Chart on Gold Mining Costs vs. Gold Prices

Antofagasta's reported concentrate auctions put fees below zero for November and 2027 shipments, improving miner receipts while squeezing processors.

China's jewellery spending rose while gold tonnage weakened. The WGC's retailer report shows why lighter products could limit a physical demand recovery.

September's purchase was China's largest since October 2023, lifting quarterly buying to 63 tonnes while bullion still faced rate pressure.

Codelco's November 5 shareholder meeting will examine production inconsistencies. Copper investors need the audits to establish their scale.

September's CPI rise was driven by gasoline. Lower gold and silver futures leave bullion holders weighing rate risk before the Fed meets.

CFTC records show a 24% fall in managed-money net gold longs over six weeks, while September ETF holdings reached a record.