Advertisement/Advertising – This article is distributed on behalf of Osisko Development Corp. and Gold Royalty Corp., with which SRC swiss resource capital AG has paid IR advisory agreements. Creator: SRC swiss resource capital AG · Author: Ingrid Heinritzi · First published: 10.11.2025, 6:30 p.m. Zurich/Berlin
Everyone expected demand to be high in the third quarter. Globally, it was a whopping 58 percent higher this year than in the third quarter of 2024, amounting to 1,313 tons of gold. Even though some areas were less impressive, inflows into gold-backed ETFs made up for this. In North America alone, these inflows amounted to US$16 billion in the three months. US trading volumes even reached record levels.
The highest gold price was recorded in October at US$4,456.54 per troy ounce of gold. This was 40 percent more than in the previous year. In fact, there were eleven new highs in the price of gold in October. In September, the precious metal reached new all-time highs 13 times. By contrast, demand for bars, coins, and jewelry fell by around 33 percent compared to the previous year. However, spending on jewelry increased in value compared to 2024. Gold bars and coins saw strong profit-taking – no surprise given the high gold price – but also strong purchases.
Although the gold price has now corrected, forecasts are predominantly for rising prices in the first half of 2026. On average, around US$4,000 per ounce of gold is predicted for the fourth quarter of 2025, with forecasts for 2026 as a whole ranging between US$4,500 and US$5,000 per troy ounce. Gold prices are forecast to decline again at the end of 2026.
Incidentally, gold and silver sales are also excellent at warehouse retailer Costco. This generates several hundred million US dollars per month for Costco. However, investors can also turn to mining companies that own the precious metals in the ground or to royalty companies that stand for diversification.
Osisko Development - https://www.commodity-tv.com/ondemand/companies/profil/osisko-development-corp/ - owns the Cariboo Gold (Canada, 100 percent), San Antonio (Mexico), and Tintic (USA) projects. Production at Cariboo (approximately 190,000 ounces of gold per year over ten years) is scheduled to start in 2027.
Gold Royalty - https://www.commodity-tv.com/ondemand/companies/profil/gold-royalty-corp/ - focuses on gold, silver, and copper, as well as gold properties in North and South America. Gold Royalty's portfolio currently includes 250 royalties and streams. The third quarter saw record revenues.
Current company information and press releases from Osisko Development (- https://www.resource-capital.ch/en/companies/osisko-development-corp/ -) and Gold Royalty (- https://www.resource-capital.ch/en/companies/gold-royalty-corp/ -).
Sources:
https://www.gold.org/goldhub/research/gold-demand-trends/us-gold-demand-trends-q3-2025?utm_medium=email&utm_source=newsletter&utm_campaign=GOLDHUB%3A+Your+Weekly+Gold+Market+Round-up%2C+November+7%2C+2025;
https://www.finmagazin.de/neuigkeiten/der-edelmetallerfolg-von-costco-spiegelt-den-steigenden-trend-bei-gold-und-silberinvestitionen-wider/.
In accordance with Section 85 of the German Securities Trading Act (WpHG) in conjunction with Article 20 of Regulation (EU) 2016/958 (MAR), we hereby disclose that authors/employees/affiliated companies of SRC swiss resource capital AG may hold positions (long/short) in issuers discussed. Remuneration/relationship: IR contracts/advertorial: Own positions (author): none; SRC net position: less than 0.5%; issuer's stake in SRC ≥ 5%: no. Update policy: no obligation to update. No guarantee for the translation into German. Only the English version of this news release is authoritative.
Disclaimer: The information provided does not constitute any form of recommendation or advice. We expressly draw attention to the risks involved in securities trading. No liability can be accepted for any damage arising from the use of this blog. We would like to point out that shares and, in particular, warrant investments are generally associated with risk. The total loss of the capital invested cannot be ruled out. All information and sources are carefully researched. However, no guarantee is given for the accuracy of all content. Despite the utmost care, I expressly reserve the right to errors, particularly with regard to figures and prices. The information contained herein comes from sources that are considered reliable, but does not claim to be accurate or complete. Due to court rulings, the content of linked external sites is also our responsibility (e.g., Hamburg Regional Court, in its ruling of May 12, 1998 - 312 O 85/98), as long as we do not expressly distance ourselves from them. Despite careful content control, I assume no liability for the content of linked external sites. The respective operators are solely responsible for their content. The disclaimer of SRC swiss resource capital AG, which is available at https://www.resource-capital.ch/de/disclaimer-agb/, applies additionally.
Everyone expected demand to be high in the third quarter. Globally, it was a whopping 58 percent higher this year than in the third quarter of 2024, amounting to 1,313 tons of gold. Even though some areas were less impressive, inflows into gold-backed ETFs made up for this. In North America alone, these inflows amounted to US$16 billion in the three months. US trading volumes even reached record levels.
The highest gold price was recorded in October at US$4,456.54 per troy ounce of gold. This was 40 percent more than in the previous year. In fact, there were eleven new highs in the price of gold in October. In September, the precious metal reached new all-time highs 13 times. By contrast, demand for bars, coins, and jewelry fell by around 33 percent compared to the previous year. However, spending on jewelry increased in value compared to 2024. Gold bars and coins saw strong profit-taking – no surprise given the high gold price – but also strong purchases.
Although the gold price has now corrected, forecasts are predominantly for rising prices in the first half of 2026. On average, around US$4,000 per ounce of gold is predicted for the fourth quarter of 2025, with forecasts for 2026 as a whole ranging between US$4,500 and US$5,000 per troy ounce. Gold prices are forecast to decline again at the end of 2026.
Incidentally, gold and silver sales are also excellent at warehouse retailer Costco. This generates several hundred million US dollars per month for Costco. However, investors can also turn to mining companies that own the precious metals in the ground or to royalty companies that stand for diversification.
Osisko Development - https://www.commodity-tv.com/ondemand/companies/profil/osisko-development-corp/ - owns the Cariboo Gold (Canada, 100 percent), San Antonio (Mexico), and Tintic (USA) projects. Production at Cariboo (approximately 190,000 ounces of gold per year over ten years) is scheduled to start in 2027.
Gold Royalty - https://www.commodity-tv.com/ondemand/companies/profil/gold-royalty-corp/ - focuses on gold, silver, and copper, as well as gold properties in North and South America. Gold Royalty's portfolio currently includes 250 royalties and streams. The third quarter saw record revenues.
Current company information and press releases from Osisko Development (- https://www.resource-capital.ch/en/companies/osisko-development-corp/ -) and Gold Royalty (- https://www.resource-capital.ch/en/companies/gold-royalty-corp/ -).
Sources:
https://www.gold.org/goldhub/research/gold-demand-trends/us-gold-demand-trends-q3-2025?utm_medium=email&utm_source=newsletter&utm_campaign=GOLDHUB%3A+Your+Weekly+Gold+Market+Round-up%2C+November+7%2C+2025;
https://www.finmagazin.de/neuigkeiten/der-edelmetallerfolg-von-costco-spiegelt-den-steigenden-trend-bei-gold-und-silberinvestitionen-wider/.
In accordance with Section 85 of the German Securities Trading Act (WpHG) in conjunction with Article 20 of Regulation (EU) 2016/958 (MAR), we hereby disclose that authors/employees/affiliated companies of SRC swiss resource capital AG may hold positions (long/short) in issuers discussed. Remuneration/relationship: IR contracts/advertorial: Own positions (author): none; SRC net position: less than 0.5%; issuer's stake in SRC ≥ 5%: no. Update policy: no obligation to update. No guarantee for the translation into German. Only the English version of this news release is authoritative.
Disclaimer: The information provided does not constitute any form of recommendation or advice. We expressly draw attention to the risks involved in securities trading. No liability can be accepted for any damage arising from the use of this blog. We would like to point out that shares and, in particular, warrant investments are generally associated with risk. The total loss of the capital invested cannot be ruled out. All information and sources are carefully researched. However, no guarantee is given for the accuracy of all content. Despite the utmost care, I expressly reserve the right to errors, particularly with regard to figures and prices. The information contained herein comes from sources that are considered reliable, but does not claim to be accurate or complete. Due to court rulings, the content of linked external sites is also our responsibility (e.g., Hamburg Regional Court, in its ruling of May 12, 1998 - 312 O 85/98), as long as we do not expressly distance ourselves from them. Despite careful content control, I assume no liability for the content of linked external sites. The respective operators are solely responsible for their content. The disclaimer of SRC swiss resource capital AG, which is available at https://www.resource-capital.ch/de/disclaimer-agb/, applies additionally.
