American Rare Earths secures research institute to progress Halleck Creek project in Wyoming
The Halleck Creek project was named last year as one of the world’s top 10 rare earth projects.
Gold-backed ETFs and similar products recorded their 11th consecutive month of net inflows during October, matching the record number of positive monthly flows set in April 2006, according to the latest World Gold Council report.
Gold ETF holdings increased by 20.3 tonnes ($1.4 billion) in October as gold prices moved mostly sideways, finishing slightly below $1,900/oz at month-end.
Gold ETFs have now added more than 1,000 tonnes in a year for the first time ever, surpassing the 2009 record of 646 tonnes.
Net inflows of 1,022 tonnes ($57.1 billion) so far in 2020 have driven global gold ETF holdings to a new all-time high of 3,899 tonnes ($235 billion in AUM).
European funds drove nearly all net inflows for the month of October, with total holdings increasing by 20.2 tonnes ($1.4 billion).
North American funds and funds listed in Asia saw holdings rise by 1.8 tonnes ($166 million) and 1.1 tonnes ($76 million) respectively. The remaining regions had outflows of 2.8 tonnes ($144 million).
Meanwhile, gold prices jumped to a six-week high on Thursday as Democrat Joe Biden inches closer to a victory in the US presidential election.
Spot gold was up 2.2% at $1,947.61/oz by 12:50 p.m. ET, having surpassing the $1,950/oz mark earlier in the day. US gold futures surged 2.8% to $1,948.90/oz.
“If the Democrats win the Senate and Biden becomes the president we would see a much larger stimulus package than both parties will probably agree on right now,” Commerzbank analyst Daniel Briesemann said in a Reuters interview.
Gold is considered a hedge against likely inflation fueled by the unprecedented money printing by central banks to rejuvenate the global economy.
