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President Donald Trump blamed his hoarse voice on a tense discussion with a foreign nation who attempted to renegotiate the terms of their trade deal. 

Trump sported a raspy voice during a meeting with the White House’s task force on the FIFA World Cup 2026, prompting a reporter to ask if he felt alright.

‘I feel great. I was shouting at people because they were stupid about something having to do with trade and a country, and I straightened it out, but I blew my stack at these people,’ Trump told reporters Monday.

When pressed about which country, Trump did not specify which nation sparked his ire and only said that he wasn’t pleased.

‘A country wanted to try and renegotiate the terms of their trade deal,’ Trump said. ‘And I wasn’t happy about it.’

When asked again which country, Trump said: ‘Why would I say that to you?’

The U.S. has engaged in trade talks with a number of countries in recent months, including Japan, Cambodia, Malaysia and Indonesia. Additionally, Trump met with Chinese President Xi Jinping in South Korea in October, where the two hammered out some negotiations on trade between the two countries.

For example, Trump said he agreed to cut tariffs on Chinese imports by 10% — bring down the rate from 57% to 47% — because China said it would work with the U.S. on addressing the fentanyl crisis.

Likewise, Trump said that he would not impose an additional 100% tariff on Chinese goods that were expected to kick in Nov. 1. Trump threatened the steep hike after China announced in October it would impose export controls on rare-earth magnets, which he said China had agreed to postpone by a year.

Afterward, Trump said that a broader trade deal between the two countries would be signed in the near future.

‘Zero, to 10, with 10 being the best, I’d say the meeting was a 12,’ Trump told reporters after meeting with Xi. ‘A lot of decisions were made … and we’ve come to a conclusion on very many important points.’

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The U.N. Security Council on Monday adopted a U.S.-backed resolution to end the Gaza war and deploy an international stabilization force after Ambassador Mike Waltz urged members to support what he called ‘a bold, pragmatic blueprint’ born from President Donald Trump’s 20-point peace plan.

In an address to the council, Waltz described Gaza as ‘a hell on earth’ after two years of conflict, saying the resolution offered the world a chance to replace ‘rubble where schools once stood’ with ‘a path to peace.’ The measure passed 14–0, with two abstentions — including Russia — and was adopted.

‘Voting yes today isn’t just endorsing a plan,’ Waltz said. ‘It’s affirming our shared humanity. A vote against this resolution is a vote to return to war.’

The plan, developed through U.S.-led diplomacy with Qatar, Egypt, Saudi Arabia, the United Arab Emirates, Turkey, Pakistan, and Indonesia, establishes a multinational stabilization force to secure Gaza, oversee demilitarization and protect civilians as Israel gradually withdraws.

Waltz said many of the peacekeepers will come from Muslim-majority nations, including Indonesia and Azerbaijan.

He credited Jared Kushner and special envoy Steve Witkoff with brokering the deal, which has already produced what he called ‘tangible results’ — a holding ceasefire and the release of 45 hostages by Hamas. Waltz said the United States remains committed to ensuring the return of the remaining hostages still believed to be held in Gaza.

‘This resolution charts a path for Palestinian self-determination after the Palestinian Authority completes key reforms,’ Waltz said. ‘It dismantles Hamas’s grip and ensures Gaza rises free from terror’s shadow — prosperous and secure.’

Following the vote, Waltz thanked Council members for what he called ‘a historic and constructive resolution’ and praised the coalition of nations that supported Trump’s plan.

He said the Board of Peace, which will be led by the president, ‘remains the cornerstone of our effort’ to rebuild Gaza and establish accountable local governance.

The board will coordinate humanitarian assistance, oversee reconstruction, and support a technocratic Palestinian committee responsible for day-to-day administration while the Palestinian Authority implements its reforms. Waltz said the stabilization force will ‘dismantle terrorist infrastructure, decommission weapons, and maintain the safety of Palestinian civilians.’

‘The path to prosperity requires security first,’ Waltz said. ‘Security is the oxygen that governance and development need to live and thrive.’

Russia abstained from the vote after circulating a rival draft. Waltz said hesitation and delay would only ‘cost lives,’ adding that ‘every day without this force, aid trucks lie idle, children starve, and extremists regroup.’

Trump praised the U.N. Security Council’s passage of the Gaza peace resolution Monday, calling it ‘one of the biggest approvals in the history of the United Nations.’

In a post on Truth Social, Trump congratulated world leaders and said the creation of the Board of Peace, which he will chair, represents ‘a moment of true historic proportion.’

Trump said the board will include ‘the most powerful and respected leaders throughout the world’ and pledged to announce additional members in the coming weeks. He thanked both Security Council members and partner nations — including Qatar, Egypt, Saudi Arabia, the United Arab Emirates, Indonesia, Turkey, and Jordan — for backing the plan.

‘This will go down as one of the biggest approvals in the history of the United Nations,’ Trump wrote. ‘It will lead to further peace all over the world and is a moment of true historic proportion.’

Trump’s message echoed the themes laid out by Waltz, who credited the president’s leadership and diplomacy for uniting regional powers behind the peace initiative.

‘President Trump’s historic 20-point plan marks the beginning of a strong, stable, and prosperous region,’ Waltz said. ‘Under President Trump’s bold leadership, the United States will continue to deliver results alongside our partners to make lasting peace a reality.’

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House Republicans are cautiously supportive of a bipartisan bill aimed at forcing the Department of Justice (DOJ) to release all its files on Jeffrey Epstein’s case after President Donald Trump gave the bill his stamp of approval on Sunday night.

GOP lawmakers who spoke with Fox News Digital Monday evening said they would vote for the bill and were optimistic their colleagues would as well — though many of them said they still had concerns about how it was written.

It comes after Speaker Mike Johnson, R-La., who had been against the bill but pushing parallel transparency efforts in Epstein’s case, said he hoped it would undergo material changes when it reached the Senate to give more protection for innocent people whose names may appear in the files against their wishes.

‘I have real concerns about the discharge language in the House draft,’ Johnson said. ‘But I do have some comfort that, I think if and when it’s processed in the Senate, that they’ll be able to correct some of those concerns, if we have the protection of victims and whistleblowers and all the rest.’

The legislation is coming to the House floor on Tuesday afternoon via a mechanism called a discharge petition led by Rep Ro. Khanna, D-Calif., and Rep. Thomas Massie, R-Ky. The latter has found himself at odds with both Johnson and Trump on several key issues this year.

A discharge petition allows a bill to get a House-wide vote against leaders’ wishes, provided the petition gets support from most lawmakers in the chamber — which in this case, it did last week.

Rep. Byron Donalds, R-Fla., a Trump ally who is running for governor in Florida, said he would vote for the bill but shared Johnson’s concerns.

‘Number one, Congress has never released criminal files ever in the history of Congress. Two, there are victims, and I know we’re supposed to be trying to do what we can to sanitize their names or cover their names or redact their names, but you know, that doesn’t mean it’s going to be foolproof,’ Donalds said.

‘You could have victims that don’t want to be released, be identified, and then they have to go relive this again. What about those women? What if those women have kids now? What if those women have husbands now and they don’t want to go through this? So I think there’s a reason why political bodies don’t release criminal files.’

Donalds said he would vote to release the files, however, to move past this chapter and help victims get closure.

‘It’s become such a huge distraction here on Capitol Hill. And I do want to see justice for those victims, if they were abused,’ he said.

Republican Study Committee Chairman August Pfluger, R-Fla., said, ‘I’m gonna vote in favor of it, but it’s not perfect, and there’s a lot of things that need to be addressed.’

‘Transparency is key. My district needs transparency. The president has nothing to hide, but things that need to be fixed, have to be fixed in the Senate,’ Pfluger, who pledged to support the bill before Trump’s blessing, said.

Rep. Erin Houchin, R-Ind., said she had similar concerns ‘from the start.’

‘Once it goes to the Senate, if the Senate believes they need to have broader or, you know, bigger protections, then I think that’ll be up to the Senate to decide, but I’m ready to vote this out of the House and send it over to the Senate and get moving on it,’ Houchin said.

A member of the conservative House Freedom Caucus, Rep. Andy Ogles, R-Tenn., questioned whether such a move by Congress could get in the way of the DOJ’s active probes into Epstein.

‘I have concerns as well. I mean, you have the Department of Justice investigations taking place. Are we inadvertently interfering?’ he posed.

Ogles said, however, that he believed most House Republicans like himself would back the bill.

‘With the president coming out in support of it, I think that sends a clear message that he’s not afraid of what’s in it, the Democrats should be,’ he said.

Rep. Rich McCormick, R-Ga., similarly said he believed Trump’s support alleviated some difficulties for Republicans.

‘I think it releases any angst they might have when we’re voting for it,’ McCormick said. ‘I think most people will vote for it, I don’t think it’s going to be a controversial bill at all.’

Houchin told Fox News Digital, ‘I think he moved the needle tremendously, just to say, you know, let’s have a vote on it and let’s stop talking about it.’

But Rep. Russell Fry, R-S.C., disagreed that Trump’s support had a significant effect on shifting the tide.

‘I mean, maybe a little bit, but I think people were largely there anyway,’ Fry said. ‘We talked about this on the campaign trail, The guy was a total dirtbag, did unspeakable atrocities on women in our country, and the public wants closure…this has been the most transparent Congress and administration on this subject in the country’s history.’

Trump posted on Truth Social on Sunday night, ‘House Republicans should vote to release the Epstein files, because we have nothing to hide, and it’s time to move on from this Democrat Hoax.’

It appeared to lead to Rep. Troy Nehls, R-Texas, who notably said he would oppose the measure on Friday, changing his mind as of Monday night. He told reporters ‘everybody’ would vote in favor of the bill and pointed out, ‘Donald Trump made a decision.’

House Oversight Committee Chairman James Comer, R-Ky., who was leading the Johnson-backed probe into Epstein, appeared similarly resigned on Monday.

‘At this point, I just think the best thing to do — there’s so much media frenzy and curiosity about this, and you know, the survivors act like they want everything to come out. I want everything to come out….any other villains in this, we’ll try to figure out what we can,’ he said.

And Massie told reporters that same evening that he would be open but cautious about any changes to his bill in the Senate.

‘If the Senate wants to improve this bill without limiting the disclosure, that would be fine by me. But if they try to monkey it up, I think those senators are gonna get in front of a freight train and be in a lot of trouble with their supporters,’ he warned.

Massie told Fox News Digital of Johnson’s concerns, ‘He needs to be for it or against it. I think he’s going to vote for it, so he must think there’s more good than bad.’

Senate Majority Leader John Thune, R-S.D., has not yet said what he would do if the bill passed the House on Tuesday.

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The House Freedom Caucus is rallying behind one of its own members’ push to impeach U.S. District Judge James Boasberg.

Rep. Brandon Gill, R-Texas, introduced an impeachment resolution against Boasberg last month for his role in Arctic Frost, a code name for ex-special counsel Jack Smith’s probe into President Donald Trump and the 2020 election.

Gill argued Boasberg acted in a partisan fashion when he signed off on subpoenas and gag orders related to the investigation, including subpoenas for phone records from several Republican legislators in Congress — the news of which was made public in documents released by Senate Judiciary Committee Chairman Chuck Grassley, R-Iowa, this year.

But it’s not immediately clear whether the push to impeach Boasberg is strong enough to launch an actual pressure campaign on House GOP leaders.

‘It absolutely should be done,’ House Freedom Caucus Chairman Andy Harris, R-Md., told Fox News Digital last week. ‘I think this is levels above what we thought was going on. His bias is pretty clear, someone with that kind of bias cannot exist in the federal judiciary.’

But Harris signaled it would not be an issue the conservative group would pressure House Speaker Mike Johnson, R-La., on anytime soon.

‘No, we have other issues as well. We’re concentrated right now on the fiscal issues,’ Harris said when asked if he would bring the issue to House leaders. ‘But we have discussed that, and there is broad support to impeach the judge.’

Still, his conservative caucus appears largely supportive.

‘I think there’s considerable movement over here, particularly in light of, actually the genesis here, Arctic Frost … the massive concerns we have with what the judge is doing — just making up facts out of thin air and assumptions based on motives that have no basis,’ House Freedom Caucus Policy Chairman Chip Roy, R-Texas, told Fox News Digital.

Rep. Ralph Norman, R-S.C., who is also running for governor of South Carolina, told Fox News Digital, ‘I hope so,’ when asked if this impeachment push would be stronger than the last.

‘He’s so partisan. He’s one of the rogue judges that exist today,’ Norman said. ‘There are consequences for what he did.’

Meanwhile, Rep. Eli Crane, R-Ariz., pointed out that he was one of the earliest supporters of impeaching judges who conservatives saw as casting overly partisan rulings in the Trump era.

‘I think a lot of these judges have gone way out of bounds and violated their oaths. I’m in support of it, yeah,’ he told Fox News Digital.

He was more cautious when asked if it would yield results. ‘I don’t tend to have confidence in anything around here until I see action taken. Talk is cheap,’ Crane said.

Gill was one of several House Freedom Caucus members to introduce impeachment resolutions against Boasberg this past spring, when he issued an order temporarily blocking Trump’s deportation flights to El Salvador. 

At the time, however, Johnson warned Republicans that impeachment was not the most practical way to curb ‘rogue judges’ — pointing out that removal would require support in the Senate that simply was not there.

Instead, House GOP leaders rallied around a bill by Rep. Darrell Issa, R-Calif., subcommittee chair of the House Judiciary panel’s subcommittee on courts.

That legislation, aimed at limiting the power of district court judges to issue nationwide injunctions, passed the House in early April but was never taken up in the Senate.

Issa himself cautioned against moving too quickly toward impeachment when asked by Fox News Digital last week.

‘We have a number of rogue judges, and I think before we talk about impeachment, with so many people seeing wrongdoing, both the House and the Senate need to hold appropriate hearings and evaluate just what the proper definition of good behavior is and whether not just one, but multiple judges, may have clearly violated that,’ Issa said. ‘I think that’s the right way to approach it.’

Issa said he was ‘looking at’ holding a hearing on the matter when lawmakers returned to Capitol Hill after Thanksgiving.

Fox News Digital reached out to the U.S. Courts system, which declined to comment for this story.

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A mounting artificial intelligence (AI) bubble, overvalued markets and resource nationalism are among the issues experts at the 51st New Orleans Investment Conference flagged for investors heading into 2026.

With the ongoing precious metals bull market sending gold and silver prices to fresh all-time highs this year, the wide array of panelists and speakers cautioned investors to be prepared for anything.

During the Mining Share panel, moderator Rick Rule, proprietor of Rule Investment Media, asked participants which black swan is most likely on the horizon, acknowledging that these events are inherently impossible to predict.

Nick Hodge, publisher at Digest Publishing, said disproportionate market growth is keeping him up at night.

“The overvaluation of the S&P 500 (INDEXSP:.INX) and the tech stocks could lead to some sort of stock crash that takes down the valuations of all the equities, including the precious and industrial metals. I think it’s long overdue,” he said.

Hodge also noted that the US has largely avoided a recession in recent years, and that economic growth is “okay,’ but warned that equity valuations, particularly in tech, quantum computing and robotics, have run ahead of fundamentals.

Jordan Roy-Byrne, editor and publisher of the Daily Gold, went a different route, saying gold and silver prices could go vertical ‘sooner than people think,’ and suggested that investors aren’t ready for that to happen.

Roy-Byrne argued that fears rooted in the 2008 financial crisis still distort market thinking, even though bonds are now in a secular bear market and stock crashes tend to look very different.

If the S&P enters a downturn in the next couple of years, he said the setup could resemble the mid-1970s, when equities slumped, but precious metals soared — a scenario many investors aren’t prepared for.

Strategic investor Jeff Phillips sided with Hodge, saying that the ripple effects of a tech-related bubble are his paramount concern at the moment. He noted that the resource sector’s bull markets are often sparked by broader financial corrections, because investors tend to retreat to hard assets when liquidity dries up.

Resource markets are thinly traded, Phillips explained, so momentum can shift quickly.

After three major resource bull cycles in his 30 year career, he’s seen the same pattern repeat: when speculative themes fade — whether that be the internet in the early 2000s or today’s AI boom — investors eventually recognize that most of the companies in these sectors won’t deliver, and capital flows back to tangible assets.

“So what keeps me up at night is not necessarily the resource sector, but a liquidity event that causes people to have to sell things,” Phillips said. “But I don’t know what the black swan is, because that’s what a black swan is.”

Taking a different approach, Jennifer Shaigec, principal at Sandpiper Trading, underscored growing tensions with China around trade, as well as supply chain imbalances that are materializing in the resource sector.

“I’m going to go with something very dark — nationalization of mines,” she said.

“I think we’re headed for a conflict with China. We’re seeing this huge push to secure domestic supply chains, and the wartime controls that were from World War I and II (are still in place). Seeing the government starting to take these bigger stakes in some of these projects is a little bit scary for me,’ Shaigec explained.

For Brien Lundin, conference host and editor of Gold Newsletter, all the hypotheses have merit. He explained that a major liquidity crisis is almost unavoidable, but said it would also create one of the biggest opportunities in years.

Since 2008, markets of all kinds have become dependent on rapid central bank intervention, he noted.

So while a shock could deliver a brief period of real pain, Lundin expects policymakers to respond quickly with a surge of liquidity, just as they did after the financial crisis and during COVID-19.

That kind of rescue typically sends gold, commodities and other risk assets sharply higher.

‘What we don’t know is what the black swan is, where is it going to come from? It usually comes out of left field in some area nobody’s really predicted,” said Lundin.

AI euphoria may be outpacing reality

At the Booms, Bubbles and Busts panel, fear that the AI bubble is reaching critical mass was the prominent theme.

Moderator Albert Lu, founder and president of Luma Financial, started the discussion by polling the panelists about whether the AI market is in a bubble right now.

“Yeah, we’re in a bubble. But in the 1990s we were in a bubble in the internet. So the question is, what stage of the bubble are we at?” responded economist and professor Peter St. Onge.

He recalled buying Yahoo in 1996 — when friends thought he was reckless — only to watch it soar. Today’s tech boom, he argued, is “without a doubt” a bubble, potentially 10 times bigger than the dot-com era.

In his view, the cycle will eventually break, but before a steep correction, he suggested there may still be room for tech markets to multiply, perhaps doubling or even surging eightfold, before an inevitable 75 percent wipeout.

Jim Iuorio, managing director of TJM Institutional Services, cautioned that while “it’s not that valuable … to say we’re in a bubble,” he believes markets are somewhere in bubble territory — but trying to pinpoint the exact stage is “foolish.’

He warned that many high-flying tech names could face a 30 percent correction within 18 to 24 months.

What’s convinced him most about this has been the frenzy around OpenAI-related announcements.

“Anytime they mentioned any partnership with anyone — just the mania that happened with those stocks — to me that means we’re in some sort of odd realm that I’m not comfortable with,’ he said.

Still, he isn’t exiting yet — Iuorio said he’s keeping his positions hedged and flexible while acknowledging “there is a very distinct possibility that one day you’re going to open up your portfolio and things will change quite a bit.’

For his part, Jim Bianco, president and macro strategist at Bianco Research, said he resists using the word “bubble” because “I don’t know exactly what it means.’ He noted that people often invoke it only when they think the cycle is ending, and aligned with St. Onge in arguing that the endpoint may not be near right now.

Bianco stressed that AI technology is “very real” and likely “more transformative than the internet,’ comparing the hype to late-1990s optimism about the web, which may have seemed exaggerated, but largely proved true.

Still, he cautioned that transformative technology doesn’t guarantee immediate investment success: buying into the internet boom meant enduring the dot-com crash and the long slog through the Great Recession before breaking even.

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

This post appeared first on investingnews.com

The gold price has been trading at record highs above US$4,000 per ounce since October.

As top tech companies like NVIDIA (NASDAQ:NVDA), Microsoft (NASDAQ:MSFT) and Alphabet (NASDAQ:GOOGL) battle for AI supremacy, investors are wondering if this arms race is boosting the rush to gold.

Gold is an essential material in sophisticated computer infrastructure, sparking headlines about potential future demand. But there’s also another angle in play — fears that the AI boom is on track to become an AI bubble is seen as a major driver for gold demand as investors seek out safe-haven assets.

Gold a key material in AI technology

In its Q3 gold demand trends report, the World Gold Council (WGC) indicates that demand for gold originating from the electronics sector was down by 1 percent compared to the same quarter last year.

US President Donald Trump’s tariff policy is weighing on what’s typically a season of upward momentum for demand from this segment of the market as manufacturers gear up for new product launches.

“Typically in a technological development era, you’ll see gold used early on in the technological developments, and then often very quickly substituted out because it’s expensive,” said Cavatoni. “But what’s been encouraging for us is that gold’s superior properties are keeping it very much in the discussion around the technological uses.”

Gold’s electrical conductivity and resistance to corrosion make it an ideal component in AI tech, which relies on high-performance computing infrastructure such as specialized processors, memory chips and high-speed connectors.

Gold demand from the memory sector jumped during Q3 as AI infrastructure continued its rapid expansion. But perhaps the strongest growth came from gold’s use in printed circuit boards, essential for AI servers.

“Strong performance was recorded in AI server infrastructure, satellite communications, consumer graphics cards, and PC market applications,” notes the WGC report. “AI server demand was the single most significant factor driving growth, propelling gold usage through continuous specification upgrades.”

Record-high gold prices have not been an impediment to demand in the AI sector because of two important factors. For one, alternatives such as silver or copper cannot match gold’s superior resistance to corrosion and oxidation for long-term reliability. Secondly, the actual amount of gold used is only a fraction of the materials used in the fabrication of these products, so manufacturers are still comfortable with their margins even at US$4,000 gold.

It seems that for now, AI tech makers are willing to pay a premium for gold to ensure the reliable performance and longevity of their products. While gold usage in AI technology is a relatively small part of the overall demand for the metal, it is helping to support otherwise weakening demand in the technology sector.

Gold as a hedge for a potential AI tech bubble

A more prominent AI-related driver of gold demand is growing fears of an AI tech bubble on the verge of bursting. That’s because gold’s main purpose in an investment portfolio is to hedge against stock market volatility through asset diversification. As safe-haven demand for gold grows, so too does its price.

Analysts at major financial institutions have said that some of the increasing investment demand for gold can be attributed to investors using the metal as a hedge against a significant market correction in AI stocks.

A prime example of the gold price taking off following a tech bubble bursting occurred in the early 2000s with the end of the dot-com rally. The price of gold gained more than 620 percent between 1999 and 2011 to reach US$1,825 as investors pulled out of the stock market in droves and the US Federal Reserve lowered interest rates.

Is the market growing too fast? A UBS Group (NYSE:UBS) report shows that this year global AI spending is expected to reach US$375 billion and then climb further to hit US$500 billion in 2026.

The hype around AI is fueling valuation growth for many tech companies, especially the giants. The biggest AI stocks also rank among the Magnificent 7 technology stocks, which make up a significant portion of the overall valuations of both the S&P 500 (INDEXSP:.INX) and Nasdaq Composite (INDEXNASDAQ:.IXIC). Apple (NASDAQ:AAPL) and Microsoft are now boasting US$4 trillion market caps, while chipmaker NVIDIA recently surpassed US$5 trillion.

Shiller price-to-earnings ratio.

Chart via Multpl.com.

Another indication that the equity markets may be in trouble is that the Shiller price-to-earnings (PE) ratio, also known as the cyclically adjusted PE ratio, is now flashing red.

An important metric of market health and future returns, the ratio is calculated by dividing the current stock or market index price by the average of the past 10 years’ earnings, adjusted for inflation.

A typical range for the Shiller PE ratio for the S&P 500 is between 17 and 28. Right before the dot-com bubble burst and investors fled to gold, this ratio was flashing red at 44.19, its highest recorded ratio.

As of November 10, the S&P 500 had a Shiller PE ratio of between 39 and 40.

US AI stocks slumped during the second week of November, reported CNBC, on the perception that equity valuations are overstretched amid a backdrop of a slowing economy. Looking ahead at the next two years, Goldman Sachs (NYSE:GS) CEO David Solomon is predicting a potential 10 to 20 percent pullback in the equity markets.

Similarly, Bloomberg reported that Michael Hartnett, chief investment strategist at Bank of America Global Research, said in a note to clients that AI growth has spurred the top tech stocks to sky-high valuations, and gold may be one of the best hedges for a possible bubble burst in AI-related equities.

Macquarie analysts are also pointing to gold as a hedge against a potential AI bubble burst if tech firms can’t deliver on their high productivity promises. The firm has an interesting take on the parallel rallies that have occurred in gold and AI this year: “Optimists buy tech, pessimists buy gold, hedgers buy both.’

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

This post appeared first on investingnews.com

Investor Insight

InMed is a pharmaceutical drug development company advancing proprietary small-molecule drugs in Alzheimer’s and ophthalmology, backed by a revenue-generating manufacturing subsidiary. The company is an undervalued opportunity with cash exceeding market capitalization and multiple upcoming catalysts.

Overview

InMed Pharmaceuticals (NASDAQ:INM) is a biopharmaceutical company with a differentiated business model: advancing innovative therapeutic programs in Alzheimer’s, ophthalmology and dermatology, while generating recurring revenue through its BayMedica manufacturing division. This structure offers investors exposure to pharmaceutical innovation with mitigated financing risk, a rare combination among small-cap biotech firms.

The company’s lead drug candidate, INM-901, takes a new and broader approach to treating Alzheimer’s disease. Instead of focusing on just one suspected cause – a protein in the brain called amyloid beta – this drug is designed to act on several key processes that drive the disease. In preclinical studies, INM-901 has shown that it can protect brain cells, reduce inflammation, clear harmful protein buildup, and help new nerve connections form. These results led to improvements in both brain health and behavior in research models. This “multi-pathway” approach reflects the latest thinking in Alzheimer’s research, where major pharmaceutical companies are moving toward treatments that target the disease from multiple angles.

InMed’s BayMedica subsidiary manufactures rare cannabinoids via chemical synthesis, rather than plant extraction, ensuring purity, consistency and scalability. The business generates approximately $5 million in annual revenue and ~40 percent gross margins, selling to the global health and wellness ingredient markets. This dual business model gives InMed a cash flow-supported R&D engine, enhancing sustainability and valuation resilience.

Key Business Segments

Pharmaceuticals

InMed’s pharmaceutical programs are focused on developing new, small molecule medicines that address serious diseases where current treatments fall short. These drug candidates are designed to work on multiple disease pathways, offering a more comprehensive approach than traditional single-target drugs. The company’s current programs target Alzheimer’s disease, dry age-related macular degeneration (AMD), and a rare skin disorder called epidermolysis bullosa (EB). Each program is supported by strong preclinical or clinical data and aims to move into the next stage of development in the near term.

Highlights

  • INM-901 (Alzheimer’s disease): INM-901 is being developed as a potential new treatment for Alzheimer’s disease, a condition that currently has no cure. Unlike many past approaches that focused only on a single cause, INM-901 targets several key processes that contribute to Alzheimer’s, including protecting brain cells, reducing inflammation, lowering harmful protein buildup, and supporting the growth of new nerve connections. In animal studies, the drug has shown improvements in brain inflammation and memory-related behavior, suggesting a broad protective effect. The program is now advancing IND-enabling activities, an important stage in translating INM-901’s scientific promise into clinical evaluation.
  • INM-089 (Dry AMD): New drug being developed to help slow or prevent vision loss in people with dry age-related macular degeneration, one of the leading causes of blindness in older adults. The drug is designed to protect nerve cells in the eye and reduce inflammation, helping to keep the retina healthy. Laboratory studies have shown its ability to maintain vision-related function and protect retinal tissue. The company has developed a safe and effective eye-injection (intravitreal) formulation, which delivers the drug directly to where it’s needed in the eye. INM-089 is now moving toward the final preclinical studies required before starting human trials.
  • INM-755 (Dermatology / Epidermolysis Bullosa): A topical cream that has completed a Phase 2 clinical trial in patients with epidermolysis bullosa (EB), a rare genetic skin disorder that causes fragile, blistering skin. The study showed the cream was safe, well-tolerated and helped reduce itching, which is a major symptom for EB patients. The company plans to advance this program through partnerships or licensing agreements.

Manufacturing (BayMedica)

InMed’s BayMedica division provides a steady source of revenue and a strong commercial foundation that supports the company’s drug development work. BayMedica specializes in making rare, non-intoxicating cannabinoids, natural compounds originally found in the cannabis plant, but without using the plant itself. Instead, these compounds are produced through biosynthesis and chemical synthesis, highly controlled processes that ensure every batch is pure, consistent and scalable for commercial production.

BayMedica’s ingredients are sold to health, wellness and consumer brands that use them in products such as supplements and topicals. Each cannabinoid has its own unique properties, and BayMedica is helping customers explore their benefits safely and reliably. The division is recognized as a global leader in rare cannabinoid manufacturing, particularly for cannabichromene (CBC), where it is among the largest producers in the world.

Product Portfolio: BayMedica produces several rare cannabinoids, including CBC, THCV, CBT and CBDV, which are known for their unique biological effects.

Financial Performance: In fiscal year 2025, BayMedica generated approximately $4.9 million in revenue, growing by 8 percent year over year, with around 40 percent gross margins and positive net income. These results help fund InMed’s pharmaceutical programs and reduce the need for frequent financing, a major advantage for a small-cap biotech.

Management Team

Eric Adams – Chief Executive Officer and President

Eric Adams has led a comprehensive transformation of InMed Pharmaceuticals’ leadership team and governance structure, reconstituting the board of directors and executive management while raising more than $35 million in capital to support operations and growth. With more than 25 years of experience in the biopharmaceutical industry, Adams brings extensive expertise in corporate development, capital formation, global market expansion, mergers and acquisitions, licensing and corporate governance.

Michael Woudenberg – Chief Operating Officer

Michael Woudenberg brings deep expertise in the development, technology transfer and commercialization of active pharmaceutical ingredients (APIs) and drug products. Before joining InMed in 2018, Woudenberg held senior roles at 3M, Cardiome Pharma and Arbutus Biopharma, and most recently served as managing director of Phyton Biotech. His extensive experience spans process and formulation development from laboratory and pre-clinical stages through all phases of clinical development, leading to validated, approved, and commercially manufactured APIs and drug products.

Netta Jagpal – Chief Financial Officer

Netta Jagpal brings over 20 years of financial leadership experience, primarily in the biotechnology sector. Before joining InMed, she served as vice-president, financial reporting and compliance at D-Wave Systems (NYSE:QBTS), where she led the finance team through its initial public offering. Jagpal spent 11 years at Zymeworks (NYSE:ZYME) in progressive finance roles, including senior director, finance and corporate controller, and also held positions at Angiotech Pharmaceuticals and Ernst & Young. She is a chartered professional accountant and holds a Bachelor of Business Administration in Accounting and Organizational Behaviour from Simon Fraser University.

Eric Hsu – Senior Vice-president, Pre-Clinical Research & Development

Dr. Eric Hsu brings more than 18 years of scientific leadership experience in gene therapy and biotechnology. Before joining InMed, he held senior roles at enGene, including vice-president of research and vice-president of scientific affairs and operations. His expertise spans gene transfer and expression systems, formulation and process development, intellectual property management, and research partnerships. Hsu has extensive experience leading R&D programs, expanding product pipelines, and overseeing research budgets and timelines.

Colin Clancy – Vice-president, Investor Relations and Corporate Communications

Colin Clancy is an experienced corporate finance and investor relations executive with over 18 years of experience across the pharmaceutical, cannabis, mining and financial services sectors. At InMed Pharmaceuticals, he leads the company’s capital markets engagement and communications strategy. Before joining InMed, Clancy served as vice-president of investor relations at Harvest One Cannabis.

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Researchers have documented the first known recovery of naturally formed nanoscale monazite from a living plant, potentially opening up new paths to recover in-demand rare earth materials.

The study, published this month in Environmental Science & Technology, identifies nanoscale monazite crystals inside Blechnum orientale, an evergreen fern known to accumulate rare earths at unusually high concentrations.

The work was carried out by researchers at the Guangzhou Institute of Geochemistry under the Chinese Academy of Sciences, in collaboration with a geoscientist at Virginia Tech in the US.

In the paper, the authors write that the discovery “opens new possibilities for the direct recovery of functional rare earth element (REE) materials,” adding, “To our knowledge, this is the earliest reported occurrence of rare earth elements crystallising into a mineral phase within a hyperaccumulator.”

The method, known as phytomining, relies on certain plants that naturally pull unusual amounts of metals from the ground. In this case, the fern absorbed rare earths so efficiently that tiny mineral crystals formed inside its tissues.

The mineral identified — monazite — is normally created deep underground under intense heat and pressure.

The team’s analysis shows that the fern somehow produced nanoscale versions of it under normal surface conditions, with the highest concentrations found in its leaflets and roots. In this state, the plant appears to lock the metals outside its cells as a way of protecting itself, with the process enabling the mineral to crystallize.

Monazite is prized for uses ranging from lasers to electronics to materials that withstand high heat and radiation, so finding it naturally produced inside a plant could open up a new, lower-impact source of rare earths.

REEs take priority in global supply race

REEs, a group of metals used in permanent magnets, lasers, consumer electronics and advanced defense systems, are receiving renewed international scrutiny as governments race to reduce dependence on concentrated supply chains.

Earlier this month, the US Department of the Interior published its final 2025 list of critical minerals, naming 60 minerals deemed vital to the American economy and exposed to supply risk.

The list emphasizes the importance of rare earths, which the US imports heavily, and highlights neodymium, scandium and dysprosium as metals where supply disruptions would impose the “highest cost” on the US economy.

Washington has moved in parallel to strengthen access to rare earths through domestic production, expanded mapping of US deposits and agreements with partners in Australia, Japan, Malaysia and Thailand.

In addition to these efforts, US officials continue to signal confidence that Beijing will adhere to commitments under a rare earths framework outlined last month.

Secretary of the Treasury Scott Bessent said in a recent interview that a deal with China will “hopefully” be done by Thanksgiving, while also rejecting a report suggesting that Beijing is planning new restrictions on US companies.

Are plants a viable source of rare earths?

The use of ferns for mineral extraction remains at an early stage, and the researchers emphasize that phytomining is not a replacement for conventional production.

But finding mineralized rare earths in a living organism offers a proof of concept that could broaden how countries approach resource development at a time when REEs remain strategically critical for major economies.

As the US, China and other nations look for secure supply routes, the possibility that plants themselves may contribute to the pipeline adds a new dimension to a field dominated by mining companies.

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

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