Anglo Gold: Gold production is projected to be between 2.8 million and 3.17 million ounces in 2026.

Energy: 1. IEA Executive Director Fatih Birol: We anticipate a significant oil surplus due to supply from the Americas. We have not yet discussed revising the 90-day inventory rule. 2. IEA Executive Director Fatih Birol: India is entering the “final stage” of joining the IEA. 3. Colombian Ministry of Energy: Has been accepted as a full member of the International Energy Agency (IEA). 4. US Energy Secretary Wright: Our goal is not to withdraw from the International Energy Agency (IEA). 5. The Paris lawsuit demands that Total Energy cease oil and gas exploration activities. 6. Sources: Venezuelan refineries are operating at approximately 35% capacity, processing approximately 450,000 barrels per day of crude oil. 7. Trump: 50 million barrels of Venezuelan oil are being shipped to Houston. 8. Colombian National Petroleum Corporation (Ecopetrol): As of the end of 2025, its proven reserves are estimated at 1.944 billion barrels of oil equivalent. 9. Market News: Due to continued US pressure on India to reduce its purchases of Russian crude oil, India's crude oil imports from Saudi Arabia are expected to increase to 1 million to 1.1 million barrels per day this month, the highest level since November 2019. 10. US Ambassador to India: We see India diversifying on the issue of Russian oil. Active consultations are underway with the Indian Ministry of Energy regarding the export of Venezuelan oil to India. Precious Metals and Mining: 1. Indian Minister of Mines: India is expected to produce its own permanent magnets by the end of the year. 2. Reports indicate Glencore is close to selling its Kazakhstan-based Kazzinc mining business. 3. Japanese Prime Minister Sanae Takaichi: Development of rare earth resources near Minamitorishima Island will be accelerated. 4. Market News: Brazil and India will strengthen cooperation in key mineral and technology sectors. 5. Industry associations reported that Japan's crude steel production in January increased by 2.8% compared to December, reaching 6.75 million tons; however, it decreased by 0.5% year-on-year. 6. Goldman Sachs: Overall, central bank gold purchases and increased gold exposure by private investors in anticipation of Fed rate cuts will drive gold prices slowly up to $5,400 per ounce by the end of 2026. Tariffs: 1. Indonesia and the United States signed a reciprocal trade agreement, under which the US will maintain a 19% reciprocal tariff rate on Indonesia, but certain products will be subject to zero tariffs.

The Indonesian government stated that under the US-India trade agreement, Indonesia imposes a 19% tariff on most goods, with a 0% tariff on coffee, chocolate, and rubber.