best-performing Canadian Uranium Stocks of 2025

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The uranium market stumbled into Q2 2025, after spot prices dipped to an 18 month low of US$63.50 per pound in March amid abundant secondary supply and cautious utility contracting.

By June, however, prices had rebounded into the US$70 range on renewed US policy support and heightened geopolitical tensions. While the spot market remains volatile, long-term prices have held steady at US$80 level.

Yet utility demand still lags. Just 25 million pounds were contracted by mid-year, putting 2025 on track to fall well short of the 160 million pounds booked in 2023.

“It’s a pressure cooker,” said Oceanwall’s Ben Finegold, pointing to a widening disconnect between term prices and utility participation. With global supply still covering only 80 to 90 percent of annual reactor needs and inventories thinning, market watchers warn a sharp contracting surge is inevitable.

Compounding the urgency are ambitious global buildout plans, including 69 reactors under construction and a US proposal to quadruple nuclear capacity by 2050.

As the supply-demand gap grows, uranium investors are watching closely for a return of utility buying and a possible inflection point for the sector.

Amid this opaque landscape, several Canadian uranium companies registered significant gains so far in 2025. Below are the best-performing Canadian uranium stocks by share price performance. All data was obtained on July 30, 2025, using TradingView’s stock screener. Companies on the TSX, TSXV and CSE with market caps above C$10 million at the time were considered.

Read on to learn about the top Canadian uranium stocks in 2025, including what factors have been moving their share prices.

1. Purepoint Uranium (TSXV:PTU)

Year-to-date gain: 109 percent
Market cap: C$31.69 million
Share price: C$0.46

Exploration company Purepoint Uranium has an extensive uranium portfolio including six joint ventures and five wholly owned projects, all located in Canada’s Athabasca Basin.

In a January statement, Purepoint announced it had strengthened its relationship with IsoEnergy (TSX:ISO) when the latter exercised its put option under the framework of a previously announced joint-venture agreement, transferring 10 percent of its stake to Purepoint in exchange for 4 million shares.

The now 50/50 joint venture will explore 10 uranium projects across 98,000 hectares in Saskatchewan’s Eastern Athabasca Basin, including the Dorado project.

Purepoint shares jumped from C$0.265 on July 7 to C$0.465 on July 9 after the release of initial drill results from Dorado. According to the July 8 statement, drilling at the Q48 target “confirm(ed) the zone as a significant uranium-bearing structure.”

Continuing to trend higher, shares reached a year-to-date high of C$0.52 on July 23. The move coincided with an additional drill result release from the discovery, now dubbed the Nova Discovery target area.

“PG25-07A has successfully extended the Nova Discovery zone by 70 metres and delivered our strongest intercept to date, both in intensity and thickness based on radioactivity,’ Purepoint President and CEO Chris Frostad said.

2. District Metals (TSXV:DMX)

Year-to-date gains: 104.9 percent
Market cap: C$139.38 million
Share price: C$0.83

District Metals is an energy metals and polymetallic exploration and development company with a portfolio of seven assets in Sweden, including four uranium projects: Viken, Ardnasvarre, Sågtjärn and Nianfors. Currently, District is focused on its Viken uranium-vanadium project, which the company says hosts the world’s largest undeveloped uranium deposit.

The company’s share price began trending upwards in mid-May following news of a fully subscribed C$6 million private placement.

Some noteworthy announcements since then include the completion of a helicopter-borne mobile magnetotellurics survey at the Viken property in late June, with results expected later in Q3.

Also in June, the company commended Sweden’s Ministry of Climate and Enterprise for submitting a proposal to lift the country’s longstanding ban on uranium mining. The referral recommends allowing uranium extraction under the Minerals Act and permitting exploration and processing applications under set conditions.

Shares of District Metals rose to a year-to-date high of C$1.01 on July 24, two days after the announcement of a high-resolution drone-based radiometric and magnetic survey across its Ardnasvarre, Sågtjärn and Nianfors projects, which are largely covered by thin glacial overburden and have never been subject to detailed geophysical surveying.

According to the company, the drone will fly low and with tight line spacing, allowing detection of subtle anomalies that traditional surveys may have missed.

3. Energy Fuels (TSX:EFR)

Year-to-date gain: 70.21 percent
Market cap: C$2.83 billion
Share price: C$12.80

US-based uranium producer Energy Fuels has a large portfolio of conventional and in-situ recovery (ISR) projects across the Western United States, including Pinyon Plain in Arizona, a top national producer.

Additionally, Energy Fuels owns and operates the White Mesa mill, the only fully licensed and operating conventional uranium mill in the US. The company is progressing heavy rare earth oxide processing at the plant as well.

In line with US efforts to bolster domestic uranium output, Energy Fuels has been ramping up Pinyon Plain. In May, a record of approximately 260,000 pounds of U3O8 was mined at the site, up 71 percent over the prior month.

A subsequent press release tallied Q2 2025 output from Pinyon Plain at 638,700 pounds of uranium, which it said exceeded estimates due to the high uranium grades, which averaged 2.23 percent in Q2 and 3.51 percent in June.

Company shares reached a year-to-date high of C$13.80 on July 27. The stock bump followed the successful commencement of pilot scale heavy rare earth production at its White Mesa mill on July 17.

4. Stallion Uranium (TSXV:STUD)

Year-to-date gain: 56.67 percent
Market cap: C$10.72 million
Share price: C$0.23

Uranium junior Stallion Uranium holds a 2,870 square kilometer land package on the western side of Saskatchewan’s Athabasca Basin, including a joint venture with Atha Energy (TSXV:SASK,OTCQB:SASKF) for the largest contiguous project in the region. The company’s primary focus is the Coyote target at the project.

Stallion’s share price shot upwards on July 8 after it announced a technology data acquisition agreement for Matchstick TI, an intelligent geological target identification platform with 77 percent accuracy. Stallion plans to use the technology to enhance its exploration efforts.

On July 14, the company reported the results of a 3D inversion of ground gravity data over the Coyote target, part of its joint venture with Atha Energy.

‘The inversion modelling at Coyote has delineated a laterally extensive and coherent gravity low, spatially coincident with a structurally complex corridor exhibiting attributes characteristic of fertile uranium-bearing systems within the Athabasca Basin,” Stallion Uranium CEO Matthew Schwab said.

Three days later, the company announced it settled its outstanding debt with Atha Energy, issuing 802,809 common shares at a deemed price of C$0.135 per share.

Stallion’s shares registered a year-to-date high of C$0.25 on July 18.

Stallion released results from an electromagnetic survey on July 21 that further refined the Coyote target area.

5. Cameco (TSX:CCO)

Year-to-date gain: 45.96 percent
Market cap: C$47.21 billion
Share price: C$108.10

Sector major Cameco is a leading global uranium producer headquartered in Saskatoon, Saskatchewan. The company supplies uranium fuel for nuclear energy generation and holds significant assets across the nuclear fuel cycle, including 49 percent interests in Westinghouse Electric Company (NYSE:BBU) and Global Laser Enrichment.

In the Athabasca Basin, Cameco’s portfolio includes a majority interest in the Cigar Lake mine, the world’s top-producing uranium mine. The company also fully owns the McArthur River mine, another major high-grade deposit in the same region. Additionally, Cameco operates the Key Lake mill, which processes ore from both Cigar Lake and McArthur River.

Globally, Cameco owns the Crow Butte ISR operation in Nebraska and the Smith Ranch-Highland ISR operation in Wyoming. Both are currently in care and maintenance. In Kazakhstan, Cameco holds a 40 percent interest in the Inkai joint venture, a producing ISR uranium operation developed in partnership with state-owned Kazatomprom.

On June 6, Cameco announced an expected US$170 million increase in its 49 percent equity share of Westinghouse Electric Company’s adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) for Q2 and full year 2025. The projected gain is linked to Westinghouse’s involvement in building two nuclear reactors at the Dukovany power plant in the Czech Republic.

In its Q2 2025 results, released July 31, the company reported net earnings of C$321 million, adjusted net earnings of C$308 million and adjusted EBITDA of C$673 million — all significantly higher year-over-year in part because of the aforementioned share of Westinghouse’s EBITDA.

In its uranium segment, Cameco’s production totaled 4.6 million pounds, down from 7.1 million pounds in Q2 2024, due to planned maintenance at the Key Lake mill. However, its adjusted EBITDA for the segment increased by 43 percent year-over-year to C$352 million.

Cameco’s share price reached a year-to-date high of C$109.10 on July 25.

FAQs for investing in uranium

What is uranium used for?

Uranium is primarily used for the production of nuclear energy, a form of clean energy created in nuclear power plants. In fact, 99 percent of uranium is used for this purpose. As of 2022, there were 439 active nuclear reactors, as per the International Atomic Energy Agency. Last year, 8 percent of US power came from nuclear energy.

The commodity is also used in the defense industry as a component of nuclear weaponry, among other uses. However, there are safeguards in effect to keep this to a minimum. To create weapons-grade uranium, the material has to be enriched significantly — above 90 percent — to the point that to achieve just 5.6 kilograms of weapons-grade uranium, it would require 1 metric ton of uranium pre-enrichment.

Because of this necessity, uranium enrichment facilities are closely monitored under international agreements. Uranium used for nuclear power production only needs to be enriched to 5 percent; nuclear enrichment facilities need special licenses to enrich above that point for uses such as research at 20 percent enrichment.

The metal is also used in the medical field for applications such as transmission electron microscopy. Before uranium was discovered to be radioactive, it was used to impart a yellow color to ceramic glazes and glass.

Where is uranium found?

The country with the greatest uranium reserves by far is Australia — the island nation holds 28 percent of the world’s uranium reserves. Rounding out the top three are Kazakhstan with 15 percent and Canada with 9 percent.

Although Australia has the highest reserves, it holds uranium as a low priority and is only fourth overall for production. All its uranium output is exported, with none used for domestic nuclear energy production.

Kazakhstan is the world’s largest producer of the metal, with production of 21,227 metric tons in 2022. The country’s national uranium company, Kazatomprom, is the world’s largest producer.

Canada’s uranium reserves are found primarily in its Athabasca Basin, and the region is a top producer of the metal as well.

Why should I buy uranium stocks?

Investors should always do their own due diligence when looking at any commodity so that they can decide whether it fits into their investment plans. With that being said, many experts are convinced that uranium has entered into a significant bull market, meaning that uranium stocks could be a good buy.

A slew of factors have led to this bull market. While the uranium industry spent the last decade or so in a downturn following the 2011 Fukushima nuclear disaster, discourse has been building around the metal’s use as a source of clean energy, which is important for countries looking to reach climate goals. Nations are now prioritizing a mix of clean energies such as solar and wind energy alongside nuclear. Significantly, in August 2022, Japan announced it is looking into restarting its idled nuclear power plants and commissioning new ones.

Uranium prices are very important to uranium miners, as in recent years levels have not been high enough for production to be economic. However, in 2024, prices spiked from the US$58 in August 2023 to a high of US$106 per pound U3O8 in February 2024. They have since consolidated at around US$70, meaning this could be a buying point for those looking to get into the sector.

Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.

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Bitcoin: A Price History of the First Cryptocurrency

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Bitcoin, the most well-known cryptocurrency, paved the way for the cryptocurrency asset class.

Now the cryptocurrency of choice, its meteoric rise has been unlike any other commodity, resource or asset. Bitcoin’s price rose more than 1,200 percent from March 2020 to reach US$69,044 on November 10, 2021.

The coin showcased its famous volatility in the following year, falling as low as US$15,787 by November 2022 amid economic uncertainty and a wave of negative media coverage.

Bitcoin started 2024 just below US$45,000 and made substantial gains in remainder of the year. Following Donald Trump’s victory over Vice President Kamala Harris in the US presidential election, Bitcoin soared to US$103,697 on December 4, 2024.

The first quarter of 2025 saw the price of Bitcoin decline by more than 25 percent to a low for the year of US$75,004 in early April. Since then, rising institutional demand and an emerging industry-friendly US regulatory environment have poured rocket fuel into the digital assets value.

Bitcoin reached its new all-time high price of US$123,153.22 before pulling back to close at US$119,839.70 on July 14, 2025.

For frequent updates on the biggest news of the crypto sector, check out our Crypto Market Recap, with updates multiple times per week.

Where did Bitcoin start, and what has spurred its price movements since its launch? Read on to find out.

In this article

    What is Bitcoin and who invented it?

    Created as a response to the 2008 financial crisis, the concept of Bitcoin was first introduced in a nine-page white paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System” on October 31, 2008, on a platform called Metzdowd.

    The manifesto was penned by a notoriously elusive person (or persons) who used the pseudonym Satoshi Nakamoto. The author(s) laid out a compelling argument and groundwork for a new type of cyber-currency that would revolutionize the monetary system.

    Cryptographically secured, Bitcoin was designed to be transparent and resistant to censorship, using the power of blockchain technology to create an immutable ledger preventing double-spending. The true allure for Bitcoin’s early adopters was in its potential to wrestle power away from banks and financial institutes and give it to the masses.

    This was especially enticing as the fallout from the 2008 financial collapse ricocheted internationally. Described as the worst financial crisis since the Great Depression, US$7.4 billion in value was erased from the US stock market in 11 months, while the global economy shrank by an estimated US$2 trillion.

    On January 3, 2009, the Genesis Block was established, marking the beginning of Bitcoin’s blockchain, onto which all additional blocks have been added. The Genesis Block contained the first 50 Bitcoins ever created and a simple message: “The Times 03/Jan/2009 Chancellor on the brink of second bailout for banks.”

    Many believe the message hints at Bitcoin’s mission, as it references an article in The London Times that criticized the British government’s inadequate response to the financial crisis of 2007 to 2008, particularly the government’s inability to provide effective relief and support to the struggling economy.

    What was Bitcoin’s starting price?

    When Bitcoin started trading in 2009, its starting price was a minuscule US$0.0009.

    On January 12, 2009, Nakamoto made the first Bitcoin transaction when they sent 10 Bitcoins to Hal Finney, a computer scientist and early Bitcoin enthusiast, marking a crucial milestone in the cryptocurrency’s development and adoption.

    News of the cryptocurrency continued to spread around the Internet, but its value did not rise above US$0 until October 12, 2009, when a Finnish software developer sent 5,050 Bitcoins to New Liberty Standard for US$5.02 via PayPal Holdings (NASDAQ:PYPL), thereby establishing both the value of Bitcoin and New Liberty Standard as a Bitcoin exchange.

    The first time Bitcoin was used to make a purchase was on May 22, 2010, when a programmer in Florida named Laszlo Hanyecz offered anyone who would bring him a pizza 10,000 Bitcoin in exchange. Someone accepted the offer and ordered Hanyecz two Papa John’s pizzas for US$25. The 10,000 Bitcoin pizza order essentially set Bitcoin’s price in 2010 at around US$0.0025.

    Bitcoin’s price finally broke through the US$1 mark in 2011, and moved as high as US$29.60 that year. However, in 2012 Bitcoin pulled back and remained relatively muted.

    Bitcoin’s price saw its first significant growth in earnest in 2013, the year it broke through both US$100 and US$1,000. It climbed all the way to US$1,242 in December 2013.

    From that peak, Bitcoin’s price began to fall, and it spent most of 2015 in the US$200 range, but it turned around in December 2015 and began to climb again, ending the year at around US$430.

    Bitcoin price chart from August 2011 to December 31, 2015.

    Bitcoin price chart from August 2011 to December 31, 2015.

    Chart via TradingEconomics.com.

    When did the Bitcoin price start to grow?

    January 1, 2016, marked the beginning of Bitcoin’s sustained price rise. It started the year at US$433 and ended it at US$989 — a 128 percent value increase in 12 months.

    That year, several contributing factors led to Bitcoin’s rise in mainstream popularity. The stock market experienced one of its worst first weeks ever in 2016, and investors began turning to Bitcoin as a “safe-haven” stock amidst economic and geopolitical uncertainty.

    2016 also saw the Brexit referendum in the UK in June and the election of Donald Trump to the White House in November, both events that coincided with a bump in Bitcoin’s price.

    Bitcoin continued its ascent, while various industries continued to take an interest in blockchain technology, particularly technology and finance. In February, a group of investors that included IBM (NYSE:IBM) and Goldman Sachs (NYSE:GS) invested US$60 million in a New York firm developing blockchain technology for financial services, Dig Asset Holdings. Bitcoin was trading at US$368.12 on February 2, down a bit from January, but two months later it was US$418.

    In May the price of Bitcoin experienced a significant price increase, rising by 21 percent to US$539 at the end of the month. Its price went higher into June, peaking at US$764 on June 18. After that, it fell sharply and spent the summer in the high US$600 range. It dropped to US$517 on August 1 and started its climb all over again.

    Microsoft (NASDAQ:MSFT) and Bank of America Merrill Lynch partnered for a finance transacting endeavor in September. Not much price movement was observed, but Bitcoin remained on a steady upward trajectory after that. In October, Ripple partnered with 12 banks in a trial that used its native digital currency token XRP to facilitate cross-border payments. Institutional investment bolstered investor confidence, and Bitcoin went from US$629 to US$736 between October 20 and November 20.

    Bitcoin’s popularity continued into 2017, and it rose from US$1,035.24 in January to US$18,940.57 in December. Futures contracts began trading on the Chicago Mercantile Exchange in December 2017, and Bitcoin began to be more widely perceived as a legitimate investment rather than a passing fad. FOMO flooded the market. What ensued was a frenzy of media coverage featuring celebrity endorsements and initial coin offerings (ICOs) that spilled into 2018.

    Regulators began to take notice and issued warnings and guidelines meant to protect investors and mitigate risks associated with digital assets, which only seemed to make people want them more.

    Through it all, Bitcoin remained the “gold standard” of cryptocurrencies, yet its price was subject to extreme volatility. At the beginning of 2019, it was around US$3,800, it reached nearly US$13,000 in June, but by December 2019 Bitcoin was trading at around US$7,2000.

    Bitcoin price chart from January 1, 2016, to December 31, 2019.

    Bitcoin price chart from January 1, 2016, to December 31, 2019.

    Chart via TradingEconomics.com.

    What factors led to Bitcoin’s rise in the early 2020s?

    2020 proved a testing ground for the digital coin’s ability to weather financial upheaval. Starting the year at US$6,950.56, a widespread selloff in March triggered by the pandemic brought its value to US$4,841.67 — a 30 percent decline.

    The low created a buying opportunity that helped Bitcoin regain its losses by May. The rally continued throughout 2020, and the digital asset ended the year at US$29,402.64, a 323 percent year-over-year increase and a 507 percent rise from its March drop.

    By comparison, gold, one of the best-performing commodities of 2020, added 38 percent to its value from the low in March through December, setting what was then an all-time high of US$2,060 per ounce in August.

    Bitcoin’s ascent continued in 2021, rallying to an all-time high of US$68,649.05 in November, a 98.82 percent increase from January. Much of the growth in 2021 was attributed to risk-on investor appetite.

    Increased money printing in response to the pandemic also benefited Bitcoin, as investors with more capital looked to diversify their portfolios. The success of the world’s first cryptocurrency amid the market ups and downs of 2020 and 2021 led to more interest and investment in other coins and digital assets as well. For example, 2021 saw the rise of non-fungible tokens (NFTs), unique crypto assets that are stored, sold and traded digitally using blockchain technology.

    Almost immediately following its record close above US$69,000 in November 2021, Bitcoin’s value began to fall once again. Market uncertainty weighed especially heavily on Bitcoin in 2022. During the second quarter of that year, values dived below US$20,000 for the first time since December 2020.

    On May 7, 2022, Curve Whale Watching posted the first sign that confidence in Terra Luna, a cryptocurrency pegged to the US dollar, was waning after 85 million of its stablecoin UST exchanged for less than the 1:1 ratio it was supposed to maintain. This triggered a massive sell-off that brought Luna’s value down 99.7 percent and eventually resulted in the Terra tokens ceasing to be traded on major crypto exchanges.

    Terra’s collapse had a domino effect on the industry as investors’ faith in crypto crumbled. In July, the Celsius network, a platform where users could deposit crypto into digital wallets to accrue interest, halted all transfers due to “extreme market conditions”, driving down the price of Bitcoin even further to US$19,047, a 60 percent decline from January 2022. In July, Celsius filed for Chapter 11 bankruptcy.

    However, the biggest shake-up to the industry came in November when CoinDesk published findings that cryptocurrency trading firm Alameda Research led by Sam Bankman-Fried had borrowed billions of dollars of customer funds from crypto exchange and sister company FTX. Over a third of Alameda’s assets were tied up in FTT, the native cryptocurrency of FTX.

    Once this news broke, investors withdrew their funds en masse, causing a liquidity crunch that collapsed FTX. Bankman-Fried was later arrested and sentenced to 25 years in federal prison on counts of money laundering, wire fraud and securities fraud.

    Although Bitcoin was never implicated, the fallout of the FTX scandal led to a crisis of confidence across the sector and increased scrutiny from regulators and law enforcement. By the end of 2022, prices for Bitcoin had moved even lower to settle below US$17,000.

    Bitcoin price chart from January 1, 2020, to December 31, 2022.

    Bitcoin price chart from January 1, 2020, to December 31, 2022.

    Chart via TradingEconomics.com.

    Bitcoin’s powerful performance cannot be understated as evidenced by its price performance in the later half of 2023 and so far in 2024.

    Concerns with the banking system led the price of Bitcoin to rally in March 2023 to US$28,211 by March 21 after the failure of multiple US banks alarmed investors.

    In Q2 2023, Bitcoin continued its ascent, stabilizing above US$25,000 even as the US Securities Exchange Commission (SEC) filed lawsuits against Coinbase Global (NASDAQ:COIN), along with Binance and its founder Changpeng Zhao.

    Although it looked like bad news for the sector, Bitcoin stayed steady, holding above US$25,000. This was supported by BlackRock (NYSE:BLK), the world’s largest asset manager, filing for a Bitcoin exchange-traded fund with the SEC on June 15.

    Bitcoin’s price jumped above US$30,000 on June 21, 2023, and on July 3, 2023, the crypto hit its highest price since May 2022 at US$31,500. It held above US$30,000 for nearly a month before dropping just below on July 16, 2023. By September 11, 2023, prices had slid further to US$25,150.

    Heading into the final months of the year, the Bitcoin price benefited from increased institutional investment on the prospect of the SEC approving a bevy of spot Bitcoin exchange-traded funds by early 2024. In mid-November the price for the popular cryptocurrency was trading up at US$37,885, and by the end of the year that figure had risen further to US$42,228 per BTC.

    2024 Bitcoin price performance

    Bitcoin price chart from January 1, 2024, to November 6, 2024.

    Bitcoin price chart from January 1, 2024, to November 6, 2024.

    Chart via TradingEconomics.com.

    Once the SEC’s approval of 11 spot Bitcoin ETFs hit the wires, the price per coin jumped again to US$46,620 on January 10, 2024. These investment vehicles were a major driving force behind the more than 42 percent rise in value for Bitcoin in February; it reached US$61,113 on the last day of the month.

    On March 4, Bitcoin surged almost 8 percent in 24 hours to trade at US$67,758, less than 2 percent away from its previous record, and on March 11 it hit a new milestone, surpassing the US$72,000 mark. Three days later, on March 14, Bitcoin reached its highest-ever recorded price of US$73,737.94, surpassing the market cap of silver.

    Bitcoin often surges leading up to the halving events, which is when Bitcoin rewards are halved for miners. The most recent came in April when the reward for completing a block was cut from 6.25 to 3.125 Bitcoin.

    Several sources cited the 2024 halving as one of the forces that drove the price of Bitcoin to its newest high.

    The halving occurred at around 8:10 p.m. EDT on a Friday, and Bitcoin’s price remained stable within the US$63,000 to US$65,000 range over the ensuing weekend. On April 22, the Monday following the halving, it was slightly above US$66,000.

    While Bitcoin’s price stayed relatively stable, the cryptocurrency’s trading volume experienced significant fluctuations through that weekend, with a 45 percent increase from April 19 to April 20 followed by a 68 percent decline on April 21. Between April 30 and May 3, it fell as low as US$56,903 following the Federal Reserve’s April policy meeting, which did not produce a rate cut.

    Reports that the SEC was moving to approve spot Ether ETFs in May sent the price of Bitcoin climbing again alongside that of Ether, the native token of the Ethereum blockchain, which serves as the foundation for these ETFs. Bitcoin passed US$71,000 for the second time ever at 8:00 p.m. EDT on May 20, days before the SEC approved spot Ether ETFs on May 23.

    Bitcoin hovered between US$67,000 and US$69,000 for the remainder of the month and into the middle of June. It fell back below US$67,000 on June 13 and moved lower the next day when the Federal Reserve opted to delay lowering interest rates once again.

    Losses picked up speed through late June and continued in July, with analysts pointing to uncertainty over post-election regulations, Germany’s sell-off of seized Bitcoin assets and concerns about the impact of the defunct trading platform Mt. Gox on the token market. Bitcoin dropped to a two-month low of US$55,880 on July 8, but quickly recovered most of its losses after Federal Reserve Chairman Jerome Powell’s congressional testimony on July 9 that signaled rate cuts may not be far off.

    As crypto gains wider acceptance and accessibility, with more traditional financial institutions and products incorporating digital assets, the type of risk that Bitcoin represents has evolved. Bitcoin was primarily seen as a highly speculative alternative investment. Now, with expanding institutional interest, it is increasingly seen as a ”risk-on” asset – meaning its price movements are influenced by market sentiment, investor confidence and broader economic conditions.

    A rise in Bitcoin’s price ensued after the July 13 assassination attempt of US presidential candidate Donald Trump, who has been actively endorsing the crypto industry for support. Bitcoin rose from US$57,899 to US$66,690 in the week following the incident as the odds of a Trump victory were seen to improve, highlighting the impact of regulatory uncertainty on the market. However, Bitcoin’s price didn’t experience any significant pullbacks in the week after current US President Joe Biden dropped out of the race on July 21 and current Vice President Kamala Harris took over as the new nominee.

    Other significant developments affecting Bitcoin during the summer included the underwhelming performance of spot Ether ETFs, fears of a US government Bitcoin sell-off, Trump’s proposed national Bitcoin stockpile and Trump’s declining chances of winning the election as support for Harris snowballs.

    Bitcoin experienced a tumultuous August, with its price plummeting alongside other digital assets and the stock market on August 5th. Several factors triggered this sell-off, including weaker-than-expected economic data on August 2 and an unexpected interest rate hike in Japan. These events sparked panic in Asian markets, leading investors to liquidate high-risk assets like Bitcoin.

    Despite a brief recovery, Bitcoin continued to fluctuate throughout August, dropping to US$58,430 on the weekend of August 10 and 11, and experiencing further price swings between US$60,700 and US$56,700. While positive inflation data boosted the stock market, Bitcoin struggled to break past a US$60,000 ceiling.

    A brief rally on August 23rd, prompted by the Federal Reserve’s signal to begin lowering interest rates, was quickly followed by another price drop. This pattern of rallies and subsequent declines persisted for the remainder of August and most of September. Bitcoin ended the month at just above US$64,540.

    During the lead up to the 2024 US presidential election had a notable affect on Bitcoin’s price movements, with the Republican party generally seen as more ‘crypto-friendly’ than the Democrats. On October 28, PolyMarket, bettors favored Trump with a 66.1 percent probability of winning compared to Harris’ 33.8 percent. This translated into a 7 percent gain in a little over 24 hours on October 29 to flirt with the previous all-time high, coming in at US$73,295.

    A few days later on November 3, Trump’s lead would seemingly narrow with the gap closing to 55 percent for Trump and 44.3 percent for Harris. The Bitcoin price responded by dropping to US$67,874 on November 4.

    Bitcoin set a then high price on November 6, 2024, when it reached US$76,243 per BTC at 4:00 p.m. EST. This price came after the 45th US President Donald Trump made a stunning political comeback to become the 47th US President. His retaking of the presidency was heralded as hugely positive for the cryptocurrency market.

    “We have a #Bitcoin President,” Michael Saylor, founder of Bitcoin development company Strategy (NASDAQ:MSTR), posted on X.

    Bitcoin crossed the US$100,000 threshold for the first time on December 4, rising as high as US$103,697.

    What was the highest price for Bitcoin?

    Bitcoin set a new all-time high price on July 14, 2025, when it reached US$123,153.22 per BTC at 07:38 a.m. GMT. Reuters reported that the Bitcoin price has rallied more than 60 percent since the US election in early November.

    This latest record high price came as US lawmakers announced key ‘Crypto Week’ bills, and President Trump signaled support for the GENIUS Act, which is expected to create a clear framework for banks and enterprises to issue digital currencies.

    The crypto market has found a friend in the Trump administration thus far. Since it began, US regulators have been more inclined to make policy changes that loosen regulations for crypto investing.

    What is Bitcoin at today?

    As of August 4, 2025, Bitcoin is trading around the US$115,000 level after spending the prior few weeks holding above US$110,000.

    Earlier in 2025, Bitcoin demonstrated its volatile nature when the price of the cryptocurrency fell to as low as US$75,000 per coin by April 9. This represented a key buying opportunity as crypto buffs were anticipating further strength in the market under Trump.

    Soon after, the price of Bitcoin was once again on a steady upward path and breached the US$100,000 level on May 8.

    FAQs for investing in Bitcoin

    What is a blockchain?

    A blockchain is a digitized and decentralized public ledger of all cryptocurrency transactions.

    Blockchains are constantly growing as completed blocks are recorded and added in chronological order. The mechanism by which digital currencies are mined, blockchain has become a popular investment space as the technology is increasingly being implemented in business processes across a variety of industries. These include banking, cybersecurity, networking, supply chain management, the Internet of Things, online music, healthcare and insurance.

    Is Peter Todd Satoshi Nakamoto?

    Canadian software developer Peter Todd has denied he is Satoshi Nakamoto, a claim made by the documentary ‘Money Electric: The Bitcoin Mystery,’ which aired on October 8, based on circumstantial evidence such as posts on an early Bitcoin forum and correspondence between Todd and Hal Finney, who received the first Bitcoin from Satoshi.

    Aired on HBO, the film by Cullen Hoback features interviews with people involved in Bitcoin’s creation and suggests that Todd could be the elusive Satoshi Nakamoto who wrote the 2008 white paper that led to Bitcoin’s launch. Reddit posts dating back to 2015 have also suggested that Todd could be Satoshi.

    Todd has continuously denied the claim, most recently to multiple media outlets, including CoinDesk and Bloomberg.

    How to buy Bitcoin?

    Bitcoin can be purchased through a variety of crypto exchange platforms and peer-to-peer crypto trading apps, and then held in a digital wallet. These include Coinbase Global, CoinSmart Financial Inc (OTC Pink:CONMF, NEO:SMRT), BlockFi, Binance and Gemini.

    What is the Bitcoin halving?

    Unlike traditional currencies that can increase circulation through printing, the number of Bitcoins is finite. This limit is a core function of Bitcoin’s algorithm and was designed to offset inflation by maintaining scarcity. There are 21 million in existence, of which 19,787,175 are in circulation as of August 8. This means there are 1,212,825 still unmined.

    A new Bitcoin is created when a Bitcoin miner uses highly specialized software to complete a block of transaction verifications on the Bitcoin blockchain. Roughly 900 Bitcoins are currently mined per day; however, after 210,000 blocks are completed, a Bitcoin protocol called a halving automatically reduces the number of new coins issued by half. Halving not only counteracts inflation but also supports the cryptocurrency’s value by ensuring that its price will increase if demand remains the same.

    Halvings have occurred every four years since 2012, with the most recent happening on April 19, 2024. The next halving is expected to occur in 2028.

    Bitcoin’s halving has significant implications for the cryptocurrency’s mining activity and supply because of how Bitcoin mining works. Currently, miners are paid 3.125 Bitcoin for every block they complete. After the next halving, the pay rate will lower to 1.5625 Bitcoin for every completed block for the next four years.

    What is Coinbase?

    Coinbase Global is a secure online cryptocurrency exchange that makes it easy for investors to buy, sell, transfer and store cryptocurrencies such as Bitcoin.

    How does crypto affect the banking industry?

    Cryptocurrencies are an alternative to traditional banking, and tend to attract people interested in assets that are outside mainstream systems. According to data from Statista, 53 percent of crypto owners are between the ages of 18 and 34, showing that the industry is drawing younger generations who may be interested in decentralized digital options.

    Privacy is a key draw for cryptocurrency owners, as is the fact that they are separated from third parties such as central banks. Additionally, crypto transactions, including purchases, sales and transfers, are often quick and have fewer associated fees than transactions going through the banking system in the typical manner.

    That said, banks are starting to notice how popular cryptocurrencies are. As Bitcoin and its compatriots become increasingly mainstream, many banks have begun to invest in cryptocurrencies and blockchain companies themselves.

    Is Bitcoin a good investment anymore?

    While Bitcoin has reached new heights in 2025, one of its well-known features is its volatility. Investors who are more accepting of risk could look to the cryptocurrency space as there historically has been money to be made, and Bitcoin is regaining value after plummeting in 2022. However, there is also historically money to be lost, and investors who prefer to take smaller risks should look towards other avenues.

    For more information on investing in Bitcoin right now, check out our article Is Now a Good Time to Buy Bitcoin?

    Who has the most invested in Bitcoin?

    Satoshi Nakomoto, the mysterious founder of Bitcoin, is believed to also be the biggest holder of the coin. Analysis into early Bitcoin wallets has revealed that Nakamoto likely owns over 1 million of the nearly 19.5 million Bitcoins in existence.

    Does Elon Musk own Bitcoin?

    Tesla and Twitter CEO Elon Musk’s association with both Bitcoin and the meme coin Dogecoin is well known, and both his tweets and Tesla’s actions have influenced the cryptocurrencies’ trajectories over the years.

    While it is unknown just how much he owns, Musk has disclosed that he personally has holdings of Bitcoin and Dogecoin, as well as Ether. It was revealed in September 2023 that Musk may be funding Dogecoin on the quiet, according to Forbes.

    As for Tesla, the company purchased US$1.5 billion of Bitcoin in 2021, but sold 75 percent of that the next year. As of July 2025, the EV maker’s Bitcoin holdings were estimated at 11,509 Bitcoin, the eigth-largest bitcoin holdings for a publicly traded company. In a January 2024 post on his social media platform X, Musk said “I still own a bunch of Dogecoin, and SpaceX owns a bunch of Bitcoin.’

    Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

    2024 Tech Outlook Report

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    Marjorie Taylor Greene urges Trump to commute George Santos’ federal prison sentence: ‘Far worse offenses’

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    Rep. Marjorie Taylor Greene, R-Ga., is urging that President Donald Trump commute former Rep. George Santos’ seven-year sentence, calling the punishment ‘a grave injustice’ and an ‘abusive overreach by the judicial system.’

    The former New York congressman was sentenced to 87 months, or just over seven years, after pleading guilty in 2024 to wire fraud and aggravated identity theft. Santos reported to prison on July 25 to begin serving his sentence.

    Santos was assessed the maximum sentence in April by U.S. District Judge Joanna Seybert. He was also ordered to pay nearly $374,000 in restitution and forfeit more than $205,000 in fraud proceeds.

    Santos’ guilty plea followed an investigation into campaign finance fraud, donor identity theft and false COVID-era unemployment claims.

    On Monday, Greene said in a post on X that she sent a letter to the Office of the Pardon Attorney urging Trump to commute Santos’ sentence.

    ‘A 7-year prison sentence for campaign-related charges is excessive, especially when Members of Congress who’ve done far worse still walk free,’ she wrote in the post. ‘George Santos has taken responsibility. He’s shown remorse. It’s time to correct this injustice. We must demand equal justice under the law!’

    Greene addressed her letter to the Honorable Edward R. Martin Jr., pardon attorney for the U.S. Department of Justice (DOJ), and she acknowledged the gravity of the actions by her former colleague.

    ‘As a Member of Congress, I worked with Mr. Santos on many issues and can attest to his willingness and dedication to serve the people of New York who elected him to office,’ she wrote. ‘He is sincerely remorseful and has accepted full responsibility for his actions. Furthermore, my office has spoken with a pastor of his who discussed the regret and remorse of Mr. Santos, agreeing that the sentence imposed is a grave injustice.

    ‘While his crimes warrant punishment, many of my colleagues who I serve with have committed far worse offenses than Mr. Santos yet have faced zero criminal charges,’ Greene continued. ‘I strongly believe in accountability for one’s actions, but I believe the sentencing of Mr. Santos is an abusive overreach by the judicial system.’

    Prosecutors shared how Santos and his campaign treasurer, Nancy Marks, doctored donor reports to qualify for national Republican Party funding. They fabricated contributions from Santos’ family and falsely reported a $500,000 loan from Santos, though he had under $8,000 in his accounts.

    He also stole credit card information from donors, including ‘victims he knew were elderly persons suffering from cognitive impairment or decline’ and made unauthorized charges to fund both campaign and personal expenses, according to the DOJ. Santos also used a fake political fundraising company to solicit tens of thousands of dollars, which he spent on ‘designer clothing.’

    During the pandemic, Santos fraudulently claimed over $24,000 in unemployment benefits while employed at an investment firm. He also submitted false congressional financial disclosures to the House.

    Santos was elected in 2022 after flipping New York’s 3rd District for the GOP. His resumé was easily debunked. He falsely claimed academic degrees, Wall Street jobs and family ties to the Holocaust and 9/11. 

    He was expelled from Congress in December 2023 after a scathing ethics report, becoming just the sixth member ever removed from the People’s House.

    Santos has remained publicly active after his sentencing, selling video messages on Cameo and making social media posts.

    Unless pardoned, Santos is expected to remain incarcerated until at least early 2032. He has reportedly appealed to President Donald Trump for clemency. 

    Greene and the White House did not immediately respond to Fox News Digital’s request for comment.

    Fox News Digital’s Jasmine Baehr contributed to this report.


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    Brazil’s ex-president and major Trump ally Bolsonaro placed on house arrest

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    On Monday, Brazil’s Supreme Court ordered former President Jair Bolsonaro to be placed under house arrest amid ongoing legal proceedings over his alleged attempt to overturn the 2022 presidential election results.

    The case has gripped the nation since its inception in 2023 and has intensified international scrutiny, especially as it unfolds under the authority of a Supreme Court justice recently sanctioned by the Trump administration in the United States.

    Justice Alexandre de Moraes, who is overseeing the case, accused Bolsonaro, 70, of violating court-imposed restrictions.

    According to the ruling, first reported by the Associated Press, Bolsonaro used a Sunday protest in Rio de Janeiro to publicly address supporters using a cellphone owned by one of his three sons, all of whom are lawmakers.

    Bolsonaro’s brief message, ‘Good afternoon, Copacabana, good afternoon my Brazil, a hug to everyone, this is for our freedom,’ was deemed a violation of his release conditions.

    Bolsonaro’s legal team announced plans to appeal, arguing that the statement was symbolic, not criminal, and did not justify additional restrictions.

    Mounting International Fallout

    The political stakes have now extended well beyond Brazil. The case triggered backlash from President Trump, a longtime Bolsonaro ally, who tied newly imposed U.S. tariffs on Brazilian imports to what he called an ongoing ‘witch hunt.’ His remarks have further strained the already delicate diplomatic relationship between the two nations.

    In a pointed statement on X, the U.S. State Department’s Bureau of Western Hemisphere Affairs condemned the Brazilian court’s actions, writing: ‘Putting even more restrictions on Jair Bolsonaro’s ability to defend himself in public is not a public service. Let Bolsonaro speak!’

    The bureau also warned that individuals involved in what it described as ‘sanctioned behavior’ would be held accountable.

    The statement marked a sharp escalation, particularly as it followed closely on the heels of sanctions imposed by the U.S. Treasury Department, under Trump’s administration, against Justice de Moraes. He was designated a ‘U.S.-sanctioned human rights abuser’ and accused of weaponizing the judiciary to silence political opponents.

    The Basis for Sanctions

    Secretary of the Treasury Scott Bessent accused de Moraes of leading an unlawful crackdown:

    ‘Alexandre de Moraes has taken it upon himself to be judge and jury in an unlawful witch hunt against U.S. and Brazilian citizens and companies. He is responsible for an oppressive campaign of censorship, arbitrary detentions, and politicized prosecutions—including those against former President Jair Bolsonaro,’ Bessent said.

    These sanctions were imposed under Executive Order 13818, issued during Trump’s first term in 2017. The order declared a national emergency concerning global human rights abuses and corruption and expanded upon the Global Magnitsky Human Rights Accountability Act passed in 2016. The law empowers the U.S. government to impose financial and travel sanctions on foreign officials accused of human rights violations.

    Despite growing international pressure, the Brazilian government has yet to issue a formal response.

    Details of the Case

    Brazilian prosecutors allege that Bolsonaro led a coordinated effort to delegitimize, and ultimately overturn, the results of the 2022 election, including planning violent acts and even an alleged assassination plot targeting President Luiz Inácio Lula da Silva and Justice de Moraes. Bolsonaro lost the election by a narrow margin.

    A panel of Supreme Court justices accepted the charges in March, ultimately ordering Bolsonaro to stand trial. Monday’s house arrest ruling builds on earlier restrictions: an ankle monitor, a nighttime curfew, and a travel ban keeping the former president confined to Brasília despite his deep political roots in Rio de Janeiro.

    A former army captain and deeply polarizing figure, Bolsonaro now joins a short but consequential list of former Brazilian presidents arrested since the country’s return to democracy in 1985, a system he has frequently criticized and linked to the military dictatorship he once praised.

    Justice de Moraes, defending the court’s decision, wrote: ‘The judiciary will not allow itself to be mocked. Justice applies equally to everyone. A defendant who knowingly violates precautionary measures—especially for the second time—must face legal consequences.’

    Fox News’ Alec Schemmel and The Associated Press contributed to this report. 

    Stepheny Price is a writer for Fox News Digital and Fox Business. She covers topics including missing persons, homicides, national crime cases, illegal immigration, and more. Story tips and ideas can be sent to stepheny.price@fox.com


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    The Gold Standard: Facts and History

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    The gold standard. Today, the term denotes something that is the highest level of quality in its category.

    Gold, with all its luster, has been sought after, fought over and prized for thousands of years. It’s been used as a sacred adornment and has projected the wealth and status of monarchs and nobility. And ever since the ancient Lydians minted the first gold coins around 550 BCE, the yellow metal has played an important role in the monetary system.

    Over the millennia, gold has never lost its appeal, and by the end of the 19th century it had become a crucial component of how nations interacted with each other economically.

    While it fell out of favor for fiat currencies in the middle of the 20th century, the idea that gold could once again underpin the global economy has never disappeared. So what exactly is the gold standard? What is the history the gold standard, and could it be revived again today? We explore this all below.

    In this article

      What is the gold standard?

      The gold standard is a monetary system where a currency’s value is pegged directly to gold and the currency can be exchanged for gold at that ratio, giving the currency intrinsic value. For example, a country could set a standard in which $1,000 is equal to 1 ounce of gold, and citizens could then exchange their currency for physical gold.

      Some countries have also employed silver standards or double standards, which see a currency backed by either silver or by both gold and silver.

      Why did the world establish a gold standard?

      Copper, silver, gold and alloys like electrum have been the foundation of trade and currency for thousands of years, and while they each command value among investors and collectors today, their weight is a major problem.

      To deal with this, paper money in the form of promissory notes was created, with the earliest uses being little more than IOUs. It wasn’t until seventh century China that trade guilds began to issue receipts-of-deposit that eliminated the need for merchants to carry large quantities of coins for wholesale transactions.

      These notes weren’t meant for widespread use, but their development eventually led a group of merchants to create a more formal system in Szechuan in the 10th century. Each was printed using anti-counterfeiting techniques and affixed with a seal from the issuing bank. Whoever held the banknote could have it converted back into metal at any time.

      Because these notes were lighter than their metallic counterparts, they became popular among traders along the Silk Road between China and the Middle East. Eventually, the notion of printed money found its way back to Europe via travelers like Marco Polo and William of Rubruck who moved along the route in the 13th century.

      However, the concept of paper money didn’t catch on in Europe for another 400 years, when Sweden issued the first banknotes in 1661. These notes were redeemable for quantities of coins from banks, meaning that merchants no longer had to carry large amounts of copper and silver, which were heavy and easy to steal.

      Despite initial skepticism, the notes proved to be popular, and the idea spread across the continent. That said, it wasn’t entirely smooth sailing. Over time, issuers realized that not all bank notes would be redeemed, and began to print notes beyond the value of the metal they held in reserve. Sweden’s paper money quickly lost its value, and the country’s government ultimately decided to pay back and withdraw the notes in 1664.

      Outside of Sweden, a lack of regulation around who could issue notes meant that states, cities, trade organizations and anyone with a press was able to print money. As a result, counterfeits were made by unscrupulous people. This undermined confidence in paper money and contributed to high inflation rates.

      It wasn’t until England passed the Bank Charter Act of 1844 that a modern-style central bank began to appear, with strict regulations around which entities could print paper money. The act restricted commercial banks’ ability to issue notes, giving that power to the Bank of England, and required new notes issued by the Bank of England to be backed at a rate of “three pounds seventeen shillings and ninepence per ounce of standard gold.”

      Even as this world power moved toward a gold-backed system, other nations remained on bimetallic systems, setting a ratio between gold and silver to allow for interoperability that was stabilized by France. In the US, this ratio was set at 15:1 silver to gold by the Coinage Act of 1792, and was later updated to 16:1 when the act was amended in 1834.

      Interestingly, gold rushes in California in 1849 and Australia in 1851 flooded the markets with gold, causing a 30 percent increase in wholesale prices and altering the ratio between the metals in France.

      The tipping point came in 1871, when Germany, following its victory over France in the Franco-Prussian war, made the switch from a silver currency system to a currency backed solely by gold. This was considered a preemptive move to avoid being excluded from fixed-rate systems that had formed between industrialized nations.

      By 1900, gold-backed currencies had become the standard for most of the world apart from a handful of exclusions, including China and some nations in Central America.

      What are the advantages and disadvantages of the gold standard?

      In theory, the international gold standard provided an inherent mechanism for stability in the financial system, as trade imbalances would be self-correcting. This was called the price-specie flow mechanism by economist David Hume.

      To illustrate, when a country had a surplus trade balance, the gold value of trade flowing out of the country would exceed the trade value of imports. Conversely, a deficit trade balance would have the opposite effect. This would cause inflation in countries with rising money supply and deflation in countries with decreasing money supply.

      This rising and falling would subsequently cause trade with countries with high inflation to decrease due to high prices and trade with countries experiencing deflation to rise to take advantage of lower prices, bringing them back into balance.

      While the gold standard provided relative stability to the global financial market in the long term it was far from perfect, as individual economies had reduced control over their own economic struggles. This was evidenced by the Panic of 1907 in the US, which began when two bankers tried and failed to corner the stock of United Copper. Their failure resulted in distrust of their banks and associates, ultimately sending panic through the markets and causing runs on banks and trusts.

      This took place at a time when the effects of rising interest rates in Europe led to gold ceasing to move into the United States. This was compounded by the lack of an American central bank or lender of last resort, and with inflexibility under the gold standard, the US was left without a way to expand its monetary supply. This near collapse of the US financial system led to the eventual creation of the Federal Reserve in 1913, establishing an authority over US monetary policy.

      The gold standard was further challenged in 1914 with the start of the First World War when major nations suspended the convertibility of domestic bank notes into gold and suspended the movement of gold over borders.

      Born of necessity, this move provided greater flexibility for central banks to increase monetary supply without the limitation of physical holdings, ensuring war efforts could continue to be funded.

      Even though these measures were meant to be temporary, they led to considerable chaos through the post-war period as nations worked to decrease high inflation caused by excess money supply while trying to return to the gold standard. Countries were left with limited choices: deflation or devaluation.

      Britain chose deflation and returned to pre-war parity defining one pound sterling equal to 123.274 grains of gold. This had the effect of overvaluing the pound, which caused outflows in the gold supply. France, on the other hand, chose to devalue the Franc, which ultimately caused inflows of gold into its reserves.

      For its response, the US chose to sterilize inflows of gold. The US paid a higher price than other countries, but instead of expanding monetary supply to match the influx, it maintained inventories and stabilized domestic pricing.

      Despite US efforts to maintain its economy in the interwar period, global mass deflation provided a catalyst for the end of the gold standard as unemployment began to rise, ultimately triggering the Great Depression. This period marked the beginning of the end of the classical gold standard, and in 1931 Japan and the United Kingdom dropped the connection to gold, followed by the United States in 1933.

      When did the gold standard end?

      Against the backdrop of the Second World War, representatives from 44 nations met in the US in Bretton Woods, New Hampshire, in July of 1944. Discussions centered around the creation of a system that would provide efficient foreign exchange to create a more stable global economic system than what had arisen between the World Wars and ultimately caused the implosion of the global economy.

      Plans for a new global economic system took years to develop, with competing ideas from famed economist James Maynard Keynes and Harry Dexter White, chief international economist for the US Treasury Department. Keynes proposed a grand vision to build an international central bank with its own reserve currency, while White suggested the establishment of a lending fund with the US Dollar as the reserve currency.

      The agreement chose elements from both proposals but leaned in favor of White’s suggestion. It declared the US dollar would be pegged to the value of gold at US$35 per ounce. Additionally, the other 44 states who signed on to the accord would have their currencies pegged to the value of the US dollar with diversions of only 1 percent being permitted.

      This system helped to minimize volatility of exchange rates and facilitated international trade.

      To aid the functioning of the agreement, it also established two critical institutions: the International Monetary Fund (IMF), which would monitor exchange rates and provide support when needed, and the World Bank, which was originally established to manage funds and provide loans and assistance to nations to rebuild after WW2.

      However, when the nations met in December 1945, only 29 had come to sign the agreement; the Soviet Union was notably absent. The USSR’s rejection of Bretton Woods marked a milestone in a developing rift that led to the Cold War.

      In his election speech in February 1946, less than two months after the signing of Bretton Woods, Joseph Stalin blamed World War 2 on capitalism. “Marxists have more than once stated that the capitalist system of world economy … does not proceed smoothly and evenly, but through crises and catastrophic wars,” he said.

      Less than a month later Winston Churchill gave his famed Sinews of Peace speech in Fulton, Missouri, in which he stated, “From Stettin in the Baltic, to Trieste in the Adriatic, an iron curtain has descended across the continent.”

      Bretton Woods policies came into full effect in 1958 with mixed results, and the US dollar struggled to maintain parity with gold throughout much of the 1960s in part due to increased domestic and military spending.

      In 1971, under orders of US President Richard Nixon, the convertibility of the dollar into gold was suspended as the dollar became overvalued and the amount of gold in reserves was no longer sufficient to cover the monetary supply. There were attempts to revive the system, but by 1973 Bretton Woods collapsed and national currencies once again floated against each other.

      Following the end of the agreement, the IMF allowed members to choose whichever exchange arrangement, allowing them to float against each other or a basket of currencies. However, members were prohibited from pegging their currencies to gold.

      The gold standard today

      The subsequent years following the collapse of Bretton Woods have seen the dominance of the United States in the global financial system. Though no longer tied to gold, it remains the world’s reserve currency.

      Being tied to gold provided the economy with relative stability from inflationary pressures, but it also restricted the overall monetary supply and made it more difficult for borrowers to pay back loans.

      Under the current system, central banks work to ensure that inflation remains in a range that can stimulate growth in the economy but not let it get to the point where it’s out of control and the cost of goods rises more quickly than wages.

      Proponents of a gold standard today will point at the runaway inflation of the early 1980s and following the COVID-19 pandemic reasons why a gold standard is better for the overall economy and reduced volatility.

      However, the lack of inflation under the gold standard was a criticism levelled by opponents. This was a particular issue in the late 1800s, when deflation was happening at a rate of 1 to 2 percent per year in the US. This resulted in loans becoming more costly, a problem in particular for the country’s farmers who relied on them to buy land and equipment.

      Will we return to the gold standard?

      Some analysts such as Jim Rickards believe in the return of the gold standard and have suggested that the BRICS nations are in the process of creating a new gold-backed currency, as evidenced by bulk purchases of gold by the Chinese central bank.

      With regards to a return to a global or US gold standard, this also seems incredibly unlikely and ill-advised.

      The total value of monetary supply of the world’s four largest central banks — the United States, European Union, Japan and China — sat at approximately US$95 trillion as of June 2025. The World Gold Council estimated that above-ground gold stocks stand at 216,265 metric tons as of the end of 2024.

      At a gold spot price of US$3,000, which gold has held above for much of 2025, that gold would be worth just under US$23 trillion, far less than those central banks hold. Additionally, 45 percent of the world’s gold is in the form of gold jewelry and just 14 percent, or about US$4 trillion, is in central bank holdings.

      The US encountered problems with an insufficient supply of gold before the collapse of Bretton Woods. Going further back, reducing through devaluation or deflation wreaked havoc in the global post-war economy of the 1920s.

      With greater wealth and far more money supply today, the economy would face far more headwinds and more disastrous potential should there be a shift back towards a gold standard.

      To move to a gold-backed currency, a country would have to have enough physical gold in reserve to support its monetary supply. There isn’t enough gold in the world.

      Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

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      RFK Jr cancels $500 million in mRNA research, HHS to prioritize ‘safer’ vaccine alternatives

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      A total of 22 mRNA vaccine development contracts totaling roughly $500 million have been canceled, the Department of Health and Human Services (HHS) announced Tuesday.

      The mRNA investments were part of the government’s Biomedical Advanced Research and Development Authority (BARDA), a division of HHS that drives some of the country’s most advanced scientific research, such as the development of vaccines, drugs and other tools to fight national health threats. The termination of the 22 BARDA contracts follows a several-weeks-long internal review to determine a path forward when it comes to these investments.

      ‘We reviewed the science, listened to the experts, and acted,’ HHS Secretary Robert F. Kennedy Jr. said Tuesday. ‘BARDA is terminating 22 mRNA vaccine development investments because the data show these vaccines fail to protect effectively against upper respiratory infections like COVID and flu. We’re shifting that funding toward safer, broader vaccine platforms that remain effective even as viruses mutate.’

      In a short video explaining the move, Kennedy said the benefits simply do not outweigh the risks associated with mRNA vaccines. 

      Kennedy went on to point out that not only do mRNA vaccines – as shown during the COVID-19 pandemic – not perform well against viruses that infect the upper respiratory tract, but they also do not defend against mutations of the viruses they are intended to go after.

      ‘This dynamic drives a phenomena called anogenic shift, meaning that the vaccine paradoxically encourages new mutations and can actually prolong pandemics as the virus constantly mutates to escape the protective effects of the vaccine,’ Kennedy said in the video.

      For example, the HHS secretary pointed to the omicron variant of the COVID-19 virus, which infected many millions, including those who had been vaccinated against COVID. 

      ‘A single mutation can make mRNA vaccines ineffective,’ Kebbedy added, noting that the same risks also apply to the flu virus. 

      The move to cancel the mRNA contracts under BARDA will not entirely cancel all mRNA vaccine research done by the government, a source familiar with the move indicated. In addition to allowing some final-stage contracts to run their course to completion in an effort to preserve prior taxpayer investments, ongoing mRNA research at the National Institutes of Health (NIH) will not be impacted by this latest move. 

      Meanwhile, in lieu of the terminated mRNA research and investments at BARDA, HHS will focus on ‘safer, broader vaccine strategies,’ Kennedy indicated.

      ‘To replace the troubled mRNA programs, we’re prioritizing the development of safer, broader vaccine strategies like whole virus vaccines and novel platforms that don’t collapse when viruses mutate,’ Kennedy said in his video explanation about the terminated mRNA investments.

      During the video, Kennedy reiterated his support for ‘safe, effective vaccines’ for any American who wants them.

      ‘That’s why we’re moving beyond the limitations of mRNA for respiratory viruses and investing in better solutions.’


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      Asra Minerals

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      Investor Insight

      Asra Minerals is an emerging gold explorer with a compelling investment case as it focuses on strategic expansion and development of high-grade resources across its Leonora gold project in Western Australia.

      Overview

      Asra Minerals (ASX:ASR) is unlocking the potential of its portfolio of existing resources and underexplored prospects within Western Australia’s renowned Leonora Goldfields. The company controls one of the largest and most prospective land positions in the district, strategically surrounded by high-profile gold producers such as Genesis Minerals’ (ASX:GMD) with its 8.9 million oz (Moz) Leonora Operations; Vault Minerals (ASX:VAU), which operates the 1.9 Moz Darlot mine and 4.1 Moz King of the Hills mine; and Northern Star (ASX:NST), which operates the 4.2 Moz Thunderbox mine.

      With existing JORC 2012 resources of 200,000 oz gold and a clear strategy to reach 500,000 oz in the near-term, Asra Minerals is leveraging its 936 sq km Leonora landholding in one of Australia’s most prolific gold belts. Asra’s tenements span 75 km of strike length, including two primary zones – Leonora North and Leonora South – each with resource-stage projects, brownfields upside and newly identified high-priority drill targets.

      A strategic reset in late 2024 led to a new CEO, technical team and drilling strategy aimed squarely at resource growth and project consolidation. With global unrest supporting sustained high gold prices and WA’s regulatory stability, Asra’s ground – historically underexplored and fragmented – is now primed for discovery, growth and value creation.

      Company Highlights

      • District-Scale Gold Project in Tier-One Jurisdiction: 936 sq km landholding in WA’s Leonora region, proximal to more than 15 Moz of gold resources across neighboring major mines.
      • JORC Resource of 200 koz at 1.8 g/t gold: Existing resource includes high-grade shallow mineralization at Orion, Sapphire, Mt Stirling and Stirling Well.
      • Aggressive Growth Strategy: Targeting >500 koz resource base in 2025 through near-resource and greenfield drilling.
      • Ongoing Exploration: Systematic exploration underway across the portfolio with multiple high-priority targets identified for further follow-up.
      • New High-impact Leadership: Rebuilt management and technical team in late 2024, including renowned gold discoverers behind Gruyere (6.2 Moz) and Raleigh (1 Moz).
      • Undervalued Opportunity: With a ~$10 million market cap, Asra offers substantial re-rating potential amid rising gold prices and renewed institutional interest.

      Key Project

      Leonora Gold Project

      Asra Minerals’ flagship Leonora gold project spans more than 936 sq km in Western Australia’s prolific Eastern Goldfields. The asset is subdivided into the Leonora North and Leonora South project areas. The region hosts multiple world-class gold operations, including Genesis Minerals’ Leonora operations, Vault Minerals’ King of the Hills, and Northern Star’s Thunderbox mine, all within trucking distance. Asra’s tenements lie along the highly prospective granite-greenstone contacts and major fault systems such as the Ursus Fault, known for controlling high-grade orogenic gold mineralization.

      Leonora South

      The Leonora South project is 549 sq km with eight granted mining leases, located within the historic Kookynie goldfields. This area is host to numerous high-grade deposits, including Genesis Minerals’ Ulysses Hub (~2 Moz gold). Asra is focused on the Sapphire and Orion open pit deposits, which together comprise a JORC 2012 inferred resource of 48,014 oz grading at 2.2 grams per ton (g/t) gold. High-grade intercepts include standout results such as 166 g/t gold over 6 m from 135 m, including 248.8 g/t gold over 4 m (Sapphire), and 46.4 g/t gold over 4 m from 3 m (Orion), demonstrating a potential for bonanza-grade extensions at depth.

      Diamond drilling completed in Q4/2024 confirmed down-dip continuity of high-grade gold zones approximately 30 to 50 m below historical intercepts, with assays such as 47.95 g/t gold over 1 m from 115.2 m, 23.12 g/t gold over 1 m from 148.7 m, and 23.97 g/t gold over 0.8 m from 161.2 m. A new 1,300 m RC and diamond-tail drilling program commenced in Q2/2025 to test these high-priority targets, aiming to significantly increase the resource base. The mineralized quartz veins at Sapphire and Orion trend east-northeast and dip steeply – 50 to 80 degrees – southwards and remain open at depth and along strike.

      Exploration across Leonora South has identified 21 high-priority targets, of which 15 have never been drill tested. These were derived from detailed 2025 airborne magnetics, structural reinterpretation and geochemical mapping. Planned work includes follow-up aircore and RC drilling to expand the mineralized footprint, including at Gladstone and Jessop Creek, with approvals already received from the Department of Energy, Mines, Industry Regulation and Safety.

      Leonora North

      Situated 40 km northeast of Leonora and just 5 km from Vault’s King of the Hills mine, Leonora North is a brownfields gold asset with significant exploration and expansion potential. The area lies within the Eastern Goldfields Superterrane of the Yilgarn Craton and is hosted along the structurally controlled Ursus Fault Zone, a major gold-bearing shear corridor. The project contains multiple zones with a total JORC 2012 resource of 152,000 oz grading at 1.7 g/t gold, including:

      • Mt Stirling–Viserion Deposit: 2.16 Mt @ 1.6 g/t gold for 111,000 oz (inferred), plus 391,000 t @ 2.1 g/t for 26,000 oz (indicated).
      • Stirling Well: 198,000 t @ 2.3 g/t gold for 15,000 oz (inferred).

      The Mt Stirling resource remains open along strike and at depth, with high-grade shoots identified to the north. The flat-lying Stirling Well orebody has potential for parallel lodes and deeper extensions into mafic host rocks. A major aeromagnetic and litho-structural reinterpretation, completed in December 2024, identified +20 high-priority gold targets across the northern strike extensions. Several of these are situated adjacent to the historically mined Diorite King Mine, which reportedly produced at high grades. The untested 12 km Ursus Fault corridor remains a key focus, with ~9 km still unexplored.

      Importantly, Asra secured 100 percent ownership of the Mt Cutmore prospect in May 2025, consolidating a highly strategic zone within the Mt Stirling region. This acquisition covers multiple live and pending tenements, and enhances Asra’s ability to deploy a focused drilling campaign across the Leonora North project area. Drill permits have been secured, and both AC and RC programs are planned for H2/2025 to evaluate new geophysical anomalies, follow up on known mineralization, and grow the current resource base.

      Management Team

      Paul Stephen – Managing Director

      A seasoned mining executive, Paul Stephen has held various executive and directorship roles across ASX and LSE-listed companies prior to joining Asra. He was a co-founder and executive director of Crusader Resources, where he was instrumental in the discovery, development and operation of the Posse Iron Ore mine in Brazil. During his tenure, he oversaw the delineation of over 2.6 million ounces of gold, significantly contributing to Crusader’s market capitalization exceeding AU$160 million.

      Paul Summers – Non-executive Chair

      Paul Summers has been a legal practitioner since 1985, and founded his own firm, Summers Legal in 1989. He has been Asra’s counsel for more than 10 years and has provided extensive advice and service during the recent takeover of Cascade Resources. Summers is currently lead counsel – commercial, corporate and property of Summers Legal and is familiar with the company’s affairs, projects and strategy.

      Mathew Longworth – Non-executive Director

      Mathew Longworth is a geologist with over 35 years’ experience in large projects, exploration and discoveries in Australia, Greenland, Africa, South America and the Pacific. He is currently chairman of Ardea Resources and Greenfields Exploration, and non-executive chairman of Northam Resources. As a director and chairman, he has guided companies through challenging corporate times including IPO listings, takeovers, major capital raisings, 249D notices and joint venture negotiations while maximizing value for shareholders.

      Leonard Math – Non-executive Director, Chief Financial Officer and Company Secretary

      Leonard Math is a chartered accountant with more than 15 years of resource industry experience. He was an auditor at Deloitte and is experienced with public company responsibilities including ASX and ASIC compliance, control and implementation of corporate governance, statutory financial reporting and shareholder relations. He previously held company secretary and directorship roles for a number of ASX listed companies.

      Ziggy Lubieniecki – Technical Consultant

      Ziggy Lubieniecki is a highly experienced geologist with over three decades of expertise spanning exploration, mining, management, property acquisition and company listings. His previous senior roles include chief mine geologist at Plutonic, exploration manager at Australian Platinum Mines, and executive director at Gold Road Resources. Along with a successful exploration track record, Lubieniecki is credited for the discovery of the 6.2 Moz Gruyere gold deposit.

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      Cotton calls on IRS to pull Muslim advocacy group’s nonprofit status

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      Sen. Tom Cotton, R-Ark., is calling on the Internal Revenue Service (IRS) to revoke the nonprofit status of a Muslim advocacy group that he believes has ties to terror groups, including Hamas and the Muslim Brotherhood.

      In the letter, Cotton notes that ‘in the largest terrorism-financing case in U.S. history, [the Council on American-Islamic Relations] was listed as a member of the Muslim Brotherhood’s Palestine Committee.’ CAIR was listed as an unindicted coconspirator in the infamous Holy Land Foundation (HLF) terrorism financing case. The organization later attempted, unsuccessfully, to have its name removed from the list.

      The Justice Department found that HLF and five of its leaders had, while working together and with others, ‘provided material support to the Hamas movement.’ In total, the groups provided Hamas with approximately $12.4M, according to the DOJ.

      HLF was convicted on ’10 counts of conspiracy to provide, and the provision of, material support to a designated foreign terrorist organization; 11 counts of conspiracy to provide, and the provision of, funds, goods and services to a Specially Designated Terrorist; and 10 counts of conspiracy to commit, and the commission of, money laundering.’

      ‘The IRS has broad authority to examine whether an entity’s operations align with its exempt purpose. Tax-exempt status is a privilege, not a right, and it should not subsidize organizations with links to terrorism,’ Cotton wrote.

      CAIR characterized Cotton’s demand as being ‘based on debunked conspiracy theories,’ and likened the senator’s request to the IRS to the McCarthy era.

      ‘We are an independent American civil rights organization that has spent over thirty years defending the Constitution, countering anti-Muslim bigotry, and opposing injustice here and abroad, including discrimination, hate crimes, terrorism, ethnic cleansing, and genocide,’ CAIR said in a statement to Fox News Digital.

      ‘We specifically condemned the Oct. 7th attacks on civilians, just as we condemn the ongoing genocide in Gaza. This is called moral consistency. Senator Cotton should try it,’ the organization added.

      CAIR was disavowed by the Biden administration after the organization’s executive director appeared to praise Hamas’ Oct. 7 massacre. In November 2023, just weeks after the attacks, CAIR National Executive Director Nihad Awad said he was ‘happy to see’ Palestinians ‘breaking the siege and throwing down the shackles of their own land.’ Additionally, in his remarks, Awad appeared to further justify the attacks, saying that ‘the people of Gaza have the right to self-defense’ and that Israel does not.

      The New York Times quoted then-Biden spokesperson Andrew Bates as saying that the administration condemned the ‘shocking, antisemitic statements in the strongest terms.’

      The Anti-Defamation League (ADL) slammed Awad’s recent remarks about the U.S. and Israeli strikes on Iran’s nuclear sites. The national executive director said that ‘Netanyahu calls the shots. Trump pretends to be in charge.’ Additionally, the ADL pointed out that Hussam Ayloush, executive director of CAIR’s Los Angeles chapter, referred to Congress and the White House as ‘Israeli-occupied territories.’


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      Senate GOP ready to go nuclear after Schumer’s ‘political extortion’ of nominees

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      Senate Republicans are mulling whether to go nuclear after negotiations with Senate Democrats to ram through President Donald Trump’s nominees fell apart over the weekend.

      The path to confirming dozens of Trump’s outstanding nominees was destroyed when the president accused Senate Minority Leader Chuck Schumer, D-N.Y., of ‘political extortion,’ and charged that the Democratic leader’s asking price for nominees was too high.

      Now, lawmakers have left Washington without a deal to bundle dozens of nominees that made it through committee with bipartisan support, and a change to how the Senate handles the confirmation process is on the horizon.

      Senate Majority Whip John Barrasso, R-Wyo., berated Schumer and Senate Democrats for their ‘unprecedented’ blocks of the president’s nominees, and noted that every pick had been filibustered save for Secretary of State Marco Rubio, who glided through the Senate earlier this year.  

      ‘We have been working through the list, but there is still a large backlog because of the unprecedented filibuster by the Democrats of every nominee,’ Barrasso said. ‘And if they don’t change their behavior, we’re going to have to change how things are done here, because a president needs to have his or her team in place.’

      Under normal circumstances, changing the rules in the Senate would require 67 votes, meaning that Senate Democrats would have to be on board with a change. However, there is a path that lawmakers refer to as the nuclear option, which allows for rules changes to only need a simple majority.

      There is the political will among Republicans to change the rules, but doing so would open the door for Senate Democrats to do the same when they get into power once more.

      ‘I think that way is going to happen anyways, because of what Schumer has done. He’s forced this, and it’s ridiculous that he’s doing this,’ Sen. Markwayne Mullin, R-Okla., said. ‘And so, whatever, we’re at this point, and we’ll do, you know what they say, every action requires an equal [reaction], and that’s what we’re at right now.’

      Some of the options on the table include shortening the debate time for nominees, getting rid of procedural votes for some lower-level nominees, grouping certain civilian nominees ‘en bloc’ – something that is already done for military nominees – and, at the committee level, deciding whether to lower the number of nominees subject to the confirmation process.

      Currently, over 1,200 positions go through Senate confirmation. Senate Republicans have been able to confirm over 130 of Trump’s picks so far, but had a loftier goal of doing at least 60 more before leaving town until September.

      And there are over 140 nominees still pending on the Senate’s calendar. 

      ‘I think they’re desperately in need of change,’ Senate Majority Leader John Thune, R-S.D., told reporters. ‘I think that the last six months have demonstrated that this process, nominations, is broken. And so I expect there will be some good robust conversations about that.’

      As to when lawmakers will try to run with a rules change is still in the air. The Senate is gone from Washington until early September and will return to a looming deadline to avert a partial government shutdown.

      Before leaving town, the Senate did advance a trio of spending bills – a first in the upper chamber since 2018 – but those same bills are unlikely to pass muster in the House, given that they spend at higher levels than the ones greenlit by the House GOP.

      Ramming a rules change through without Democrats could also come at a price for government funding negotiations. Schumer said a possible rules change would be a ‘huge mistake’ for Republicans to do on their own.

      ‘Because when they go at it alone, they screw up for the American people and for themselves,’ he said.

      When asked if there were any possible rule changes that he and Senate Democrats could agree to, Schumer said, ‘We should be working together on legislation to get things done for the American people.’

      ‘That’s the way to go, not changing the rules, because when they change the rules, they say, ‘Only we’re going to decide what’s good for the American people,’ and every time they do that, the American people lose,’ Schumer said.

      Still, Republicans were unhappy with the way negotiations devolved after days of back and forth.

      ‘We actually, we wanted a deal,’ Mullin said. ‘And these people deserve to be put in position… they’re going to say that we’re trying to do a nuclear option. The fact is, they – Schumer – went nuclear a long time.’


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