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Gold ETF inflows hit $3.3 billion since August

The gold market is experiencing a remarkable surge, with exchange-traded funds playing a pivotal role in driving prices to levels not seen in decades. Recent data shows that gold-related ETFs have attracted a staggering $3.3 billion in investments since August, signaling a renewed interest in the precious metal as a safe-haven asset.

This surge in ETF popularity comes as gold prices have skyrocketed by 28% year-to-date, putting the commodity on track for its best annual performance since 1979. The spot price of gold recently reached a record high of $2,661.41 per ounce, reflecting the growing demand and changing market conditions.

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What’s going on?

• OpenAI Secures Record $6.6 Billion Funding, Seeks Investor Exclusivity (theDeepDive)

• Homeowners’ Credit Resilience ‘Surprised’ Canada Bank Regulator (BNN)

• Russia To Boost Defense Budget by 25% In 2025, Reaching Record High (theDeepDive)

• UK house sales rise since the Covid-19 boom as lower mortgage rates spur activity (CNBC)

• Exclusive: Rival browsers allege Microsoft's practices on Edge unfair, should be subject to EU tech rules (Reuters)

• Are Carbon Taxes Driving Food Prices Up? (theDeepDive)

• Uber and Lyft drivers use Teslas as makeshift robotaxis, raising safety concerns (Reuters)

• 7-Eleven Owner Seeking to Sell Off Part of Stake in Banking Unit (BNN)

• Russia To Accept Tangerines For Chickpeas To Avoid Western Sanctions (theDeepDive)

• Toronto hospital system offers housing to homeless ER patients (Globe)

• Saudi Arabia Eyes Canadian Mining Sector Despite Foreign Investment Rules (theDeepDive)

• US Services Activity Expands at Fastest Pace Since Early 2023 (Bloomberg)

What’s the latest?

• Port Strike: The dockworkers' strike on the U.S. East and Gulf Coasts has entered its third day, causing long lines of container ships and threatening shortages of essential goods such as food and auto parts. With no new negotiations scheduled, port owners, under White House pressure, have signaled a willingness to return to talks. The strike, affecting 36 ports, has already led to a backlog of at least 45 ships, and the congestion could worsen.

• Oil Expansion: Enbridge Inc. plans to invest about US$700 million to build new crude oil and natural gas pipelines in the U.S. Gulf of Mexico for the Kaskida development, operated by BP Exploration & Production Co. The Canyon Oil Pipeline System will transport 200,000 barrels per day of crude oil, while the Canyon Gathering System will carry 125 million cubic feet of natural gas per day.

• Montreal Port Strike: Montreal dockworkers ended a scheduled three-day strike at the Viau and Maisonneuve terminals, but further job action remains possible. The strike, which affected over 40% of container traffic at the port, concluded without new negotiations, as the union accused the Maritime Employers Association of avoiding a meeting arranged by federal mediators. The employers denied any scheduled meeting and expressed their commitment to a negotiated collective agreement.

• 7-Eleven: Seven & i Holdings, which operates 7-Eleven and is facing a takeover approach from Alimentation Couche-Tard, is exploring selling part of its stake in Seven Bank. This move is seen as an effort to show its focus on its core convenience store business. The retailer holds about 46% of Seven Bank, which is valued at approximately $1 billion. The sale could help Seven & i unlock more value in its negotiations, as the company previously rejected Couche-Tard’s offer, claiming it undervalued the business.

• Real Estate: The Toronto Regional Real Estate Board reported that home sales in September rose by 8.5%, with 4,996 homes sold in the Greater Toronto Area as buyers took advantage of interest rate cuts and lower prices. The average selling price dropped by 1% year-over-year to $1,107,291, while the composite benchmark price decreased by 4.6%.

Nuclear energy powers AI ambitions

The stock market and stuff

• Costco Goes Platinum: The Shiny New Addition to the Wholesaler’s Precious Metal Lineup (theDeepDive)

• XRP slides 9% after SEC appeals decision in landmark Ripple case (CNBC)

• Forbes 30 Under 30 Takes Another Hit: Inception Capital Wound Down After Founder Disappears For Weeks (theDeepDive)

• OpenAI secures $4 bln credit facility (Reuters)

• Gold ETFs See Record Inflows, Pushing Bullion to 45-Year High (theDeepDive)

In the juniors

• Fission Uranium Now Needs Approval From Federal Government To Proceed With Sale To Paladin Energy (theDeepDive)

• KITS Eyecare Reports Q3 Preliminary Revenue Of $41.7 Million (theDeepDive)

• Plurilock Enters US$19.3 Million Contract With Semiconductor Firm (theDeepDive)

• Rua Gold Begins Exploration At Glamorgan, Identifies Epithermal Gold System (theDeepDive)

FULL DISCLOSURE: Sterling Metals is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Sterling Metals. The author has been compensated to cover Sterling Metals on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.