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Former national security officials could soon lose their security clearances — or even face lifetime bans from lobbying for foreign adversaries — under a new crackdown from Texas Republicans John Cornyn and August Pfluger.

The three-bill package takes direct aim at Washington’s revolving door, closing the loopholes that have let former officials and power brokers — many with deep knowledge of U.S. defense secrets — quietly push the interests of China, Russia and other hostile regimes inside the U.S. government.

If enacted, the legislation would require the Pentagon to revoke security clearances from former defense officials who lobby for Chinese-owned companies and impose a lifetime ban on any Senate-confirmed official lobbying on behalf of designated adversaries — including China, Russia, Iran and North Korea.

A third measure — the PAID OFF Act (Preventing Adversary Influence, Disinformation and Obscured Foreign Financing Act) — would overhaul the Foreign Agents Registration Act (FARA) by eliminating the ‘commercial’ and Lobbying Disclosure Act (LDA) exemptions for entities tied to countries of concern. That change would force anyone representing or advocating for companies substantially owned or controlled by adversary governments, such as China or Russia, to register publicly as foreign agents and would expand the Justice Department’s enforcement authority to pursue unregistered influence campaigns.

The new bills aim to tighten lobbying restrictions amid a growing list of former officials and politically connected figures who have leveraged their Washington access to benefit foreign governments and corporations with minimal disclosure.

The effort marks the full bicameral rollout of the Cornyn-Pfluger package. Cornyn introduced the PAID OFF and CLEAR Path Acts earlier this year in the Senate and is introducing the REVOKE Act today, while Pfluger is introducing all three bills in the House.

The legislation has bipartisan consensus: Sen. Sheldon Whitehouse, D-R.I., is the Democratic Senate co-lead on each measure, while Rep. Jason Crow, D-Colo., is co-sponsoring the CLEAR Path and PAID Off Acts, while Rep. Don Davis, D-Ill., is co-sponsoring the REVOKE Act.

The REVOKE Act was included in the House-passed National Defense Authorization Act, and the PAID OFF Act was included in the Senate-passed version, giving key parts of the proposal bipartisan traction in both chambers.

From the Pentagon’s E-ring to K Street boardrooms, a generation of former officials has turned national security experience into private contracts with foreign-linked companies. 

The same revolving door extended into the legal world. President Barack Obama’s Attorney General Loretta Lynch, now a partner at a major Washington firm, represented DJI Technology, the Chinese drone manufacturer later labeled by the Pentagon as a ‘Chinese military company.’ In 2023, she wrote to the War Department urging DJI’s removal from that list and led litigation challenging the designation before the company changed counsel in December.

DJI’s influence campaign in Washington reached far beyond Lynch’s firm. Jeff Denham, a former Republican congressman and Air Force veteran, was among the lobbyists listed on K&L Gates’s 2020 filings for DJI, focused on defense and commerce issues.

John P. Flynn, a former Air Force officer and deputy assistant secretary of the Air Force for legislative liaison, also appeared on Squire Patton Boggs’s lobbying disclosures for the company in 2022 and 2023. Their paths from military and congressional service to representing a Chinese defense-linked firm show how deeply the revolving door runs — and how easily government experience in the national security realm can become a global commodity once officials enter the private sector.

That network extended to Barry Rhoads, the chairman of Cassidy & Associates, one of Washington’s most established defense lobbying firms. A former Army JAG officer and counsel to the House Appropriations Committee’s Defense Subcommittee, Rhoads was listed among the lobbyists who represented DJI between 2018 and 2022. His decades of Capitol Hill and Pentagon experience made him a sought-after adviser for defense contractors — and, under current law, even for companies tied to U.S. adversaries.

In another high-profile example, former Defense Secretary William S. Cohen once worked with Huawei Technologies, the Chinese telecom company later deemed a U.S. national security risk. After leaving the Pentagon, Cohen founded The Cohen Group, which advised Huawei in 2010.

A spokesperson for the firm told Fox News Digital the work was done ‘with the support of the Department of Defense and Director of National Intelligence’ and was meant to limit Huawei’s business in the U.S. to activities acceptable to the U.S. government. The firm said it helped draft a plan that would have restricted Huawei’s sales under a national security agreement, but ended the project when the company ‘decided to take a different path.’

U.S. intelligence agencies have since warned that Huawei’s technology could be used by Beijing for espionage, prompting limits on its access to American networks and suppliers.

Lynch, Flynn, Denham and Rhoads did not respond to requests for comment.

The pattern has not been limited to defense insiders. Hunter Biden, who has faced a years-long Justice Department investigation into his foreign business dealings, including work for a Romanian real estate tycoon and his position on the board of the Ukrainian energy company Burisma Holdings, has also drawn scrutiny from congressional investigators.

They have examined his contacts with businessmen linked to Russian and Chinese interests during the same period. No charges have been filed under the Foreign Agents Registration Act, but the probe has drawn attention to how politically connected figures can pursue lucrative overseas ventures that blur the line between private consulting and foreign influence. 

‘It is the bare minimum expectation that U.S. government employees work for the betterment of America, both during their service and long after it. Yet far too often, we see individuals leave government only to lobby on behalf of foreign adversaries who wish to see America fail,’ said Pfluger in a statement. ‘This is a dangerous flaw in the incentive structure for those serving at the highest levels of government.’

 ‘American policy should not in any way reflect the handiwork of foreign adversaries who are actively working to tip the scales in their favor and undermine our interests,’  said Cornyn. 

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President Donald Trump has demanded an end to excessive state-level regulation of artificial intelligence (AI) and warned that state rules will end up threatening the U.S. economy.

In a post shared to Truth Social on Tuesday, Trump also slammed ‘Woke AI’ and referred to a ‘patchwork’ of state regulations in the AI space.

‘Investment in AI is helping to make the U.S. Economy the ‘HOTTEST’ in the World,’ Trump wrote.

‘But overregulation by the States is threatening to undermine this Major Growth Engine. Some States are even trying to embed DEI ideology into AI models, producing ‘Woke AI’ (Remember Black George Washington?). We MUST have one Federal Standard instead of a patchwork of 50 State Regulatory Regimes.’

Trump made his comments as House Republican leaders signaled they may try to include AI preemption language in the annual National Defense Authorization Act. 

This would block states from bringing in their own AI rules and protections.

House Majority Leader Steve Scalise, R-La., said Monday that GOP leaders are considering the measure to prevent what he called ‘regulatory chaos’ as states advance their own rules. 

Trump’s push for a unified national framework is in line with his broader ‘Winning the AI Race: America’s AI Action Plan.’

Under executive orders issued in July, federal agencies must avoid procuring AI systems that ‘sacrifice truthfulness and accuracy to ideological agendas,’ adhere to ‘Unbiased AI Principles’ and support the fight against AI-generated deepfakes through the ‘Take It Down Act.’

Vice President JD Vance echoed Trump’s stance at February’s Artificial Intelligence Action Summit.

‘We believe that excessive regulation of the AI sector could kill a transformative industry just as it’s taking off,’ Vance said.

Not all Republicans are on board. Florida Gov. Ron DeSantis shared a post to X Tuesday and warned that overriding state authority would serve as a ‘subsidy to Big Tech’ and ‘prevent states from protecting against online censorship of political speech, predatory applications that target children, violations of intellectual property rights and data center intrusions on power/water resources.’

Trump’s Truth Social post also came after Saudi Crown Prince Mohammed bin Salman committed during Tuesday’s visit to the White House to increasing his planned investment in the U.S. economy to nearly $1 trillion over the next year.

Sen. Elizabeth Warren, D-Mass., raised concerns Tuesday about the government’s potential use of taxpayer funds to support OpenAI and other AI firms.

‘OpenAI’s actions suggest that it may be pursuing a deliberate strategy to entangle itself with the federal government and the broader economy, so the government has no choice but to step in with public funds,’ she said in a letter.

‘We have seen this before: take on enough debt, make enough risky bets, and then demand a taxpayer bailout when those bets go south, so the economy does not crash.’

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A House Freedom Caucus-led bid to strip a member of the House Democratic Caucus of her role on a high-profile committee after her ties to Jeffrey Epstein were revealed earlier this month failed on Tuesday night.

Lawmakers voted against censuring Del. Stacey Plaskett, D-V.I., the Virgin Islands’ nonvoting delegate in the House of Representatives, over newly surfaced text messages between her and Epstein that were exchanged during the February 2019 congressional testimony of Michael Cohen.

The censure had also included language to remove Plaskett from the House Permanent Select Committee on Intelligence, which oversees entities like the FBI and CIA and regularly receives classified briefings on matters of national security.

Three Republicans joined Democrats to kill the measure, while three more Republicans voted ‘present.’ It ultimately failed in a 209-214 vote.

The three Republicans who voted against censuring Plaskett were Reps. Lance Gooden, R-Texas, Don Bacon, R-Neb., and Dave Joyce, R-Ohio.

House Homeland Security Committee Chairman Andrew Garbarino, R-N.Y., voted ‘present’ along with Reps. Dan Meuser, R-Pa., and Jay Obernolte, R-Calif.

Rep. Ralph Norman, R-S.C., who introduced the resolution, said during debate on the measure on Tuesday, ‘The House of Representatives has a responsibility and a duty to protect the integrity of this institution. And what we learn from the documents released by Jeffrey Epstein’s estate is nothing short of alarming.’

Those documents show that Delegate Stacey Plaskett, a sitting member of Congress, coordinated her questioning during an Oversight — an official Oversight hearing, with a man who was a convicted sex offender, a man whose crimes against minors shocked this entire nation.’

Rep. Jamie Raskin, D-Md., who led Democrats’ rebuttal against the resolution, called the measure ‘one more pathetic effort to distract and divert attention from the fact that the president’s name appeared more than a thousand times already in the small fraction of material released on Epstein.’

He also repeatedly referred to Epstein as Plaskett’s ‘constituent’ over his primary residence having been in the Virgin Islands.

Texts exchanged during the 2019 hearing, in which Cohen accused President Donald Trump of a scheme to pay off mistresses to hide evidence of extramarital affairs during his 2016 presidential bid, show Epstein taking a heavy interest in Plaskett’s questioning.

Epstein appeared to guide Plaskett’s lines of questioning at times. One text showed him saying, ‘Hes opened the door to questions re who are the other henchmen at trump org.’

Plaskett was shown to respond, ‘Yup. Very aware and waiting my turn.’

Republicans have seized on Plaskett’s messages with Epstein as proof of a double standard by Democrats on the late pedophile financier’s case.

House Democrats have been arguing for transparency in pushing to uncover any potential improper links between Trump and Epstein but have been largely silent on Plaskett in the days since her ties to him surfaced.

Neither Plaskett nor Trump has been accused of any wrongdoing connected to Epstein’s crimes, however.

Raskin accused Republicans on Tuesday of robbing Plaskett of her right to due process.

‘Without even going to the Ethics Committee, much less a court, they want to arraign her on some charges based on a newspaper article, that she did something lawful — however ill-advised — it may have been. She took a phone call from one of her constituents,’ Raskin said.

‘Where is the ethical transgression? Where is the legal transgression? Are you saying anybody on your side of the aisle who had a phone call with Jeffrey Epstein should be censured?’

Plaskett’s texts with Epstein were reported in a number of media outlets, but they were first found in a tranche of documents from Epstein’s estate and handed over to the House Oversight Committee.

‘I got a text from Jeffrey Epstein, who, at the time was my constituent — who was not public knowledge at that time, that he was under federal investigation — and who was sharing information with me,’ she said in her own defense on Tuesday.

Plaskett also pointed out her years of experience as a prosecutor when arguing she was not seeking advice on her line of questioning.

It’s worth noting, however, that while the federal probe into Epstein was not public knowledge, he first faced charges related to the exploitation of underaged girls as early as 2006.

The vote comes after a Democrat-led bid to refer Plaskett’s case to the House Ethics Committee, rather than moving forward with the censure resolution, failed to pass in a narrow 213-214 vote.

The House of Representatives had earlier moved to force the Department of Justice (DOJ) to release all of its unclassified Epstein files in an overwhelming 427-1 vote.

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President Donald Trump on Tuesday announced that the U.S. will designate Saudi Arabia a major non-NATO ally, unveiling a defense and economic partnership with Crown Prince Mohammed bin Salman during a White House dinner marking 80 years of U.S.–Saudi relations.

Trump welcomed guests at the official dinner and thanked bin Salman for his visit and investment in the U.S. The crown prince gave brief remarks, thanking Trump and expressing his gratitude while saying he was looking forward to a continued partnership between the U.S. and Saudi Arabia.

Before announcing the new designation, Trump reflected on the nations’ long relationship, recalling a 1945 meeting between President Franklin Delano Roosevelt and King Abdul Aziz.

‘It’s a special privilege to welcome his royal highness to Washington this year, as we mark the 80th anniversary of the first meeting between [a] U.S. President and a Saudi king,’ Trump said. ‘The two became immediate and warm friends … and right now you have the best friend you’ve ever had.’

He added that ever since the U.S. and Saudi Arabia have been ‘enduring partners,’ they were ‘making that partnership closer and stronger than ever before’ Tuesday night. 

Trump said the partnership reached a new level after a day of meetings and signings with bin Salman. He praised Saudi Arabia’s modernization, calling it ‘an economic engine and a modern-day miracle,’ and said new agreements in energy, minerals and artificial intelligence were ‘unprecedented.’

He added that Saudi Arabia had agreed to boost its investment in the U.S. from $600 billion to $1 trillion, a move he said would create American jobs and further strengthen the growing alliance.

‘So, that’s why tonight I’m pleased to announce that we’re taking our military cooperation to even greater heights by formally designating Saudi Arabia as a major non-NATO ally, which is something that is very important to them,’ Trump said.

He added that both countries had just signed ‘a historic strategic defense agreement,’ calling it proof of ‘a stronger and more capable alliance’ that would serve ‘the highest interest of peace.’

The announcement followed Trump saying Saudi Arabia would invest $1 trillion in the U.S., doubling an earlier pledge.

‘He said, ‘I am going to up that to $1 trillion,” Trump told the audience. ‘So, he’s investing $1 trillion into the United States … and now you have the hottest country anywhere in the world.’

Trump also pointed to what he called the largest arms purchase in history — $142 billion in American military equipment and services — and said the move ‘will mark and make both of our nations safer and cement the kingdom’s role as a key force for stability and security in the Middle East.’

The president said the new defense pact would make both nations safer and referenced a recent U.S. military operation using B-2 bombers against what he described as an Iranian nuclear threat.

‘Saudi Arabia has never been as safe as it is right now,’ he said. ‘You always had a little cloud over your head. … That cloud is not there anymore.’

After the announcement, Trump tied the agreement to his broader Middle East peace agenda, citing the end of the war in Gaza, the return of hostages and a U.N. resolution endorsing his ‘Board of Peace’ initiative.

‘This is a board like no other,’ he said. ‘It will have the heads of major countries … and I was honored to be chosen the chair.’

Bin Salman thanked Trump for the ‘warm and great welcome,’ calling the day ‘special’ and emphasizing the growing economic relationship between the two countries.

The crown prince also said he believed this is a huge opportunity and vowed to remain focused on implementing and increasing opportunities between both countries.

Trump closed by saying the alliance marked the strongest moment in U.S.–Saudi relations since Roosevelt’s meeting with King Abdul Aziz.

‘Someday, maybe we’ll talk about us as being two wonderful men,’ he said. ‘Forget about great — wonderful is OK — but two wonderful men that did tremendous work for their countries.’

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Silicon Valley’s tech giants are pouring hundreds of billions of dollars into artificial intelligence (AI) infrastructure this year, a commitment that has been met with growing anxiety from shareholders.

This massive investment, reminiscent of the dot-com boom, has faced skepticism over its sustainability.

Market concerns were recently amplified after investor Michael Burry, who successfully bet against the US housing bubble, shorted tech shares and argued that AI hyperscalers are artificially inflating earnings by extending the useful life of costly equipment, a practice he termed “one of the more common frauds of the modern era.”

As investors weigh the promise of AI against the risks of inflated valuations and uncertain profitability, success will depend on grasping the strategic and legal dynamics of the AI infrastructure market, not just technological progress.

Overinvestment concerns in AI infrastructure

Drawing parallels between the current AI investment boom and the historic dot-com bubble, Ramos warned about the risk of overbuilding capacity without enough demand-driving applications.

“I’ve been worrying that we’re … building all this capacity, (but) there aren’t enough killer apps to use all the capacity that’s being built. What I worry (is that) we’re going to end up in the same place that we did in the boom,’ he said.

Formerly an engineer at the Boeing Company (NYSE:BA), Ramos provides technical insight on intellectual property (IP) licensing, portfolio growth and management. He leverages his experience in software and IT service transactions to advise clients on AI risk evaluation and help them develop workplace AI policies.

Ramos cautioned against overbuilding capacity without established demand, drawing lessons from the telecommunications bubble. He compared the fiber optic cable buildout of the past to the current construction of AI data centers and infrastructure, and described working extensively for companies involved in building out this capacity, only to see the market collapse when the anticipated demand failed to materialize.

“We did all these things technologically to get more capacity, and then it wasn’t needed. And all the investments that happened … it impacted my practice quite a bit,’ he noted.

While today’s enthusiasm is similar to what happened then, Ramos said a key difference is that today’s institutional investors are less willing to tolerate prolonged uncertainty without visible paths to profitability.

“Enterprise demand kind of works in the same way that it always did,” he explained.

“Most of my clients have not yet put a whole bunch of money into the next brand-new thing, because they want to make sure the next brand-new thing works and is going to be sold and maintained by a vendor who’s going to be around to do that. So there’s kind of a slower adoption than what you see on the consumer side,’ Ramos added.

Companies that look beyond hype and strategically balance investment with clear business cases will likely emerge strongest. Ramos advised leaders to consider succession and exit strategies in technology ventures early, underscoring that “the business lifecycle around AI is evolving quickly, and legal foresight is essential.”

Legal and regulatory considerations shaping AI infrastructure adoption

With technology evolving rapidly, Ramos emphasized that savvy businesses must assess AI-specific risks carefully, pointing to issues such as intellectual property infringement.

“Data privacy is a concern,” he said. “If you have an AI solution, and you are using it to solve problems that involve putting personal information into an LLM, can that LLM access that information to answer other people’s questions? And, if they can, there’s a potential that you have privacy breaches going on.”

Ramos advised businesses to consider where the value of AI adoption lies, and whether it comes with its own flaws.

He also highlighted that the landscape is currently highly fragmented, with no preemptive federal policy guiding AI development. As a result, states are establishing their own rules, creating a “patchwork” of regulations that increase compliance challenges as well as costs, a potentially major impediment to both innovation and infrastructure investments. All of this will shape how and where companies decide to develop and deploy AI solutions.

Strategic innovation in AI infrastructure

Ramos suggested that the buildout of AI infrastructure could prompt significant changes in how companies approach tech investment, noting that models could shift toward more flexible resource allocation rather than outright ownership, mirroring successful “capacity sharing” approaches from past technology cycles.

The emergence of new models and increased focus on energy efficiency could prompt significant changes in how companies structure their technology investments and strategies.

Ramos highlighted time sharing of GPU resources as a key emerging strategy to optimize costly AI infrastructure, drawing a parallel to historical time sharing in fiber optics as a model.

He explained that with GPUs currently utilized only 15 to 20 percent of the time, there is major potential for efficiency gains if companies share or lease compute resources when not in use.

Emerging business models that enable GPU time sharing represent promising avenues for value creation. For investors, this marks a shift toward more asset-light, scalable models in AI infrastructure.

A partnership between decentralized data platform Pundi AI and decentralized cloud computing provider Spheron Network exemplifies this strategy. Their collaboration addresses the problems of low-quality training data and the high costs of compute resources by providing verifiable, community-labeled datasets with on-chain provenance, packaged as tokenized digital assets that development teams can access securely and transparently.

The recent partnership creates an integrated pipeline from data to scalable, affordable compute, supporting decentralized AI development and directly addressing the inefficiencies and bottlenecks in current AI workflows.

On the compute side, Spheron Network offers decentralized and affordable GPU and CPU resources, enabling AI developers to rent compute power on demand rather than relying on costly fixed infrastructure.

This allows AI developers, especially startups and small teams, to run more experiments per dollar, avoid costly fixed infrastructure and scale compute resources flexibly based on their needs.

Investor takeaway

As capital floods into AI infrastructure, Ramos advised prudence coupled with innovation.

The stakes are high, with opportunities to reshape the technology landscape, but equally real risks underscoring the importance of legal and strategic guidance. For companies navigating these waters, careful planning around AI investments and corporate policies will be key to long-term success.

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

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Steve Barton, host of In It To Win It, shares how he picks mining stocks, running through his initial screening process for companies, as well as the questions he asks CEOs.

He also explains how he decides when to buy and when to sell.

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

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China’s lithium market strengthened sharply on Monday (November 17) after Ganfeng Lithium (OTC Pink:GNENF,HKEX:1772) Chairman Li Liangbin said at a domestic industry conference that demand for the key battery metal could grow by as much as 40 percent in 2026.

The most-traded lithium carbonate contract on the Guangzhou Futures Exchange rose 9 percent that day and moved near its upper limit, marking its strongest close since June 2024.

Li’s comments, first reported by financial news outlet Cailian and later shared by Reuters, also included a projection that lithium carbonate prices could reach 200,000 yuan if demand accelerates as expected.

Traders said the reaction from the lithium price shows how much weight Ganfeng carries in a market that has been quick to react to any sign of stronger consumption after years of oversupply.

Chinese lithium carbonate prices are already up more than 17 percent this month on improving sentiment in the energy storage sector and expectations that demand for stationary batteries will grow through 2026.

CATL restart drives lithium volatility

China’s lithium market is also seeing support from the delayed restart of Contemporary Amperex Technology’s (CATL) (SZSE:300750,HKEX:3750) Jianxiawo mine in Yichun.

The mine normally produces about 65,000 metric tons of lithium carbonate equivalent a year, roughly 6 percent of global supply. However, it has been shut down since August after its operating permit expired.

CATL is reportedly making progress at getting the mine back online, but no exact date has been given.

The shutdown has spilled into global markets as well. In September, Australian lithium stocks fell sharply on the back of signs that CATL’s restart could be approaching.

Oversupply still weighing on lithium market

Beyond China, the broader lithium market has struggled with imbalance throughout 2025.

Prices spiked in July and August before easing again in September, with talks of potential supply cuts by Australian miners creating short-lived rallies despite strong inventories and growing production.

“The nascency of the lithium market means that it is prone to be led by sentiment,” Fastmarkets’ Claudia Cook wrote earlier this year, noting how futures activity has repeatedly drifted from fundamentals.

Oversupply remains the defining theme. Global mined output has jumped 192 percent since 2020, swelling inventories faster than even robust electric-vehicle demand can absorb.

While electric vehicle sales topped 17 million units in 2024 and are expected to exceed 20 million this year, production growth, including a 22 percent rise in mined supply in 2024, has kept the market in surplus.

Analysts have warned that the imbalance in the lithium sector could persist into the next decade unless mine delays, project cancelations or unexpectedly strong demand intervene.

Beijing’s new export controls have added another layer of uncertainty.

Export controls announced last month would mandate that Chinese companies secure export licenses for high-energy lithium-ion batteries, synthetic graphite anodes and critical production equipment. China has delayed the implementation of these controls for one year, until November 10, 2026, as part of a deal with the US.

Against that backdrop, the US is looking to boost its supply of non-Chinese lithium.

The US Department of Energy released the first US$435 million from a US$2.23 billion loan to Lithium Americas (TSX:LAC,NYSE:LAC) in October, advancing construction of the Thacker Pass project in Nevada — set to become the largest lithium source in the western hemisphere once online. The project is central to Washington’s push to reduce dependence on Chinese refining and secure domestic supplies of battery-grade material.

For now, China remains the clearest guide for price direction. Monday’s futures jump showed how quickly sentiment can move when major producers offer firmer demand signals.

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

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Private investor Don Hansen returns to share his latest thoughts on gold, outlining five factors that illustrate how powerful the current bull market is.

‘I think it’s pretty obvious that in 2025 we’re in a secular bull market in gold, and it’s only (just) started,’ he said. In his view, it’s in the second inning of what may be a 15 inning game.

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

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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

    Red Mountain Mining Limited (ASX: RMX, US CODE: RMXFF, or “Company”), a Critical Minerals exploration and development company with a growing portfolio in Tier-1 Mining Districts in the United States and Australia, is pleased to announce that RMXFF successfully commenced trading on the OTCQB this week. The price reached a high of A$0.054 (US$0.035) on the first day of activity.

    HIGHLIGHTS

    • RMXFF successfully listed on the US Market (OTCQB) with Red Mountain trading as high as A$0.054 (US$0.035) on the first day, up 36%
    • RMXFF experienced a strong debut, with robust market activity & trading volumes and high levels of US-based investor engagement
    • RMXFF is set to present at the Australian Rare Earths & Critical Minerals Investor Conference on 19 November 2025, to be distributed across the broader US capital markets network
    • Red Mountain is continuing to be actively engaged in discussions with experienced strategic partners to fast-track its US and Australian Critical Minerals Portfolio
    • These discussions are focused on accelerating project development and leveraging partner expertise in navigating US Government funding programs and Critical Minerals project development and support
    • Red Mountain’s United States Critical Minerals Portfolio uniquely includes highly prospective and advantageously located Antimony Projects in both Idaho and Utah – adjacent to projects with significant known Antimony mineralisation
    • In Australia, Red Mountain’s highly prospective Armidale Antimony-Gold Project comprises a large, strategic tenure covering nearly 400km2 of highly prospective ground, located west of Larvotto Resources’ (ASX: LRV $580m market cap) Hillgrove Project, which is Australia’s largest and the world’s eighth largest Antimony deposit – also subject to the recent takeover attempt from United States Antimony Corp (NYSE: UAMY A$1.5b market cap)
    • Since the acquisition of Hillgrove in December 2023, LRV’s market cap has surged from less than $6 million to a high of over $700 million
    • Red Mountain expects to receive and announce the further results from its Armidale Antimony-Gold Project by the end of NovemberRed Mountain also expects to make further updates to the market regarding its US based growth initiatives with the Bureau of Land and Management (BLM) offices returning to normal operational capacity, following the resolution of the US Government shutdown this month

    Red Mountain’s highly experienced US-based markets advisory team has successfully supported the RMXFF listing and the Company notes the strong initial US based investor interest and trading volumes, relative to its peers.

    Red Mountain’s specialised capital markets and investor engagement advisors, have deep networks within the US capital markets, and the Company is working closely with its advisors to further enhance and complement the benefits of the RMXFF listing.

    Red Mountain Mining set to continue aggressive growth strategy

    Red Mountain continues to seek further opportunities to expand its portfolio of high-quality Strategic Metals projects in Tier-1 US mining jurisdictions, with a goal of building a portfolio of assets to leverage what is an unprecedented critical shortage of Western supply of Strategic and Critical Metals.

    The resolution of the US federal government shutdown on 12 November 2025, allows for Red Mountain to continue its aggressive US growth and expansion strategy. Subject to the satisfactory completion of due diligence, the Company expects to announce further growth initiatives this month.

    Click here for the full ASX Release

    This post appeared first on investingnews.com