Wealthion Macro Bites 4-30
World Gold Council released its Q1 ’26 Gold Demand Trends, with Q1 demand rising 2% y/y in volume terms (to 1,231t) and a stunning 74% in value terms (to record $193B). Global bar and coin demand (esp. Asia) rose 42% (to 474t), the 2nd highest quarter on record. Sizable March outflows from U.S. funds limited total ETF demand to +62t (vs.+230t in Q1 ’25), and amid record prices jewelry demand declined 23% y/y in volume terms while rising 31% in value terms. Importantly, despite well-documented gross sales by a few central banks, net central bank purchases rose 3% y/y to 244t. During Q1, the LBMA (PM) gold price set a new quarterly average record of $4,873/oz.
Hormuz ripple watch: Zhejiang Huayou Cobalt announced its Indonesian Huafei Nickel Cobalt plant will reduce output by half beginning May 1 after rising sulfur prices lifted costs at a key battery-nickel project. Indonesia sources 75% of its sulfur imports from the Gulf region and sulfuric acid is a key input to process laterite ore into mixed hydroxide precipitate (intermediate product in EV batteries) at high-pressure acid leach nickel plants.
Separately, African Rainbow Minerals (ARM) signed a conditional agreement to supply nickel concentrate to Boliden’s Harjavalta smelter in Finland, Europe’s only large-scale nickel smelter. The offtake deal could enable restart of the Nkomati nickel mine (idled since ’21) which is considered South Africa’s sole primary nickel source. ARM consolidated its Nkomati ownership in ’25 by purchasing the remaining 50% interest from Norilsk Nickel.
CEO of Zijin’s La Arena mine Luo Yuchuan told Reuters that Zijin is seeking new opportunities in Peru as it prepares to invest $1.5B to expand the La Arena mine and increase copper production in the country. Luo cited Peru’s fiscal and financial stability in stating, “That’s why we believe Peru is a good country for mining investment.”
Brent futures have now risen for 8 consecutive days (longest streak since ’22) to $114.61 (up 2.9% d/d) and WTI futures are trading at $103.04 (+3.1%). Euro Stoxx 50 -0.4%, S&P futures little changed and Nasdaq futures +0.3%. DXY dollar index +0.05%, spot gold -0.8% and spot silver -0.8%. FOMC rate decision @ 2pm ET and Chair Powell’s final press conference at 2:30 pm ET.
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