70-Tonne ETF Inflows Reinforce Current Gold Output Advantage - Crux Investor

AI desk brief

Global gold ETFs added more than 70 tonnes in September even as gold fell over 8%, indicating resilient investment demand through the selloff. WGC data cited in the piece says the monthly price drop ranked in the 93rd percentile since 2004, while the ETF inflow ranked in the 77th percentile; the move was accompanied by a large unwind in COMEX Managed Money and spreading positions, helping explain why prices fell despite ETF buying.

The article argues that gold above $4,000/oz is preserving strong revenue per ounce for producers, with WGC citing Q1 2026 average AISC at $1,785/oz and record margins. It highlights operating leverage at several miners: Mineros posted H1 revenue up 63% and EBITDA up 70%; Serabi generated $34.8m operating cash flow after development spend; New Found Gold and TRX Gold both framed current prices as supportive of self-funded growth and expansion; West Red Lake Gold said higher prices are lowering cut-off grades and boosting mine economics.