Hedge funds slash bullish wagers on gold over Trump election win
The precious metal has fallen about 8% from a record high on Oct. 31, with losses accelerating after Trump’s election victory last week.
The US House of Representatives has passed the Critical Mineral Consistency Act of 2024 with bipartisan support of Republicans and Democrats.
The bill modifies the Energy Act of 2020 to expand the definition of critical minerals to include critical materials designated by the Department of Energy (DOE).
Under current law, DOE’s critical materials list contains certain materials that are essential for energy, including those on the critical minerals list of the U.S. Geological Survey (USGS).
The USGS’s list, which contains certain minerals that are essential to the nation’s economic or national security, is not required to include the materials on DOE’s list. Both lists include minerals with a high risk of supply chain disruptions.
By expanding the definition of critical minerals, the bill requires the USGS to include on its list the materials on DOE’s list. Within 45 days of DOE adding a mineral, element, substance, or material to its critical materials list, the USGS must update its list.
“Critical Minerals are essential for our economy, national security, and clean energy technologies. As demand for these strategic resources continues to increase, the United States must ensure access to a reliable supply,” Arizona Congressman Juan Ciscomani said in a statement.
Ciscomani, who sponsored the legislation, said the Act will ensure parity between USGS critical minerals and Department of Energy materials lists to strengthen the domestic supply chain and include copper, electrical steel, silicon, and silicon carbide on the critical minerals list.
“This vote highlights copper’s essential role in powering America’s energy future, electrifying transportation, creating jobs, and strengthening infrastructure,” Copper Development Association CEO Adam Estelle said in a news release. “This is a significant win for U.S. manufacturing, the clean energy transition, and our nation’s global competitiveness.”
The legislation will standardize criteria for identifying critical minerals and includes provisions to reduce reliance on foreign imports by encouraging domestic mining, refining, and recycling efforts.
The legislation specifically ensures critical mineral projects, including copper mine projects, are eligible for the FAST-41 permitting process – a program that improves agency coordination and establishes two-year completion goals, to create a more efficient, predictable, and timely federal environmental review process for covered projects, NEMA said in a separate release.
The bill next goes to the Senate for approval.
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