Featured Article

Going for gold: European investors pour nearly $1bn into gold ETFs in July

Posted by Alex Hamer and Emma Boyde, ft.com

on Thursday, 26 August 2021 10:03

European investors poured nearly $1bn into exchange traded funds that invest directly in gold in July, more than offsetting outflows from US funds and indicating the emergence of divergent views on inflation, the global economy and future direction of the precious metal.

European funds attracted net inflows of $999m, equivalent to 17.1 tonnes of gold, while ETFs domiciled in North America, led by large US funds, saw net outflows of $402m or 7.3 tonnes, according to the World Gold Council, an industry body. Overall, WGC data showed a 0.3 per cent rise in assets under management in gold ETFs in July, driven mostly by the buying in Europe, although Asia also recorded net inflows.

“Gold is currently in transition,” said Mobeen Tahir, associate director of research at WisdomTree in Europe, which manages a range of gold exchange traded products…read more.

Take a bitcoin, leave a bitcoin: asset managers and companies accumulate 1.2M Bitcoin worth $57 billion

Posted by Samuel Haig, cointelegraph.com

on Thursday, 26 August 2021 9:36

Around 6% of Bitcoin’s circulating supply has been accumulated by asset managers and companies, signaling ever increasing mainstream and institutional adoption of crypto assets.

According to Buy Bitcoin Worldwide, 816,379 BTC worth $40.1 billion is currently held by 14 Bitcoin fund issuers and asset managers — representing 4% of the cryptocurrency’s supply.

Industry leader, the Grayscale Bitcoin Trust, represents more than 3% of the Bitcoin supply, managing 654,600 BTC (worth $32 billion). CoinShares’ XBT Provider ranks second with 48,466 BTC ($2.4 billion) representing 0.23% of supply. The 12 remaining issuers represent 113,313 BTC or 0.54% of thesupply combined…read more.

Canada sees supply of main crops dropping 26% on drought impact

Posted by Marcy Nicholson, bnnbloomberg.ca

on Thursday, 26 August 2021 9:22

Canada, the world’s biggest canola grower and a major wheat producer, forecasts a 26 per cent drop in supplies of its main crops as drought ravages output and inventories shrink.

Grain and oilseed exports are expected to fall in the marketing year that started Aug. 1 for most crops, and inventories will drop due to low supplies, Agriculture and Agri-Food Canada said in a monthly report on Thursday. By the end of July, nearly three quarters of Canada’s agricultural area was abnormally dry or in a drought.

Erratic weather globally is helping push prices of staple crops including wheat to multiyear highs. The outlook for the sharp drop in Canadian supplies also comes with a forecast for the nation’s grain prices to remain high at a time that food inflation is already being felt in consumers’ wallets…read more.

“Directions to Alcatraz”: Waymo Launches Robotaxi Service in San Francisco

Posted by Neal Freyman, morningbrew.com

on Wednesday, 25 August 2021 10:46

Waymo, Google’s sister company, started offering robotaxi rides to people in San Francisco yesterday. These vehicles do drive themselves, but beware: There will be a safety driver at the wheel, and they will pitch you their app idea.

SF becomes Waymo’s second market in its quest to build out a robotaxi network in cities across the globe. The company has been running a fully driverless ride-hailing service in the Phoenix area since last fall. But San Francisco, with its steep hills, trolley lines, and illustrious people-watching, presents a unique challenge for any driver, let alone a robot one…read more.

The best journey takes you home: Trudeau vows two-year ban on foreign homebuyers if re-elected

Posted by Kait Bolongaro, bnnbloomberg.ca

on Wednesday, 25 August 2021 10:19

Prime Minister Justin Trudeau promised to introduce a two-year ban on foreign home buyers to tackle housing affordability in Canada if he’s re-elected.

The proposed restriction is an attempt to cool a housing market that has soared during the Covid-19 pandemic. Surging prices have become a central issue in the campaign for the Sept. 20 vote, in which Trudeau hopes to regain a majority in parliament, with all three major parties promising crackdowns…read more.