- North American physically backed gold ETFs swung from $71 million of net buying in July to $7.7 billion in August, a roughly 108-fold jump that pulled global holdings to a record 4,189 metric tons on $18 billion of monthly inflows.
- The Fed lifted its policy rate 25bp to 3.75%–4.00% on September 16, its first increase in three years, and signaled another possible hike before the end of 2026; spot gold slid 1.2% to $4,240.10 an ounce.
- GLDM closed near $85 and sits down 3% after the hike, with the fund's 0.10% expense ratio delivering 236% over ten years; the deciding variable is whether real yields at 2.68% and 10-year Treasuries at 5% roll over or grind higher.
- Barrick Mining gained 1.2% to $43.06 in pre-market trading on a newly initiated Buy rating and gold recovering above $4,300 an ounce, even as Bernstein cut its price target to $56.50 from $61.
- Cartier Resources' updated Cadillac Project PEA carries a C$1.0 billion after-tax NPV5% and 26.6% after-tax IRR at US$3,600/oz gold, with 100 koz/yr of production over 16.2 years.
Quotes
“North American physically backed gold ETFs went from a sleepy $71 million of net buying in July to $7.7 billion in August, a roughly 108-fold jump that landed just weeks before the Federal Reserve's September policy move.”
“The Fed lifted its policy rate by 0.25 percentage point on September 16; spot gold slid 1.2% to $4,240.10 an ounce, and GLDM closed near $85.”
“Gold prices moved back above $4,300 per ounce as the recent increase in oil prices lost momentum, easing some inflation-related concerns affecting precious metals.”
“Cartier Resources' updated Cadillac Project PEA: C$1.0B after-tax NPV, 26.6% IRR at US$3,600/oz gold, 100 koz/yr production over 16.2 years.”