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Top 10 Gold ETFs in 2025

Gold exchange-traded funds, or gold ETFs, have risen in popularity among investors who want precious metals exposure.

ETFs are similar to mutual funds in that they track assets such as stocks, bonds, currencies or commodities; a key difference is that ETFs can be bought and sold on exchanges, making them widely accessible. They provide considerable flexibility in implementing various investment strategies and in building investment portfolios.

Like other ETFs, gold ETFs are traded in the same manner as individual stocks, meaning that investing in the gold ETF market is similar to trading a stock on an exchange.

There are two main types of gold ETFs: those that track the gold price and those that hold investments in gold companies.

ETFs that follow the gold price give investors access to the yellow metal by holding either physical gold bullion or gold futures contracts. It is important to keep in mind that investing in the majority of gold ETFs does not allow investors to own any physical gold — in general, even a gold ETF that tracks physical gold cannot be redeemed for actual gold, although there are a few exceptions to that.

One more thing to keep in mind is that gold ETFs that hold physical gold are taxed as collectibles in the US, giving them a higher maximum capital gains rate, which is worth noting for investors in the highest tax bracket.

The other type of gold ETF invests in gold companies, providing exposure to gold mining, development and exploration stocks, as well as gold royalty stocks.

Read on to learn about the benefits of adding gold ETFs to your portfolio, the five largest gold ETFs by total assets and five top gold miner ETFs.

In this article

    What are the benefits of gold ETFs?

    Gold ETFs are fairly common today, and are a good choice for investors who want to invest in precious metals without trading gold futures or owning physical gold, such as gold coins or bars.

    But gold ETFs are often considered a lower-risk investment, as they have a number of benefits for market participants and can open up a portfolio to diversification.

    For example, physical gold is known for being a hedge against economic and political uncertainty, and owning shares of a gold ETF that offers exposure to the gold spot price provides investors with this same security without the hassle of buying and storing the yellow metal.

    Since gold tends to rise when the US dollar is weak, purchasing a gold ETF could balance out any investment that has the potential to decline when the greenback does. Conversely, selling gold ETF holdings can be beneficial when the US dollar is making gains.

    Gold ETFs that track gold companies give investors exposure to multiple companies in the space rather than having to choose specific stocks. This is an appealing option for those who want exposure to the sector without carrying the risks of investing in an individual stock.

    Gold ETFs as a whole also offer security in that they are managed by yellow metal experts, so there is a better chance of making a profit than going it alone. Of course, it is important to keep in mind that, despite their less risky nature, gold ETFs are still affected by the rise and fall of the gold price.

    Mutual funds are often compared to ETFs, but due to the fact that mutual funds can only be bought or sold at the close of the trading day, gold ETFs become more beneficial as they can be traded whenever the stock market is open, meaning movement is more liquid and not tied down by end-of-day trades.

    Top 5 spot gold ETFs

    The five gold ETFs below offer investors exposure to the spot price of gold by holding gold bullion. These options may be worth considering when it comes to getting exposure to the yellow metal’s price movements.

    According to ETFdb.com, these gold ETFs were the largest gold ETFs by total assets as of November 13, 2025. The five largest gold ETFs all track the gold price.

    1. SPDR Gold Shares (ARCA:GLD)

    Total assets under management: US$139.14 billion
    Unit price: US$380.58

    The SPDR Gold Shares tracks the spot price of gold bullion and is determined by market forces in the 24 hour, over-the-counter market for gold. This market accounts for most global gold trade, and any quoted prices available to ETF investors reflect the latest available information.

    Physical bullion comprises 100 percent of the ETF’s holdings, and its expense ratio is 0.4 percent. It offers investors a way to invest in gold that is much less costly than purchasing, storing and insuring bars or coins.

    2. iShares Gold Trust (ARCA:IAU)

    Total assets under management: US$64.22 billion
    Unit price: US$79.04

    Like the SPDR Gold Trust, the iShares Gold Trust ETF aims to track the spot price of gold bullion. Its expense ratio is 0.25 percent, and its holdings are allocated entirely to physical gold bullion. The aim is for the trust’s value to reflect the performance of the price of gold.

    The physical gold the trust holds is in vaults in locations including New York, US; Toronto, Canada; and London, UK. Investors can purchase and sell shares through a traditional brokerage account throughout the trading day.

    3. SPDR Gold MiniShares Trust (ARCA:GLDM)

    Total assets under management: US$23.33 billion
    Unit price: US$81.89

    The SPDR Gold MiniShares Trust offers investors one of the lowest available expense ratios for a US-listed ETF backed by physical gold at 0.1 percent. This ETF represents fractional, undivided beneficial ownership interests in the trust, which holds only physical gold bullion and, from time to time, cash.

    4. Abrdn Physical Gold Shares ETF (ARCA:SGOL)

    Total assets under management: US$6.95 billion
    Unit price: US$39.43

    The abrdn Physical Gold Shares ETF aims to have its shares reflect the performance of the gold bullion price, minus the trust’s operating expenses, by holding 100 percent physical gold bars. This gold ETF has an expense ratio of 0.17 percent.

    The gold backing the fund comes only in the form of London Good Delivery gold bullion bars refined on or after January 1, 2012, and held in secure vaults in London.

    5. iShares Gold Trust Micro (ARCA:IAUM)

    Total assets under management: US$5.52 billion
    Unit price: US$41.84

    The iShares Gold Trust Micro ETP is the lowest-cost physically backed gold ETP on the market with an expense ratio of just 0.09 percent. The fund is designed to provide exposure to the day-to-day movement of the price of gold bullion. The underlying gold bars are held in vaults.

    Top 5 gold mining ETFs

    These five gold stock ETFs are designed for investors looking to gain exposure to gold miners without the risk of holding individual gold stocks.

    1. VanEck Gold Miners ETF (ARCA:GDX)

    Total assets under management: US$23.89 billion
    Unit price: US$79.18

    The VanEck Gold Miners ETF provides investors with exposure to the largest global gold producers and royalty companies involved in the precious metals space and has an expense ratio of 0.51 percent. Nearly 90 percent of its holdings have market caps above US$5 billion.

    This ETF’s top holdings include Agnico Eagle Mines (TSX:AEM,NYSE:AEM) with a weight of 7.9 percent, Newmont (NYSE:NEM,ASX:NEM) with 7.15 percent and AngloGold Ashanti (NYSE:AU,JSE:ANG) with 5.71 percent.

    Holdings are rebalanced quarterly with qualified companies having a market cap greater than US$150 million, US$1 million in average daily trading volume and a minimum of 250,000 shares traded per month.

    2. VanEck Junior Gold Miners ETF (ARCA:GDXJ)

    Total assets under management: US$8.66 billion
    Unit price: US$101.24

    Similar to the GDX above, the VanEck Junior Gold Miners ETF provides investors with exposure to gold equities; however, it has a stronger focus on smaller gold mining companies and junior stocks, which carry higher risk, but also offer greater potential returns.

    Its top holdings include Pan American Silver (TSX:PAAS) with a weight of 6.45 percent, Equinox Gold (TSX:EQX,NYSEAMERICAN:EQX) with 6.39 percent and Alamos Gold (TSX:AGI,NYSE:AGI) with 5.75 percent.

    Holdings are reviewed in March and September, and rebalanced quarterly, with qualifications matching those for the VanEck Gold Miners ETF. Like the GDX, the GDXJ has an expense ratio of 0.51 percent.

    3. iShares MSCI Global Gold Miners ETF (Nasdaq:RING)

    Total assets under management: US$2.63 billion
    Unit price: US$67.87

    BlackRock’s (NYSE:BLK) iShares MSCI Global Gold Miners ETF provides investors with exposure to a diverse portfolio of global gold mining companies within the Morgan Stanley Capital International (MSCI) index and charges an expense ratio of 0.39 percent.

    Top holdings in the fund include Newmont with a weight of 15.85 percent, Agnico Eagle with 13.33 percent and Barrick Mining (TSX:ABX,NYSE:B) with 8.92 percent.

    4. Sprott Gold Miners ETF (ARCA:SGDM)

    Total assets under management: US$611.45 million
    Unit price: US$64.64

    The Sprott (TSX:SII,NYSE:SII) Gold Miners ETF is an investment product designed to deliver returns that track the Solactive Gold Miners Custom Factors Index, which follows major gold equities listed on Canadian and US exchanges. The ETF is rebalanced quarterly and has a total operating expense of 0.5 percent.

    Top holdings in the fund include Agnico Eagle with a weight of 12.41 percent, Newmont with 8.92 percent and Wheaton Precious Metals (TSX:WPM,NYSE:WPM) with 7.83 percent.

    5. Sprott Junior Gold Miners ETF (ARCA:SDGJ)

    Total assets under management: US$280.97 million
    Unit price: US$76.56

    The Sprott Junior Gold Miners ETF has also been designed to provide results tied to its underlying index, in this case, the Solactive Junior Gold Miners Custom Factors Index, which tracks companies with a market capitalization between US$200 million and US$3 billion.

    The ETF is rebalanced semi-annually in March and September and carries a total management fee of 0.5 percent.

    Top holdings in the fund include Bellevue Gold (ASX:BGL,OTC Pink:BELGF) with a weight of 5.04 percent, Novagold Resources (NYSE:NG) with 5.03 percent and Turk Altin Isletmeleri with 4.94 percent.

    Securities Disclosure: I, Dean Belder, currently hold a direct investment in Equinox Gold.

    This post appeared first on investingnews.com

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    Prismo Develops Additional Drill Targets at Silver King Provides Update on Drill Permit

    (TheNewswire)

    Vancouver, British Columbia, November 19, 2025 TheNewswire – Prismo Metals Inc. (the ‘ Company ‘) (CSE: PRIZ,OTC:PMOMF) (OTCQB: PMOMF) is pleased to report that it has completed a detailed exploration program at the Black Diamond area of its Silver King Project located in Arizona. Work consisted of mapping and sampling of the area including the Black Diamond copper replacement body and the newly encountered strongly altered felsic intrusion with stockwork veining.  A handheld XRF analyzer was used to complete a soil geochemistry grid and to analyze selected rock samples in a qualitative manner. Additionally, an IP survey was recently initiated over the Silver King land package, with results expected by the first week of December.

    Figure 1 .  Map showing the location of the Black Diamond replacement and felsic intrusion exploration targets at the Silver King project.  Claim boundaries are shown in yellow.

    The soil survey defined a large copper anomaly over the Black Diamond replacement body along with some anomalous gold values. Previous rock samples have shown the copper-gold association of mineralization in replacement mineralization. The soil survey also showed Zn, Pb, Ag and Sb anomalies associated with the felsic intrusion. This intrusion is strongly sericitized and is cut by moderate to strong stockwork quartz veins with locally abundant iron oxides after pyrite.

    XRF analysis of rock samples in the area was also completed. Although XRF analyses on rocks are generally qualitative and are not valid assays as are rock samples assayed by the geochemical laboratories, they do indicate the presence of the metals of interest and are useful as guides to mineralization.

    XRF analyses of individual quartz veinlets in the stockwork hosted by the felsic intrusion locally indicate the presence of silver, lead and zinc as well as some antimony.  During the exploration program, Prismo’s geological team took 34 rock chip samples over the area. These samples were submitted to the laboratory with assay results expected in the coming weeks.

    Craig Gibson, Chief Exploration Officer of the Company, stated: ‘These results confirm Black Diamond as a copper-gold replacement body target as was indicated from previous work, making this area a compelling drill target. The data collected from the felsic intrusion indicated that it is mineralized, a feature that was not indicated in reports from previous work by Fischer Watt in 1980, although they considered it a prime target based on alteration mineralogy and fluid inclusion studies 1 .’

    Drill Permit Update

    Prismo also announced that the Forest Service, the federal surface land management entity for Silver King, has determined that the Company’s proposed drill plan meets the regulatory requirements for processing, and that such plan is complete, as described in the regulations at 36 CFR 228.4(c).

    The Forest Service will now proceed with the environmental analysis pursuant to 36 CFR 228(a)(5) in conformity with the National Environmental Policy Act (NEPA). This analysis will proceed as a Categorical Exclusion, the lowest level of environment reviews applicable to projects that are not expected to have a significant effect on the environment, such as Silver King.

    Alain Lambert, CEO of Prismo stated: ‘We are pleased with the steady progress on the permitting front, especially given the now resolved US government ‘shutdown.’

    Mr. Lambert added: ‘With the closing of our recent oversubscribed financing, we are fully funded for the first two phases of drilling. In Phase 1, we plan a drill program at the historic Silver King mine site for about 1,000 meters. That drill plan is designed to test the upper half of the steeply dipping pipelike Silver King mineralized body as well as potential mineralization adjacent to the dense stockwork that was the focus of historic mining.’

    Figure 2 . Cross section through the Silver King mine workings showing proposed drill holes (in black) to test the pipelike mineralized body (in red)

    Given the Company’s recent discoveries, Prismo has added a second phase of drilling for an additional 1,000 meters. This additional program will focus on the newly identified targets outside of the historic mining area, such as the polymetallic vein and the copper vein mentioned above. Drilling of the large body of replacement mineralization on the patented Black Diamond claim is also being planned and is road accessible on private ground.

    1 Haynes, F. and Reynolds, 1980, Silver King Breccia Pipe Prospect, unpublished report, Fischer-Watt Mining Co., 5p.

    QA/QC

    XRF analyses are considered to be qualitative in nature and cannot be considered to be representative of commercial assays.  XRF soil analyses are useful as they indicate variations in metal contents to represent anomalies, although the actual values of the metals present are not necessarily the same as those obtained from commercial geochemical analyses.  The company uses commercial standards when using the XRF analyzer.

    Qualified Person

    Dr. Craig Gibson, PhD., CPG., a Qualified Person as defined by NI-43-01 regulations and Chief Exploration Officer and a director of the Company, has reviewed and approved the technical disclosures in this news release.  The historic data presented in this press release was obtained from public sources, should be considered incomplete and is not qualified under NI 43-101, but is believed to be accurate. The Company has not verified the historical data presented and it cannot be relied upon, and it is being used solely to aid in exploration plans. References to mineralization at the Magma Mine and Resolution Copper deposit is not necessarily indicative to the mineralization on the Silver King property.

    About the Silver King

    Discovered in 1875, the Silver King mine was one of Arizona ‘ s most important historic producers, yielding nearly 6 million ounces of silver at grades of up to 61 oz/t.  The Silver King mine sits only 3 km from the main shaft of the Resolution Copper project — a joint venture between Rio Tinto and BHP and one of the world ‘ s largest unmined copper deposits with an estimated copper resource of 1.787 billion metric tonnes at an average grade of 1.5% copper (1) . The unique land position is fully surrounded by Resolution Copper ‘ s claim block, offering strategic upside. Selected samples from small-scale production in the late 1990s returned grades as high as 644 oz/t silver (18,250 g/t) and 0.53 oz/t gold (15 g/t), indicating that high-grade mineralization remains.

    About Prismo Metals Inc.

    Prismo (CSE: PRIZ,OTC:PMOMF) is a mining exploration company focused on advancing its Silver King, Ripsey and Hot Breccia projects in Arizona and its Palos Verdes silver project in Mexico.

    Please follow @PrismoMetals on , , , Instagram , and

    Prismo Metals Inc.

    1100 – 1111 Melville St., Vancouver, British Columbia V6E 3V6

    Phone: (416) 361-0737

    Contact:

    Alain Lambert, Chief Executive Officer alain.lambert@prismometals.com

    Gordon Aldcorn, President gordon.aldcorn@prismometals.com

    Cautionary Note Regarding Forward-Looking Information

    This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as ‘ intends’ or ‘ anticipates’, or variations of such words and phrases or statements that certain actions, events or results ‘ may’, ‘ could’, ‘ should’, ‘ would’ or ‘ occur’. This information and these statements, referred to herein as ‘forward‐looking statements’, are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management’s expectations and intentions with respect to, among other things: the timing, costs and results of drilling at Silver King.

    These forward‐looking statements involve numerous risks and uncertainties, and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things: delays in obtaining or failure to obtain appropriate funding to finance the exploration program at Silver King.

    In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that: the ability to raise capital to fund the drilling campaign at Silver King and the timing of such drilling campaign.

    Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial outlook that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.

    Copyright (c) 2025 TheNewswire – All rights reserved.

    News Provided by TheNewsWire via QuoteMedia

    This post appeared first on investingnews.com

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    Is the AI Arms Race Bolstering Demand for Gold?

    The gold price has been trading at record highs above US$4,000 per ounce since October.

    As top tech companies like NVIDIA (NASDAQ:NVDA), Microsoft (NASDAQ:MSFT) and Alphabet (NASDAQ:GOOGL) battle for AI supremacy, investors are wondering if this arms race is boosting the rush to gold.

    Gold is an essential material in sophisticated computer infrastructure, sparking headlines about potential future demand. But there’s also another angle in play — fears that the AI boom is on track to become an AI bubble is seen as a major driver for gold demand as investors seek out safe-haven assets.

    Gold a key material in AI technology

    In its Q3 gold demand trends report, the World Gold Council (WGC) indicates that demand for gold originating from the electronics sector was down by 1 percent compared to the same quarter last year.

    US President Donald Trump’s tariff policy is weighing on what’s typically a season of upward momentum for demand from this segment of the market as manufacturers gear up for new product launches.

    “Typically in a technological development era, you’ll see gold used early on in the technological developments, and then often very quickly substituted out because it’s expensive,” said Cavatoni. “But what’s been encouraging for us is that gold’s superior properties are keeping it very much in the discussion around the technological uses.”

    Gold’s electrical conductivity and resistance to corrosion make it an ideal component in AI tech, which relies on high-performance computing infrastructure such as specialized processors, memory chips and high-speed connectors.

    Gold demand from the memory sector jumped during Q3 as AI infrastructure continued its rapid expansion. But perhaps the strongest growth came from gold’s use in printed circuit boards, essential for AI servers.

    “Strong performance was recorded in AI server infrastructure, satellite communications, consumer graphics cards, and PC market applications,” notes the WGC report. “AI server demand was the single most significant factor driving growth, propelling gold usage through continuous specification upgrades.”

    Record-high gold prices have not been an impediment to demand in the AI sector because of two important factors. For one, alternatives such as silver or copper cannot match gold’s superior resistance to corrosion and oxidation for long-term reliability. Secondly, the actual amount of gold used is only a fraction of the materials used in the fabrication of these products, so manufacturers are still comfortable with their margins even at US$4,000 gold.

    It seems that for now, AI tech makers are willing to pay a premium for gold to ensure the reliable performance and longevity of their products. While gold usage in AI technology is a relatively small part of the overall demand for the metal, it is helping to support otherwise weakening demand in the technology sector.

    Gold as a hedge for a potential AI tech bubble

    A more prominent AI-related driver of gold demand is growing fears of an AI tech bubble on the verge of bursting. That’s because gold’s main purpose in an investment portfolio is to hedge against stock market volatility through asset diversification. As safe-haven demand for gold grows, so too does its price.

    Analysts at major financial institutions have said that some of the increasing investment demand for gold can be attributed to investors using the metal as a hedge against a significant market correction in AI stocks.

    A prime example of the gold price taking off following a tech bubble bursting occurred in the early 2000s with the end of the dot-com rally. The price of gold gained more than 620 percent between 1999 and 2011 to reach US$1,825 as investors pulled out of the stock market in droves and the US Federal Reserve lowered interest rates.

    Is the market growing too fast? A UBS Group (NYSE:UBS) report shows that this year global AI spending is expected to reach US$375 billion and then climb further to hit US$500 billion in 2026.

    The hype around AI is fueling valuation growth for many tech companies, especially the giants. The biggest AI stocks also rank among the Magnificent 7 technology stocks, which make up a significant portion of the overall valuations of both the S&P 500 (INDEXSP:.INX) and Nasdaq Composite (INDEXNASDAQ:.IXIC). Apple (NASDAQ:AAPL) and Microsoft are now boasting US$4 trillion market caps, while chipmaker NVIDIA recently surpassed US$5 trillion.

    Shiller price-to-earnings ratio.

    Chart via Multpl.com.

    Another indication that the equity markets may be in trouble is that the Shiller price-to-earnings (PE) ratio, also known as the cyclically adjusted PE ratio, is now flashing red.

    An important metric of market health and future returns, the ratio is calculated by dividing the current stock or market index price by the average of the past 10 years’ earnings, adjusted for inflation.

    A typical range for the Shiller PE ratio for the S&P 500 is between 17 and 28. Right before the dot-com bubble burst and investors fled to gold, this ratio was flashing red at 44.19, its highest recorded ratio.

    As of November 10, the S&P 500 had a Shiller PE ratio of between 39 and 40.

    US AI stocks slumped during the second week of November, reported CNBC, on the perception that equity valuations are overstretched amid a backdrop of a slowing economy. Looking ahead at the next two years, Goldman Sachs (NYSE:GS) CEO David Solomon is predicting a potential 10 to 20 percent pullback in the equity markets.

    Similarly, Bloomberg reported that Michael Hartnett, chief investment strategist at Bank of America Global Research, said in a note to clients that AI growth has spurred the top tech stocks to sky-high valuations, and gold may be one of the best hedges for a possible bubble burst in AI-related equities.

    Macquarie analysts are also pointing to gold as a hedge against a potential AI bubble burst if tech firms can’t deliver on their high productivity promises. The firm has an interesting take on the parallel rallies that have occurred in gold and AI this year: “Optimists buy tech, pessimists buy gold, hedgers buy both.’

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

    This post appeared first on investingnews.com

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    InMed Pharmaceuticals

    Investor Insight

    InMed is a pharmaceutical drug development company advancing proprietary small-molecule drugs in Alzheimer’s and ophthalmology, backed by a revenue-generating manufacturing subsidiary. The company is an undervalued opportunity with cash exceeding market capitalization and multiple upcoming catalysts.

    Overview

    InMed Pharmaceuticals (NASDAQ:INM) is a biopharmaceutical company with a differentiated business model: advancing innovative therapeutic programs in Alzheimer’s, ophthalmology and dermatology, while generating recurring revenue through its BayMedica manufacturing division. This structure offers investors exposure to pharmaceutical innovation with mitigated financing risk, a rare combination among small-cap biotech firms.

    The company’s lead drug candidate, INM-901, takes a new and broader approach to treating Alzheimer’s disease. Instead of focusing on just one suspected cause – a protein in the brain called amyloid beta – this drug is designed to act on several key processes that drive the disease. In preclinical studies, INM-901 has shown that it can protect brain cells, reduce inflammation, clear harmful protein buildup, and help new nerve connections form. These results led to improvements in both brain health and behavior in research models. This “multi-pathway” approach reflects the latest thinking in Alzheimer’s research, where major pharmaceutical companies are moving toward treatments that target the disease from multiple angles.

    InMed’s BayMedica subsidiary manufactures rare cannabinoids via chemical synthesis, rather than plant extraction, ensuring purity, consistency and scalability. The business generates approximately $5 million in annual revenue and ~40 percent gross margins, selling to the global health and wellness ingredient markets. This dual business model gives InMed a cash flow-supported R&D engine, enhancing sustainability and valuation resilience.

    Key Business Segments

    Pharmaceuticals

    InMed’s pharmaceutical programs are focused on developing new, small molecule medicines that address serious diseases where current treatments fall short. These drug candidates are designed to work on multiple disease pathways, offering a more comprehensive approach than traditional single-target drugs. The company’s current programs target Alzheimer’s disease, dry age-related macular degeneration (AMD), and a rare skin disorder called epidermolysis bullosa (EB). Each program is supported by strong preclinical or clinical data and aims to move into the next stage of development in the near term.

    Highlights

    • INM-901 (Alzheimer’s disease): INM-901 is being developed as a potential new treatment for Alzheimer’s disease, a condition that currently has no cure. Unlike many past approaches that focused only on a single cause, INM-901 targets several key processes that contribute to Alzheimer’s, including protecting brain cells, reducing inflammation, lowering harmful protein buildup, and supporting the growth of new nerve connections. In animal studies, the drug has shown improvements in brain inflammation and memory-related behavior, suggesting a broad protective effect. The program is now advancing IND-enabling activities, an important stage in translating INM-901’s scientific promise into clinical evaluation.
    • INM-089 (Dry AMD): New drug being developed to help slow or prevent vision loss in people with dry age-related macular degeneration, one of the leading causes of blindness in older adults. The drug is designed to protect nerve cells in the eye and reduce inflammation, helping to keep the retina healthy. Laboratory studies have shown its ability to maintain vision-related function and protect retinal tissue. The company has developed a safe and effective eye-injection (intravitreal) formulation, which delivers the drug directly to where it’s needed in the eye. INM-089 is now moving toward the final preclinical studies required before starting human trials.
    • INM-755 (Dermatology / Epidermolysis Bullosa): A topical cream that has completed a Phase 2 clinical trial in patients with epidermolysis bullosa (EB), a rare genetic skin disorder that causes fragile, blistering skin. The study showed the cream was safe, well-tolerated and helped reduce itching, which is a major symptom for EB patients. The company plans to advance this program through partnerships or licensing agreements.

    Manufacturing (BayMedica)

    InMed’s BayMedica division provides a steady source of revenue and a strong commercial foundation that supports the company’s drug development work. BayMedica specializes in making rare, non-intoxicating cannabinoids, natural compounds originally found in the cannabis plant, but without using the plant itself. Instead, these compounds are produced through biosynthesis and chemical synthesis, highly controlled processes that ensure every batch is pure, consistent and scalable for commercial production.

    BayMedica’s ingredients are sold to health, wellness and consumer brands that use them in products such as supplements and topicals. Each cannabinoid has its own unique properties, and BayMedica is helping customers explore their benefits safely and reliably. The division is recognized as a global leader in rare cannabinoid manufacturing, particularly for cannabichromene (CBC), where it is among the largest producers in the world.

    Product Portfolio: BayMedica produces several rare cannabinoids, including CBC, THCV, CBT and CBDV, which are known for their unique biological effects.

    Financial Performance: In fiscal year 2025, BayMedica generated approximately $4.9 million in revenue, growing by 8 percent year over year, with around 40 percent gross margins and positive net income. These results help fund InMed’s pharmaceutical programs and reduce the need for frequent financing, a major advantage for a small-cap biotech.

    Management Team

    Eric Adams – Chief Executive Officer and President

    Eric Adams has led a comprehensive transformation of InMed Pharmaceuticals’ leadership team and governance structure, reconstituting the board of directors and executive management while raising more than $35 million in capital to support operations and growth. With more than 25 years of experience in the biopharmaceutical industry, Adams brings extensive expertise in corporate development, capital formation, global market expansion, mergers and acquisitions, licensing and corporate governance.

    Michael Woudenberg – Chief Operating Officer

    Michael Woudenberg brings deep expertise in the development, technology transfer and commercialization of active pharmaceutical ingredients (APIs) and drug products. Before joining InMed in 2018, Woudenberg held senior roles at 3M, Cardiome Pharma and Arbutus Biopharma, and most recently served as managing director of Phyton Biotech. His extensive experience spans process and formulation development from laboratory and pre-clinical stages through all phases of clinical development, leading to validated, approved, and commercially manufactured APIs and drug products.

    Netta Jagpal – Chief Financial Officer

    Netta Jagpal brings over 20 years of financial leadership experience, primarily in the biotechnology sector. Before joining InMed, she served as vice-president, financial reporting and compliance at D-Wave Systems (NYSE:QBTS), where she led the finance team through its initial public offering. Jagpal spent 11 years at Zymeworks (NYSE:ZYME) in progressive finance roles, including senior director, finance and corporate controller, and also held positions at Angiotech Pharmaceuticals and Ernst & Young. She is a chartered professional accountant and holds a Bachelor of Business Administration in Accounting and Organizational Behaviour from Simon Fraser University.

    Eric Hsu – Senior Vice-president, Pre-Clinical Research & Development

    Dr. Eric Hsu brings more than 18 years of scientific leadership experience in gene therapy and biotechnology. Before joining InMed, he held senior roles at enGene, including vice-president of research and vice-president of scientific affairs and operations. His expertise spans gene transfer and expression systems, formulation and process development, intellectual property management, and research partnerships. Hsu has extensive experience leading R&D programs, expanding product pipelines, and overseeing research budgets and timelines.

    Colin Clancy – Vice-president, Investor Relations and Corporate Communications

    Colin Clancy is an experienced corporate finance and investor relations executive with over 18 years of experience across the pharmaceutical, cannabis, mining and financial services sectors. At InMed Pharmaceuticals, he leads the company’s capital markets engagement and communications strategy. Before joining InMed, Clancy served as vice-president of investor relations at Harvest One Cannabis.

    This post appeared first on investingnews.com

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    Gold Boom, AI Bubble and Black Swans: Where is the Risk?

    A mounting artificial intelligence (AI) bubble, overvalued markets and resource nationalism are among the issues experts at the 51st New Orleans Investment Conference flagged for investors heading into 2026.

    With the ongoing precious metals bull market sending gold and silver prices to fresh all-time highs this year, the wide array of panelists and speakers cautioned investors to be prepared for anything.

    During the Mining Share panel, moderator Rick Rule, proprietor of Rule Investment Media, asked participants which black swan is most likely on the horizon, acknowledging that these events are inherently impossible to predict.

    Nick Hodge, publisher at Digest Publishing, said disproportionate market growth is keeping him up at night.

    “The overvaluation of the S&P 500 (INDEXSP:.INX) and the tech stocks could lead to some sort of stock crash that takes down the valuations of all the equities, including the precious and industrial metals. I think it’s long overdue,” he said.

    Hodge also noted that the US has largely avoided a recession in recent years, and that economic growth is “okay,’ but warned that equity valuations, particularly in tech, quantum computing and robotics, have run ahead of fundamentals.

    Jordan Roy-Byrne, editor and publisher of the Daily Gold, went a different route, saying gold and silver prices could go vertical ‘sooner than people think,’ and suggested that investors aren’t ready for that to happen.

    Roy-Byrne argued that fears rooted in the 2008 financial crisis still distort market thinking, even though bonds are now in a secular bear market and stock crashes tend to look very different.

    If the S&P enters a downturn in the next couple of years, he said the setup could resemble the mid-1970s, when equities slumped, but precious metals soared — a scenario many investors aren’t prepared for.

    Strategic investor Jeff Phillips sided with Hodge, saying that the ripple effects of a tech-related bubble are his paramount concern at the moment. He noted that the resource sector’s bull markets are often sparked by broader financial corrections, because investors tend to retreat to hard assets when liquidity dries up.

    Resource markets are thinly traded, Phillips explained, so momentum can shift quickly.

    After three major resource bull cycles in his 30 year career, he’s seen the same pattern repeat: when speculative themes fade — whether that be the internet in the early 2000s or today’s AI boom — investors eventually recognize that most of the companies in these sectors won’t deliver, and capital flows back to tangible assets.

    “So what keeps me up at night is not necessarily the resource sector, but a liquidity event that causes people to have to sell things,” Phillips said. “But I don’t know what the black swan is, because that’s what a black swan is.”

    Taking a different approach, Jennifer Shaigec, principal at Sandpiper Trading, underscored growing tensions with China around trade, as well as supply chain imbalances that are materializing in the resource sector.

    “I’m going to go with something very dark — nationalization of mines,” she said.

    “I think we’re headed for a conflict with China. We’re seeing this huge push to secure domestic supply chains, and the wartime controls that were from World War I and II (are still in place). Seeing the government starting to take these bigger stakes in some of these projects is a little bit scary for me,’ Shaigec explained.

    For Brien Lundin, conference host and editor of Gold Newsletter, all the hypotheses have merit. He explained that a major liquidity crisis is almost unavoidable, but said it would also create one of the biggest opportunities in years.

    Since 2008, markets of all kinds have become dependent on rapid central bank intervention, he noted.

    So while a shock could deliver a brief period of real pain, Lundin expects policymakers to respond quickly with a surge of liquidity, just as they did after the financial crisis and during COVID-19.

    That kind of rescue typically sends gold, commodities and other risk assets sharply higher.

    ‘What we don’t know is what the black swan is, where is it going to come from? It usually comes out of left field in some area nobody’s really predicted,” said Lundin.

    AI euphoria may be outpacing reality

    At the Booms, Bubbles and Busts panel, fear that the AI bubble is reaching critical mass was the prominent theme.

    Moderator Albert Lu, founder and president of Luma Financial, started the discussion by polling the panelists about whether the AI market is in a bubble right now.

    “Yeah, we’re in a bubble. But in the 1990s we were in a bubble in the internet. So the question is, what stage of the bubble are we at?” responded economist and professor Peter St. Onge.

    He recalled buying Yahoo in 1996 — when friends thought he was reckless — only to watch it soar. Today’s tech boom, he argued, is “without a doubt” a bubble, potentially 10 times bigger than the dot-com era.

    In his view, the cycle will eventually break, but before a steep correction, he suggested there may still be room for tech markets to multiply, perhaps doubling or even surging eightfold, before an inevitable 75 percent wipeout.

    Jim Iuorio, managing director of TJM Institutional Services, cautioned that while “it’s not that valuable … to say we’re in a bubble,” he believes markets are somewhere in bubble territory — but trying to pinpoint the exact stage is “foolish.’

    He warned that many high-flying tech names could face a 30 percent correction within 18 to 24 months.

    What’s convinced him most about this has been the frenzy around OpenAI-related announcements.

    “Anytime they mentioned any partnership with anyone — just the mania that happened with those stocks — to me that means we’re in some sort of odd realm that I’m not comfortable with,’ he said.

    Still, he isn’t exiting yet — Iuorio said he’s keeping his positions hedged and flexible while acknowledging “there is a very distinct possibility that one day you’re going to open up your portfolio and things will change quite a bit.’

    For his part, Jim Bianco, president and macro strategist at Bianco Research, said he resists using the word “bubble” because “I don’t know exactly what it means.’ He noted that people often invoke it only when they think the cycle is ending, and aligned with St. Onge in arguing that the endpoint may not be near right now.

    Bianco stressed that AI technology is “very real” and likely “more transformative than the internet,’ comparing the hype to late-1990s optimism about the web, which may have seemed exaggerated, but largely proved true.

    Still, he cautioned that transformative technology doesn’t guarantee immediate investment success: buying into the internet boom meant enduring the dot-com crash and the long slog through the Great Recession before breaking even.

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

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    Graphite One Confirms Rare Earth Elements at Alaska Deposit

    Graphite One (TSXV:GPH,OTCQX:GPHOF) announced on November 13 that it has identified rare earth elements (REEs) at its Graphite Creek deposit, located north of Nome, Alaska.

    “The presence of two Defense Production Act Title III materials — graphite and REEs — in a single deposit further underscores Graphite Creek’s position as a truly generational deposit,” said President Anthony Houston.

    “Given the robust economics of our planned complete graphite materials supply chain, the presence of Rare Earths at Graphite Creek suggests that recovery as a by-product to our graphite production will maximize the value.”

    Geochemical analysis of drillcore samples reveals elevated levels of heavy rare earths and all five principal permanent magnet REEs: neodymium, praseodymium, dysprosium, terbium and samarium.

    Testwork is ongoing at the University of Alaska Fairbanks’ Advanced Instrumentation Laboratory, and at Activation Laboratories. Graphite One is also collaborating with a US Department of Energy national lab on REE extraction.

    REEs are essential to modern technologies, from permanent magnets in wind turbines and electric vehicles, to high-performance fiber optics, lasers and defense systems.

    China, which dominates global production of both magnet REEs and graphite, imposed export limits last year and has continued to expand these restrictions in 2025.

    Graphite One is advancing a US-based graphite supply chain, including transport from Nome to an advanced graphite and battery materials plant in Warren, Ohio, with a co-located recycling facility to reclaim graphite and other materials.

    Graphite Creek has received support through a US$37.5 million Defense Production Act Title III grant, as well as non-binding letters of interest totaling US$895 million from EXIM Bank.

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

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    Living Plants Offer New Path to Rare Earths Supply, Study Shows

    Researchers have documented the first known recovery of naturally formed nanoscale monazite from a living plant, potentially opening up new paths to recover in-demand rare earth materials.

    The study, published this month in Environmental Science & Technology, identifies nanoscale monazite crystals inside Blechnum orientale, an evergreen fern known to accumulate rare earths at unusually high concentrations.

    The work was carried out by researchers at the Guangzhou Institute of Geochemistry under the Chinese Academy of Sciences, in collaboration with a geoscientist at Virginia Tech in the US.

    In the paper, the authors write that the discovery “opens new possibilities for the direct recovery of functional rare earth element (REE) materials,” adding, “To our knowledge, this is the earliest reported occurrence of rare earth elements crystallising into a mineral phase within a hyperaccumulator.”

    The method, known as phytomining, relies on certain plants that naturally pull unusual amounts of metals from the ground. In this case, the fern absorbed rare earths so efficiently that tiny mineral crystals formed inside its tissues.

    The mineral identified — monazite — is normally created deep underground under intense heat and pressure.

    The team’s analysis shows that the fern somehow produced nanoscale versions of it under normal surface conditions, with the highest concentrations found in its leaflets and roots. In this state, the plant appears to lock the metals outside its cells as a way of protecting itself, with the process enabling the mineral to crystallize.

    Monazite is prized for uses ranging from lasers to electronics to materials that withstand high heat and radiation, so finding it naturally produced inside a plant could open up a new, lower-impact source of rare earths.

    REEs take priority in global supply race

    REEs, a group of metals used in permanent magnets, lasers, consumer electronics and advanced defense systems, are receiving renewed international scrutiny as governments race to reduce dependence on concentrated supply chains.

    Earlier this month, the US Department of the Interior published its final 2025 list of critical minerals, naming 60 minerals deemed vital to the American economy and exposed to supply risk.

    The list emphasizes the importance of rare earths, which the US imports heavily, and highlights neodymium, scandium and dysprosium as metals where supply disruptions would impose the “highest cost” on the US economy.

    Washington has moved in parallel to strengthen access to rare earths through domestic production, expanded mapping of US deposits and agreements with partners in Australia, Japan, Malaysia and Thailand.

    In addition to these efforts, US officials continue to signal confidence that Beijing will adhere to commitments under a rare earths framework outlined last month.

    Secretary of the Treasury Scott Bessent said in a recent interview that a deal with China will “hopefully” be done by Thanksgiving, while also rejecting a report suggesting that Beijing is planning new restrictions on US companies.

    Are plants a viable source of rare earths?

    The use of ferns for mineral extraction remains at an early stage, and the researchers emphasize that phytomining is not a replacement for conventional production.

    But finding mineralized rare earths in a living organism offers a proof of concept that could broaden how countries approach resource development at a time when REEs remain strategically critical for major economies.

    As the US, China and other nations look for secure supply routes, the possibility that plants themselves may contribute to the pipeline adds a new dimension to a field dominated by mining companies.

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

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    East Star and Endeavour Mining to Collaborate on Kazakhstan Gold Assets

    East Star Resources (LSE:EST) and Endeavour Exploration announced they have entered into a binding earn-in and joint venture (JV) agreement to advance gold exploration in Kazakhstan.

    Endeavour Exploration, a subsidiary of top gold producer Endeavour Mining (LSE:EDV,TSX:EDV,OTCQX:EDVMF), will have the right to earn up to an 80 percent interest in a new JV company via staged investments.

    Stage 1 includes a US$5 million payment within two years, equivalent to a 51 percent interest. If an additional US$20 million is given over three years, its interest will increase to 70 percent.

    The last 10 percent will be given to Endeavour if it funds and completes a prefeasibility study.

    During the initial phase, East Star will act as manager of the JV.

    The area of interest for the partnership includes two proven, underexplored mineral belts.

    ‘This agreement with Endeavour is a transformational milestone for East Star that validates the quality of our exploration programme and provides a clear pathway to unlock the full potential of our gold exploration strategy,” said East Star Resources CEO Alex Walker in a November 13 press release.

    While the JV will focus on gold, East Star is also pursuing copper in Kazakhstan.

    Its assets include a volcanogenic massive sulfide deposit with a JORC-compliant resource estimate of 20.3 million metric tons at 1.16 percent copper, 1.54 percent zinc and 0.27 percent lead.

    An investor webcast is scheduled for Tuesday (November 18) to discuss the terms of the JV.

    Both parties will fund the JV company in proportion to their ownership share after the earn-in period.

    Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.

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