Although the value of gold recently took a dip, that comes at the tail end of a long surge that boosted values to historic highs of over $5,000 an ounce. And J.P. Morgan believes prices could rise even more over the course of the year, stating in a recent note to investors, “We remain firmly bullish on gold in 2026, and recently raised our outlook to a range of $6,000 to $6,300 per ounce.” You don’t need gold bars or investment-grade coins to benefit from rising gold prices. Everyday jewelry can be worth ...

Gold and silver prices have seen significant volatility in recent weeks following a surge in prices over the past two years. The spot price of gold is up 67% over the last year while the silver spot price has risen 158% in that time – though the asset prices plunged over the last week with gold down over 9% and silver falling more than 27% in that period. The dip in prices also affected gold bullion, which fell over 9.8% on January 30, which was its sharpest single-day drop since 1983.Spot gold prices were ...

Core Insights - The article compares SPDR Gold Shares (GLD) and SPDR Gold MiniShares Trust (GLDM), highlighting their differences in expense ratios, fund sizes, and performance metrics to help investors determine which ETF may better suit their gold investment strategy [1][2]. Cost & Size Comparison - GLD has an expense ratio of 0.40% and assets under management (AUM) of $151.5 billion, while GLDM has a significantly lower expense ratio of 0.10% and AUM of $26.4 billion [3][4]. - Both ETFs have similar one-year returns, with GLD at 67.0% and GLDM at 66.2% [3]. Performance & Risk Metrics - Over the past five years, GLD experienced a maximum drawdown of -21.03%, while GLDM had a slightly lower drawdown of -20.92% [5]. - An investment of $1,000 would have grown to $2,396 in GLD and $2,427 in GLDM over the same period, indicating GLDM's slight edge in performance [5]. Fund Characteristics - GLDM is designed for cost-conscious investors seeking a straightforward way to invest in gold, having been available for 7.5 years and closely tracking gold's price movements [6]. - GLD, as the original gold ETF, offers 100% exposure to basic materials and is favored by institutional investors due to its large scale and liquidity [7]. Investment Implications - Both GLD and GLDM provide nearly identical performance results over the last five years, with GLDM slightly outperforming GLD [11]. - The lower expense ratio of GLDM makes it a more attractive option for cost-sensitive investors, despite GLD's larger AUM providing greater liquidity [11].

Group 1: Gold Market Overview - Gold futures opened at $4,481.80 per troy ounce, marking a 0.3% increase from the previous closing price of $4,469.40, and this is the first time gold has opened above $4,400 [1] - Year-to-date, gold prices have surged by 73.6%, driven by strong demand from central banks and exchange-traded funds (ETFs) [1] - The U.S. dollar index has declined by 9.8% in 2025, with the first half of the year witnessing the worst performance in 50 years, contributing to the rise in gold prices [2][3] Group 2: Price Changes and Historical Performance - The one-week gain in gold prices is 4.9%, while the one-month and one-year gains are 11.2% and 71.1%, respectively [7] - The current price of gold reflects a significant upward trend, with the highest gains observed in the second half of 2025 [4][7] Group 3: Investment Considerations - Investors should be aware of price risk when purchasing gold at high prices, as buying high in hopes of short-term gains can be challenging [9] - Gold is increasingly viewed as a diversification asset for both central banks and individual investors, recovering from decades of low prices [9] - Speculation risk is also a concern, as gold prices are influenced by unpredictable macroeconomic, political, and financial factors [11]

Group 1: French Broadcasting Incident - The Paris headquarters of French news broadcaster BFMTV and RMC BFM TV were evacuated due to a bomb threat, leading to the suspension of live broadcasts [2][7] - Police, including bomb disposal units, were deployed to conduct thorough checks, and the alert was later cleared, allowing some staff to return [2][7] Group 2: Iraqi Sovereignty and External Influence - U.S. Special Envoy to Iraq, Mark Savaya, emphasized the importance of Iraq asserting its sovereignty by controlling all weapons and eliminating external interference, particularly from Iran [3][7] - Savaya stated that confining weapons to state authority is essential for Iraq to regain its influential role in the region [3][7] Group 3: Gold Prices and China's Jewelry Market - Gold prices surged past $4,000 an ounce in October 2025, driven by geopolitical and economic uncertainties, creating a complex landscape for China's retail jewelry sector [4][7] - High gold prices have negatively impacted sales at major Chinese jewelry retailers, with a reported 52% decline in jewelry purchases during the second quarter of 2024 [5][7] - Despite the decline in jewelry sales, there was a 46% increase in sales of gold bars and coins in the first half of 2024 as consumers sought to hedge against economic uncertainty [5][7]

Core Viewpoint - Pan American Silver Corp. is highlighted as a strong investment opportunity in the silver mining sector, with RBC Capital maintaining a Buy rating and setting a price target of $45 following the company's robust Q3 2025 performance, characterized by record free cash flow [1][2]. Financial Performance - The company reported revenue of $854.6 million for the quarter, which fell short of the expected $860.78 million. The adjusted EPS was $0.48, missing the analyst estimates of $0.51. Despite these misses, free cash flow reached a record $251.7 million, attributed to high-margin production from the newly acquired Juanicipio mine and favorable metal prices [2][3]. Production Metrics - During the quarter, Pan American Silver produced 5.5 million ounces of silver and 183,500 ounces of gold. The increase in silver output was partly due to a one-month contribution from the Juanicipio acquisition, while gold production was slightly lower due to technical issues at the Cerro Moro and El Peñon mines [3]. Dividend and Guidance - The Board of Directors increased the quarterly dividend by approximately 16% to $0.14 per share, reflecting confidence in cash generation. Additionally, the company raised its full-year 2025 silver production guidance to 22.0–22.5 million ounces, citing the positive impact of the Juanicipio integration [4]. Company Overview - Pan American Silver Corp. is a Canadian mining company engaged in the acquisition, exploration, development, and operation of silver and gold mines across the Americas, primarily producing silver and gold bullion from high-grade underground and open-pit mines [5].

Core Insights - Kinross Gold Corporation has converted a secured convertible debenture worth approximately $80 million into common shares of Asante Gold Corporation, resulting in the issuance of 61,735,867 shares at a price of C$1.81 per share ($1.30) [1][2] Group 1: Financial Impact - The conversion extinguishes all obligations related to the debenture, meaning it is no longer outstanding [1] - Following the conversion, Kinross's ownership stake in Asante increased to approximately 13–18% on a partially diluted basis, up from a previous ownership of 5.2% (non-diluted) and 9.4% before a prior sale in September 2025 [3] Group 2: Company Overview - Kinross Gold Corporation operates gold mines across the Americas and West Africa, with core assets including the Tasiast mine in Mauritania, Paracatu in Brazil, and La Coipa in Chile [4] - The company also has development-stage projects such as Manh Choh in Alaska, primarily offering gold bullion and silver by-products [4]

Core Viewpoint - AngloGold Ashanti PLC is highlighted as a top stock to buy amid a rally in gold prices, with a recent appointment of Marcus Randolph as an independent non-executive director expected to enhance the company's governance and strategic capabilities [1][3]. Company Overview - AngloGold Ashanti PLC operates as a global mining company focused on acquiring, exploring, developing, and operating gold properties, primarily in Africa, Australia, and the Americas, with gold bullion as its main product [3]. Appointment of Marcus Randolph - Marcus Randolph has over 40 years of experience in the mining and processing industries, previously serving as CEO and President of Ecobat and Executive Chairman of Boart Longyear, as well as holding senior leadership roles at BHP Billiton from 1999 to 2013 [2][3]. - Randolph will join the Compensation and Human Resources Committee and the Social, Ethics, and Sustainability Committee, which is expected to leverage his expertise in governance and corporate strategy [1][2][3]. Chairman's Comment - Chairman Jochen Tilk expressed confidence that Randolph's extensive experience will significantly benefit the board and the company, particularly in governance and the mining value chain [3].

Core Insights - The TSX has increased by 22% in 2025, largely due to the rising weight of gold miners in the index, which has grown from 7.2% to 9.4% [1] - Gold bullion prices have surged by 40% this year, while the TSX Gold sub-industry index has skyrocketed by 95%, creating a sense of FOMO among investors [2] Gold Market Dynamics - The gold market is supported by traditional arguments such as crisis alpha, inflation protection, and low correlation with other asset classes [3] - Recent U.S. policy decisions, including inflationary measures and high debt levels, have increased investor demand for gold [4] - Fund flows into gold bullion ETFs have recently turned positive, indicating potential for further investment growth [6] Financial Performance of Gold Miners - Gold miners in the TSX generated approximately $6 billion in earnings in 2023, with forecasts suggesting this could rise to over $21 billion in the next 12 months [7] - The current profitability of gold miners may lead to a potential merger and acquisition wave, which could further enhance market performance [7] Valuation Concerns - Technical indicators show that gold and TSX miners are in an extended position, with relative strength indices (RSI) indicating potential sell signals [10] - Valuation metrics for gold are at historical highs, raising concerns about sustainability [12] Investor Sentiment - There are mixed sentiments among investors, with some considering profit-taking after significant gains, while others remain bullish on gold's long-term value [9][13] - The performance of Asian equity markets may influence gold demand, as investors could shift back to stocks [11]

Core Viewpoint - A-Mark Precious Metals, Inc. will hold a conference call on September 9, 2025, to discuss its fiscal fourth quarter and full year results for the period ending June 30, 2025 [1] Company Overview - A-Mark Precious Metals, Inc. is a fully integrated precious metals platform founded in 1965, offering a variety of bullion and numismatic products to wholesale and retail customers [4] - The company operates through three segments: Wholesale Sales & Ancillary Services, Direct-to-Consumer, and Secured Lending [4] Wholesale Sales & Ancillary Services - This segment distributes and purchases precious metal products from various mints, including the U.S. Mint, and sells over 200 different products to various customers [5] - A-Mark also provides managed storage options and logistics services for precious metals [6] Direct-to-Consumer Segment - A-Mark operates as an omni-channel retailer through subsidiaries like JM Bullion and Goldline, targeting specific niches within the precious metals market [10] - The company utilizes various marketing channels, including television and online platforms, to reach investors and collectors [10] Secured Lending Segment - The Secured Lending segment is operated through Collateral Finance Corporation, which provides loans secured by bullion and numismatic coins [11] Conference Call Details - The conference call will take place at 4:30 p.m. Eastern time, with access available via a U.S. dial-in number and an international number [2] - A replay of the call will be available after the event through specific toll-free and international numbers [3]