Good morning, and welcome to Rise and Shine.

Gold prices continue to hit new highs, closing in on US$3400/oz as the policies of US President Donald Trump erode confidence in the US dollar.

The White House is reportedly looking for ways to end the tenure of Fed Chair Jerome Powell early, a follow on from Trump’s persistent complaints that Powell and his board of guv’ners have been too slow to cut rates.

Depressing stuff, unless you’re in the market of digging up gold in the WA Outback. Prices could hit US$4000/oz, some experts believe (and Goldman has a wild upside case for US$4500/oz). Crazy times.

Speaking of crazy times, on this day April 22 in 1864 the US Congress passed the Coinage Act, authorising the minting of the two cent coin, the first to contain the US’ eventual slogan ‘In God We Trust’.

And so the slippery slope to Dogecoin began.

The copper 2c piece ran for just eight years, but you can hunt one down for around US$60 today, with the various iterations of the nickel putting the god-fearing coin out of circulation.

Find enough and melt them down and you’ll feel safer than holding US treasury bonds right now.

On Stockhead today …

COMMODITY/FOREX/CRYPTO MARKET PRICES

Gold: US$3389.83.12/oz (+2.25%)

Silver: US$32.86/oz (+1.40%)

Iron Ore: US$99.05/t (+1.59%)

Nickel (3mth): US$15,622/t (-0.39%)

Copper (3mth): US$9188.50/t (-0.16%)

Zinc: US$2577/t (-0.19%)

Lithium carbonate (Fastmarkets CIF China, Japan, Korea): $9100/t (+0.00%)

Oil (WTI): US$63.72/bbl (-1.48%)

Oil (Brent): US$67.00/bbl (-1.41%)

AUD/USD: 0.6416 (+0.63%)

Bitcoin: US$87,520.89 (+2.77%)

WHAT GOT YOU TALKING

In Kristie Batten’s latest, which metals are moving up in a world of tariffs and trade wars?

In the latest from @kristiebatten, she looks at the corners of the resources market moving up in the world in the wake of Trump’s tariffs. https://t.co/AxO8QhW0OR

— Stockhead (@StockheadAU) April 17, 2025

Also in the news…

• Garimpeiro columnist Barry FitzGerald takes a look at $10m prospect generator Kincora Copper (ASX:KCC) 
• Tim Boreham reviews the role EVs are playing in the novated leasing market
• Strickland Metals’ (ASX:STK) drew investment from major Zijin for its Serbian gold projects
• Bell Potter placed a microscope on what US tariffs mean for Aussie biotechs
• John So tells Jessica Cummins his key stock picks for a tough market

THURSDAY’S ASX SMALL CAP LEADERS

Here are the best performing ASX small cap stocks:

Thursday’s Small Cap Winners included:

A $10m contract with Procurement Australia lifted Traffic Technologies (ASX:TTI) shares. The intelligent traffic control equipment supplier will furnish Procurement Australia with directional and instruction signs and safety traffic products intended for local councils across Victoria.

InhaleRx (ASX:IRX) executed a study order with iNGENū CRO Pty Ltd as a contract research organisation to oversee a Phase 1 clinical trail of IRX-616a, a drug candidate designed to treat Panic Disorder.

Bonanza gold peaking at 446 g/t gold has boosted Advance Metals (ASX:AVM) shares in early trading, rewarding the company’s drilling efforts at the Myrtleford project in the Victorian Goldfields.

Burley Minerals (ASX:BUR) stock jumped on launching a share placement and entitlement offer to raise up to $1m. The new funding will support a maiden drilling program at the Cane South target at the Cane Bore Iron Ore project.

THURSDAY’S ASX SMALL CAP LAGGARDS

Here are the worst performing ASX small cap stocks:

Trading Halts

CZR Resources (ASX:CZR) – offer from the Robe River Joint Venture. Mark Creasy backed CZR announced post trade on Thursday its board’s unanimous support for a $75m cash offer from Rio Tinto and Mistui for its Robe Mesa iron ore deposit.

Peninsula Energy (ASX:PEN) – completion of a review which may cut production guidance

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.