Key macro instruments that drive gold price movements: dollar, yields, risk appetite
Gold ETFs Just Pulled In $2 Billion. Silver Investors Pulled Out.
Gold ETFs attracted nearly $2 billion this week, signaling strong investor interest despite a dip in gold prices. This influx of capital into gold suggests that investors are positioning themselves for potential future gains, viewing gold as a safe haven amid ongoing economic uncertainties. The contrasting outflows from silver funds indicate a divergence in sentiment between the two precious metals, with investors seemingly favoring gold over silver at this juncture. This shift could reflect a broader concern about inflation and geopolitical tensions, which typically bolster gold's appeal. Additionally, the robust demand for gold ETFs highlights a continued confidence in central bank policies and their impact on monetary stability. As yields fluctuate, the attractiveness of gold as a non-yielding asset remains a critical factor influencing its price. The current environment suggests that while gold may face short-term volatility, the underlying demand dynamics are supportive of its long-term value. Investors should note that this significant capital inflow into gold ETFs could provide a cushion against further price declines. Overall, the market is signaling a preference for gold as a hedge against uncertainty, reinforcing its status as a key asset in diversified portfolios. As we move forward, the interplay between gold prices, investor sentiment, and macroeconomic factors will be crucial in determining the metal's trajectory.
20m ago
Gold Prices Flash Strong Signal as Major Buyer Doubles Down
One relentless buyer just removed a major concern for bulls.
1h ago
Meridian Mining CEO: Cabaçal DFS nears as company eyes mid-tier copper-gold status
Meridian Mining Plc (LSE:MNO, TSX:MNO, OTCQX:MRRDF) CEO Gilbert Clark spoke with Proactive's Stephen Gunnion about the company's plans to become a mid-tier copper-gold producer, with its Cabaçal project in Brazil central to that growth strategy. Clark said Meridian is approaching publication of the definitive feasibility study (DFS) for Cabaçal, with the focus on demonstrating the strength and longevity of the project's economics ahead of the next phase: project financing. The company has already started ordering long-lead equipment to lock in prices and bring forward the potential construction completion date. With around US$90 million in the bank, Meridian has also begun civil works, including access infrastructure upgrades, bridges, all-weather roads and power line construction. Securing the installation licence is another key milestone, which Clark said would effectively trigger the final investment decision. He also highlighted the potential at Santa Helena, where Meridian sees significant exploration and resource upside. Rather than a satellite open-pit operation, the company is permitting it as a potential second production hub: "If we get that PL granted and then go on to build a second producing hub there, that will take our throughput from 4.5 up to 5.7 million tonnes," Clark said. Beyond Cabaçal and Santa Helena, Clark discussed Meridian's wider exploration portfolio across three parallel VMS belts and its ambition to establish itself as a leading London-listed copper-gold stock. Visit Proactive’s YouTube channel Give the video a like, Read Proactive's Editorial Policy here: çal
2h ago
Control Of The Gold Market Is Moving
Central bank global official gold reserves have recently reached an all-time high, signaling a significant shift in the gold market dynamics. This aggressive accumulation by central banks indicates a growing recognition of gold as a critical asset for financial stability and diversification. As central banks pivot from selling to hoarding, we can expect increased demand pressure on gold prices. This trend is likely to be fueled by ongoing geopolitical tensions and economic uncertainties, which often drive investors toward safe-haven assets like gold. Additionally, the current environment of rising inflation further enhances gold's appeal, as it traditionally serves as a hedge against currency devaluation. With central banks actively increasing their gold holdings, the supply-demand balance is tightening, which could support higher prices in the medium to long term. Investors should also consider the implications of a stronger dollar, as it typically exerts downward pressure on gold prices; however, the current central bank buying trend may counteract this effect. ETF flows are another critical factor, as increased investment in gold-backed ETFs reflects growing institutional interest. Overall, the transformation in central bank behavior, coupled with macroeconomic factors, suggests that gold is poised for a more prominent role in global financial markets. As we navigate this evolving landscape, we must remain vigilant to the interplay of these factors that will ultimately shape gold's trajectory.
10h ago
A Golden Game Of Chicken
Oil prices are on the rise, potentially approaching all-time highs, which typically exerts downward pressure on gold as investors often shift their focus to energy commodities. However, the relationship between oil and gold is not always straightforward; rising oil prices can also signal inflationary pressures, which historically support gold as a hedge against currency devaluation. As inflation expectations rise, we may see increased demand for gold from investors seeking to preserve purchasing power. Additionally, geopolitical tensions often accompany fluctuations in oil prices, which can lead to safe-haven buying in gold, counteracting some of the bearish sentiment. Central banks remain significant players in the gold market, and any shifts in their purchasing behavior in response to oil price movements could further influence gold demand. ETF flows are another critical factor; if investors perceive rising oil prices as a precursor to economic instability, we could see increased inflows into gold ETFs. The dollar's strength will also play a crucial role; a stronger dollar typically pressures gold prices, but if oil prices rise significantly, it could lead to a weaker dollar as the cost of imports increases. Investors should remain vigilant about these dynamics, as the interplay between oil prices, inflation, and geopolitical factors will be pivotal in determining gold's trajectory. Overall, while rising oil prices may initially seem negative for gold, the broader economic implications could create a complex environment that ultimately supports gold prices.
10h ago
Gold/Silver Ratio September 2026: What a 12-Week Round Trip Is Telling Holders
The recent volatility in the gold/silver ratio, which swung from 61.7 to 70.4 and back to 66.3 within a mere twelve weeks, highlights the dynamic relationship between these two precious metals. This significant fluctuation indicates that silver is exhibiting a higher-beta behavior compared to gold, suggesting that silver prices are more sensitive to market movements and investor sentiment. For gold investors, this means that while gold remains a stable store of value, silver's volatility can present both opportunities and risks. The wider-than-normal range of this ratio signals potential shifts in market dynamics, which could influence gold's price trajectory. As investors reassess their positions, the asymmetry in the gold/silver relationship should be factored into portfolio strategies. A rising gold price could lead to increased interest in silver, but the reverse is also true; a downturn in gold could disproportionately affect silver. This interplay may prompt investors to reconsider their allocations between the two metals. Furthermore, the current economic landscape, characterized by inflationary pressures and geopolitical uncertainties, continues to support gold's appeal as a hedge. Central bank demand remains robust, further underpinning gold prices amid fluctuating market conditions. Overall, the recent movements in the gold/silver ratio serve as a reminder of the complexities within the precious metals market and the importance of strategic positioning.
20h ago
(TSX-V:GAL | AIM:GAL) Galantas Gold Corporation has completed the sale of its remaining 20% indirect interest in the Omagh gold project in County Tyrone, Northern Ireland to Ocean Partners UK Limited, pursuant to a share purchase agreement dated September 8, 2026. The transaction involved the sale of 20,000 shares of Flintridge Resources Limited and 215,208 shares of Omagh Minerals Limited, representing Galantas' remaining 20% indirect interest in the Omagh Project. The aggregate consideration paid by Ocean Partners to Cavanacaw was US$5.0 million, with approximately US$3.26 million of indebtedness owing by the Company to Ocean Partners satisfied, set off, or otherwise discharged at closing, and the balance paid in cash. The carrying value of the 20% interest as at 30 June 2026 was approximately US$4.1 million (CAD$5.8 million), and the Company's share of the loss attributable to this interest was approximately US$72,457 (CAD$101,790) for the six months ended 30 June 2026. Following completion, Galantas no longer holds any equity interest in the Omagh Project and will no longer have a right to convert the disposed 20% equity interest in Flintridge into a 3.00% net smelter return royalty. The transaction is consistent with Galantas' strategy of focusing its capital and management resources on its current portfolio of gold and copper assets, including the Andacollo Gold Project and the Indiana Project in Chile. Ocean Partners is a substantial shareholder of the Company, and Brent Omland, a director of Galantas, is also the Chief Executive Officer of Ocean Partners. Mr. Omland disclosed his interest in the agreement and did not participate in the board's deliberations or vote on the transaction. The disinterested directors, having consulted with the Company's Nominated Adviser, consider the terms of the transaction to be fair and reasonable insofar as the Company's shareholders are concerned. The transaction is considered a related party transaction under AIM Rules and Multilateral Instrument 61-101, with Galantas relying on exemptions from formal valuation and minority shareholder approval requirements.
(AIM:ECR) (TSX-V:FSX) (TSX-V:LVX) ECR Minerals plc announced highly encouraging results from its latest soil sampling programme at the 100%-owned Lolworth Project in North Queensland, Australia. The company received 1,002 assay results from a broader test programme comprising approximately 1,500 soil samples collected across the Uncle Terry area. Of these, 31 soil samples returned gold values of 100 ppb Au or greater, with a peak result of 608 ppb Au. The results support a broader NNW-trending gold-bearing structural system extending beyond the area tested by ECR's maiden RC drilling. A second parallel gold trend has also been identified to the north-east of Uncle Terry. Previous drilling at Lolworth during 2025 comprised 28 holes for an aggregate 1,058 metres across the Uncle Terry and Gorge Creek West prospects, confirming shallow gold and silver mineralisation, including 2m @ 3.57 g/t Au and 4m @ 7.18 g/t Ag. The principal gold trend may extend south towards similarly orientated structures at Gorge Creek West. Lolworth covers 946 square kilometres and remains one of the largest exploration opportunities within ECR's portfolio. ECR's geological team will incorporate the new soil geochemistry into the existing structural model and considers that a broader diamond core drilling programme is warranted to test the interpreted NNW gold-bearing structures at depth and across their full width. ECR Australia has the right to receive up to A$2 million in payments subject to future resource estimation or production from the Avoca and Timor projects. ECR Australia also has approximately A$77 million of unutilised tax losses incurred during previous operations.
(FSE:G6H) Grizzly Discoveries Inc. reported that preliminary results for a soil and rock sampling program have been received. The company stated that the program was completed in 2023. The sampling program was conducted at the Robocop Property. The company disclosed that a total of 1,025 soil samples and 53 rock samples were collected. The company stated that the samples were analyzed for copper, cobalt, silver, and gold. The company reported that anomalous copper, cobalt, and silver values were identified in the samples. The company stated that the results will be used to guide future exploration programs at the Robocop Property.
(LSE:CORA) Cora Gold Limited has granted and approved share options over 1,000,000 ordinary shares, equivalent to 0.13% of the issued share capital, to Russell White following his appointment as Non-Executive Director on 01 September 2026. The exercise price of the options is 10 pence per ordinary share, representing a premium of 4.82% to the average closing mid-market price over the 10 trading days prior to the grant date. The options expire on 07 September 2031, with one quarter vesting immediately, one quarter on 07 March 2027, one quarter on 07 September 2027, and one quarter on 07 March 2028. Following this grant, the total number of share options over ordinary shares is 65,700,000, representing 8.58% of the current ordinary issued share capital. The company's issued and outstanding capital structure now comprises 765,296,805 ordinary shares, warrants to subscribe for 32,382,100 ordinary shares at 7 pence per share expiring on 01 April 2027, share options over 5,050,000 ordinary shares at 10.5 pence expiring on 08 December 2026, share options over 12,350,000 ordinary shares at 4 pence expiring on 13 March 2028, share options over 19,150,000 ordinary shares at 6.25 pence expiring on 01 April 2030, share options over 28,150,000 ordinary shares at 8 pence expiring on 31 March 2031, and share options over 1,000,000 ordinary shares at 10 pence expiring on 07 September 2031. Sanankoro has a Probable Reserve of 531 koz at 1.13 g/t Au (US$2,200/oz Au pit shell design). The 2025 Definitive Feasibility Study showed a 98% IRR post tax, US$365 million NPV 8 post tax, and all-in sustaining costs of US$1,623/oz based on a gold price of US$3,500/oz. In April 2026, the company secured a binding US$120 million gold stream which, together with existing equity, fully funds the development of Sanankoro through to production. Cora has the right to replace 50% of the stream with traditional senior debt until the later of 30 October 2027 and 6-months after the date on which the mining permit is granted. The company is advancing the finalisation of the permitting process with the government of Mali to enable a swift transition into mine construction. Cora continues to pursue additional value-enhancing opportunities across its broader portfolio, including the identification of large-scale gold mineralisation potential at the Madina Foulbé exploration permit, located within the Mako Gold Belt of the Kédougou-Kéniéba Inlier in eastern Senegal.
(FSE:3JI) Lunnon Metals’ completed Lady Herial open pit in Western Australia is set to generate about $39 million in pre-tax free cash flow after delivering slightly more gold than forecast. Mining at Lady Herial finished in early August ahead of the schedule outlined in the company’s January 2026 feasibility study. The company is now completing its final activities at the site.
(ASX:BML) Strata is fast-tracking to development at Zelica while systematically testing its broader territory between Leonora and Laverton. Strata is on rails for 2027 gold pour at Zelica backed by BML.
(TSXV:GGM) (OTC:GBBFF) Granada Gold Mine Inc. has entered into a Digital Marketing Services Agreement dated September 1, 2026 with Senergy Communications Capital Inc. (“Senergy”) of Vancouver, BC. Senergy will provide content creation, strategic messaging, and corporate communications for a one-month term, with a total fee of $50,000 to be paid upon TSX Venture Exchange approval. Senergy and its principal and Chief Executive Officer Aleem Fidai and Granada are not related parties and operate at arm’s length, and neither Senergy nor its principals or affiliates have any interest in Granada or its securities, nor any right or intent to acquire such an interest. Granada Gold Mine Inc. continues to develop and explore its 100% owned Granada Gold Property near Rouyn-Noranda, Quebec, adjacent to the Cadillac Break. The Company owns 14.73 square kilometres of land in mining leases and claims. Granada is advancing the Granada Gold Project through an updated mineral resource estimate and preliminary economic assessment, with drilling planned to target both lateral extensions and depth expansion of the existing mineral resource. The Granada Shear Zone and the South Shear Zone contain up to twenty-two mineralized structures trending east-west over five and a half kilometres, with three of these structures historically mined from four shafts and three open pits. Historical underground grades were 8 to 10 grams per tonne gold from two shafts down to 236 m and 498 m, with open pit grades from 3.5 to 5 grams per tonne gold. The former Granada Gold underground mine produced more than 50,000 ounces of gold at 10 grams per tonne gold in the 1930’s from two shafts before a fire destroyed the surface buildings. In the 1990s, Granada Resources extracted a bulk sample (Pit #1) of 87,311 tonnes grading 5.17 g/t Au and a bulk sample (Pit #2) of 22,095 tonnes grading 3.46 g/t Au.
(TSXV:GPM) Golden Prospect Precious Metals Limited announced that, with effect from 4 September 2026, it has appointed NSM Funds Limited of Les Echelons Court, Les Echelons, St Peter Port, Guernsey, GY1 1AR as its Administrator and Company Secretary. The Board thanked Apex Fund and Corporate Services (Guernsey) Limited, which previously fulfilled these functions. The Company also announced that, with effect from 4 September 2026, its registered office has changed to Les Echelons Court, Les Echelons, St Peter Port, Guernsey, GY1 1AR.
(LSE:CORA) Cora Gold Limited reports first assay results from its 2026 MRE update drilling at the Sanankoro Gold Project in southern Mali, with high-grade gold intercepts from Zone B outside the existing MRE model. The 2026 drill programme targets both extensions to existing deposits and near-mine greenfield targets, aiming for rapid conversion into future mine plan feed. Initial assays from Zone B (central) include 22m @ 2.24 g/t Au from 12m in hole SC0712, 34m @ 6.78 g/t Au from 117m in hole SC0716 (including 9m @ 23.91 g/t Au from 128m), 54m @ 1.06 g/t Au from 144m in hole SC0718 (including 8m @ 5.68 g/t Au from 153m), and 7m @ 1.05 g/t Au from 37m in hole SC0709. To date, 10,656 metres have been drilled of a planned 12,000 metres, with 1,272 metres released in this first set of assays. The results demonstrate broad intervals of mineralisation outside the 2024 MRE model, including higher-grade zones, and may present future mining plan optionality for underground mining. The current MRE inventory stands at 1.044 Moz with a life of mine of 10.2 years, and the Probable Reserve is 531 koz at 1.13 g/t Au (US$2,200/oz Au pit shell design). The 2025 Definitive Feasibility Study showed a 98% IRR post tax, US$365 million NPV8 post tax, and all-in sustaining costs of US$1,623/oz based on a gold price of US$3,500/oz. In April 2026, Cora secured a binding US$120 million gold stream, fully funding Sanankoro through to production, with an amendment in August 2026 allowing up to 50% of the stream to be replaced with traditional senior debt by the later of 30 October 2027 or 6 months after the mining rights permit is granted. The company is advancing permitting with the Government of Mali and continues to pursue additional opportunities, including the Madina Foulbé exploration permit in eastern Senegal.
Cora Gold Limited completed a £15.707 million equity fundraise in March 2026, including a £13.707 million strategic investment by Eagle Eye Asset Holdings Pte. Ltd. and a £2 million retail offer. Eagle Eye became the Company's largest shareholder, holding 29.85% of ordinary shares in issue, and its appointee Aryann Gupta joined the Board as a Non-Executive Director. In April 2026, Cora signed a binding term sheet with Eagle Eye for a US$120 million gold stream to fund Sanankoro through to production, with the agreement amended in August 2026 to allow up to 50% of the stream to be replaced with senior debt by the later of 30 October 2027 or six months after the mining permit is granted. The Front-End Engineering Design process commenced at Sanankoro, and a 12,000 metre drilling campaign was launched targeting both extensions to existing deposits and near-mine greenfield targets. H&P Advisory Limited was appointed as financial adviser and broker alongside Cavendish Capital Markets Limited. Adam Davidson became Chair of the Board in March 2026, succeeding Edward Bowie, who remains a Non-Executive Director. Post period-end, the Sanankoro II exploration permit renewal was approved by Mali's Council of Ministers on 21 August 2026. Russell White was appointed Non-Executive Director, bringing over 40 years' West African gold mining experience. The 2025 Definitive Feasibility Study for Sanankoro showed a 98% IRR post tax, US$365 million NPV8 post tax, and all-in sustaining costs of US$1,623/oz based on a gold price of US$3,500/oz. As at 30 June 2026, Cora reported total assets of US$47,918,000, cash and cash equivalents of US$14,596,000, and total equity of US$47,251,000. For the six months ended 30 June 2026, the Company reported a loss of US$1,139,000 and overhead costs of US$1,230,000. The Company continues to pursue additional value-enhancing opportunities, including the Madina Foulbé exploration permit in Senegal.
(LSE:BZT) Bezant Resources Plc announced a development update and Phase II expansion review for the Hope & Gorob copper-gold project in Namibia and the associated Tsoaxaub Metals Processing Plant. Development activities at both the Tsoaxaub Metals Processing Plant and the Hope & Gorob mine site continue to progress in line with the current project schedule. The Company expects first run-of-mine ("ROM") ore to be processed through the repurposed Tsoaxaub Metals Processing Plant during September 2026, generating the first concentrate from the Hope and Gorob mine. Mine-site camp construction is approximately 75% complete, with 130 employees and contractors resident on site. ROM ore generated from the first two blasts has been stockpiled and exceeds the projected tonnage, reflecting additional ore recovery recorded in the Mineral Inventory but not included in the Mineral Resource. Approximately 75% of surface infrastructure has been delivered and is being installed at the mine site, and the full Unitrans mining and haulage fleets have been delivered to site. The C1 Civils and Structural Completion Certificate evidencing completion of all major structural steelwork and civil works has been received for the Tsoaxaub plant upgrade. The C2 Mechanical Completion Certificate for Tsoaxaub is scheduled for completion during September 2026. Renovation of mine offices, medical centre, changing rooms and laboratory is 90% completed, and the Tsoaxaub assay laboratory is fully functional. Management believes the project has the potential to support an estimated life of mine (LOM) of approximately 35 years. The Company has accelerated its review of the Phase II expansion plan, considering current and projected long-term copper, gold and silver prices, and is assessing a higher mass-pull operating strategy for the ore sorter. Further updates will be provided as commissioning, ore sorting and development optimisation work advances.
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Tuesday, 1 September 2026
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