Global gold ETFs inch towards record holdings again — but investors aren’t marching in lockstep. According to the WGC’s October report, while U.S. and Asian buyers continued to add to gold-linked exchange-traded funds, European investors opted to cash out.GLD ETF is up more than 50% this year. Check its real-time prices.Total worldwide ETF holdings climbed by 55 tonnes in October, marking the fifth straight month of inflows, to take total assets to 3,893 tonnes, just short of the record high set in 2020. Go ...

As gold pushed higher and higher into uncharted territory in recent weeks, even die-hard enthusiasts warned that the rapid rally was getting out of hand. Now, with prices plunging, they’re keeping faith that bullion’s longer-term bull market isn’t over yet. Kevin Smith, who runs the $420 million Crescat Capital hedge fund, has been bullish on gold since 2019, when prices were trading below $1,500 an ounce. After a 6.5% selloff over the past two days that’s taken prices near $4,000, he says it’s still a bu ...

Core Insights - U.S. regional bank stocks experienced significant declines on October 16, 2025, due to emerging signs of credit stress in the banking sector [1] - Zions Bancorporation and Western Alliance Bancorporation reported substantial losses linked to troubled business loans, leading to a drop in their stock prices [2] Regional Banking Sector - The recent selloff in regional banks was triggered by a series of bankruptcies, notably the September bankruptcies of subprime auto lender Tricolor and auto parts supplier First Brands, which have raised concerns about interconnected risks within the financial system [3] - Jefferies Financial Group's asset management unit reported holding $715 million in receivables associated with First Brands' customers, highlighting potential hidden credit risks among U.S. banks, particularly smaller regional institutions [4] Market Volatility - The iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) saw a gain of 9.3% on October 16, 2025, indicating rising market volatility, while the SPDR S&P 500 ETF (SPY) lost 0.7% on the same day [5] - The regional banking sector had already faced turmoil earlier in 2023 following the collapse of Silicon Valley Bank, suggesting ongoing instability [5] Investment Alternatives - Investors are turning to Treasuries as a safe haven, with the iShares 7-10 Year Treasury Bond ETF (IEF) gaining 0.5% on October 16, 2025, as two-year yields dropped to 3.37% [6] - Money-market-based ETFs, such as the iShares Ultra Short Duration Bond Active ETF (ICSH), are gaining traction due to lower interest rate risks, with the ETF yielding 4.70% annually [7] - International bond markets are also seen as a potential cushion amid U.S. financial system jitters, with the Vanguard Total International Bond ETF (BNDX) currently yielding 4.31% annually [8] - The Consumer Staples Select Sector SPDR Fund (XLP) is viewed as a safe, non-cyclical investment, likely to remain stable despite the ongoing U.S. government shutdown [9]

Core Insights - Silver has reached an all-time high, increasing over 70% year-to-date, with spot prices at approximately $51.70 per ounce, driven by economic uncertainty and industrial demand [1][3][11] Industry Overview - The surge in silver prices is attributed to renewed U.S.-China trade tensions, with President Trump imposing 100% tariffs on Chinese goods, raising concerns about supply-chain disruptions and global growth [3] - Expectations of further interest rate cuts by the Federal Reserve in October and December have also bolstered silver prices, as lower borrowing costs typically weaken the dollar, making silver more attractive [4] - Silver's demand is not only defensive; it is crucial for fast-growing sectors such as clean energy, solar power, electronics, and electric vehicles, which is expected to sustain its momentum [5] Company Highlights Buenaventura Mining Company (BVN) - Buenaventura is a leading precious metals company in Peru, operating several key mines and holding significant stakes in other mining ventures, providing strong exposure to silver production [6][7] - The Zacks Consensus Estimate for BVN indicates a projected sales growth of 25.7% and EPS growth of 12.5% for 2025, with further growth expected in 2026 [8] Fresnillo plc (FNLPF) - Fresnillo is a major silver and gold producer in Mexico, operating eight active mines and developing multiple exploration projects, positioning it for future growth [9][10] - The Zacks Consensus Estimate for Fresnillo suggests a substantial sales increase of 50.3% and an EPS surge of 352.8% for 2025, with continued growth anticipated in 2026 [12] Pan American Silver (PAAS) - Pan American is a significant silver and gold producer with operations across several countries, recently enhancing its silver reserves through the acquisition of MAG Silver [13][14] - The Zacks Consensus Estimate for PAAS indicates a sales growth of 21.5% and an EPS increase of 153% for 2025, with further growth expected in 2026 [15] First Majestic Silver (AG) - First Majestic focuses on silver and gold production in Mexico and the U.S., operating multiple underground mines and recently acquiring Gatos Silver to enhance its production capabilities [16][17] - The Zacks Consensus Estimate for AG forecasts a sales increase of 91.1% and an EPS jump of 228.5% for 2025, with positive revisions in EPS estimates for 2025 and 2026 [18]

Oil Market Insights - WTI crude prices have fallen below $60 per barrel due to easing tensions in the Middle East and weak sentiment between China and the U.S., which has diminished the geopolitical risk premium associated with oil [1] - The successful implementation of the Israel-Gaza ceasefire has contributed to lower geopolitical risk premiums in oil futures, with ICE Brent prices dropping below $64 per barrel [2] - Analysts indicate that ongoing tensions between China and the U.S. are not providing bullish momentum for crude oil, with potential impacts on global trade expected in 2026 if sanctions continue [2] Precious Metals - Silver prices have reached an all-time high of $49.55 per ounce, surpassing the previous record from 1980, driven by safe-haven demand and support from central bank purchases and renewable energy demand [3] Corporate Developments - Cenovus Energy has raised its bid for MEG Energy to $6.2 billion, marking the offer as its 'best and final' in response to a competing bid from Strathcona Resources [4] - Brazil's Petrobras has reported a new offshore oil discovery in the pre-salt Campos Basin, striking oil in the Agua Marinha block at depths exceeding 2,600 meters, in collaboration with TotalEnergies, Petronas, and QatarEnergy [5] - Mexico's government has removed restrictions on Pemex, granting the company full market control in the energy sector, including the elimination of regulations on sales prices for transportation fuels [6] - Trinidad and Tobago received a six-month sanctions waiver from the U.S. to develop the Dragon gas field, with Shell aiming for production of 0.35 BCf/d by the end of 2026 [7] - Chevron plans to begin drilling the Korikori-1 exploration well in Suriname's Block 5 by the end of October, enhancing the country's project portfolio following TotalEnergies' approval of the $12 billion Gran Morgu project [8] - Venture Global's shares fell by 15% after an arbitration court found the company in breach of obligations to BP regarding liquefied gas delivery from the Calcasieu Pass project [9]

Gold Market - A significant gold rally has seen prices soar past $3,800 per ounce, indicating growing distrust in global fiscal and monetary policies [2][7] - The SPDR Gold Shares ETF (GLD) has experienced a substantial 42% gain this year, reflecting heightened investor interest in gold as a safe haven [2][7] Automotive Sector - China's Ministry of Industry and Information Technology (MIIT) has announced new, stricter technical requirements for energy-saving and new energy vehicles (NEVs) to qualify for tax incentives, effective January 1, 2024 [3][7] - Non-compliant vehicles will be removed from the eligible catalog starting June 1, 2024, with a grace period for existing models until May 31, 2024 [3][7] - Tax incentives can include a full exemption or a 50% reduction, up to a maximum of 30,000 yuan ($4,100), for purchases made between January 1, 2024, and December 31, 2025 [3][7] Indian Financial Market - The Indian Rupee (INR) opened steady at 88.78 against the U.S. dollar, reflecting a slight depreciation trend amidst investor caution [4][7] - India's 10-year benchmark government bond yield experienced a marginal decline, settling at 6.5230%, down from 6.5239% [5][7] - The NSE Index began trading with a minor dip, opening down 0.06% in pre-open trade, indicating a cautious start for Indian equities [5][7]

Core Viewpoint - Gold has seen a significant price increase, reaching over $4,000 per ounce, but experts caution that it may not be a reliable long-term investment compared to equities and other assets [5][6][12]. Investment Performance - Gold's year-to-date increase is 51.6%, with forecasts suggesting it could reach $4,900 per ounce by the end of 2026 [5]. - Over a 30-year period, gold's annualized total return is 7.96%, while the S&P 500 stocks return 10.67% and real estate returns 8.89% [6]. Economic Context - Gold is viewed as a safe-haven asset during economic turmoil, such as government shutdowns and geopolitical uncertainty [9][12]. - Experts suggest that gold performs well in low-interest-rate environments and during financial instability [12]. Investment Strategy - Financial advisors recommend limiting gold exposure to a low single-digit percentage of portfolios, with some suggesting a strategic allocation of up to 10% in alternative investments [15][17]. - It is advised to gain exposure to gold through exchange-traded funds (ETFs) rather than physical gold [14]. Expert Opinions - Ray Dalio recommends allocating up to 15% of portfolios to gold, citing historical parallels to the 1970s [9][10]. - Other financial advisors emphasize the importance of equities as a hedge against inflation, highlighting their ability to generate earnings and dividends, which gold does not [8][7].

Core Insights - Investors significantly increased their investments in gold-backed exchange-traded funds (ETFs) in September, leading to the largest monthly inflow on record, with 146 tonnes added, compared to 53 tonnes in August [2][3] - The total monetary inflow for September reached $17.3 billion, pushing assets under management (AUM) to a new high of $472.5 billion, with third-quarter inflows totaling $26 billion, the strongest ever for any quarter [3][4] North American Market - North American investors contributed the most, adding 89 tonnes of gold worth $10.6 billion in September, resulting in total holdings of 1,966 tonnes and AUM of $245.5 billion [4][5] - This marks the fourth consecutive month of inflows for North American funds, driven by ongoing trade, policy, and geopolitical risks, alongside expectations of lower yields [5] European Market - European gold ETFs experienced their third-best month of inflows in September, with 37 tonnes added, raising total holdings to 1,436 tonnes and AUM to $176.6 billion [6][7] - The UK, Switzerland, and Germany were the leading countries in this activity, with the strong gold price rally contributing to increased demand [7] Asian Market - In Asia, gold ETFs added 18 tonnes valued at $2.1 billion, increasing total holdings to 334 tonnes and AUM to $41.6 billion, driven by strong demand in China and India [8] - The inflows in Asia were attributed to favorable local currency dynamics and heightened investment demand amid weaker domestic equities and ongoing geopolitical risks [8]

Gold Market Overview - Gold futures opened at a record $3,887.70 per ounce, reflecting a 1.2% increase from the previous close of $3,840.80, and rose above $3,900 in early trading [1][3] - The price of gold has seen significant increases over various time frames, with a 3.1% rise from the opening price of $3,769.80 one week ago, a 13.3% increase from $3,432.50 one month ago, and a 47.7% rise from $2,631.40 one year ago [4] Economic Context - The U.S. government shutdown has led to a reduction in federal agency activities, including the Bureau of Labor Statistics, which will temporarily reduce its workforce from 2,055 employees to just one [2] - Analysts and the Federal Reserve are expected to rely on private data sources, such as the ADP payroll report, to assess the economy's health during the shutdown [2] Investment Sentiment - The surge in gold prices is attributed to safe-haven demand as investors react to the potential implications of an extended government closure [3] - Analysts are generally bullish on gold, with predictions from Goldman Sachs Research suggesting that gold could reach $3,700 per troy ounce by the end of 2025, representing a 40% increase from its January 2 opening price of $2,633 [13]

Group 1: Gold Market Insights - Gold prices are near record highs, with the COMEX gold December delivery contract trading at $3,790.50 per troy ounce, reflecting a 0.6% increase on the day and a rise of over 40% year-to-date in 2025 [3][5] - The recent surge in gold prices was influenced by comments from Fed Chairman Jerome Powell, who indicated a cautious approach to interest rate cuts, which temporarily affected market enthusiasm [4][5] - Central banks are maintaining a strong appetite for gold, with purchases exceeding 1,000 tonnes per year for three consecutive years, reminiscent of the 2008-09 financial crisis [6][7] Group 2: Silver Market Insights - Silver prices reached a 14-year high of $43.81 per troy ounce, marking a nearly 50% appreciation year-to-date, driven by similar market dynamics as gold [9] - The COMEX silver contract for December delivery was up 1.99% to $45.07, indicating continued upward momentum in the silver market [10] - Retail investors are increasingly turning to both physical gold and gold exchange-traded funds as safe-haven investments amid geopolitical tensions and economic uncertainties [8]