Ramp Metals stock surges on Sprott backing for Saskatchewan project
Ramp compares its project with the eye structure of the Nova-Bollinger nickel-copper mine in Western Australia.
Building on a strong month of June, global gold-backed ETFs and similar products maintained positive momentum in July.
According to the World Gold Council’s latest data, net inflows totaled $2.6 billion across all regions during the month, bumping total gold holdings up by 52 tonnes to 2,600 tonnes — the highest level since March 2013. The additional net inflow equates to a 2% monthly rise in global assets under management (AUM).
SPDR Gold Shares and iShares Gold Trust alone accounted for 75% of net global inflows
Economic concerns, trade tensions and geopolitical risks were among the main factors pushing gold prices and demand for gold ETFs up. The price of gold denominated in US dollars increased by 1.3% in July, while in many other currencies the price hit all-time highs (Indian rupee, Australian and Canadian dollar, British pound and Japanese yen).
North America, directly affected by the ongoing trade wars, dominated July’s inflows, adding 43 tonnes during the period. SPDR Gold Shares and iShares Gold Trust alone accounted for 75% of net global inflows.
European-listed funds brought in 7.5 tonnes, spread across several countries, on the back of Brexit concerns and weaker currencies. Funds in Asia and other regions also saw positive flows of approximately one tonne each.
Low-cost gold-backed ETFs continued to grow, adding 2.4 tonnes during the month and bringing their joint holdings to an all-time high of 56 tonnes.
Year-to-date, gold-backed ETFs added 159 tonnes across the world — an increase of 6.4% — driven by strong performances in January, June and July.
