Nervous investors have bought more than 1,000 tonnes of gold this year, a record figure equivalent to the entire hoard the Swiss National Bank has stashed away in its vaults.

For centuries people have considered gold a store of value in turbulent times. In 2020 they have been buying it in droves.

Gold exchange traded funds (ETFs) recorded their tenth consecutive month of positive inflows in September for only the third time since the financial crisis. This was despite gold experiencing its biggest monthly price drop since November 2016, falling 3.6%, after reaching a new all-time high in August.

With concerns mounting about the outcome of the upcoming U.S. election and a second wave of coronavirus infections, will the precious metal retain its lustre in the fourth quarter?

Investors certainly believe so. Figures this week from the World Gold Council (WGC) show globally, they have poured $55.7 billion into gold ETFs this year. ETF managers have had to buy 1,003 tonnes of the metal to meet rising demand, smashing the 2009 peak of 646 tonnes and taking inventories up to a record 3,880 tonnes or $235 billion.

This wall of money helped push the gold price up to a new high of $2,075 an ounce in early August. Despite the pullback in September, the yellow metal ended the third quarter up 6%, its eighth straight quarter of price gains. Gold is now up more than 20% this year, way ahead of the S&P 500’s gains.

The WGC believes last month’s price fall was “likely tactical in nature”, resulting mainly from profit-taking and rebalancing around the quarter-end.

Global investors still increased their gold exposure by 7%, or $4.6 billion, overall in September.

Anxious American investors have been

SAN FRANCISCO & FORT WORTH, Texas–(BUSINESS WIRE)–Oct 9, 2020–

TPG Pace Beneficial Finance Corp. (the “Company”), a newly organized blank check company incorporated as a Cayman Islands exempted company and formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses, today announced the closing of its initial public offering of 35,000,000 units. The offering was priced at $10.00 per unit, resulting in gross proceeds of $350,000,000, before deducting underwriting discounts and commissions and other offering expenses payable by the Company.

The Company’s units began trading on the New York Stock Exchange under the ticker symbol “TPGY.U” on October 7, 2020. Each unit consists of one of the Company’s Class A ordinary shares and one-fifth of one warrant, each whole warrant enabling the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on the New York Stock Exchange under the symbols “TPGY” and “TPGY WS,” respectively.

TPG Pace Beneficial Finance Corp. is focused on sponsoring the public listing of a company that combines attractive business fundamentals with, or with the potential for strong environmental, social and governance principles and practices through a business combination.

Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Barclays Capital Inc. are serving as joint book runners for the offering. TPG Pace Beneficial Finance Corp. has granted the underwriters a 45-day option from the pricing of the offering to purchase up to an additional 5,250,000 units at the initial public offering price to cover over-allotments, if any.

The offering was made only by means of a prospectus, copies of which may be obtained from

NEW YORK (AP) — Stocks are rising on Wall Street Friday as talks appear to be continuing in the start-and-stop drive on Capitol Hill to deliver more aid to the ailing economy.

The S&P 500 was 0.4% higher in morning trading, on track for its third straight gain. It’s also on pace to close out its best week since July, following a weekslong run of mostly shaky trading amid worries about the inability of Congress to support the economy and concerns that stock prices simply got too high during the summer.

The Dow Jones Industrial Average was up 41 points, or 0.1%, at 28,467, as of 10:15 a.m. Eastern time, and the Nasdaq composite was 0.8% higher.


Despite the market’s early gains, trading underneath the surface continued to be unsettled. Airline stocks climbed at the start of trading, only to drop quickly, for example. Energy stocks went from helping to lead the market to slumping to the sharpest loss among the 11 sectors that make up the S&P 500. Treasury yields were also moving up and down.

Much of this week’s focus has been on Washington, where President Donald Trump sent markets on a sudden skid Tuesday after he halted negotiations on a support package for the economy until after the election. Investors have been clamoring for such aid since the expiration of extra benefits for laid-off workers and other stimulus for the economy that Congress approved earlier this year. Economists say the outlook is grim without such support, and the chair of the Federal Reserve has said repeatedly it will likely be necessary.

Trump said that House Speaker Nancy Pelosi was negotiating in bad faith when he called off the talks. But within a couple hours, he appeared to backtrack. He said that he would back more limited programs

LONDON, Oct 9 (Reuters)Bond funds saw the second-largest weekly inflows ever of $25.9 billion, BofA said on Friday, as the market continues to price in a Democratic sweep in next month’s presidential election, which could mean even more fiscal stimulus.

“Blue wave election outcome (Democrats winning) has curiously flipped from consensus bear to bull catalyst in recent months,” the U.S. investment bank said.

Equity funds attracted $4.4 billion, mainly driven by U.S. equities, BofA said. Government and U.S. Treasury bond funds sucked in $3.8 billion, the largest inflows in 14 weeks, in the week to Oct. 7.

The bank also highlighted the likelihood of renewable energy stocks front-running a Democratic election sweep that was followed by a fiscal stimulus, pointing to one solar energy exchange traded fund’s stellar performance.

Invesco solar ETF TAN.P soared 255% from its March lows and has gained 42% in the last month alone. “A ‘blue wave’ clean sweep which could see Dems in control of the Oval, Senate and House is seeing money pile into renewables”, a London-based trader said.

(Reporting by Thyagaraju Adinarayan Editing by Tommy Wilkes)

(([email protected]; +44 20 7542 7015; Reuters Messaging: [email protected]; Twitter @thyagu))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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BERLIN (Reuters) – Orders for German-made goods rose 4.5% in August, more than expected, boosting hopes for a robust third-quarter in Europe’s largest economy after the coronavirus shock.

The increases were driven by demand from the euro zone, the Federal Statistics Office said on Tuesday, suggesting companies are making good progress back to pre-crisis levels. A Reuters forecast had predicted a 2.6% gain on the previous month.

“The catch-up process for new industry orders is continuing at a remarkable pace,” the economy ministry said in a statement.

Order intake was now only 3.6% lower than in February, before lockdown measures were imposed to slow the spread of the coronavirus, the office said.

Economists applauded the strong data, but cautioned that rising infection rates across Europe were increasing the risk of setbacks.

“It is difficult to imagine how German manufacturing could escape another round of lockdown measures with important trading partners,” said ING Bank economist Carsten Brzeski.

“Nevertheless, today’s industrial order data suggest that full order books – at least in the near future – could help the manufacturing sector to overtake the service sector.”

Official figures released last week showed German retail sales rose much more than expected in August and unemployment fell further in September, boosting hopes that household spending would power a recovery.

Figures from the statistics office showed that orders from abroad increased by 6.5%, boosted by a 14.6% surge in orders from the rest of the euro zone. Domestic orders rose by 1.7% on the month.

The German economy contracted by 9.7% in the second quarter as household spending, company investments and trade collapsed at the height of the pandemic.

An easing of lockdown measures, coupled with an unprecedented array of rescue and stimulus packages, has led to a robust recovery in the third quarter, but