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Gold mining companies are on the list of industries wary of spending in this economy.

The big picture: The trade war has dented CEO confidence and many companies are holding off on capital expenditures and large investments, but gold mining companies have typically splurged when prices of the precious metal have risen.

What's happening: Gold prices rose to a 2-week high on Monday, as the awful manufacturing and growth numbers from the eurozone urged investors to buy safe-haven assets, and the commodity is again rising toward an all-time high. But gold mining companies are being cautious. WSJ's Alistair MacDonald writes...

  • "Gold miners say they aren’t planning the same sort of megaprojects and acquisition sprees that characterized the last ramp up in prices in the years ahead of 2011. Instead, wary of volatile prices, they plan to pay down debt and return money to shareholders."
  • "Many companies, including the world’s largest gold miner, Newmont Goldcorp Corp., say they will only approve new projects if they can make money with gold at $1,200, about 20% below where the metal currently trades."
  • "Gold prices also have spent the majority of the eight years since 2011’s bust trading above that level, underscoring how conservative companies have become."

Go deeper: Central banks want more gold, fewer dollars

Go deeper

39 mins ago - Health

Study: Common antidepressant guards against COVID hospitalization

A COVID-19 intensive Care Unit in Rio De Janeiro, Brazil on May 27, 2021. Photo: Fabio Teixeira/Anadolu Agency via Getty Images

The readily available antidepressant fluvoxamine significantly reduced COVID-related hospitalizations, according to a large study published Wednesday.

Why it matters: The clinical trial suggests that a cheap, readily available drug could dramatically reduce serious illness and death when prescribed early.

By the numbers: Catholics, Biden and abortion

Expand chart
Reproduced from Pew Research Center; Chart: Axios Visuals

President Biden — the second Catholic U.S. president — will meet with Pope Francis at the Vatican on Friday, as some church leaders debate whether to deny Holy Communion to politicians who support abortion rights.

By the numbers: Overall, two in three U.S. Catholics believe Biden should be allowed to take Communion despite his stance on abortion, according to polling by Pew Research Center.

Texas House probes school library books dealing with race and sexuality

Photo: Brittany Murray/MediaNews Group/Long Beach Press-Telegram via Getty Images

Texas state Rep. Matt Krause, chair of the Texas House Committee on General Investigating, announced Wednesday that he's initiating a probe into schools' library books, according to a letter sent to the state's education agency and other superintendents.

Why it matters: The probe focuses on books that discuss race, sexuality or "make students feel discomfort, guilt, anguish or any other form of psychological distress because of their race or sex," Krause wrote in the letter.