⛏ ETFs Continue to Pile in Gold

Gold Climbs to Fresh Record After Bets on Fed Rate Cuts Surge
Gold hit a fresh record on Monday, extending gains after Friday’s unexpectedly weak US employment report that saw wagers increase on the Federal Reserve cutting interest rates. Bullion rose as much as 1.7% to more than $3,646, eclipsing the previous record set Friday after a pivotal US payrolls report showed a slowdown in hiring, while unemployment increased to the highest level since 2021. Read on »

Tether Deepening Ties to Gold
Tether, the world’s largest stablecoin operator and one of the most profitable companies in the world, is looking to deepen it’s investments into what the company’s CEO calls “natural bitcoin” – gold. Tether already owns a massive $8.7 billion of gold bars, used as collateral for it’s stablecoin. In June, Tether invested $105 million into gold royalty company Elemental Altus, with another $100 million investment announcement on Friday. And according to the FT, they are holding talks with multiple other firms to do similar deals. Read on »

ETFs Continue to Pile in Gold
In August, ETFs globally added 53 tonnes of gold totaling about $5.5 billion, according to the latest data compiled by the World Gold Council. Assets under management (AUM) by ETFs globally closed at another month-end peak and is now just 6 percent below the all-time high reached during the pandemic. Between August’s metal inflows and the increasing gold price, AUM rose by 5 percent last month to $407 billion, a new month-end record. Read on »

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