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November 6, 2025

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Leaders of a 189-member group that acts as the House GOP’s de facto conservative think tank are formally endorsing a new short-term federal funding bill.

With just over two weeks until the deadline for Republicans’ initial Nov. 21 plan and the threat of more government shutdown chaos, the Republican Study Committee (RSC) Steering Committee is calling for an extension into ‘at least’ January 2026.

‘Democrats are responsible for the longest government shutdown in U.S. history — paralyzing our country and deepening the healthcare crisis sparked by Obamacare,’ reads a statement first obtained by Fox News Digital.

‘House conservatives support a return to regular order accomplished only by a continuing resolution that funds the government at least into January 2026.’

A debate is already brewing within the GOP about how long another extension should last, with some conservatives even demanding a bill carrying last year’s federal spending levels through at least November 2026.

The House passed a short-term measure called a continuing resolution (CR) on Sept. 19, aimed at extending fiscal year (FY) 2025 funding levels for seven weeks to give lawmakers more time to strike a deal on FY 2026 federal spending.

But progress has been stalled in the Senate for weeks, where Democrats are demanding any spending bill be paired with an extension of COVID-19 pandemic-era Obamacare subsidies set to expire at the end of this year.

Senate Majority Leader Thune, R-S.D., has floated the idea of holding a vote on extending the subsidies if Democrats agree to Republicans’ CR, which is currently free of partisan policy riders.

It’s not clear if there’s an appetite for such a vote in the House, RSC leaders’ new statement suggests.

‘We are also committed to delivering a healthcare system that is truly accessible, affordable, and spurs innovation. Congress should reject any extension of the wasteful COVID-era subsidies that fuel fraud and drive up costs,’ they said.

The latest position by the RSC, led by Rep. August Pfluger, R-Texas, is likely an accurate indication of where most House Republicans’ feelings on both the CR and the Obamacare subsidies are.

Speaker Mike Johnson, R-La., signaled support for a January CR on a private call with House GOP lawmakers on Tuesday, Fox News Digital was told earlier this week.

House Appropriations Committee Chairman Tom Cole, R-Okla., told Fox News Digital last month that he and others on his committee could support an extension into January.

But both issues are likely to see debate within the House GOP, not to mention the chamber as a whole.

Just over a dozen Republicans led by Rep. Jen Kiggans, R-Va., are supportive of extending the enhanced Obamacare subsidies by a year as a cushion to give the GOP more time to reform the flawed U.S. healthcare system.

Without it, some members of that coalition have argued, millions of Americans could be faced with a fiscal cliff leaving them to pay significantly more per month for their healthcare.

And on the CR debate, the House Freedom Caucus led by Rep. Andy Harris, R-Md., recently released a statement calling for a CR that extends at least into November 2026.

Their reasoning is that such a measure is the most effective way of keeping federal spending low and avoids another messy government funding fight until after the midterm elections.

But appropriators are against such a move, arguing that Congress must follow its constitutional duty in setting a yearly budget rather than relying on spending levels first passed under former President Joe Biden for another year.

It’s also not clear that Democrats, at least several of whom are needed to break a filibuster in the Senate, would accept a year-long CR.

Meanwhile, the government shutdown is in its 37th day, already having made history as the longest fiscal standoff in U.S. history.

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A federal judge criticized the Justice Department for allegedly being too quick to indict in high-profile cases on Wednesday.

Magistrate Judge William Fitzpatrick of the Eastern District of Virginia made the comments during a brief hearing regarding the case against former FBI Director James Comey.

‘Right now, we are in a bit of a feeling of indict first, investigate later,’ Fitzpatrick said in the hearing, which lasted less than an hour.

Fitzpatrick questioned prosecutors about their handling of data acquired from a number of search warrants between 2019 and 2020, information which is now being used in Comey’s case. The judge pressed prosecutors on whether they may have viewed information that may be protected by attorney-client privilege.

Fitzpatrick also noted the size of the trove of documents, saying Comey’s defense team has been placed at a disadvantage with a limited time to view the set.

‘The government has had this for five and a half years … this is an unfair burden the government is placing on the defense, but I don’t see another path forward,’ the judge said.

Comey’s team has sought to have his case dismissed, arguing he is the victim of selective prosecution by President Donald Trump.

The DOJ denied in a 48-page filing that Trump’s September Truth Social post calling on U.S. Attorney General Pam Bondi to prosecute prominent political adversaries, including Comey, Sen. Adam Schiff, D-Calif., and New York Attorney General Letitia James, had any influence on the decision to bring charges.

‘These posts reflect the President’s view that the defendant has committed crimes that should be met with prosecution. They may even suggest that the President disfavors the defendant. But they are not direct evidence of a vindictive motive,’ prosecutors argued.

‘The defendant spins a tale that requires leaps of logic and a big dose of cynicism, then he calls the President’s post a direct admission,’ they continued. ‘There is no direct admission of discriminatory purpose. To the contrary, the only direct admission from the President is that DOJ officials decided whether to prosecute, not him.’

Fox News’ Ashley Carnahan contributed to this report.

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The battle for control of the House is set to kick into high gear with the 2025 elections in the rearview mirror, and both sides are optimistic about their chances after Tuesday night.

Democrats are flying high after their victories in key elections in Virginia, California and New Jersey, celebrating those wins as a decisive rejection of President Donald Trump’s administration. But Republicans are still confident in their chances of keeping the House next year and are poised to use the far-left’s success in New York City as a nationwide political cudgel.

‘Yesterday was a big night for America and a big night for the Democratic Party, as candidates across the country, up and down the ballot, decisively defeated MAGA Republicans in an extraordinary rejection of the extremism that the American people have been experiencing since Day 1 of Donald Trump’s presidency,’ House Minority Leader Hakeem Jeffries, D-N.Y., said at a press conference Wednesday.

A memo circulated by the Jeffries-aligned House Majority PAC and obtained by Fox News Digital exuded confidence: ‘With less than one year until Election Day, Democrats remain poised to take back the House in 2026 and elect Leader Hakeem Jeffries as the next Speaker.’

But Jeffries’ counterpart, House Speaker Mike Johnson, R-La., had a very different interpretation.

‘There’s no surprises. What happened last night was blue states and blue cities voted blue. We all saw that coming, and no one should read too much into last night’s election results. Off-year elections are not indicative of what’s to come,’ Johnson said at his own news conference. ‘I think that when we go into next year in the midterms, we’re very bullish about the outcome. We have an extraordinary record to run on.’

A House GOP campaign operative who spoke with Fox News Digital was also confident about Republicans’ ability to keep the majority next November, arguing the key lies in voter turnout.

‘I think we actually had a good turnout night. They just had a monster one,’ the GOP operative said of New Jersey, where Democratic Rep. Mikie Sherrill defeated Republican Jack Ciattarelli.

‘They had midterm turnout in an off-year [governor] race. And so I think it comes down to us continuing to do the work to show that we need people to show up when the president is not on the ballot.’

They also dismissed Democrats’ inroads with Hispanic and Latino voters in New Jersey as recoverable for the GOP.

‘I think it goes back to, across-the-board, getting our voters to show up,’ the GOP operative said. ‘With Hispanic voters specifically, keep putting in the work, and we can’t take them for granted… it’s felt like, in some of those races, that they were not making the attempt to talk to them on our side.’

On the other side, an operative familiar with House Democrat campaigns said they’re taking lessons from a renewed surge of enthusiasm by two groups — Hispanic voters and women.

And while acknowledging the groups were not monolithic, the Democratic operative said most Americans were all focused on the same issue: cost of living.

‘I think it’s just like a very helpful reminder to double down on the issues that people care about most. Poll after poll, public and private, is telling you that Americans in any district care most about the cost of living and rising costs and being able to afford things,’ they said. ‘I think those are the solutions that people want to hear, and we should be proactive in speaking to them.’

The Democratic operative argued that issue drove the successes of Sherrill and former Rep. Abigail Spanberger, who defeated GOP Lt. Gov. Winsome Earle-Sears in Virginia and became a main facet of House Democrats’ most contentious campaigns.

Another issue being viewed in opposing lights by both sides is the victory of socialist Zohran Mamdani in the New York City mayoral race.

‘The biggest takeaway I have is that not a day should go by when a Republican candidate, a member on the trail, a member of leadership, whoever, whatever branch they’re in, whether state, local, federal, House, Senate, governors, whatever, should talk about Zohran Mamdani,’ the GOP operative said. ‘I think he is the party now, frankly.’

The Democratic source said, ‘We just kind of saw a proof point that it’s not effective, because they were trying this in races across the country here, and it didn’t work.’

They pointed to Republicans’ attempts to tie Rep. Alexandria Ocasio-Cortez, D-N.Y., to vulnerable Democrats nationally after her upset victory in 2018.

‘It just doesn’t work,’ they said. ‘Somebody in the Virginia Beach area of the country does not give a s— about who the mayor of New York City is. They care about the cost of living.’

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House Speaker Mike Johnson, R-La., sharply diverged from his Senate counterpart on Thursday as the upper chamber continues to negotiate a way out of the government shutdown.

Johnson said he would not commit to holding a vote on extending COVID-19 pandemic-era enhanced Obamacare subsidies, which are set to expire at the end of this year without congressional action.

Senate Majority Leader John Thune, R-S.D., however, had been floating a vote on such an extension in exchange for Democrats voting to end the shutdown — which is now in its 37th day.

‘Leader Thune has bent over backwards. He’s offered them a vote. You know what they told him in response? ‘No, we need you to guarantee the outcome of that vote.’ Well, that’s ridiculous,’ Johnson said when asked about holding such a vote by a guaranteed date in the House if the deal succeeds in breaking the logjam.

When pressed again on a vote, he said, ‘No, because we did our job, and I’m not part of the negotiation.’

‘The House did its job on Sept. 19. I’m not promising anybody anything. I’m going to let this process play out,’ Johnson said.

The issue of enhanced Obamacare subsidies has been a matter of debate within the GOP, with some Republicans in more moderate districts calling for at least a year-long extension to give lawmakers time to create a new healthcare deal in its place.

But House conservatives are rejecting any such extension out of hand. Fox News Digital first reported that leaders of the 189-member Republican Study Committee issued an official position earlier Thursday demanding the credits not be extended.

It’s been a key ask for Democrats, however, that such an extension be paired with any federal funding bill before they agree to help end the shutdown.

Senate Democrats are huddling on Thursday afternoon to discuss what they could and could not accept out of a deal to end the government shutdown.

There are a dozen in the caucus who have been meeting to find a way out of the shutdown, but following Democrats’ Tuesday night election sweep, many in their caucus feel emboldened that their shutdown strategy is working and don’t want to let up yet.

Sen. Chris Murphy, D-Conn., said he believed Tuesday’s election was ‘having an impact’ on the caucus.

‘It would be very strange for the American people to weigh in, in support of Democrats, standing up and fighting for them, and then within days, for us to surrender without having achieved any of the things that we’ve been fighting for,’ Sen. Chris Murphy said.

The majority of the caucus demands a guarantee on a deal rather than the promise of a process, given that a proposal to extend the expiring subsidies from Democrats without major reforms to the program would likely fail in the Republican-controlled chamber.

But Thune has remained adamant that he can’t promise anything more than a vote and can’t predict an outcome.

‘I made this very clear to them, I can’t guarantee them an outcome,’ Thune said. ‘I can guarantee them a process, and they can litigate the issue, get the vote on the floor, and presumably they have some way of getting a vote in the House at some point, but I can’t speak for the House.’

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Russian President Vladimir Putin said Wednesday his country will draw up plans to conduct nuclear tests after President Donald Trump announced the U.S. would do the same last week.

The Kremlin leader said he has asked relevant departments to ‘submit coordinated proposals regarding the possible commencement of work to prepare for nuclear weapons testing.’

‘Russia has always strictly adhered and continues to adhere to its obligations under the Comprehensive Nuclear-Test-Ban Treaty (CTBT), and we have no plans to deviate from these commitments,’ Putin said at a meeting of the Russian national security council.

The treaty was signed but never ratified by the U.S.

If the U.S. or other signatories of the treaty begin nuclear testing, ‘Russia would also have to take appropriate and proportionate responsive measures,’ Putin added.

In the past week, Trump has both announced the U.S. will reignite nuclear testing and suggested he is working on a deal to denuclearize with Russia and China.

‘We redid our nuclear — we’re the number one nuclear power, which I hate to admit, because it’s so horrible,’ Trump said during a speech at the American Business Forum in Miami.

‘Russia’s second. China’s a distant third, but they’ll catch us within four or five years,’ he added. ‘We’re maybe working on a plan to denuclearize, the three of us. We’ll see if that works.’

Last week, Trump announced on Truth Social, ‘because of other countries testing programs, I have instructed the Department of War to start testing our Nuclear Weapons on an equal basis. That process will begin immediately.’

The War Department handles the testing of nuclear-capable weapons, while the Energy Department’s National Nuclear Security Administration (NNSA) would be responsible for testing explosives.

Some 1400 workers, 80% of the NNSA, are currently on furlough due to the government shutdown.

The U.S. regularly tests nuclear-capable vehicles, missiles and rockets, but the U.S. has not conducted an explosive nuclear test since 1992. Russia’s last known test was in 1990.

Russia last week did claim to test two delivery vehicles: an undersea torpedo known as Poseidon and a nuclear-powered cruise missile.

The U.S. conducted a nuclear-capable weapon test on Wednesday, launching the intercontinental ballistic missile Minuteman III into the air from Vandenberg Space Force Base in California. It landed 4,200 miles away at a U.S. test site in the Marshall Islands.

Dmitry Medvedev, Russia’s former president who holds a top post on its security council, wrote on X that ‘No one knows what Trump meant about ‘nuclear testing’,’ adding, ‘he probably doesn’t himself.’

‘But he’s the president of the United States. And the consequences of such words are inescapable: Russia will be forced to assess the expediency of conducting full-fledged nuclear tests itself,’ Medvedev added.

Russia’s defense minister, Andrey Belousov, said Wednesday that he believes the U.S. in general is ‘actively increasing its strategic offensive capabilities.’

‘We must, of course, focus not only — or even primarily — on statements and remarks made by American politicians and officials, but above all on the actual actions of the United States of America.’

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Trading resumes in:

Company: Nevgold Corp.

TSX-Venture Symbol: NAU

All Issues: Yes

Resumption (ET): 11:00 AM

CIRO can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. CIRO is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.

SOURCE Canadian Investment Regulatory Organization (CIRO) – Halts/Resumptions

View original content: http://www.newswire.ca/en/releases/archive/November2025/06/c8696.html

News Provided by Canada Newswire via QuoteMedia

This post appeared first on investingnews.com

Asiamet Resources Limited (AIM: ARS) is pleased to announce that it has reached an agreement to sell its interest in the KSK Project to Norin Mining (Hong Kong) Limited for gross cash consideration of US$105 million (approximately £81 million).

Transaction Highlights

  • Asiamet has entered into a conditional sale and purchase agreement with Norin Mining to sell its interest in the KSK Project for gross consideration of US$105 million on a cash-free, debt-free basis.
  • The sale introduces a well-funded copper producer with specialist skills in copper mine development and processing coupled with high-ESG standards, to advance the Project into mining operations for the benefit of all stakeholders.
  • The sale follows the Company’s comprehensive and competitive two-phase strategic review process conducted with multiple well-qualified counterparties.
  • The sale is binding, subject to satisfying certain conditions precedent, including Shareholder approval and regulatory approvals.
  • The Board unanimously recommends that Shareholders vote in favour of the Disposal Resolution.
  • Shareholders representing, in aggregate, 53.3 per cent. of Asiamet’s issued share capital have irrevocably undertaken (subject to certain conditions) to vote in favour of the Disposal Resolution.
  • The Board currently expects that the net proceeds received from the sale shall be substantially utilised to effect a cash distribution to Shareholders following Completion.

As a result of the size of the Disposal relative to Asiamet, the transaction is deemed a fundamental change of business of the Company for the purposes of Rule 15 of the AIM Rules and is therefore conditional upon the approval of Shareholders. Such approval will be sought at the General Meeting to be held at Bird & Bird LLP, 12 New Fetter Lane, London EC4A 1JP at 10.00 a.m. on 29 January 2026. The Company advises that it has today posted to Shareholders the Circular, together with a notice convening the General Meeting and Form of Proxy, to vote on the proposed resolutions.

Further details of the proposals are set out in the extract from the Circular set out below, including the expected timetable of principal events and definitions. Shareholders are strongly encouraged to read the Circular in full, which will shortly be available on the Company’s website www.asiametresources.com.

Tony Manini, Chair of Asiamet, commented:

This is a landmark transaction for Asiamet and its shareholders. The sale of our interest in the KSK Project to Norin Mining represents the culmination of many years of work to advance this asset to a stage where it is ready to be developed into an operating mine by a well-capitalised and technically capable copper producer. The Asiamet Board considers the agreed value fairly reflects the current stage, quality and potential of the project and delivers a strong return for our shareholders.

Advisers and Counsel

Grant Samuel is acting as lead financial adviser and A&O Shearman is acting as legal adviser to Asiamet.

ON BEHALF OF THE BOARD OF DIRECTORS

Tony Manini, Chair

For further information, please contact:

Tony Manini
Chair, Asiamet Resources Limited
Email: tony.manini@asiametresources.com

Darryn McClelland
Chief Executive Officer, Asiamet Resources Limited
Email: darryn.mcclelland@asiametresources.com

Investor Enquiries

Sasha Sethi
Telephone: +44 (0) 7891 677 441
Email: Sasha@flowcomms.com / info@asiametresources.com

Nominated & Financial Adviser
Strand Hanson Limited

James Spinney / James Dance / Rob Patrick
Telephone: +44 20 7409 3494
Email: asiamet@strandhanson.co.uk

Broker

Shore Capital

Toby Gibbs / George Payne
Telephone: +44 20 7408 4050

Source

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GreenRoc Strategic Materials Plc (AIM: GROC), a company focused on the development of critical mineral projects in Greenland, is pleased to announce that it has signed a purchase agreement with a leading manufacturing company in China for a line of graphite processing mills and has also signed a rental agreement for a site in Denmark for building and running the pilot plant. GreenRoc will also attend the EU Raw Materials Week in Brussels 17-20 November 2025 and GreenRoc’s CEO is invited to attend and speak at two sessions.

Highlights

  • Purchase order has been placed with a company specialising in graphite mills for the delivery of one set of mills.
  • A rental agreement has been signed for a facility north of Copenhagen to host GreenRoc’s pilot processing plant for active anode material (‘AAM’).
  • The mills are expected to arrive on site during Q1 2026.
  • The Company has applied for and received the necessary permits for establishing and operating the AAM pilot plant.

Details

Graphite mills

GreenRoc has signed a purchase agreement for the delivery of a set of mills for the production of spheronised graphite from flake graphite feedstock. The mills and associated set of air-classifiers, cyclones and dust filters are designed and manufactured by a leading Chinese company specialising in the production of processing lines for spheronised graphite and which has previously delivered more than 100 full scale processing lines. The spheronisation plant designed by the producer is known for its high performance and robustness.

The set of mills for the pilot consists of one 600mm diameter micronising mill with internal classifier to reduce the flake graphite particles to a uniform and specified particle size. The micronised graphite is then introduced into the 300mm diameter spheronisation mill with two sets of classifiers to eventually produce spheronised graphite of a predetermined size category with two types of bi-products.

The pilot mills are anticipated to be shipped in November 2025 with estimated delivery at the Company’s site in Denmark in Q1, 2026.

GreenRoc’s pilot plant will also include a division for purification of the spheronised graphite and the Company is presently in the design phase for that equipment and expects to place an order before the year end.

GreenRoc’s CEO Stefan Bernstein inspecting graphite mills in production.

Pilot plant site

GreenRoc has signed a rental agreement for a ca 300m2 warehouse in Kokkedal Industrial Park, Hørsholm, Denmark, which is located ca 20km north of central Copenhagen. The site is ideal for the pilot plant with ample space for running various tests and storage of graphite and products. It is only 2km from the motorway with easy access for trucks etc. The warehouse is currently undergoing some restoration and will be ready for use by January 2026. GreenRoc applied to Hørsholm Municipality’s technical department for approval of running the pilot plant including the mills and chemical purification and this was received in October 2025.

EU Raw Materials Week

At the annual Raw Materials Week held in Brussels during 17-20 November 2025, GreenRoc’s CEO is invited to be part of a panel in the session ‘Improving CRM supply chain resiliency for Europe by integrating overseas natural graphite projects with added value in Europe’ and is also invited to speak at the session ‘Strategic Partnership on raw materials between the EU and Greenland’.

GreenRoc’s CEO, Stefan Bernstein, commented:

‘I am very happy that we have agreed with the equipment manufacturing company to provide the mills for our pilot plant. The manufacturing company is specialised in this business and makes some of the best mills on the market. At our recent visit we inspected the production facilities and some of the full-scale production lines and were impressed by the level of skills and ingenuity.

‘It is also perfect timing that we have also now secured the site for the pilot plant. We have been planning this for some time and navigating the process of obtaining the necessary permits for establishing and running the plant. With those and the rental agreement in place we are ready to receive the equipment in January 2026 and start building the plant – a very exciting year is ahead for GreenRoc!’

For further information, please contact:

Investor questions on this announcement

We encourage all investors to share questions

on this announcement via our investor hub

https://greenrocplc.com/s/f795de

GreenRoc Strategic Materials Plc

Stefan Bernstein, CEO

info@greenrocplc.com

+44 20 3950 0724

Cairn Financial Advisers LLP (Nomad)

Sandy Jamieson / Louise O’Driscoll

+44 20 7213 0880

Oberon (Broker)

Nick Lovering/Adam Pollock

+44 20 3179 5300

About GreenRoc

GreenRoc Strategic Materials Plc is an AIM-quoted UK public company focused on developing the Amitsoq Graphite Project in Greenland into a producing mine to meet critical demand from Electric Vehicle (‘EV’) manufacturers in Europe and North America for new, high grade and conflict-free sources of graphite. Amitsoq is one of the highest-grade graphite deposits in the world with a combined Measured, Indicated and Inferred JORC Resource of 23.05 million tonnes (Mt) at an average grade of 20.41% graphite, sufficient to sustain several decades of mining.

The plans for the Amitsoq Project include the construction of a facility to further process the mined graphite into active anode material – an indispensable component of Li-batteries – which plans have independently and positively evaluated to prefeasibility study stage.

GreenRoc has entered into a partnership with the Norwegian battery manufacturer Morrow Batteries to establish a regional supply chain. The Amitsoq Project has been designated a Strategic Project by the EU and in March 2025 it was also ESG-certified by Digbee, an independent platform which provides sustainability assessments for the mining industry. In October 2025, GreenRoc signed a binding secured loan facility for EUR 5.2 million from the Export and Investment Fund of Denmark (‘EIFO‘), for the financing of the Company’s work programme.

Forward Looking Statements

This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the timing and granting of regulatory and other third party consents and approvals, uncertainties regarding the Company’s or any third party’s ability to execute and implement future plans, and the occurrence of unexpected events.

Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.

Source

This post appeared first on investingnews.com

Gold is re-emerging as a cornerstone of the global financial system, even as cryptocurrencies and digital assets transform the way capital flows across markets. What does this mean for investors?

In a recent webinar hosted by Investingnews.com, global investor Ravi Sood, chairman and CEO of Golconda Gold (TSXV:GG), shared his insights on the role gold plays in an increasingly digitizing financial world, and what this means for investors seeking to position ahead of the next major shift in global finance. Rather than competing, gold and cryptocurrencies may be converging into a powerful force that reshapes the future of money and investment.

Watch this webinar presentation by Ravi Sood, chairman and CEO of Golconda Gold, above.

This post appeared first on investingnews.com

Investor appetite for safe-haven assets resulted in a record quarter for gold demand in Q3 2025, according to the World Gold Council’s (WGC) latest report.

The WGC published its Gold Demand Trends Q3 report on October 30, which clearly demonstrates that investor demand for gold is exploding as economic and geopolitical uncertainty continues to plague the markets.

During the third quarter of this year, the gold price climbed by 16 percent, setting new record highs 13 times along the way. The WGC estimates an average quarterly price of US$3456.54 per ounce, which is 5 percent over the previous quarter and 40 percent higher than the average in Q3 2024.

Overall, gold demand for Q3 2025 is up 3 percent over the same quarter last year, with the value of that demand up 44 percent year-over-year to a record US$146 billion. This is despite demand for the yellow metal from the jewelry and technology segments dropping 23 percent and 2 percent, respectively, compared to last year’s Q3 figures.

Investors betting on gold as stagflation hedge

Much of 2025’s gold demand growth is due in large part to the investment segment, which year-to-date has reached 1,556 metric tons. That’s a mere 6 percent of the record reached in the first three quarters of 2020. In terms of dollar value, investors have purchased US$161 billion in gold assets in the first three quarters of the year.

Investor sentiment is increasingly leaning toward growing stagflation fears.

The Federal Reserve’s monetary policy is creating a favorable environment for gold as well.

“The lowering of rates again lowers the opportunity cost of holding gold in a portfolio,” he added. “So you’re looking at factors that are lining up for preservation of value and purchasing power against fiat currency and slow economic growth.”

That’s why in 2025 investors are piling into gold exchange-traded funds (ETFs), and adding gold bars and coins to their portfolios at a record pace, accounting for more than half of total demand compared to one-third last year. In response, WGC has revised their 2025 gold investment demand forecast upward.

Gold ETFs score strongest Q3 since 2020

Total investment demand for gold in Q3 2025 came in at 537.2 metric tons, up 13 percent over Q2 2025 and 47 percent from Q3 in the previous year.

Gold ETFs are the biggest driver in the investment demand segment in terms of gains, having attracted a lot of investor attention in 2025. The third quarter was emblematic of this trend, with gold ETF demand totalling 222 metric tons. That’s up 30 percent over the second quarter and posting a whopping 134 percent gain over Q3 2024. In terms of value, the quarter brought in a record US$24 billion in gold ETF inflows.

Cavatoni attributed the rapid growth in ETF demand to the realization among Western investors that risk and uncertainty are prevalent in the equity markets now. He added that the WGC definitely sees this trend continuing to shape demand for gold ETFs.

Year-to-date gold ETF inflows reached 619 metric tons at a value of US$64 billion. Regionally, the three biggest markets for gold ETFs so far this year have been North America (346 metric tons), followed by Europe (148 metric tons) and Asia (118 metric tons).

Despite higher prices for the precious metal, gold ETF inflows are still charging upward in the last quarter of the year. And according to the WGC report, “historical analysis suggests gold ETFs still have room to grow.”

Gold bar and coin demand remains strong

Fear of missing out, or FOMO, according to the WGC, has induced investors to continue to scoop up gold bars and coins even as prices for the metal skyrocketed in September. Hence, the third quarter of 2025 at 315.5 metric tons of gold purchases represents the fourth successive quarter that this segment of the market has seen demand levels above 300 metric tons.

All told, gold bar and coin demand in Q3 2025 was up 3 percent over Q2 2025 and 17 percent over Q3 2024.

Regionally, India was the brightest spot, accounting for 91.6 metric tons of gold bar and coin purchases in the third quarter with a record value of more than US$10 billion. India’s appetite for gold bars and coins surpassed even China, for which the WGC reported 73.7 metric tons, up 19 percent over the previous quarter.

The WGC attributed some of the increased demand to “jewellery consumers switching to lower-margin pure investment products”. This is a phenomenon unique to Asia where gold jewelry is traditionally a form of savings, wealth preservation and used for dowries.

On the flipside, the US (7.2 metric tons) was the only regional market to experience a year-overy-yea decline (64 percent) in gold bar and coin demand. However, Cavatoni was quick to point out that there was actually a lot of buying and profit-taking based selling occurring in this space in the third quarter. Buying accelerated in September following news that gold bars would be exempt from Trump tariffs, and that trend has continued into October leading the WGC to forecast a stronger Q4.

“I suspect [Q4 is] going to tell us a different story, which is that most of the bar and coin demand in the Western markets, particularly the US will show a shift into net purchasing,” explained Cavatoni.

Central banks remain net buyers of gold

In the first nine months of the year, central banks bought 633 metric tons of gold compared to the 724 metric tons added during the same period in 2024.

Although the pace has slowed in recent quarters, central bank buying continues to be a major theme for the gold demand story. For Q3 2025, central bank inflows grew by 28 percent over the previous quarter to reach 220 metric tons.

The central banks of Poland, China, Turkey, Kazakhstan and India continue to be the predominant purchasers of gold. Interestingly, the quarter also saw a few participants enter the space who had hitherto been on the sidelines. This includes the central bank of Brazil (15 metric tons), which previously hadn’t made gold purchases since July 2021.

Cavatoni notes that central banks are still signalling they are keen to strategically build out their gold reserves despite record gold prices. “There’s trade tensions, geopolitical tensions. There’s fear and questions over the US’ desired outcome in terms of sanctions and control,” he explained.

“There’s also a dependency on the dollar and the euro. In our annual survey, the central banks continue to indicate to us that that dependency is going to lower over the next five years.’

In particular, he emphasized that the central banks in the emerging markets are looking for viable alternatives to dollar-based assets in order to diversify their reserves in the face of global and domestic challenges and they are finding that gold fits the bill.

For those reasons, the WGC has revised its expectations for gold demand from this segment. It now sees central banks picking up between 750 to 900 metric tons of gold for 2025.

Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

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