2024 was one of those years that will go into the books as one of great instability and upheaval.
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With fears of World War III looming, safe haven assets and critical minerals have seen prices soar. Central banks are rushing to buy gold, defense stocks are booming, and there’s even talk about starting a national strategic Bitcoin reserve in the U.S.
First of all, gold continues to assert its status as the ultimate safe-haven asset, hitting a record price of $2790 in October amid escalating uncertainty.
Bitcoin, often dubbed “digital gold,” is defying expectations as it continues its march past $100,000 spurred by both institutional and mainstream adoption. But the most impressive commodity rally this year comes from a little-known yet indispensable metal: antimony, a critical component in almost all military equipment.
Here’s a closer look at these three soaring commodities, their drivers, and the key players benefiting from the rally.
1. Antimony: The Hottest Commodity in 2024
Antimony’s meteoric rise in 2024—surging 300% year-to-date—has catapulted the obscure metal into the spotlight as global militaries race to secure critical supplies. Traditionally overlooked in commodity markets, antimony has proven indispensable in modern warfare, where it fortifies ammunition, powers explosives, and underpins advanced battlefield technologies like night vision goggles and secure communications systems.
Western powers have embarked on a $100 billion spending spree to restock their armories, increasing the demand for antimony at a time when China is weaponizing this crucial commodity. While there are a few good gold-antimony plays on the market, it’s the pure-play antimony miners that stand to gain the most from this rally.
Take Military Metals (CSE: MILI, OTCQB: MILIF), a relative newcomer in the space has acquired two of the top ten Antimony projects in the world and is rapidly bringing onstream a new source of antimony supply.
This historic antimony deposit, dating back to the Cold War, holds an estimated 60,998.4 tons of antimony – a resource now valued at an astounding $2 billion.
Discovered in the 1950s and explored further in the 80s and 90s, Trojarova’s development was suddenly halted as the Cold War ended and antimony’s strategic importance faded.
But the world has changed.
Geopolitical instability is the new normal, and with NATO countries spending tens of billions of dollars to re-stock their depleted arsenals, the demand for antimony is peaking.
And Military Metals isn’t concentrating all of its effects on a single continent: it’s also making huge moves back in North America, in Canada’s famous WWI antimony mine in Nova Scotia.
The reopening of the West Gore mine represents more than just a business venture; it’s a strategic initiative to bolster North America’s supply of antimony, a mineral deemed essential for national security.
Is This The World’s Most Undervalued Antimony Pure-Play?
Military Metals is valued at only $23 million right now; but its new play in Slovakia is valued at $2 billion in situ of ore at today’s Antimony spot prices. And that’s only one of its new antimony acquisitions. When you add the potential of West Gore in Nova Scotia, valuations could get even more attractive.
This is not mere speculation—the U.S. government has already begun significant investments to secure domestic sources of critical minerals and is actively working to restore the production and refining of key metals, such as antimony, within North America. With billions of dollars allocated toward strengthening domestic mineral supplies, companies like Military Metals (CSE: MILI, OTCQB: MILIF) are positioned to receive substantial financial backing.
2. Central Banks Drive 2024 Gold Rush
Gold’s role as a safe haven asset has been on full display in 2024, with prices surging to an all-time high of almost $2,800 per ounce—a 37% increase since the start of the year. This ascent has been driven by a number of factors, with escalating geopolitical tensions at the forefront. As the specter of an all-out global conflict looms larger than ever, the metal’s historic reputation as a safe haven has drawn both institutional and retail investors seeking shelter from the storm.
Central banks have been key players in this gold rush, particularly those in emerging markets. In the first half of the year alone, they purchased a record 800 metric tons of gold. That’s 112 fully loaded Boeing 737 aircraft with the famous 400 oz. gold bars. This buying spree reflects not only a desire to hedge against the depreciation of fiat currencies but also a broader effort to reduce dependency on the U.S. dollar.
One company uniquely positioned to benefit from this environment is Barrick Gold, (NYSE: GOLD) while the company reported third-quarter earnings below Wall Street estimates, primarily due to increased costs and reduced production at its Nevada operations. The company’s all-in sustaining costs (AISC) for gold—a comprehensive industry metric—rose to $1,507 per ounce from $1,255 per ounce in the same quarter last year.
Despite these challenges, Barrick’s realized gold price increased by 29.4% to $2,494 per ounce, reflecting a surge in bullion prices following a 50-basis-point rate cut by the U.S. Federal Reserve and heightened safe-haven demand amid Middle Eastern conflicts. Additionally, Barrick indicated that full-year production at its Loulo-Gounkoto project in Mali is expected to reach the upper end of its forecast, even as the company navigates ongoing disputes with the Malian government.Investors are now turning their attention to the monetary policy outlook following a report indicating that US business activity is growing at its fastest pace since April 2022. Swaps traders currently assign less than a 50% probability of the Fed cutting rates next month. Most banks remain optimistic, with Goldman Sachs and UBS projecting further gains in 2025.
3. Bitcoin: The Cryptocurrency King Is Back
Bitcoin’s ascent in 2024 has been nothing short of spectacular, breaking past the $100,000 mark and doubling in value since the year began. Unlike traditional commodities like gold and antimony, Bitcoin’s rise is fueled by its growing integration into the global financial system and its evolving role as a hedge against economic instability. What was once dismissed as a speculative asset has matured into a cornerstone of institutional investment portfolios and a lifeline for economies grappling with failing currencies.
A major driver of Bitcoin’s rally has been the advent of institutional-grade financial products. This year, investment giants such as BlackRock and Fidelity launched Bitcoin exchange-traded funds (ETFs), making it easier than ever for both retail and institutional investors to gain exposure. These ETFs have brought Bitcoin into the mainstream, sparking a wave of inflows from pension funds, sovereign wealth funds, and individual investors seeking alternatives to fiat currencies and traditional assets.
A standout beneficiary of Bitcoin’s remarkable year is MicroStrategy (NASDAQ: MSTR), the software company that transformed itself into a corporate Bitcoin giant. With over 200,000 Bitcoin on its balance sheet, the company’s fortunes have risen in tandem with the cryptocurrency’s meteoric rise. This bold strategy has not only paid off for its shareholders but also positioned MicroStrategy as a bellwether for Bitcoin’s broader adoption. Its success underscores the transformational potential of Bitcoin as both an asset and an idea—one that continues to reshape the financial landscape in 2025 and beyond.
MicroStrategy’s co-founder Michael Saylor revealed in a recent interview with CNBC that the company is generating $500 million daily as Bitcoin approaches the $100,000 milestone for the first time.
In an interview with CNBC, Saylor detailed the company’s gains, stating, “We’re making $500 million a day. I’m staring at my screen and we’re selling dollar bills for $3, sometimes a million times a minute.”
To provide context, MicroStrategy’s stock surged an impressive 97% over the past month, while Bitcoin rose nearly 47%. Year-to-date, the company’s stock has skyrocketed by over 515%, compared to Bitcoin’s 122% gain. For comparison, Nvidia, the AI leader and the world’s most valuable company by market capitalization, has seen its stock rise by nearly 195% in the same period.
Saylor summed up MicroStrategy’s performance, saying, “We may very well be the most profitable company in the U.S. growing the fastest right now. There’s not many companies making $500 million a day.
Companies to keep an eye on:
Marathon Digital Holdings, Inc. (NASDAQ: MARA)
Marathon Digital Holdings is one of the largest Bitcoin mining companies in North America. They operate a network of mining facilities with a focus on expanding their hashrate and increasing their Bitcoin production capacity. Marathon Digital is committed to sustainable mining practices, utilizing renewable energy sources to power their operations whenever possible. This commitment to environmental responsibility aligns with the growing focus on reducing the carbon footprint of Bitcoin mining.
Bitcoin mining is the process of verifying and adding transactions to the Bitcoin blockchain, the decentralized ledger that records all Bitcoin transactions. Miners use specialized computer hardware to solve complex mathematical problems, and they are rewarded with newly minted Bitcoins for their efforts. Marathon Digital’s mining operations contribute to the security and stability of the Bitcoin network, ensuring the integrity of the blockchain.
As a leading Bitcoin mining company, Marathon Digital’s performance is closely tied to the price of Bitcoin and the overall health of the cryptocurrency market. Their focus on expanding their hashrate and utilizing renewable energy sources positions them as a key player in the evolving landscape of Bitcoin mining. As the adoption of Bitcoin and other cryptocurrencies continues to grow, Marathon Digital is well-positioned to capitalize on the increasing demand for digital asset mining services.
CoinDesk (NASDAQ: COIN)
CoinDesk is a leading media platform and information services company for the cryptocurrency and blockchain technology community. Founded in 2013, it has become a trusted source of news, analysis, and data for the evolving world of digital assets. CoinDesk provides comprehensive coverage of cryptocurrencies like Bitcoin and Ethereum, as well as the broader blockchain ecosystem, including decentralized finance (DeFi), non-fungible tokens (NFTs), and Web3 technologies.
Beyond its news and analysis, CoinDesk offers a range of resources and services for the crypto community. This includes educational content, research reports, data indices, and a variety of events, including the renowned Consensus conference. CoinDesk’s events bring together industry leaders, investors, developers, and enthusiasts to discuss the latest trends and advancements in the crypto space. They also provide a platform for networking and collaboration, fostering the growth and development of the blockchain ecosystem.
CoinDesk’s commitment to providing accurate, unbiased, and insightful information has made it a respected voice in the crypto community. Their coverage of the rapidly evolving world of digital assets helps to inform and educate investors, developers, and the general public, contributing to the broader understanding and adoption of blockchain technology. As the crypto industry continues to mature and evolve, CoinDesk remains a vital source of information and a key platform for discussion and collaboration.
Newmont Corporation (NYSE: NEM)
Newmont Corporation is a leading global gold producer with a significant presence in North and South America, Australia, and Africa. They are one of the largest gold mining companies in the world, with a diverse portfolio of assets and a long history of operational excellence. Newmont is committed to responsible mining, implementing industry-leading practices to minimize their environmental impact and support the communities where they operate. This includes initiatives to reduce greenhouse gas emissions, conserve water resources, and promote biodiversity.
Gold is a highly valued commodity with a wide range of applications, from investment and jewelry to electronics and aerospace. Newmont’s production contributes to the global supply of gold, meeting the needs of various industries and investors. As a leading gold producer, Newmont plays a crucial role in the global economy, providing jobs, supporting local communities, and contributing to economic development.
Newmont’s commitment to sustainability and responsible mining practices aligns with the growing global focus on environmental and social responsibility. They have set ambitious targets to reduce their carbon footprint and promote sustainable development in the mining industry. By prioritizing environmental stewardship, social responsibility, and operational excellence, Newmont aims to create long-term value for its shareholders and stakeholders while contributing to a more sustainable future.
Block, Inc. (NYSE: SQ)
Block, Inc. (formerly Square, Inc.) is a financial technology company that provides payment processing solutions and financial services to individuals and businesses. Founded by Jack Dorsey, Block is known for its innovative approach to financial services, offering user-friendly tools and platforms that empower individuals and businesses to participate in the economy. Block’s ecosystem includes popular products like Square, a point-of-sale system for businesses, and Cash App, a peer-to-peer payment platform with a growing suite of financial tools.
One of Block’s key strengths is its ability to adapt to the evolving needs of its customers and the changing financial landscape. They have been early adopters of new technologies and trends, including Bitcoin. Block’s Cash App allows users to buy, sell, and hold Bitcoin, making it a popular platform for individuals to access the cryptocurrency market. This early adoption of Bitcoin has positioned Block to benefit from the growing mainstream acceptance and adoption of cryptocurrencies.
As Bitcoin and other cryptocurrencies continue to gain traction, Block’s exposure to this emerging asset class could provide significant growth opportunities. The increasing integration of Bitcoin into Cash App’s features, such as the ability to use Bitcoin for payments and remittances, could drive further adoption and generate new revenue streams for Block. Furthermore, Block’s exploration of blockchain technology and decentralized finance (DeFi) applications could lead to innovative new products and services that further solidify its position as a leader in the fintech space. By embracing innovation and adapting to the changing financial landscape, Block is well-positioned to capitalize on the opportunities presented by the growing adoption of Bitcoin and other cryptocurrencies.
Kinross Gold Corporation (NYSE: KGC)
Kinross Gold Corporation is a prominent gold mining company with a global presence, operating mines and development projects in the Americas, West Africa, and Russia. They are a major player in the gold industry, with a focus on responsible mining and sustainable practices. Kinross is committed to minimizing their environmental impact, supporting local communities, and upholding high ethical standards in their operations. This includes initiatives to reduce greenhouse gas emissions, conserve water resources, and promote biodiversity.
Kinross Gold’s production contributes to the global supply of gold, a valuable commodity with a wide range of applications, from investment and jewelry to electronics and aerospace. As a significant gold producer, Kinross plays a crucial role in the global economy, providing jobs, supporting local communities, and contributing to economic development in the regions where they operate.
Furthermore, Kinross Gold is dedicated to responsible mining and environmental stewardship. They have implemented various initiatives to minimize their environmental footprint and promote sustainable development. This includes investing in renewable energy, reducing water consumption, and rehabilitating mine sites. By prioritizing sustainability and social responsibility, Kinross Gold aims to create long-term value for its shareholders and stakeholders while contributing to a more sustainable future.
Agnico Eagle Mines Limited (NYSE: AEM)
Agnico Eagle Mines Limited is a leading gold mining company with a focus on operations in Canada, Finland, and Mexico. They are known for their commitment to safety, sustainability, and community engagement. Agnico Eagle operates several high-quality gold mines, with a strong track record of operational excellence and exploration success. They are committed to responsible mining practices, minimizing their environmental impact and supporting the communities where they operate.
Agnico Eagle’s production contributes to the global supply of gold, a valuable commodity with a long history as a store of value and a safe haven asset. As economic uncertainties and geopolitical tensions persist, the demand for gold as a hedge against inflation and financial instability remains strong. Agnico Eagle’s production helps to meet this demand, providing a reliable source of gold for investors and various industries.
Furthermore, Agnico Eagle is dedicated to sustainable mining practices and environmental stewardship. They have implemented various initiatives to reduce their carbon footprint, conserve water resources, and protect biodiversity. By prioritizing sustainability and social responsibility, Agnico Eagle aims to create long-term value for its shareholders and stakeholders while contributing to a more sustainable future for the mining industry.
By. Tom Kool
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Forward-Looking Statements
This publication contains forward-looking information which is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ from those projected in the forward-looking statements. The forward-looking statements in this publication are based on current expectations and assumptions about future events, geopolitical developments, trade policies, market conditions, the company’s strategic initiatives to address the critical shortage of antimony, and current expectations, estimates, and projections about the industry and markets in which the company operates. Factors that could change or prevent these statements from coming to fruition include, but are not limited to, the potential impact of the upcoming U.S. elections on various industries and specific companies, changes in government policies, market conditions, regulatory developments, geopolitical events and the company’s ability to successfully acquire and develop new antimony resources and fluctuations in antimony prices. The forward-looking information contained herein is given as of the date hereof and we assume no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.
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