Welcome back to our weekly update. I'm Charlotte Mloud with investingnews.com and we're going to run through a few of this week's biggest stories in the mining industry. If you enjoyed this video, don't forget to hit the like button, subscribe to our channel, and of course, leave us a comment below. Let's get into it. [Music] Gold hit yet another new price record this week, this time rising past 3,700 per ounce. The yellow metal broke through that level on September 16th, the first day of the US Federal Reserves


meeting, and then did it again the next day, just after the gathering wrapped up. The Fed was widely anticipated to cut interest rates. And that's exactly what happened. It announced a 25 basis point reduction to the 4 to 4.25% range with Chair Jerome Powell describing it to reporters as a riskmanagement cut. Although inflation is still outside the Fed's 2% target, Paulo said the central bank has shifted its focus toward the jobs market due to a change in the balance of risks. In his view, it's no


longer possible to call the labor market very solid. All Fed governors were in favor of the 25 basis point cut with the exception of new addition Steven Moran, who wanted to see a 50 basis point decline. Moran, who's on leave from his position at the White House Council of Economic Adviserss, was confirmed by the Senate this week. He was selected by US President Donald Trump to replace Adriana Cougler. Morant's new role at the Fed has raised questions about the central bank's independence as Trump has


now nominated three out of seven governors. Lisa Cook, who Trump attempted to fire in August, ultimately did not lose her position after a federal appeals court ruling. Looking forward, the Fed's latest dot plot shows policy makers expect two additional 25 basis point cuts this year, which would take rates to the 3.5 to 3.75% level. In 2026, they're currently anticipating only one quarter point reduction. Going back to gold, it took a breather after passing 3,700, sinking back down to the


3640 level in the aftermath of the Fed's meeting. While that's a fairly big move in a short amount of time, most of the experts I've been speaking with agree that right now it's the big picture that's important for gold, not more day-to-day factors. Here's how Will Rind of Granite Shares explained it. >> In my opinion, what's happening is that gold has become the de facto alternative to the US dollar. Now you can sort of interpret it interpret that in a number of different ways but if you look at


sort of official reserve holdings gold's now surpassed the euro um as the sort of official number two but I think just more psychologically you know it's important because the trend behind gold has again as much to do as gold safe haven sort of appeal as it is the fact that it is not a paper currency. in the traditional form like the euro and it's something that is has no credit or counterparty risk and the value of that asset I think is increasingly being um you know appreciated by


investors in a world where geopolitical concerns run high. You know government and private debts you know keep escalating to historic proportions. currencies, paper currencies are being debased and we are in a situation where official inflation numbers still remain at elevated levels, at least against official central bank targets. >> I'll leave a link to the full interview with Will in the video description. Denver Gold Group hosted its mining forum Americas in Colorado Springs this week, bringing together the gold


sector's major players and with them a slew of news. Among the major transactions announced was Newmont's sale of its Yukon based coffee project to explorer Forte Metals for total consideration of up to $150 million. The coffee transaction is the latest in a series of divestments from Pneumont, which is looking to cut costs and hone in on tier 1 assets after buying newest mining in 2023. Once the deal goes through, Pneumont will have sold all six operations and two projects that it set out to trim.


During the last gold bull market, major miners were criticized for doing highric deals and letting costs spiral out of control. This time around, they appear to be taking steps to avoid that. Also divesting an asset this week was Alamos Gold, which said it plans to sell its Turkish subsidiary to a unit of industrial conglomerate Nural Holding. The $470 million agreement will take several assets off Alamos's hands, including its Karassi Gold project, which has been blocked since 2019 when its mining licenses were not renewed


amid protests. Alamos filed a $1 billion claim against Turkey in response, but said arbitration will be suspended and ultimately discontinued if certain contractual milestones are met. Finally, Zigun Gold International, which operates all of Zigun Mining's mines outside of China, is lining up a Hong Kong IPO that could raise over $3 billion. Trading is set to begin on September 29th, and the deal will value Zigen Gold at $24.1 billion. According to Zigin Gold's prospectus, it ranks 9inth and


11th globally in terms of gold reserves and production. The IPO is reportedly the world's largest since May and of course comes as gold continues on its record setting price run. The VANC gold Miners ETF, better known as GDX, began tracking a new index on September 19th. It now follows the market factor global gold miners index. VANC announced the change at the beginning of June, saying that it would coincide with GDX's regular index reconstitution and rebalance cycle. In an update this week,


the company shared how the shift will impact waitings for its holdings. While in many cases, the difference is less than a percentage point, there are some larger changes. For example, Newmont's waiting is falling by 6.04%. In addition, some companies have been removed or added. So far, VANC hasn't announced changes for GDXJ, the VANC Junior Gold Miners ETF. Adjustments to that fund could be interesting. Market participants often note that it doesn't provide true exposure to exploration


stage companies. Thank you for watching. If you like this video, make sure you hit the like button and subscribe to our channel. We'd also love to hear your thoughts, so leave us a comment below. [Music]