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The Trust seeks to reflect such performance before payment of the Trusts expenses and liabilities. It is not actively managed. The Trust does not engage in any activities designed to obtain a profit from, or to ameliorate losses caused by, changes in the price of gold. The advisor intends to constitute a simple and cost-effective means of making an investment similar to an investment in gold. An investment in physical gold requires expensive and sometimes complicated arrangements in connection with the assay, transportation, warehousing and insurance of the metal.

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Las compras masivas de oro por parte del Banco Central de China están alterando las reservas globales y el equilibrio financiero mundial.

China dispara el precio del oro al comprar 5 toneladas más en marzo

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El oro marca récords históricos mientras aumentan los temores económicos. ¿Qué provocó esta subida y qué puede venir?

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Gold surged to fresh all-time highs on Monday, with bullion jumping 2.5% to $3,410 per ounce by 11:20 a.m. ET, as mounting distrust in U.S. financial assets and inflation fears drive a flight to safety unlike anything seen since the global debt crises <a href="https://www.benzinga.com/topic/donald-trump">of the early 2010s.</a>
Since early March, gold prices — tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) — have climbed an astonishing 19.4%, putting the metal on track for its strongest two-month rally since August 2011.
A perfect storm of macro instability, political friction and investor skepticism about the dollar and U.S. Treasuries is fueling the run.
<h1 class="wp-block-heading">What's Behind The Gold Boom?</h1>
The root of gold's dramatic resurgence lies in a potent mix of fundamental, structural and behavioral drivers.
The U.S. dollar and long-duration Treasuries — once go-to safe havens — have come under pressure in recent weeks amid President Donald Trump's tariff offensive and his escalating feud with Fed Chair Jerome Powell, raising fears over political interference and eroding confidence in U.S. institutions.
In this climate, gold's reputation as a neutral, time-tested store of value is attracting capital seeking stability.
As a result, traditional hedges have faltered. But gold, immune to sovereign missteps and backed by centuries of store-of-value status, has emerged as a refuge for capital looking for shelter from rising macro uncertainty.
Read also: <a href="https://www.benzinga.com/government/regulations/25/04/44899280/are-investors-selling-us-treasuries-as-trump-attacks-powell-heres-what-latest-etf-flows-tell-you">Are Investors Selling US Treasuries As Trump Attacks Powell? Here&#8217;s What Latest ETF Flows Tell You</a>
<h1 class="wp-block-heading">Massive Inflows Into Gold ETFs Confirm Strong Investment Demand</h1>
Investor appetite for gold is clearly visible in the massive inflows into gold-backed exchange-traded funds (ETFs) since mid-January, when Trump made his official return to the White House:
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>ETF Name </th>
<th>Inflows (Mid-January to Mid-April)</th>
</tr>
</thead>
<tbody>
<tr>
<td>SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>)</td>
<td>$8.35 billion</td>
</tr>
<tr>
<td>iShares Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAU#NYSE">IAU</a>)</td>
<td>$3.5 billion</td>
</tr>
<tr>
<td>SPDR Gold MiniShares Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLDM#NYSE">GLDM</a>)</td>
<td>$2.46 billion</td>
</tr>
<tr>
<td>ProShares Ultra Gold (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UGL#NYSE">UGL</a>)</td>
<td>$117 million</td>
</tr>
<tr>
<td>Goldman Sachs Physical Gold ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AAAU#NYSE">AAAU</a>)</td>
<td>$304.9 million</td>
</tr>
</tbody>
</table>
</figure>
These blockbuster flows signal broad-based institutional and retail demand. According to Goldman Sachs analyst Lina Thomas, the rally is not being fueled by short-term speculators.
"Data suggests the move has occurred without a substantial return of speculative flows," Thomas said. 
"With estimated COMEX speculative positioning still moderate, we view the rally as structurally supported and less exposed to sharp near-term liquidation risk. Thus, we see current levels as a tactically attractive entry point… and believe this reinforces upside risk to our $3,700/toz year-end forecast."
Ed Yardeni, president of Yardeni Research, said the current momentum validates his call from over a year ago. 
"We&#8217;ve been bullish on gold since it broke out above $2,000 per ounce at the end of February 2024. Our $4,000 target by the end of this year looks increasingly realistic. If that happens, then $5,000 would be our target for the end of 2026."
"This situation may come as a crisis for many assets, but for gold, it's a perfect outcome. Inflation fears remain high as the U.S. stock market loses trillions of dollars, and investors are leaning toward physical gold in search of security rather than risky assets like stocks and Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)," said Rick Kanda, managing director at The Gold Bullion Company, in an email.
<h1 class="wp-block-heading">Miners Regain Momentum</h1>
The rally is also lifting gold miners, many of which had lagged physical bullion for much of 2024. Now, they're catching up. "Gold has surged to new all-time highs above $3,000/ounce, driven by renewed flows into gold-backed ETFs and continued strong demand from global central banks," VanEck said Monday.
"At the same time, gold miners are beginning to regain leverage to gold prices, emerging as some of the best-performing stocks so far this year."
The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) is up nearly 52% year-to-date, eyeing the strongest annual gain since the fund&#8217;s inception in 2007.
In response to the metal's powerful rally, Bank of America on Monday raised price targets across its North American gold and silver coverage. 
The move comes just ahead of first-quarter earnings season in the precious metals sector, which begins April 23 with Newmont Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>) and continues with Agnico Eagle Mines Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AEM#NYSE">AEM</a>) on April 24.
Here are the new price targets for key names:
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>Company</th>
<th>New Target</th>
<th>Previous Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Agnico Eagle Mines </td>
<td>$159</td>
<td>$142</td>
</tr>
<tr>
<td>Barrick Gold Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOLD#NYSE">GOLD</a>)</td>
<td>$23</td>
<td>$19.50</td>
</tr>
<tr>
<td>Kinross Gold Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KGC#NYSE">KGC</a>)</td>
<td>$17.50</td>
<td>$15</td>
</tr>
<tr>
<td>Newmont Corp. </td>
<td>$70</td>
<td>$60</td>
</tr>
<tr>
<td>B2Gold Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BTG#NYSE">BTG</a>)</td>
<td>$3.10</td>
<td>$2.75</td>
</tr>
<tr>
<td>Centerra Gold (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CGAU#NYSE">CGAU</a>)</td>
<td>$6.50</td>
<td>$5.50</td>
</tr>
<tr>
<td>Eldorado Gold Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EGO#NYSE">EGO</a>)</td>
<td>$19.50</td>
<td>$17.25</td>
</tr>
<tr>
<td>IAMGOLD Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAG#NYSE">IAG</a>)</td>
<td>$9.25</td>
<td>$7.75</td>
</tr>
<tr>
<td>SSR Mining Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SSRM#NASDAQ">SSRM</a>)</td>
<td>$9.75</td>
<td>$8.50</td>
</tr>
<tr>
<td>Alamos Gold Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AGI#NYSE">AGI</a>)</td>
<td>$35</td>
<td>$30.50</td>
</tr>
<tr>
<td>New Gold Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NGD#NYSE">NGD</a>)</td>
<td>$4.55</td>
<td>$4.10</td>
</tr>
<tr>
<td>Pan American Silver Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PAAS#NASDAQ">PAAS</a>)</td>
<td>$32</td>
<td>$27</td>
</tr>
<tr>
<td>Franco-Nevada Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FNV#NYSE">FNV</a>)</td>
<td>$195</td>
<td>$165</td>
</tr>
<tr>
<td>Royal Gold Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RGLD#NASDAQ">RGLD</a>)</td>
<td>$183</td>
<td>$164</td>
</tr>
<tr>
<td>Triple Flag Precious Metals (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TFPM#NYSE">TFPM</a>)</td>
<td>$27</td>
<td>$24</td>
</tr>
<tr>
<td>Wheaton Precious Metals (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WPM#NYSE">WPM</a>)</td>
<td>$100</td>
<td>$86</td>
</tr>
</tbody>
</table>
</figure>
Read Now: 
<ul>
<li><a href="https://www.benzinga.com/news/25/04/44886209/if-you-had-bet-on-gold-after-the-1971-nixon-shock-youd-have-beaten-the-sp-500-unless-you-did-this-one-thing">If You Had Bet On Gold After The 1971 Nixon Shock, You&#8217;d Have Beaten The S&amp;P 500 — Unless You Did This One Thing</a></li>
</ul>
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Gold Price Soars To Record Highs, Eyes Best 2-Month Rally Since 2011 On Blockbuster ETF Buying

China&#8217;s central bank continued to accumulate gold, adding 5 tonnes to its stash in March, marking its 5th consecutive monthly purchase. 
What Happened: On Sunday, The Kobeissi Letter, a popular capital markets newsletter posted on X, stating that China&#8217;s Central Bank has purchased gold for the 5th straight month, adding 5 tonnes in March, and bringing its total gold reserves to a record 2,292 tonnes.
See More: <a href="https://www.benzinga.com/personal-finance/25/04/44891276/the-average-household-is-a-millionaire-with-a-1-06-million-net-worth-according-to-the-fed-so-why-do-people-still-feel-broke">The Average Household Is A Millionaire With A $1.06 Million Net Worth, According To The Fed — So Why Do People Still Feel Broke?</a>
It adds that gold now accounts for 6.5% of the nation&#8217;s official reserve assets, having purchased a &#8220;whopping&#8221; 50 tonnes of the yellow metal in February, more than 10 times what was officially reported, according to Goldman Sachs Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>).
<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">BREAKING: China's central bank increased its gold holdings by 5 tonnes in March, posting their 5th consecutive monthly purchase. This brings total China's gold reserves to a record 2,292 tonnes. Chinese gold holdings now reflect 6.5% of its total official reserve assets.… <a href="https://t.co/LuwiBvnirn">pic.twitter.com/LuwiBvnirn</a>
&mdash; The Kobeissi Letter (@KobeissiLetter) <a href="https://twitter.com/KobeissiLetter/status/1913996067298779581?ref_src=twsrc%5Etfw">April 20, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
According to the post, China has been accumulating gold at a rapid pace, with its purchases on the London OTC market significantly above officially reported numbers.
Why It Matters: Growing central bank demand has sent gold to record highs in recent weeks, and analysts at Bank of America Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>) continue to revise their targets upwards for the commodity, citing <a href="https://in.benzinga.com/25/03/44569258/gold-market-rallies-amid-inflation-concerns-and-trade-uncertainty">trade war uncertainties</a> and a weaker U.S. Dollar.
Gold prices are also seeing momentum from growing ETF inflows, with global gold <a href="https://benzinga.com/25/04/44759336/gold-soars-beyond-3200-as-etfs-achieve-record-inflows-in-q1">ETFs adding $21 billion</a> in the first quarter of 2025, marking their second-highest quarterly inflow since the COVID-19 pandemic in 2020, as investors pursue safe-haven assets amid global market turmoil. 
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Stock / ETF</td>
<td>Year-to-Date</td>
<td>52-Week Range</td>
</tr>
<tr>
<td>SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>)</td>
<td>+$60.70 (+24.73%)</td>
<td>$210.71 &#8211; $309.31</td>
</tr>
<tr>
<td>iShares Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAU#NYSE">IAU</a>)</td>
<td>+$12.44&nbsp;(+24.79%)</td>
<td>$43.06 &#8211; $63.32</td>
</tr>
<tr>
<td>VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>)</td>
<td>+$15.58&nbsp;(+44.09%)</td>
<td>$32.20 &#8211; $52.81</td>
</tr>
<tr>
<td>VanEck Junior Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDXJ#NYSE">GDXJ</a>)</td>
<td>+$19.29&nbsp;(+43.03%)</td>
<td>$39.88 &#8211; $66.17</td>
</tr>
<tr>
<td>Franklin Responsibly Sourced Gold ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FGDL#NYSE">FGDL</a>)</td>
<td>+$8.97&nbsp;(+25.27%)</td>
<td>$30.55 &#8211; $45.00</td>
</tr>
</tbody>
</table>
</figure>
With the &#8220;Simultaneous Collapse&#8221; is U.S. assets, with equities, Treasuries, and the dollar, all <a href="https://www.benzinga.com/markets/equities/25/04/44756751/full-spectrum-collapse-top-bank-rings-alarm-over-simultaneous-fall-of-us-assets">falling in tandem</a>, gold remains one of the few remaining places of refuge for investors across the globe.
Photo Courtesy: humphery on Shutterstock.com
Read More: <a href="https://www.benzinga.com/markets/25/04/44891073/donald-trumps-trade-war-jpmorgan-predicts-deals-higher-taxes-and-potential-recession-avoidance">Donald Trump&#8217;s Trade War: JPMorgan Predicts Deals, Higher Taxes and Potential Recession Avoidance</a>

China's Central Bank's Gold Stash Spikes To 2,292 Tonnes And Beijing Is Still Buying

Gold prices have been scaling fresh highs amid the global market uncertainty, however, some experts point out that a severe correction could be looming amid this gold bull run.
What Happened: While the Gold Spot U.S. Dollar has scaled a fresh high at $3,357.81 per ounce and trades above the 3,300-mark, experts have now started cautioning against this bull run.
According to Patrick Karim, the co-founder of NorthstarBadcharts.com, gold undergoes corrections even during bull markets.
The data shared by him shows that gold prices underwent a correction of over 48% during December 1974 to August 1976, 33% during March 2008 to October 2008, and 22% between August 2020 to September 2022.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I know, gold bulls don&#39;t want to read this right now&#8230; But even during bull markets, gold had these corrections: Dec 1974 to Aug 1976, drop over 48%. Mar 2008 to Oct 2008, drop over 33%. Aug 2020 to Sep 2022, drop over 22%. Same setup now with price historically stretched. <a href="https://t.co/FgRd6uJh6D">pic.twitter.com/FgRd6uJh6D</a>
&mdash; Patrick Karim (@badcharts1) <a href="https://twitter.com/badcharts1/status/1912633618435887502?ref_src=twsrc%5Etfw">April 16, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Meanwhile, the CEO of Cardone Capital, Grant Cardone said, &#8220;gold acting like we in depression. Rates will drop like rock.&#8221;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">gold acting like we in depression. Rates will drop like rock &#x2b07;&#xFE0F; <a href="https://t.co/zy09KAdhYd">pic.twitter.com/zy09KAdhYd</a>
&mdash; Grant Cardone (@GrantCardone) <a href="https://twitter.com/GrantCardone/status/1912618410497782149?ref_src=twsrc%5Etfw">April 16, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
According to data shared by Charlie Bilello of Creative Planning, the inflation-adjusted gold prices were back at an all-time high, after 45 years, surpassing the prior peak from 1980.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">It took 45 years to get there, but inflation-adjusted Gold prices are back at an all-time high, surpassing the prior peak from 1980. <a href="https://twitter.com/search?q=%24GOLD&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$GOLD</a><a href="https://t.co/l5IYmkeySJ">https://t.co/l5IYmkeySJ</a> <a href="https://t.co/bXWisvrl3c">pic.twitter.com/bXWisvrl3c</a>
&mdash; Charlie Bilello (@charliebilello) <a href="https://twitter.com/charliebilello/status/1912558536573268362?ref_src=twsrc%5Etfw">April 16, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Economist Mohamed El-Erian said that the rise in gold prices was a result of the slow and steady diversification away from the dollar by some foreign central banks and others.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The price of gold registered another record high today, overcoming yet another periodic round of profit-taking by some tactical traders — this as it benefits from the tailwind of slow and steady diversification away from the dollar by some foreign central banks and others.<a href="https://twitter.com/hashtag/gold?src=hash&amp;ref_src=twsrc%5Etfw">#gold</a>… <a href="https://t.co/MKDnxZddv0">pic.twitter.com/MKDnxZddv0</a>
&mdash; Mohamed A. El-Erian (@elerianm) <a href="https://twitter.com/elerianm/status/1912523089557987357?ref_src=twsrc%5Etfw">April 16, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
This was also confirmed by a study titled ‘Dollar Upheaval: This Time is Different&#8217;. The note written by five experts concluded that investors "(i) question the safety of the dollar, not just Treasuries, and (ii) that they perceive these changes to be long-lasting."
"Normally, in times of global volatility… the dollar appreciates as dollar-denominated assets benefit from a flight to safety. Not this time around," the note stated.
Thus, it is evident that investors were preferring gold as a safe-haven asset over the U.S. Treasuries of the U.S. dollar.
See Also: <a href="https://www.benzinga.com/25/04/44834505/scott-bessent-affirms-china-wont-weaponize-us-treasuries-as-it-would-weaken-their-currency-affecting-exports-we-do-buybacks">Scott Bessent Says China Won&#8217;t &#8216;Weaponize&#8217; US Treasuries, Citing Risk To RMB And Exports: &#8216;We Do Buybacks&#8217;</a>
Why It Matters: The Gold Spot US Dollar price has rallied 27% from $2,623.81 on Dec. 31, 2024, to $3,332.16 per ounce as of today. 
When compared with data from over 25 years, gold prices have skyrocketed 1056% from $288.25 on Dec. 31, 1999. In comparison, the S&amp;P 500 index has risen by 259.1% from 1,469.25 on Dec. 31, 1999, to 5,275.70 as of Wednesday&#8217;s close.
Gold prices were on pace to score their best year since 1979, when the prices rallied 126.5% on a year-to-date basis.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Gold hit another all-time high today and is now up over 27% in 2025. On pace for its best year since 1979.<a href="https://t.co/l5IYmkeySJ">https://t.co/l5IYmkeySJ</a> <a href="https://t.co/qrnwssFL0X">pic.twitter.com/qrnwssFL0X</a>
&mdash; Charlie Bilello (@charliebilello) <a href="https://twitter.com/charliebilello/status/1912676841199935975?ref_src=twsrc%5Etfw">April 17, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Price Action: The gold price was down 0.54% at $3,332.16 as of the publication of this article. Following Gold ETFs have also done well during this bull run.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Gold ETFs</td>
<td>YTD Performance</td>
<td>One Year Performance</td>
</tr>
<tr>
<td>Franklin Responsibly Sourced Gold ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FGDL#NYSE">FGDL</a>)</td>
<td>25.78%</td>
<td>40.86%</td>
</tr>
<tr>
<td>Goldman Sachs Physical Gold ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/AAAU#BATS">AAAU</a>)</td>
<td>25.37%</td>
<td>40.32%</td>
</tr>
<tr>
<td>GraniteShares Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAR#NYSE">BAR</a>)</td>
<td>25.42%</td>
<td>40.40%</td>
</tr>
<tr>
<td>VanEck Merk Gold ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OUNZ#NYSE">OUNZ</a>)</td>
<td>25.24%</td>
<td>40.15%</td>
</tr>
<tr>
<td>SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>)</td>
<td>25.28%</td>
<td>40.02%</td>
</tr>
<tr>
<td>iShares Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAU#NYSE">IAU</a>)</td>
<td>25.38%</td>
<td>40.28%</td>
</tr>
<tr>
<td>SPDR Gold MiniShares Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLDM#NYSE">GLDM</a>)</td>
<td>25.41%</td>
<td>40.45%</td>
</tr>
<tr>
<td>abrdn Physical Gold Shares ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SGOL#NYSE">SGOL</a>)</td>
<td>25.32%</td>
<td>40.30%</td>
</tr>
<tr>
<td>iShares Gold Trust Micro (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAUM#NYSE">IAUM</a>)</td>
<td>25.49%</td>
<td>40.60%</td>
</tr>
<tr>
<td>Invesco DB Precious Metals Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DBP#NYSE">DBP</a>)</td>
<td>21.48%</td>
<td>29.06%</td>
</tr>
</tbody>
</table>
</figure>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, fell on Wednesday. The SPY was down 2.22% to $525.66, while the QQQ declined 3.02% to $444.18, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.
On Thursday, the Dow Jones futures were up 1.04%, whereas the S&amp;P 500 index rose 1.19% and the Nasdaq 100 advanced 1.21%.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/04/44836076/gold-fund-inflows-smash-record-with-80-billion-in-2025-these-etfs-are-riding-the-3300-surge">Gold Fund Inflows Smash Record With $80 Billion In 2025 — These ETFs Are Riding The $3,300 Surge</a></li>
</ul>
Photo courtesy: Shutterstock

Treasuries

Gold Nears $3,400 Mark, Experts Point To Likely 'Correction' Amid Bull Market: 'Rates Will Drop Like Rock'

Gold has long been a cornerstone of personal finance strategies, prized for its role as a hedge against inflation and economic uncertainty. Investors have two primary avenues to gain exposure to gold: purchasing physical gold or investing in gold exchange-traded funds. 
Each approach offers unique advantages and drawbacks, making the right choice dependent on financial goals, risk tolerance and <a href="https://www.benzinga.com/economics/macro-economic-events/25/04/44836846/wall-streets-mood-turns-bleak-as-global-recession-fears-mount-fund-managers-slash-us-exposure">investment horizon.</a>
Physical Gold: Physical gold refers to tangible assets, such as gold bars, coins and jewelry. An investment in physical gold is appealing to some investors as it is independent of banks or financial institutions with no digital records or intermediaries involved. Gold's intrinsic value and historical role as a store of wealth also make it appealing for generational wealth transfer.&nbsp;
Read Next: <a href="https://www.benzinga.com/news/global/25/04/44841158/hongkong-post-stops-us-package-service-china-e-commerce-stocks-drop">Hongkong Post Stops US Package Service, China E-Commerce Stocks Drop&nbsp;</a>
"Amidst the recent stock market turbulence, we're seeing renewed interest in tangible, physical assets that exist outside traditional financial structures," Tim Schmidt, the founder of Gold IRA Custodians,<a href="https://www.cnbc.com/2025/04/11/is-this-a-good-time-to-buy-gold-experts-weigh-in.html"> told </a>CNBC.&nbsp;
However, the costs of secure storage and insurance can be high and the market for physical gold can be relatively illiquid with transactions sometimes incurring delays before a buyer or seller can be found. Also, physical gold does not generate interest or dividends so returns can only be realized when the gold is sold.&nbsp;
Gold ETFs: Investing in a gold-focused <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/04/44836076/gold-fund-inflows-smash-record-with-80-billion-in-2025-these-etfs-are-riding-the-3300-surge">exchange-traded fund </a>can provide investors with exposure to gold's price movements without the need to own or store the metal directly.&nbsp;
"For most [investors], I would say a gold bullion-backed ETF makes the most sense," Sameer Samana, head of global equities and real assets at the Wells Fargo Investment Institute, told CNBC.
Both the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) and iShares Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAU#NYSE">IAU</a>), are backed by physical gold bullion held in secure vaults, and each share represents a specific amount of gold. 
Investors can also find exposure to gold through the VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>), tracking the performance of the NYSE Arca Gold Miners Index, and the VanEck Junior Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDXJ#NYSE">GDXJ</a>) which focuses on smaller, early-stage gold miners, offering higher growth potential but increased volatility. 
Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/general/social-media/25/04/44817229/chinese-tiktok-influencers-expose-cheap-nike-lululemon-suppliers-to-bypass-trump-tariffs">Chinese TikTok Influencers &#8216;Expose&#8217; Cheap Nike, Lululemon Suppliers To Bypass Trump Tariffs&nbsp;</a></li>
</ul>
Photo: Shutterstock

Movers

Personal Finance

Gold Hits New Record Highs As Safe-Haven Demand Climbs: 2 Ways To Invest

Amid the staggering rally in the Gold prices, the gold fund net inflows have hit a record of $80 billion year-to-date, doubling over its previous record high in 2020, according to the BofA Global Investment Strategy report.
What Happened: A BofA Research graph shared by the Kobeissi Letter on X highlights how the investors have been pouring money into gold at a record pace amid the ongoing market uncertainty.
The Gold Spot US Dollar price has rallied 25.95% from $2,623.81 on Dec. 31, 2024, to $3,304.80 per ounce as of today. Its record high stood at $3,318 per ounce as of the publication of this article.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">BREAKING: Gold fund net inflows have hit a record $80 BILLION year-to-date. This is 2 TIMES more than the previous high set in the full year 2020. Investors are pouring money into gold at a record pace as the market uncertainty has skyrocketed. As a result, gold prices have… <a href="https://t.co/GyD3Srw6hu">pic.twitter.com/GyD3Srw6hu</a>
&mdash; The Kobeissi Letter (@KobeissiLetter) <a href="https://twitter.com/KobeissiLetter/status/1912204673240662143?ref_src=twsrc%5Etfw">April 15, 2025</a></blockquote>
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Apart from this, the World Gold Council data for the first quarter released last week highlighted that Gold ETFs saw an inflow of 226.5 metric tons worth $21.1 billion, the largest amount since the first quarter of 2022.
Following this, Gold ETF holdings increased by 3% to 3,445.3 tons by March-end, the highest since May 2023 but below the record 3,915 tons in October 2020. However, the World Gold Council noted that U.S.-listed funds saw the largest inflow in the first quarter with 133.8 tons, followed by Europe-listed funds with 54.8 tons.
All Gold-linked ETFs have risen over 21% year-to-date in 2025.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Gold ETFs</td>
<td>YTD Performance</td>
<td>One Year Performance</td>
</tr>
<tr>
<td>Franklin Responsibly Sourced Gold ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FGDL#NYSE">FGDL</a>)</td>
<td>21.75%</td>
<td>35.37%</td>
</tr>
<tr>
<td>Goldman Sachs Physical Gold ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/AAAU#BATS">AAAU</a>)</td>
<td>21.41%</td>
<td>34.91%</td>
</tr>
<tr>
<td>GraniteShares Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAR#NYSE">BAR</a>)</td>
<td>21.46%</td>
<td>34.99%</td>
</tr>
<tr>
<td>VanEck Merk Gold ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OUNZ#NYSE">OUNZ</a>)</td>
<td>21.31%</td>
<td>34.75%</td>
</tr>
<tr>
<td>SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>)</td>
<td>21.33%</td>
<td>34.61%</td>
</tr>
<tr>
<td>iShares Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAU#NYSE">IAU</a>)</td>
<td>21.42%</td>
<td>34.88%</td>
</tr>
<tr>
<td>SPDR Gold MiniShares Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLDM#NYSE">GLDM</a>)</td>
<td>21.47%</td>
<td>35.05%</td>
</tr>
<tr>
<td>abrdn Physical Gold Shares ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SGOL#NYSE">SGOL</a>)</td>
<td>21.43%</td>
<td>34.92%</td>
</tr>
<tr>
<td>iShares Gold Trust Micro (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAUM#NYSE">IAUM</a>)</td>
<td>21.49%</td>
<td>35.04%</td>
</tr>
<tr>
<td>Invesco DB Precious Metals Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DBP#NYSE">DBP</a>)</td>
<td>17.90%</td>
<td>24.48%</td>
</tr>
</tbody>
</table>
</figure>
See Also: <a href="https://www.benzinga.com/markets/25/04/44831287/trump-administration-imposes-up-to-245-tariff-on-chinese-imports-amid-intensifying-trade-battle">Trump Administration Imposes Up To 245% Tariff On Chinese Imports Amid Intensifying Trade Battle</a>
Why It Matters: When compared with data from over 25 years, gold prices have skyrocketed 1046.5% from $288.25 on Dec. 31, 1999, to $3,304.80 today. In comparison, the S&amp;P 500 index has risen by 267.31% from 1,469.25 on Dec. 31, 1999, to 5,396.63 as of Tuesday&#8217;s close.
According to Zafar Shaikh, the founder &amp; CEO of Invesys Capital, gold prices have doubled over the last 30 months. This last happened in 2008 and 2011. However, he cautioned that &#8220;So it may still have some juice left but if you are late to the GOLD party, take a deep breath &amp; let it pass rather than getting attracted by $5000 targets.&#8221;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">30 months since <a href="https://twitter.com/hashtag/GOLD?src=hash&amp;ref_src=twsrc%5Etfw">#GOLD</a> started bullrun in 2022 &amp; it&#39;s up 100% Other times when GOLD doubled in 30M was in 2008 &amp; 2011 which was followed by major correction or top for gold So it may still have some juice left but if you are late to the GOLD party, take a deep breath &amp; let it… <a href="https://t.co/glE8ikwflx">pic.twitter.com/glE8ikwflx</a>
&mdash; Zafar Shaikh (@InvesysCapital) <a href="https://twitter.com/InvesysCapital/status/1912436389808906283?ref_src=twsrc%5Etfw">April 16, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Meanwhile, Christopher Aaron, the founder of iGold Advisor, highlighted the Dow-to-Gold ratio in a chart, which showed that the ratio had broken a 45-year best-fit trend. The chart said that this pattern suggested that gold could outpace general equities over the next several decades.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">No one is paying attention to this chart &#8212; and it is the single most important chart in all of finance&#8230;<a href="https://twitter.com/hashtag/gold?src=hash&amp;ref_src=twsrc%5Etfw">#gold</a> <a href="https://t.co/MQnJgUT5mp">pic.twitter.com/MQnJgUT5mp</a>
&mdash; Christopher Aaron (@iGlobalGold) <a href="https://twitter.com/iGlobalGold/status/1912289374584328695?ref_src=twsrc%5Etfw">April 15, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Economist Peter Schiff, on the other hand, spoke about gold mining stocks and said in a X post that &#8220;The time to invest in gold mining stocks is now before the market surges again!&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Gold&#39;s explosive rally from $2,000 to $3,000 caught investors off guard, and now it&#39;s aiming for $3,500. With China's economic grip tightening, is the US prepared for a shift in the global balance? The time to invest in gold mining stocks is now before the market surges again!… <a href="https://t.co/eys6gXzJYV">pic.twitter.com/eys6gXzJYV</a>
&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1912429831582626183?ref_src=twsrc%5Etfw">April 16, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Price Action: Gold was trading at $3,304.80, whereas the ETF tracking the S&amp;P 500 index, SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), was down 0.73% in premarket.
Read Next:
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<li><a href="https://www.benzinga.com/25/04/44832789/sp-500-typically-gains-18-in-a-year-after-vix-drops-from-50-to-30-level-heres-what-analysts-say">S&amp;P 500 Typically Gains 18% In A Year After VIX Drops From 50 To 30 Level: Here&#8217;s What Analysts Say</a></li>
</ul>
Image Via Shutterstock

Gold Fund Inflows Smash Record With $80 Billion In 2025 — These ETFs Are Riding The $3,300 Surge

As the gold price crossed $3,200 per ounce for the first time, Ghana, a <a target="_blank" href="https://www.benzinga.com/topic/gold" rel="noreferrer noopener">major gold producer</a>, has officially centralized control over its gold exports under a newly established government entity.
Effective immediately, Ghana Gold Board (GoldBod) becomes the sole institution authorized to buy, sell, assay, and export gold from the country's artisanal and small-scale mining sector to curb illegal mining and <a target="_blank" href="https://www.benzinga.com/news/global/25/02/43514005/escalating-tariff-wars-tighter-african-supply-drive-gold-toward-3000-milestone" rel="noreferrer noopener">boost state revenues</a>.
"The Ghana Gold Board aims to regulate the gold industry, stabilize the cedi, and maximize revenue from gold exports. As Africa's leading gold producer, Ghana derives substantial foreign exchange earnings from gold. However, the benefits accrued from this valuable mineral remain minimal, often coming at a steep environmental cost," Finance Minister Cassiel Ato Baah Forson <a target="_blank" href="https://mofep.gov.gh/news-and-events/2025-01-28/finance-minister-inaugurates-technical-committee-to-establish-gold-board" rel="noreferrer noopener">said</a> in the inaugural statement earlier this year.
The government has also mandated that all foreign gold traders exit the local market by April 30, 2025, though they may still apply to buy gold directly from GoldBod under regulated conditions. All licensed buyers must now conduct transactions in Ghanaian cedis at prices based on the Bank of Ghana's reference rate.
By tightening the regulations, Ghana seeks to address the illegal mining issue, locally known as "galamsey." While small-scale mining accounts for 40% of the country's gold output, an estimated 70 to 80% is unlicensed. Illegal mining causes severe environmental damage, including deforestation, water pollution from mercury and heavy metals, and the destruction of cocoa farms, contributing to <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37900275/agriculture-commodities-rise-to-9-year-highs-cocoa-prices-skyrocket-chocolate-lover" rel="noreferrer noopener">spiking cocoa prices</a>.
The impact of galamsey on national revenues is substantial. Although Ghana's gold exports surged by 53.2% in 2024 to $11.64 billion, a large portion of gold produced by informal miners evades legal channels, limiting the government's ability to collect taxes and foreign reserves.
Officials believe consolidating trade under GoldBod will increase fiscal transparency and strengthen the cedi.
Gold mining is vital for the country's economy, contributing around 7% of the GDP and more than 1 million jobs. In 2024, production reached an estimated 4.9 million ounces (around 136 metric tons).
By 2026, major projects like Cardinal Resources' Namdini Mine, Newmont's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>) Ahafo North, and Azumah Resources' Black Volta Gold Project could collectively add over 846,000 ounces in annual production.
Ghana will host its inaugural Mining in Motion Summit in Accra from June 2 to 4, 2025, to reinforce its leadership in responsible mining.
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Photo via Shutterstock

Legal

Ghana Tightens Control Over Gold Exports As Yellow Metal Prices Surge

Gold prices soared past $3,200 an ounce for the first time on Friday morning, continuing a historic rally as investor demand surged with <a target="_blank" href="https://www.benzinga.com/25/04/44757476/asia-mixed-europe-slides-as-china-tariff-hike-escalates-tensions-gold-soars-dollar-hits-two-year-low-global-markets-today-while-us-slept" rel="noreferrer noopener">growing concerns over global economic stability</a>, U.S. trade policies, and falling bond yields.
Spot gold climbed 1.8%, trading at $3,230 at 6 AM ET, extending the yellow metal's year-to-date gain to nearly 22%.
"Recession risks are mounting, bond yields are soaring, and the US dollar continues to weaken – all factors reinforcing gold's role as a crisis hedge and inflation shield," Alexander Zumpfe, a precious metals trader at Heraeus Metals Germany, said <a target="_blank" href="https://www.reuters.com/markets/commodities/gold-bolts-past-3200-dollar-slide-safe-haven-flows-2025-04-11/" rel="noreferrer noopener">per</a> Reuters.
Analysts at UBS say the rally may not be over yet, predicting gold could reach between $3,400 and $3,500 per ounce "in the months ahead." Other institutions like Bank of America and Goldman Sachs <a target="_blank" href="https://www.benzinga.com/25/03/44499732/bank-of-america-sees-new-gold-as-a-buy-lifts-price-target-by-50" rel="noreferrer noopener">recently revised</a> their gold price targets upwards, citing heightened demand from central banks, falling real yields, and rising geopolitical stress.
Global gold ETFs saw substantial inflows in the first quarter of 2025, adding $21 billion, the second-highest quarterly inflow since the second quarter of 2020 during the COVID-19 pandemic.
Holdings increased by 226 tons, lifting total ETF gold reserves to 3,445 tons, the highest level since May 2023.
World Gold Council <a target="_blank" href="https://www.gold.org/goldhub/research/gold-etfs-holdings-and-flows/2025/04" rel="noreferrer noopener">noted</a> that North America dominated with $12.9 billion in net inflows—around 61% of the global total—driven by falling yields, a weaker U.S. dollar, and intensifying trade fears. Europe saw $4.6 billion in inflows, with the UK, Germany, and Switzerland leading the charge.&nbsp;
Meanwhile, Asia added $3.3 billion, with Japan and China accounting for the bulk as investors responded to explosive gold price momentum and domestic inflation concerns.
"This new buying in North America is the inverse of last year when there was an increase of ETF holdings in Asia and decreased holdings in the U.S., Canada, and Europe. This year we see increases across the board, (but) gold still dominates,"&nbsp; Christopher Berlet, president of Mineral Fund, said <a target="_blank" href="https://www.northernminer.com/news/gold-etfs-log-us21b-rise-in-first-quarter-wgc-says/1003877549/" rel="noreferrer noopener">for</a> the Northern Miner.
Trading volumes have also remained robust. Gold averaged $266 billion daily in March, slightly below the quarterly average of $270 billion. COMEX led the way on exchange volume, buoyed by increased options activity and rising North American ETF flows. The long net positions of money managers in COMEX futures remained stable despite some profit-taking in early March.
The two largest gold ETFs globally—SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) and iShares Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAU#NYSE">IAU</a>)—continue to attract the most attention as investors seek cost-conscious gold exposure without owning physical bullion.
Read Next:
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<li><a href="https://www.benzinga.com/25/04/44733757/trump-torpedoes-us-steel-deal-x-stock-tumbles-despite-bullish-chart" target="_blank" rel="noreferrer noopener">Trump Torpedoes US Steel Deal, X Stock Tumbles Despite Bullish Chart</a></li>
</ul>
Image via Shutterstock

Price Target

Global

Gold Soars Beyond $3,200, ETFs Achieve Record Inflows In Q1

As gold prices have been scaling new highs, experts believe there are more legs to this surge amid the growing economic uncertainty fueled by mixed economic data and President Donald Trump&#8216;s impending tariffs.
What Happened: Gold prices scaled a fresh high of $3,149.03 per ounce on Tuesday, rising as much as 18.78% on a year-to-date basis as of April 2.
Experts believe that tariffs are a reason for this surge because the disruption in global supply chains caused by the imposed duties will lead businesses to reassess their supply routes.
According to Eugenia Mykuliak, the founder and executive director at B2PRIME Group, a recalibration of the supply chain will lead to &#8220;Capital outflows from emerging markets and increased market volatility. As such, wary investors will naturally seek refuge in safe-haven assets, with gold being the most obvious one to benefit from this shift.&#8221;
Sean Hoey, the managing director of IBV International Vaults, also adds, &#8220;Gold's record-breaking surge is a clear reflection of growing economic uncertainty and market volatility fuelled by President Trump's latest tariffs.&#8221;
He believes that investors worldwide are turning to gold, &#8220;Reinforcing its role as a hedge against inflation and geopolitical instability.&#8221;
Mykuliak reaffirms that the price surge in the yellow metal is poised to continue. &#8220;Central banks and institutional investors are already increasing their gold reserves, and while the uncertainty lingers, gold's upward price trajectory is likely to continue,&#8221; she said.
See Also: <a href="https://www.benzinga.com/25/04/44600269/mark-cuban-argues-ais-new-sht-will-drive-growth-not-deflation">Mark Cuban Dismisses Concerns of AI Causing Deflation, Calls It The &#8220;Greatest Growth And Productivity Engine Ever&#8221;</a>
Why It Matters: According to Peter Schiff, the chief economist and global strategist at Europac and the chairman of SchiffGold, &#8220;The dollar has lost 95% of its purchasing power since the Fed's founding in 1913. Meanwhile, gold holds steady—which means going up when you measure it in dollar terms. In 1913, an ounce bought you a fine suit, and today, it still does. That's no accident. When you expand the money supply and availability of credit, prices rise.&#8221;
Schiff further cautions against trusting Federal Reserve Chairman Jerome Powell&#8217;s policies, arguing that neither inflation nor a potential recession is being effectively addressed. According to him, the true solutions lie in free market principles and investment in assets like gold.
While gold is up over 18% in 2025, here is a list of gold exchange-traded funds that investors can consider.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Gold ETFs</td>
<td>YTD Performance</td>
<td>One Year Performance</td>
</tr>
<tr>
<td>Franklin Responsibly Sourced Gold ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FGDL#NYSE">FGDL</a>)</td>
<td>17.13%</td>
<td>36.65%</td>
</tr>
<tr>
<td>Goldman Sachs Physical Gold ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/AAAU#BATS">AAAU</a>)</td>
<td>17.23%</td>
<td>36.67%</td>
</tr>
<tr>
<td>GraniteShares Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAR#NYSE">BAR</a>)</td>
<td>17.30%</td>
<td>36.68%</td>
</tr>
<tr>
<td>VanEck Merk Gold ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OUNZ#NYSE">OUNZ</a>)</td>
<td>17.18%</td>
<td>36.67%</td>
</tr>
<tr>
<td>SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>)</td>
<td>17.17%</td>
<td>36.36%</td>
</tr>
<tr>
<td>iShares Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAU#NYSE">IAU</a>)</td>
<td>17.27%</td>
<td>36.60%</td>
</tr>
<tr>
<td>SPDR Gold MiniShares Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLDM#NYSE">GLDM</a>)</td>
<td>17.27%</td>
<td>36.82%</td>
</tr>
<tr>
<td>abrdn Physical Gold Shares ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SGOL#NYSE">SGOL</a>)</td>
<td>17.17%</td>
<td>36.59%</td>
</tr>
<tr>
<td>iShares Gold Trust Micro (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAUM#NYSE">IAUM</a>)</td>
<td>17.31%</td>
<td>36.81%</td>
</tr>
<tr>
<td>Invesco DB Precious Metals Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DBP#NYSE">DBP</a>)</td>
<td>16.06%</td>
<td>29.46%</td>
</tr>
</tbody>
</table>
</figure>
Price Action: As of the publication of this article, the Gold Spot US Dollar was down 0.21% at $3,116.91 per ounce. The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, rose on Tuesday. The SPY was up 0.28% to $560.97, while the QQQ advanced 0.81% to $472.70, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.
On Wednesday, futures of the Dow Jones index were down 0.15%, whereas the S&amp;P 500 and Nasdaq 100 indices also dropped by 0.24% and 0.31%, respectively.
Read Next:
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<li><a href="https://www.benzinga.com/general/market-summary/25/04/44579361/charlie-mungers-top-pick-costcos-golden-touch-gold-prices-soar-58-outpacing-spy-since-it-started-selling-gold-33-months-ago" target="_blank" rel="noreferrer noopener">Charlie Munger's Top Pick Costco's Golden Touch: Gold Prices Soar 58%, Outpacing SPY Since It Started Selling Gold 33 Months Ago</a></li>
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Photo courtesy: Shutterstock

Gold Holds Above $3,100 Mark Amid Growing Economic Uncertainty: Here Are Some ETFs To Capitalize On The Golden Rush

Gold surged past $3,100, setting a new intra-day high on Monday morning at $3,128 per ounce. Investors rush to safe-haven assets amid escalating trade tensions and uncertainty surrounding U.S. tariff policies, including President Donald Trump's proposed 25% tariffs on imported cars and auto parts and a new round of reciprocal tariffs set to<a target="_blank" href="https://www.benzinga.com/25/03/44502030/trump-may-slap-a-20-tariff-on-europe-yet-april-still-offers-rally-hopes-for-european-stocks" rel="noreferrer noopener"> take effect on April 2</a>.
"Tariff issues will continue driving (gold) prices higher until there is some finality to the tit-for-tat campaign," Edward Meier said per Reuters.
The yellow metal gained nearly 19% in 2025, propped by geopolitical concerns and central bank demand. Over the last 15 years, foreign ownership of US treasuries has converged with gold as a percent of central bank reserves. Treasury ownership sank from 25%, while gold reserves rose from 7% to reach the 15% mark.
As gold continues to break records, major financial institutions have revised their price forecasts upward. Goldman Sachs expects it to reach $3,300 per ounce by the end of the year, up from its previous target of $3,100.
Bank of America sees the yellow metal at <a target="_blank" href="https://www.benzinga.com/25/03/44499732/bank-of-america-sees-new-gold-as-a-buy-lifts-price-target-by-50" rel="noreferrer noopener">$3,063 per ounce in 2025 </a>and $3,350 per ounce in 2026, a significant increase from earlier projections of $2,750 and $2,625, respectively. Macquarie has similarly pointed to strong central bank demand and investor inflows as key drivers behind gold's bullish trend.
Despite silver's solid performance, it has not yet exceeded the high from last October, when it traded at $34.78 per ounce. The gold-to-silver ratio, a popular measure of metal's relative performance, has widened, reflecting gold's stronger momentum.
It now takes 91 ounces of silver to purchase one ounce of gold, suggesting <a target="_blank" href="https://www.benzinga.com/25/02/43615367/peter-schiff-predicts-silvers-explosive-catch-up-move-as-the-gold-to-silver-ratio-crosses-901-analysts-foresee-silver-prices-to-touch-38-in-2025" rel="noreferrer noopener">silver may be undervalued</a>. Historically, traders use this ratio to determine whether to favor gold or silver in their portfolios. When the ratio is high, some investors buy silver, expecting it to outperform gold in the future. Conversely, when the ratio is low, they may shift holdings into gold.
Still, pursuing this strategy doesn't require physical exchange and storage of metal. Trading the ratio is convenient through specialized ETFs that offer exposure to metals. SPDR Gold Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) and iShares Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAU#NYSE">IAU</a>) provide direct exposure to gold, while iShares Silver Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLV#NYSE">SLV</a>) is a popular option for silver investors. A trader would buy the gold ETF when the ratio is at the lower historical levels and eventually swap for a stake in silver when it gets high.
More aggressive strategies might employ leveraged ETFs like ProShares Ultra Gold (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UGL#NYSE">UGL</a>) and ProShares Ultra Silver (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AGQ#NYSE">AGQ</a>), which correspond to double the daily performance of the underlying benchmark.
Read Next:
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<li><a href="https://www.benzinga.com/25/03/44544885/record-high-gold-prices-start-to-scare-some-investors-as-inflation-anchor-crumbles" target="_blank" rel="noreferrer noopener">‘My Spidey Tingles' — Gold's Surge Has Some Investors On Edge</a></li>
</ul>
Photo via Shutterstock

Politics

Media

Gold Surges Past $3,100 As Tariff Uncertainty Sets Silver Ratio Trade

<h3>Companies Reporting Before The Bell</h3>
• Curis (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRIS#NASDAQ">CRIS</a>) is estimated to report quarterly loss at $1.36 per share on revenue of $2.69 million. 
• ProPhase Labs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PRPH#NASDAQ">PRPH</a>) is likely to report quarterly loss at $0.24 per share on revenue of $3.77 million. 
• Synergy CHC (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNYR#NASDAQ">SNYR</a>) is estimated to report quarterly earnings at $0.10 per share on revenue of $10.55 million. 
• Westport Fuel Systems (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WPRT#NASDAQ">WPRT</a>) is estimated to report quarterly loss at $0.28 per share on revenue of $70.35 million. 
• Loar Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LOAR#NYSE">LOAR</a>) is projected to report quarterly earnings at $0.11 per share on revenue of $102.51 million. 
• Brainstorm Cell (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BCLI#NASDAQ">BCLI</a>) is expected to report earnings for its fourth quarter. 
• Edible Garden (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EDBL#NASDAQ">EDBL</a>) is estimated to report quarterly loss at $9.00 per share on revenue of $4.12 million. 
• Venus Concept (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VERO#NASDAQ">VERO</a>) is likely to report quarterly earnings at $0.00 per share on revenue of $16.98 million. 
• Lazydays Hldgs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GORV#NASDAQ">GORV</a>) is expected to report earnings for its fourth quarter. 
• FTC Solar (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTCI#NASDAQ">FTCI</a>) is projected to report quarterly loss at $0.84 per share on revenue of $11.61 million. 
• Sigma Lithium (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SGML#NASDAQ">SGML</a>) is projected to report quarterly earnings at $0.06 per share on revenue of $77.16 million. 
• Workhorse Gr (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WKHS#NASDAQ">WKHS</a>) is expected to report quarterly loss at $4.38 per share on revenue of $3.06 million. 
• LM Funding America (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LMFA#NASDAQ">LMFA</a>) is estimated to report quarterly loss at $1.67 per share on revenue of $1.50 million. 
• Data Storage (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DTST#NASDAQ">DTST</a>) is estimated to report quarterly earnings at $0.03 per share on revenue of $6.20 million. 
• BioLine Rx (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BLRX#NASDAQ">BLRX</a>) is expected to report quarterly earnings at $0.00 per share on revenue of $7.72 million. 
• IM Cannabis (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IMCC#NASDAQ">IMCC</a>) is estimated to report quarterly loss at $0.39 per share on revenue of $10.43 million. 
• LanzaTech Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LNZA#NASDAQ">LNZA</a>) is expected to report quarterly loss at $0.14 per share on revenue of $23.55 million. 
• Palvella Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PVLA#NASDAQ">PVLA</a>) is likely to report earnings for its fourth quarter. 
• Nano X Imaging (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NNOX#NASDAQ">NNOX</a>) is expected to report quarterly loss at $0.15 per share on revenue of $3.80 million. 
• Chicago Atlantic BDC (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LIEN#NASDAQ">LIEN</a>) is estimated to report quarterly earnings at $0.29 per share on revenue of $11.00 million. 
• BOS Better Online Solns (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BOSC#NASDAQ">BOSC</a>) is likely to report earnings for its fourth quarter. 
<h3>Companies Reporting After The Bell</h3>
• T Stamp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IDAI#NASDAQ">IDAI</a>) is projected to report quarterly loss at $1.80 per share on revenue of $510 thousand. 
• Local Bounti (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LOCL#NYSE">LOCL</a>) is expected to report quarterly loss at $3.89 per share on revenue of $10.95 million. 
• Vivos Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VVOS#NASDAQ">VVOS</a>) is estimated to report quarterly loss at $0.43 per share on revenue of $3.89 million. 
• Siyata Mobile (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SYTA#NASDAQ">SYTA</a>) is projected to report earnings for its fourth quarter. 
• Open Lending (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LPRO#NASDAQ">LPRO</a>) is estimated to report quarterly earnings at $0.02 per share on revenue of $24.03 million. 
• Nutex Health (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NUTX#NASDAQ">NUTX</a>) is estimated to report quarterly earnings at $0.00 per share on revenue of $81.13 million. 
• Talphera (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLPH#NASDAQ">TLPH</a>) is expected to report earnings for its fourth quarter. 
• CXApp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CXAI#NASDAQ">CXAI</a>) is likely to report quarterly earnings at $0.00 per share on revenue of $2.00 million. 
• Spire Global (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPIR#NYSE">SPIR</a>) is projected to report earnings for its fourth quarter. 
• Gorilla Tech Gr (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GRRR#NASDAQ">GRRR</a>) is projected to report earnings for its Fiscal Year 2024. 
• Spruce Power Holding (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPRU#NYSE">SPRU</a>) is expected to report earnings for its fourth quarter. 
• Omeros (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OMER#NASDAQ">OMER</a>) is estimated to report earnings for its fourth quarter. 
• Microvast Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MVST#NASDAQ">MVST</a>) is estimated to report quarterly earnings at $0.00 per share on revenue of $92.50 million. 
• Gryphon Digital Mining (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GRYP#NASDAQ">GRYP</a>) is estimated to report quarterly loss at $0.16 per share on revenue of $3.90 million. 
• Red Cat Hldgs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RCAT#NASDAQ">RCAT</a>) is projected to report quarterly loss at $0.09 per share on revenue of $7.49 million. 
• Digi Power X (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DGXX#NASDAQ">DGXX</a>) is likely to report quarterly loss at $0.12 per share on revenue of $14.30 million. 
• Rani Therapeutics Hldgs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RANI#NASDAQ">RANI</a>) is projected to report earnings for its fourth quarter. 
• Nortech Systems (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NSYS#NASDAQ">NSYS</a>) is likely to report earnings for its fourth quarter. 
• VolitionRX (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/VNRX#AMEX">VNRX</a>) is projected to report quarterly loss at $0.05 per share on revenue of $545 thousand. 
• iShares Gold Trust Shares of the iShares Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAU#NYSE">IAU</a>) is projected to report quarterly loss at $0.02 per share on revenue of $37.70 million. 
• i-80 Gold (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/IAUX#AMEX">IAUX</a>) is projected to report earnings for its fourth quarter. 
• Sidus Space (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SIDU#NASDAQ">SIDU</a>) is expected to report earnings for its fourth quarter. 
• Wrap Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WRAP#NASDAQ">WRAP</a>) is likely to report earnings for its fourth quarter. 
• MDB Capital Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MDBH#NASDAQ">MDBH</a>) is estimated to report earnings for its fourth quarter. 
• Duos Technologies Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DUOT#NASDAQ">DUOT</a>) is expected to report quarterly loss at $0.34 per share on revenue of $1.60 million. 
• Dare Bioscience (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DARE#NASDAQ">DARE</a>) is likely to report quarterly loss at $0.63 per share on revenue of $1.00 million. 
• Celcuity (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CELC#NASDAQ">CELC</a>) is projected to report earnings for its fourth quarter. 
• CytoSorbents (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CTSO#NASDAQ">CTSO</a>) is likely to report quarterly loss at $0.07 per share on revenue of $9.43 million. 
• Venu Holding (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/VENU#AMEX">VENU</a>) is expected to report earnings for its fourth quarter. 
• Alpha Cognition (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ACOG#NASDAQ">ACOG</a>) is estimated to report earnings for its fourth quarter. 
• ESS Tech (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GWH#NYSE">GWH</a>) is projected to report quarterly loss at $1.33 per share on revenue of $6.30 million. 
• Aqua Metals (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AQMS#NASDAQ">AQMS</a>) is estimated to report earnings for its fourth quarter. 
• Nuvve Holding (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVVE#NASDAQ">NVVE</a>) is projected to report earnings for its fourth quarter. 
• Expion360 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XPON#NASDAQ">XPON</a>) is projected to report quarterly loss at $0.96 per share on revenue of $1.70 million. 
• CaliberCos (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CWD#NASDAQ">CWD</a>) is likely to report quarterly loss at $0.04 per share on revenue of $6.69 million. 
• Precipio (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PRPO#NASDAQ">PRPO</a>) is expected to report earnings for its fourth quarter. 
• Progress Software (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PRGS#NASDAQ">PRGS</a>) is projected to report quarterly earnings at $1.39 per share on revenue of $234.69 million. 
• PVH (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PVH#NYSE">PVH</a>) is likely to report quarterly earnings at $3.24 per share on revenue of $2.34 billion. 
• Invesco National AMT-Free Municipal Bond ETFo (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PZA#NYSE">PZA</a>) is projected to report quarterly earnings at $0.25 per share on revenue of $168.10 million. 
• BioHarvest Sciences (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BHST#NASDAQ">BHST</a>) is likely to report earnings for its fourth quarter. 
• Babcock &amp; Wilcox (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BW#NYSE">BW</a>) is projected to report quarterly loss at $0.01 per share on revenue of $212.30 million. 
• Bionano Genomics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BNGO#NASDAQ">BNGO</a>) is expected to report quarterly loss at $8.40 per share on revenue of $6.30 million. 
• Innovate (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VATE#NYSE">VATE</a>) is likely to report earnings for its fourth quarter. 
• TechTarget (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TTGT#NASDAQ">TTGT</a>) is expected to report quarterly earnings at $0.45 per share on revenue of $62.37 million. 
• Rekor Systems (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/REKR#NASDAQ">REKR</a>) is expected to report quarterly loss at $0.08 per share on revenue of $12.91 million. 
• Flexible Solutions Intl (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/FSI#AMEX">FSI</a>) is projected to report quarterly earnings at $0.09 per share on revenue of $10.83 million. 
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Earnings

ACOG

AQMS

BCLI

BHST

BLRX

BNGO

BOSC

CELC

CRIS

CTSO

CXAI

DARE

DGXX

DTST

DUOT

EDBL

FTCI

GORV

GRRR

GRYP

IAUX

IDAI

IMCC

LIEN

LMFA

LNZA

LOAR

LOCL

LPRO

MDBH

MVST

NNOX

NSYS

NUTX

NVVE

OMER

PRGS

PRPH

PRPO

PVLA

PowerShares Insured Municipal Bond Portfolio

RANI

RCAT

REKR

SGML

SIDU

SNYR

SPIR

Spruce Power Holding Corporation Class A Common Stock

SPRU

SYTA

TLPH

TTGT

VATE

VENU

VERO

VNRX

VVOS

WKHS

WPRT

WRAP

XPON

Earnings Scheduled For March 31, 2025

Gold miners dominated <a target="_blank" href="https://www.benzinga.com/topic/mergers-and-acquisitions" rel="noreferrer noopener">mergers and acquisitions (M&amp;A) activity</a> in the metals and mining industry in 2024. Research by S&amp;P Global Market Intelligence found that yellow metal deals accounted for 70% of the total transaction value.
The <a target="_blank" href="https://www.spglobal.com/market-intelligence/en/news-insights/research/mining-mna-in-2024-gold-dominates-mna-space-for-2nd-consecutive-year" rel="noreferrer noopener">report</a> showed 62 gold-related transactions, compared to 47 in 2023, or a 32% growth. Although the overall deal value remained relatively close, at $26.36 billion, the $16.5 billion Newmont's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>) acquisition of Newcrest was an outlier, skewing the numbers for the year before.
Most of 2024's M&amp;A occurred in two top jurisdictions, Australia and Canada. Gold's 27% surge in 2024 further incentivized acquisitions, while geopolitical risks, including the persisting conflict in Ukraine, tensions in the Middle East, and rising central bank purchases, encouraged expansions through acquisitions.
Northern Star Resources (OTCPK: NESRF) <a target="_blank" href="https://www.benzinga.com/24/12/42262825/northern-star-acquires-de-grey-for-33-billion-secures-promising-tier-1-asset" rel="noreferrer noopener">$3.26 billion acquisition</a> of De Grey Mining was the largest single transaction, consolidating ownership of one of Australia's most promising gold deposits. The number two spot went to AngloGold Ashanti's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AU#NYSE">AU</a>) <a target="_blank" href="https://www.benzinga.com/news/large-cap/24/09/40790433/anglogold-ashanti-to-acquire-centamin-for-2-5b-to-become-fourth-largest-gold-producer" rel="noreferrer noopener">$2.48 billion takeover</a> of Centamin, strengthening its African presence.
In contrast, despite copper's growing popularity, copper-focused M&amp;A was comparatively subdued, with 16 total deals amounting to $5.7 billion. The largest one was Lundin Mining and BHP's joint <a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/40031488/bhp-to-unlock-south-american-copper-riches-partners-with-lundin-for-filo-acquisition" rel="noreferrer noopener">$3.03 billion acquisition</a> of Filo Corp. If BHP's <a target="_blank" href="https://www.benzinga.com/news/large-cap/24/05/39068033/time-runs-out-for-bhp-deal-49-billion-acquisition-of-anglo-american-proves-too-complex-to-solve" rel="noreferrer noopener">$49 billion bid for </a><a target="_blank" href="https://www.benzinga.com/news/large-cap/24/05/39068033/time-runs-out-for-bhp-deal-49-billion-acquisition-of-anglo-american-proves-too-complex-to-solve" rel="noreferrer noopener">Anglo American</a> had succeeded, the situation would have been vastly different.
S&amp;P's report also highlighted that while overall deal value remained stable, the absence of a $10 billion-plus megadeal meant that the average transaction size fell to $428.1 million—the lowest in five years and a 24% decline from 2023.
Large miners like Newmont sold smaller portfolio parts, focusing on top assets. At the same time, intermediate producers sought those assets to pursue margin-boosting synergies and growth necessary to break into the big leagues of producing over 1 million ounces annually.
In 2025, S&amp;P predicts further positive momentum in gold M&amp;A as metal prices bid new highs. The sector has already seen notable activity in early 2025, including Equinox Gold's $1.87 billion bid for Calibre Mining. However, <a target="_blank" href="https://www.benzinga.com/25/03/44394574/the-largest-shareholder-opposes-equinoxs-18-billion-acquisition" rel="noreferrer noopener">opposition from Equinox's top shareholder</a>, Van Eck, raises questions about whether the deal will proceed. Van Eck, who holds significant stakes in both companies, cited a lack of operational synergies as a key concern.
Gold Fields'<a target="_blank" href="https://www.benzinga.com/25/03/44458684/gruyere-power-struggle-gold-fields-surprise-offer-rejected-countermove-denied" rel="noreferrer noopener"> $2.1 billion offer</a> for Gold Road Resources announced this week was rejected as "opportunistic," with Gold Road arguing it undervalued its assets. The deal would have given Gold Fields full control over the Gruyere gold mine, but Gold Road proposed buying out Gold Fields' stake—a counteroffer that was subsequently rejected.
Read Next:
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<li><a href="https://www.benzinga.com/trading-ideas/movers/25/03/44481208/sandstorm-gold-shares-are-up-today-whats-going-on" target="_blank" rel="noreferrer noopener">Sandstorm Gold Shares Are Up Today: What's Going On?</a></li>
</ul>
Image via Shutterstock

Asset Sales

NESRF

Gold M&A Deals Are Accelerating, But Average Deals Are Smaller, Research Shows

Equinox Gold's (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/EQX#AMEX">EQX</a>) <a target="_blank" href="https://www.benzinga.com/news/legal/25/02/43938698/equinox-gold-buys-calibre-mining-for-1-8-billion-creating-canadas-second-largest-gold-producer" rel="noreferrer noopener">$1.8 billion acquisition</a> of Calibre Mining (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CXBMF#OTC">CXBMF</a>) has hit a hurdle. A top shareholder in both companies publicly opposed the plan, citing synergy concerns.
"We are not supportive of this transaction. We don't see any synergies between any of the companies' operations," Imaru Casanova, a portfolio manager at Van Eck, said <a target="_blank" href="https://www.bloomberg.com/news/articles/2025-03-18/top-calibre-investor-opposes-equinox-s-1-8-billion-takeover-bid" rel="noreferrer noopener">per</a> Bloomberg's report on Tuesday.
"Both operate in the Americas, but in vastly different locations," she clarified, arguing that the deal dilutes Calibre's quality and potential, particularly as the company advances its flagship Valentine project in Canada.
According to Bloomberg, Van Eck is the largest Calibre shareholder, holding an 8.52% stake, and the second-largest Equinox shareholder, with an 8.86%.
Equinox announced the all-stock acquisition of Calibre last month as part of its strategy to consolidate gold assets and boost annual production. Equinox operates across Canada, Mexico, Brazil, and the United States, while Calibre's assets are primarily located in the United States and Nicaragua, Bloomberg writes.
Under the proposed structure, Calibre shareholders would receive shares of Equinox instead of cash at a 22% premium. The merger aims to create a mid-tier gold producer with a combined annual output of approximately 1.2 million ounces, placing it among the top 15 global producers.
The deal-making activity is unsurprising given the record-high gold prices, which have encouraged miners to expand. Gold broke the <a target="_blank" href="https://www.benzinga.com/25/03/44325928/gold-smashes-through-3000-mark-as-markets-brace-for-turbulence-and-fed-signals" rel="noreferrer noopener">milestone price of $3,000</a> per ounce last week, driven by central bank purchases and investor demand for safe-haven assets.
Jeffrey Gundlach, CEO of DoubleLine, recently predicted that gold could reach $4,000 per ounce, citing the sharp increase in central bank buying and ongoing geopolitical risks. Meanwhile, analysts at Macquarie have raised their price target to $3,500 per ounce by the third quarter of 2025.
With gold outperforming in 2024, Equinox reported a record year. It produced 621,893 ounces of gold and generated $1.5 billion in revenue, with an operating cash flow of $430 million. Looking ahead to 2025, Equinox expects to produce between 635,000 and 750,000 ounces, with an all-in-sustaining cost (AISC) between $1,455 and $1,550 per ounce.
Thus, even using the upper AISC estimate and assuming an average realized price of $3,000 per ounce, Equinox would generate around $1.1 billion in gross profit, maintaining last year's production level, making a good acquisition a lucrative proposal.
Still, given the lack of geographical proximity to unlock the synergies, Van Eck's opposition might shape investor sentiment, as approval requires support from two-thirds of both companies' shareholders.
Price Watch: VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) is up 32.81% year-to-date.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/etfs/specialty-etfs/25/03/44335436/gold-etfs-shine-as-spot-price-tops-3000-during-safe-haven-demand" target="_blank" rel="noreferrer noopener">Gold ETFs Shine As Spot Price Tops $3,000 During Safe-Haven Demand</a></li>
</ul>
Image via Shutterstock

Guidance

CXBMF

Calibre Mining's Largest Shareholder Opposes Equinox's $1.8 Billion Acquisition

With market concentration concerns rising, investors are hunting for "diversification without sacrificing growth." Enter <a href="https://www.benzinga.com/topic/gold">gold &#8211; the precious metal</a> that has already smashed past $3,000 per ounce and could be heading even higher.
Gold's 2024 run has been nothing short of spectacular. The gold-tracking SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) is up about 40% over the past year. 
During an exclusive interview with Benzinga, Violeta Todorova, senior research analyst at Leverage Shares, said that the momentum is not slowing down anytime soon. "With a confluence of favourable factors such as monetary easing, central bank buying, geopolitical tensions, inflationary pressures, and strong physical demand—the outlook for gold remains strong."
Read Also: <a href="https://www.benzinga.com/etfs/specialty-etfs/25/03/44335436/gold-etfs-shine-as-spot-price-tops-3000-during-safe-haven-demand">Gold ETFs Shine As Spot Price Tops $3,000 During Safe-Haven Demand</a>
<h2 class="wp-block-heading">Can Gold Hit $3,500 In 2025?</h2>
While equity markets remain volatile, gold's safe-haven appeal continues to strengthen. Todorova sees multiple catalysts for further gains. "Amid the uncertainties of 2025, gold is likely to remain a cornerstone of wealth preservation and portfolio diversification." 
And just how high can it go? "The precious metal is likely to extend its rally to $3,500 per ounce; however, it could reach higher levels by the end of the year," she told Benzinga.
Meanwhile, gold ETFs are set to benefit as investors seek protection from ongoing market swings. Todorova expects "increased inflows" into gold funds as more investors turn to safety plays. The GLD, the iShares Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAU#NYSE">IAU</a>) and the SPDR Gold MiniShares Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLDM#NYSE">GLDM</a>) offer exposure to gold.
<h2 class="wp-block-heading">The Bigger Picture for Investors</h2>
With uncertainty gripping the market, investors are reevaluating their portfolios. While tech stocks have driven past bull markets, gold's latest surge suggests a shift in sentiment. The GLD is already up 13.82% YTD, the IAU has gained 13.85% and the GLDM has gained 13.87% so far this year.
As 2025 unfolds, the question isn't just whether gold will hit $3,500 &#8211; it's whether investors will pivot in time to ride the wave.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44148667/a-benzinga-debate-on-federal-reserve-assets-our-contributors-speak-on-gold-bitcoin">Gold vs. Bitcoin: Which Is The Better Reserve Asset And Why? Experts Weigh In&#8230;</a></li>
</ul>
Photo: Shutterstock

Long Ideas

Exclusives

Trading Ideas

Interview

EXCLUSIVE: Expert Sees Gold At $3,500 As Rally Picks Up Steam, 'Diversification Without Sacrificing Growth' She Says

Gold hit a fresh record high on Thursday, with spot gold <a href="https://www.benzinga.com/25/03/44325928/gold-smashes-through-3000-mark-as-markets-brace-for-turbulence-and-fed-signals">crossing $3,000 per ounce</a>, up 1.8%. It has surged 13% in 2025, outperforming all major asset classes. On Friday, spot gold pared some of the gains and was trading at $2,982.73 as of 11:50 a.m. EST.
Needless to say, <a href="https://www.benzinga.com/etfs">gold ETFs</a>, which offer investors exposure to gold without owning the metal, have gained from this rally. Some top-performing gold ETFs include:
SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>): Tracks spot gold prices closely and has an expense ratio of 0.4%. It has risen 12% year-to-date, illustrating the strong demand for gold as a safe-haven asset.
iShares Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAU#NYSE">IAU</a>): Follows the performance of the price of gold bullion. It carries an expense ratio of 0.25%. The ETF has climbed 12% YTD, closely mirroring gold's price action.
VanEck Vectors Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>): Focuses on gold mining stocks and carries an expense ratio of 0.5%. The ETF has gained 23.5% YTD, benefiting from rising gold prices and improved miner profitability.
VanEck Junior Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDXJ#NYSE">GDXJ</a>): Targets smaller, high-growth mining firms. The ETF has surged 22.8% YTD as speculative interest in smaller miners has picked up.
Also Read: <a href="https://www.benzinga.com/trading-ideas/movers/25/03/44331708/billionaire-hedge-funder-adds-mining-stocks-before-gold-makes-record-highs-gold-will-go-up-paulson-says">Billionaire Hedge Funder Adds Mining Stocks Before Gold Makes Record-Highs: &#8216;Gold Will Go Up,&#8217; Paulson Says</a>
<h1 class="wp-block-heading">Surging Gold ETF Inflows</h1>
Investor interest in gold ETFs is on the rise. The World Gold Council <a href="https://www.gold.org/goldhub/research/gold-etfs-holdings-and-flows/2025/03">reported </a>recently that global physically-backed gold ETFs saw $9.4 billion in inflows in February, the highest since March 2022. This marks three consecutive months of strong inflows, pushing total assets under management (AUM) to $306 billion. Holdings have also risen to 3,353 tonnes, the highest since July 2023. 
North American flows rebounded after two months of outflows, while Asian demand remained strong and European inflows narrowed. 
<h1 class="wp-block-heading">Why Is Gold Soaring?</h1>
Simply, economic uncertainty and geopolitical risks are driving gold's rally.
President Donald Trump's administration has reignited trade war fears by threatening tariffs. The <a href="https://www.benzinga.com/government/regulations/25/03/44308014/gold-hits-record-highs-as-trade-war-fears-fuel-safe-haven-demand-mining-stocks-soar">Atlanta Federal Reserve's GDPNow model projects</a> a 2.4% contraction for the U.S. economy in the first quarter of 2025, and JPMorgan raised the probability of a recession to 40%.
A key unknown factor is also influencing gold prices. 
"A large and unknown player is driving gold's recent rally," said Ross Norman, CEO of Metals Daily Ltd., speculating that this could explain the unusual movements in gold prices.
Macquarie Group analysts are bullish, forecasting gold at $3,500 per ounce by the third quarter. "We view gold's price strength to date, and our expectation for it to continue, as primarily being driven by investors' and official institutions' greater willingness to pay for its lack of credit or counterparty risk," Macquarie wrote.
With trade tensions, recession fears and global uncertainty, demand for gold, and naturally, gold ETFs, is expected to stay strong. As price targets rise, investors seeking a hedge against volatility may find gold ETFs a compelling option.
Read Next: 
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<li><a href="https://www.benzinga.com/25/03/44332599/exclusive-what-industry-experts-are-saying-about-the-openai-oracle-nvidias-100b-stargate-project-etfs-that-stand-">Exclusive: What Industry Experts Are Saying About OpenAI-Oracle-Nvidia&#8217;s $100-Billion Stargate Project &amp; ETFs That Stand To Gain</a></li>
</ul>
Photo: Shutterstock

Gold ETFs Shine As Spot Price Tops $3,000 During Safe-Haven Demand

With President Donald Trump's trade war rhetoric reaching new heights, <a href="https://www.benzinga.com/topic/gold">gold has emerged</a> as the go-to asset for savvy investors. 
Its 7% surge since his inauguration and <a href="https://www.benzinga.com/economics/macro-economic-events/25/02/43728557/time-to-lock-in-gold-gains">recent record highs</a> make it the ultimate "Trump trade" of 2025. But for U.S. investors, this golden rally presents a unique opportunity to profit, not just from the metal itself but from a selection of stocks and ETFs poised to benefit.
<h2 class="wp-block-heading">Gold's Bullish Surge: Why It's Happening</h2>
Gold's rally isn't just fueled by political uncertainty. Trump's aggressive tariff policies are creating inflationary pressures, and as global growth slows, gold acts as a safe-haven. 
Central banks and traders are shifting their focus to the yellow metal, further driving up its value. 
Analysts are now targeting $3,000 per ounce, with UBS and Citigroup revising their forecasts upward, <a href="https://www.ft.com/content/fb53df86-c6f0-4550-ab84-222b3a6282f4">reported</a> Financial Times.
Read Also: <a href="https://www.benzinga.com/25/02/43710503/bank-of-america-sees-gold-hitting-3500-as-demand-surges-on-increased-policy-tensions">Gold Could Reach $3,500 As Demand Rises On &#8216;Increased Policy Tensions,&#8217; Says Bank of America</a>
<h2 class="wp-block-heading">Top Gold ETFs To Consider</h2>
For those looking to capitalize on gold's rally without holding the physical asset, ETFs offer a convenient route:
<ul>
<li>SPDR Gold Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>): The largest gold ETF in the world, GLD tracks the price of gold bullion and is a reliable option for investors looking to ride the surge.</li>
<li>iShares Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAU#NYSE">IAU</a>): Another solid choice, IAU provides a lower-cost way to gain exposure to gold's movements.</li>
<li>VanEck Vectors Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>): GDX targets gold mining companies, which are expected to see growth as gold prices rise.</li>
</ul>
<h2 class="wp-block-heading">Gold Stocks Set To Benefit From Trump Trade</h2>
For those willing to venture into individual stocks, gold mining companies offer an even more leveraged play on the precious metal's climb:
<ul>
<li>Barrick Gold (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOLD#NYSE">GOLD</a>): The world's second-largest gold miner, Barrick is benefiting from the surge in gold prices, with strong earnings expected to follow.</li>
<li>Newmont Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>): As the largest gold producer in the U.S., Newmont stands to profit from the rising price of gold and growing demand for safe-haven assets.</li>
<li>Kinross Gold (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KGC#NYSE">KGC</a>): Another player to watch, Kinross has seen its stock price benefit from higher gold prices, making it a solid addition to the gold-investment portfolio.</li>
</ul>
Read Also: <a href="https://www.benzinga.com/news/earnings/earnings-beats/25/02/43689153/kinross-gold-delivers-record-breaking-2024-reaffirms-stable-production-output">Kinross Gold Delivers Record-Breaking 2024, Reaffirms Stable Production Output</a>
<h2 class="wp-block-heading">Takeaway For U.S. Investors</h2>
Gold's status as the ultimate hedge against trade tensions and inflation means U.S. investors should be taking a closer look at gold stocks and ETFs. 
With gold prices expected to continue rising, these assets offer an opportunity to capitalize on what looks to be a long-term trend.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/trading-ideas/movers/25/02/43672890/barrick-gold-shares-gain-after-q4-earnings-and-new-1-billion-buyback-program">Barrick Gold Shares Gain After Q4 Earnings And New $1 Billion Buyback Program</a></li>
</ul>
Image: Shutterstock

Gold Soars as 'Trump Trade' of 2025: What Investors Should Know

<a href="https://www.benzinga.com/topic/gold">Gold prices surged</a> to near three-month highs this week, with spot gold reaching $2,755.2 per ounce on Jan. 22, just below its record peak of $2,790.15 from Oct. 31, 2024.
What Happened: As President Donald Trump's tariff announcements reverberate through global markets, gold, often seen as a safe haven during uncertain times, has reclaimed the spotlight. Two of the <a href="https://www.benzinga.com/etfs">most prominent ETFs</a>, SPDR Gold Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) and iShares Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAU#NYSE">IAU</a>) offer exposure to gold with different features to suit various investor profiles.
Both ETFs use the same benchmark: the LBMA (London Bullion Market Association) Gold Market Fixing Price PM Index.
The SPDR Gold Shares ETF is priced at around $244 per share with a 0.40% expense ratio. The ETF appeals to investors seeking high liquidity and trust in a well-established product. Trading volume of the ETF is hefty, making it especially attractive for frequent traders. However, its higher expense ratio and market price may deter cost-conscious retail investors.
The iShares Gold Trust ETF, on the other hand, is priced at around $50 per share with a lower 0.25% expense ratio. It offers a more economical entry point for gold investors. Although no match for GLD&#8217;s trading volume, IAU is still highly liquid and considered a viable choice for retail investors.
See Also: <a href="https://www.benzinga.com/news/large-cap/25/01/43137560/golds-blowout-rally-puts-spotlight-on-miners-will-they-finally-catch-up">Gold&#8217;s Blowout Rally Puts Spotlight On Miners: Will They Finally Catch Up?</a> 
Why It Matters: The rally is fueled by a weaker dollar and growing uncertainty surrounding Trump's proposed policies, including sweeping tariffs. Some investors fear his decisions will trigger trade wars and heighten market volatility.
Gold, as ever, remains a safe bet for risk-averse investors. While physical bullion remains a traditional choice, its limitations— such as storage costs, premiums, and liquidity challenges — make gold ETFs a more practical alternative for modern investors.
Although gold prices pulled back slightly today, it is possible that this is due to traders booking profits after the sharp ascent, and the movement is still bullish for the metal.
A walk down the memory lane shows us that gold has historically thrived during Trump&#8217;s presidency. When he assumed office in 2017, gold prices were near $1,200 per ounce, soaring to $1,957 per ounce by January 2021, as pointed out in a report in FXEmpire.
Now, in Trump's second term, the &#8220;Tariff Man&#8221; — a self-proclamation he made during his first term — is <a href="https://www.benzinga.com/government/regulations/25/01/43162941/trumps-second-term-sparks-market-jitters-with-trade-regulation-expansion-plans">introducing aggressive policies</a>, further stoking uncertainty. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#8230;.I am a Tariff Man. When people or countries come in to raid the great wealth of our Nation, I want them to pay for the privilege of doing so. It will always be the best way to max out our economic power. We are right now taking in $billions in Tariffs. MAKE AMERICA RICH AGAIN
&mdash; Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1069970500535902208?ref_src=twsrc%5Etfw">December 4, 2018</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
His proposals to impose 25% tariffs on Mexico and Canada by Feb. 1 and to levy a <a href="https://www.benzinga.com/etfs/emerging-market-etfs/25/01/43130930/trump-looking-at-10-tariff-on-china-starting-feb-1">10% tariff on Chinese imports</a> could impact global trade dynamics.
Just an example of why the markets are volatile, Canada is one of the world's largest producers of gold and a GSC Commodity Intelligence study revealed that the U.S. is the world&#8217;s largest importer of Canadian gold. A 25% tariff on imports from Canada might impact overall U.S. imports. See Next: 
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<li><a href="https://www.benzinga.com/etfs/emerging-market-etfs/25/01/43159032/defiance-quantum-etf-hits-1-billion-milestone-as-ceo-talks-future-of-industry">Defiance Quantum ETF Hits $1 Billion Milestone As CEO Talks Future Of Industry</a></li>
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Photo: Shutterstock

SPDR Gold Shares Vs. iShares Gold Trust: Two Shiny ETFs In Focus As 'Tariff Man' Trump Fuels Uncertainty

Goldman Sachs has postponed its projection for gold prices to hit $3,000 per ounce, shifting the timeline from early 2026 to mid-2026. The investment bank adjusted its expectations from the Federal Reserve, as tighter-than-expected monetary policy would influence <a target="_blank" href="https://www.benzinga.com/topic/gold" rel="noreferrer noopener">gold prices</a>.
Goldman analysts Lina Thomas and Daan Struyven forecast gold to reach $2,910 per ounce by the end of the year. The bank's economists now anticipate 75 basis points of rate cuts in 2025, down from the previously expected 100 basis points.
"Opposing forces — lower speculative demand and structurally higher central bank buying — have effectively offset each other, keeping gold prices range-bound over the past few months," they said in a note per Bloomberg's <a target="_blank" href="https://www.bloomberg.com/news/articles/2025-01-06/goldman-pushes-back-3-000-gold-forecast-on-fewer-us-rate-cuts" rel="noreferrer noopener">report</a>, attributing the long-term demand to central banks buying appetite.
"Looking ahead, we forecast monthly purchases to average 38 tons through mid-2026," they stated.
Gold delivered a <a target="_blank" href="https://www.benzinga.com/markets/commodities/24/12/42502069/gold-poised-for-its-best-year-in-a-decade-while-bitcoin-surges-analysts-eye-2025-as-a-golden-era-for-precious-metal-amid-michael-saylors-push-for-btc-as-a-reserve-asset" rel="noreferrer noopener">robust performance</a> in 2024, gaining 27% due to monetary easing, central bank purchases, and lingering inflation fears. However, the rally lost momentum in late 2024 as the U.S. dollar strengthened following the election-driven optimism.
Still, the U.S. is finding other ways to take advantage of higher-for-longer gold prices. President Joe Biden just approved the final permit for the Stibnite Project in Idaho, a mining initiative led by Perpetua Resources (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PPTA#NASDAQ">PPTA</a>) and backed by billionaire investor John Paulson.
This project could supply more than 35% of the U.S. demand for antimony, a critical mineral essential for solar panels, flame retardants and military equipment, while also producing around 450,000 ounces of gold annually.
Although the project cost around $1.3 billion in 2020, the final number will be higher. Accounted reserves include 148 million pounds of antimony and 6 million ounces of gold, and production is set for 2028.
Antimony prices surged in 2024, rising over 200% and over 40% in a single day after China issued an <a target="_blank" href="https://www.benzinga.com/trading-ideas/movers/24/12/42294914/mp-materials-are-on-the-rise-today-whats-going-on" rel="noreferrer noopener">export ban</a> on December 3.&nbsp;However, extreme price volatility and control over the market (China accounted for 48% of<a target="_blank" href="https://www.csis.org/analysis/chinas-antimony-export-restrictions-impact-us-national-security" rel="noreferrer noopener"> global production</a> and 63% of U.S. imports in 2023) are risky for producers.
Thus, the dual output of gold and antimony offers financial resilience, reducing dependence and insulating the project from external price fluctuations.&nbsp;
Read Next:
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<li><a href="https://www.benzinga.com/25/01/42783039/kobold-metals-raises-537-million-targets-going-public-within-a-few-years" target="_blank" rel="noreferrer noopener">Bill Gates And Jeff Bezos Backed Mining Startup Raises $537 Million, Targets Going Public In Few Years</a></li>
</ul>
Image via Shutterstock

PPTA

Goldman Sachs Delays $3,000 Gold Forecast, Sees Fewer Rate Cuts In 2025

Rolex SA, the Swiss luxury watchmaker, has raised prices on several of its models following an upswing in gold prices in 2024, <a target="_blank" href="https://www.bloomberg.com/news/articles/2025-01-02/rolex-kicks-off-2025-by-hiking-watch-prices-after-gold-soars?srnd=phx-industries&amp;sref=TBDibEcD" rel="noreferrer noopener">Bloomberg</a> reported.
According to the report, the price of the yellow gold Day-Date and yellow gold GMT-Master II has increased by almost 8% to 44,200 euros and 44,600 euros, respectively.
The price hikes follow gold&#8217;s remarkable 27% gain in 2024, reflecting its role as a safe-haven asset that remains prominent amid global economic uncertainties and geopolitical tensions.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/12/42666501/starbucks-faces-major-strike-on-christmas-eve-300-locations-affected-as-5000-workers-walk-out" rel="noreferrer noopener">Starbucks Faces Major Strike On Christmas Eve: 300+ Locations Affected As 5,000 Workers Walk Out</a>
While Rolex traditionally adjusts prices at the beginning of the year, this year&#8217;s changes surpass the 4% increases seen for some of its models in the beginning of 2024, Bloomberg noted.
According to a report, the gold prices are expected to continue their upward trajectory and reach $2,795 per troy ounce by the end of 2025, a <a target="_blank" href="https://www.benzinga.com/markets/commodities/25/01/42759408/gold-prices-to-climb-7-in-2025-amid-trumps-return-to-white-house-and-geopolitical-tensions-momentum-is-taking-back-over" rel="noreferrer noopener">7% increase from current levels</a>.
Central banks are likely to drive demand as they diversify reserves in the midst of geopolitical uncertainties.
Key drivers of the expected increase include central banks&#8217; diversification away from the U.S. dollar following sanctions on Russia, anticipated interest rate cuts by the U.S. Federal Reserve, and rising concerns about U.S. <a target="_blank" href="https://www.benzinga.com/24/12/42594797/trump-wants-to-get-rid-of-the-debt-ceiling-30-year-treasury-bonds-fall-to-2024-lows-stocks-cut-gains" rel="noreferrer noopener">government debt</a> under President-elect&nbsp;Donald Trump.
As per&nbsp;<a target="_blank" href="https://pro.benzinga.com/" rel="noreferrer noopener">Benzinga Pro</a>, gold ETFs have increased in the past year as of Tuesday, 31st Dec.&nbsp;SPDR&nbsp;Gold Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) was up by 26.85%,&nbsp;iShares Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAU#NYSE">IAU</a>) rose by 26.85%, and&nbsp;abrdn Physical Gold Shares ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SGOL#NYSE">SGOL</a>) was up by 26.90%.
Read Next:
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Photo by panlertb via Shutterstock

Gold Price Surge Pushes Rolex to Raise Prices for Iconic Watches

Gold prices are expected to continue their upward trajectory in 2025, though at a slower pace compared to last year's remarkable 27% rally. Analysts anticipate a 7% increase from current levels by the end of the year, signaling a more moderate yet steady rise.
What Happened: Wall Street analysts project that gold prices will climb to about $2,795 per troy ounce by the end of 2025, a 7% increase from current levels, Financial Times <a href="https://www.ft.com/content/9fa96c1d-03f2-4d25-9644-b29ae19407aa">reported</a> on Thursday. This forecast comes on the heels of significant central bank purchases, which saw global institutions buy 694 tonnes of gold in the first nine months of 2024.
Key drivers of the expected increase include central banks' diversification away from the U.S. dollar following sanctions on Russia, anticipated interest rate cuts by the U.S. Federal Reserve, and rising concerns about U.S. government debt under President-elect Donald Trump.
Henrik Marx, global head of trading at Heraeus Precious Metals, said, &#8220;Whatever he announces will increase debt, leading to a weaker dollar and increased inflation. That is usually a nice mixture for gold."
 Geopolitical tensions in the Middle East and Ukraine are also contributing to the bullish outlook for gold.
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Notably, Goldman Sachs has issued the most optimistic forecast, expecting prices to hit $3,000 per troy ounce by year's end. Meanwhile, Barclays and Macquarie have issued more conservative projections, predicting a drop to approximately $2,500 per troy ounce, a 4% decline from current levels. 
"Momentum is taking back over, combined with geopolitical tensions, which is going to add more fuel to the fire," said Michael Haigh, head of commodities research at Société Générale. Haigh predicts that gold prices could reach $2,900 per troy ounce by the end of 2025.
Why It Matters: Gold's role as a safe-haven asset remains prominent amid global economic uncertainties and geopolitical tensions. Central banks have been increasingly diversifying their reserves, moving away from the dollar to mitigate risks. The World Gold Council has described this year's growth as "positive but much more modest" compared to 2024.
However, the rise of alternative assets like Bitcoin ETFs is also reshaping the investment landscape. Investors are exploring new <a href="https://www.benzinga.com/etfs/currency-etfs/24/12/42750554/golds-shine-fades-as-bitcoin-etfs-rise-the-new-safe-haven-champion">safe-haven options</a>, potentially challenging gold's dominance in this space. The interplay between traditional and emerging assets will be a critical trend to watch in 2025.
Price Action: As per <a href="https://pro.benzinga.com">Benzinga Pro</a>, gold ETFs have increased in the past one year, as of Tuesday, 31st Dec. SPDR Gold Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) was up by 26.85%, iShares Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAU#NYSE">IAU</a>) was rose by 26.85% and abrdn Physical Gold Shares ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SGOL#NYSE">SGOL</a>) was up by 26.90%. Meanwhile, Barrick Gold Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOLD#NYSE">GOLD</a>) fell by 14.32% over the year, Newmont Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>) dropped by 10% while Royal Gold, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RGLD#NASDAQ">RGLD</a>) increased by 9%.
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Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Image via Shutterstock

Gold Prices To Climb 7% In 2025 Amid Trump's Return To White House And Geopolitical Tensions: 'Momentum Is Taking Back Over'

For decades, gold has been the go-to choice for safe investing. Whatever the condition of the economy, investors relied on the yellow metal as the ultimate store of value. This has not changed and people have always used it to store value, no matter the economy&#8217;s condition or the stability of <a href="https://www.benzinga.com/markets">the markets</a>.
The landscape is shifting. Gold may face strong competition from Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), particularly through Bitcoin-focused exchange-traded funds. The competition has perhaps been best illustrated through the iShares Bitcoin Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBIT#NASDAQ">IBIT</a>).
<h4 class="wp-block-heading">The Rise Of IBIT</h4>
IBIT was launched in January 2024 and in under a year, it has grossed almost $50 billion in assets under management.
This steep climb is not only remarkable, but unprecedented. The Bitcoin Investment Trust&#8217;s asset management business surpassed the established leaders in the market: BlackRock's iShares Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAU#NYSE">IAU</a>) and the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), which is the largest gold ETF globally. This milestone makes one thing clear: Bitcoin is no longer viewed as just another speculative bubble.
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<h4 class="wp-block-heading">Shifting Preferences: The Role Of Younger Investors</h4>
Here's the thing: Bitcoin's rise isn't just about numbers; it's about people—specifically, younger investors. For millennials and Gen Z, Bitcoin represents more than just an asset. It's about decentralization, innovation, and staying ahead in a tech-driven world. Gold, on the other hand? Many in these generations see it as old-school.
"Younger investors see Bitcoin as ‘digital gold,' a natural evolution of what gold represented for previous generations," Nate Geraci, president of The ETF Store, <a href="https://www.bloomberg.com/news/articles/2024-12-30/blackrock-s-bitcoin-fund-became-greatest-launch-in-etf-history?embedded-checkout=true">told </a>Bloomberg. "The ease of trading Bitcoin ETFs and the high returns they've delivered have only solidified their appeal."
<h4 class="wp-block-heading">Bitcoin's Growing Utility As Store Of Value</h4>
Let's talk about why Bitcoin is pulling ahead. Unlike gold, Bitcoin has a finite supply of 21 million coins, which adds to its appeal as a store of value. And with ETFs like IBIT, Bitcoin has become accessible to both retail and institutional investors.
Compare that to gold. While it's a proven store of value, its physical nature poses challenges like storage and transportation. In a fast-paced, digital-first investment world, those can feel like big drawbacks.
Interestingly, the Bitcoin-to-gold ratio, which compares Bitcoin's value to an ounce of gold, reached an all-time high of 40 on Dec. 16. This highlights Bitcoin's increasing price, which recently crossed $108,000, while gold remains around $2,650 per ounce. The ratio underscores Bitcoin's growing prominence as a financial asset and its ability to challenge gold's traditional role as a safe haven.
<h4 class="wp-block-heading">The Ripple Effect On Gold ETFs</h4>
This isn't to say gold ETFs are losing their shine entirely. They're still a staple for many portfolios. But the numbers tell a story: Bitcoin-focused ETFs like IBIT and Fidelity's offering are starting to attract more net inflows than traditional gold funds.
If the trend continues, analysts predict IBIT could soon rival — or even surpass — GLD in AUM. That would be a seismic shift in the hierarchy of safe-haven investments.
<h4 class="wp-block-heading">What the Future Holds For Safe-Haven Investing</h4>
So, what's next? The competition between Bitcoin and gold ETFs marks a pivotal moment in investing. Gold's legacy ensures it'll remain relevant, but Bitcoin's rapid adoption shows that digital assets are becoming a cornerstone of modern portfolios.
The approval of Bitcoin spot ETFs in 2024 has further signaled regulatory acceptance, setting the stage for future crypto products. "Younger investors want assets that align with their digital-first lifestyles," says Geraci. "As Bitcoin becomes more mainstream, its role as a safe-haven asset will only grow."
For now, the rivalry between Bitcoin and gold is about more than just returns. It's a battle between tradition and innovation, one that's shaping the future of investing in real-time.
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Photo: Shutterstock.

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