Wealthion Macro Bites 5-19

President Trump ​said on Monday he had paused a planned attack against Iran after Tehran sent a peace proposal to Washington, and that there was now a "very good chance" of ‌reaching a deal limiting Iran's nuclear program. While no attack had been previously announced, Trump stated the leaders of Qatar, Saudi Arabia and the UAE had requested he hold off because “a Deal will be made, which will be very acceptable to the U.S. as well as Countries in the Middle East and beyond.”

In an effort to “increase local refining capacity and create jobs through value addition,” Ghana’s Central Bank Gold Management Head Paul Bleboo announced the government is in negotiations with Ghana’s largest gold miners to increase the percentage of production they sell to the state-owned Ghana Gold Board from 20% to 30%. Additionally, miners can no longer sell refined gold to the Board, but only dore (to feed local refineries). Miners have apparently agreed in principle to the 30% threshold but talks continue on pricing, which the government wants set at a 1% discount to spot. If a deal is reached, implementation could begin as early as June 1.

Reuters reports that U.S. drill bit manufacturers are shifting to steel-based products to cut costs as tungsten prices surge due to trade restrictions and tighter supplies. Polycrystalline diamond compact (PDC) bits are typically made with either steel bodies or tungsten-heavy designs suited to tougher conditions. Tungsten is more durable and can account for up to 75% of the materials in some oilfield drill bits. Tungsten prices have jumped to $3,000/t (from $600/t in Oct. ’25) following Chinese export curbs, supply tightening and stronger military demand.

China’s Tsingshan Group has asked nickel pig iron (NPI) producers at Indonesia’s Weda Bay industrial park to curb output in June to conserve electricity as Tsingshan prioritizes aluminum production. Tsingshan holds shares in the industrial park’s power plant and the move will redirect power from the area’s 22 NPI plants (some of which are owned by the company) to its single aluminum plant (co-owned by Tsingshan and Xinfa). Separately, Citi said the aluminum market is facing its most bullish conditions in 50 years and prices heading to $4k/t in the near term and possibly much higher.

A European Commission spokesman told Mining.Com the EU is working on a proposal to phase out imports of Russian uranium and nuclear fuel services. Despite moves to phase out Russian oil, gas and coal, Russia still accounts for 25% of the EU’s uranium enrichment services.

The Fed’s balance sheet has grown $192B since the ’25 low (just under $40B/mo) due to its Reserve Management Purchases. Over the span, RMP’s have accounted for 24.2% of broad monetary growth. Meanwhile, Fitch reported the U.S. corporate private credit default rate hit 6% in the 12-mos. ended 4/30 (highest since Fitch started recording the data in Aug. ’24).

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