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.
Global physically backed gold exchange-traded funds (ETFs) registered a fifth consecutive month of inflows in September as North America-listed funds added to their holdings, the World Gold Council (WGC) said on Tuesday.
Gold ETFs store bullion for investors and account for a significant amount of investment demand for the precious metal that touched a record high of $2,685.42 an ounce on Sept. 26, buoyed by the start of US interest rate cuts.
After three consecutive years of outflows against a backdrop of high interest rates, the past five months have turned year-to-date net flows in dollar terms to a positive $389 million.
Gold ETFs registered inflows of 18.4 metric tons, or $1.4 billion, in September to lift collective holdings to 3,200 tons, the WGC said in a research note.
A stronger gold price and recent inflows pushed total assets under management to a month-end peak of $270.9 billion in September.
The WGC, and industry body grouping global gold miners, estimates that worldwide gold trading volumes rose in September by 7% month on month to $259 billion a day while average trading volumes in the over-the-counter (OTC) market added 10% to $176 billion.
With the gold price up 28% this year and the prospect of future US rate cuts, speculators increased their total net long position on COMEX by 6% from August to 976 tons by the end of September, the highest level since February 2020.
(By Polina Devitt; Editing by David Goodman)
Read More: Central banks rein back on gold purchases in August — WGC
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