Demand for raw materials is at record levels, inventories are low, and spare production capacity is largely “exhausted,” the veteran analyst said.

Zimbabwe produced 30 metric tons of gold in 2023.

A series of disappointments for the mining industry comes against the backdrop of weak commodity prices — although gold has been an exception.

Fifteen subsistence mine workers had been trapped in an underground shaft at the Redwing mine in Zimbabwe after it collapsed on Thursday.

Earlier in the session, the company's stock had reached a 52-week high.

Gold’s momentous breakout upleg into nominal record territory is set to accelerate in 2024.